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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Oakdene | OKD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 9.125 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 9.125 | 9.125 |
| Top Posts |
|---|
Posted at 09/2/2009 18:52 by davidosh There have been other miscalculations too....Look at the recent admittance in the results that a number of transactions to sell complete sites had not actually happened within the year that they were shown in the accounts. When they did not complete on the deal it made a rather sad picture and even sadder for those who bought thinking that all in the garden was rosy. Two years accounts had to be restated.There was also the supposed investors who did not pay their cheque to buy shares in the placing that was only reported months later. The brokers should have been responsible as they took a large fee for completing the placing. Not to mention the same brokers who amended their forecasts with a 50% downgrade and got their clients out of the stock with the full knowledge of the directors....but absolutely no profit warning from the company. There have been far too many of these over the last few years. |
Posted at 23/1/2009 02:36 by davidosh Not to forget that NW was actually a director since last June...Nigel Wray has notified the Company that on his appointment he is interested in 7,820,513 shares in the Company, representing approximately 15.27 per cent of the total voting rights of the Company. Chief Executive of Oakdene, Carl Turpin, commented: 'We are delighted that Nigel Wray has accepted appointment as Director. Nigel has been a substantial shareholder in the Company since our listing on AIM. He is a hugely experienced investor in property and many other fields and I am certain that the Company will derive great benefit from his experience and expertise.' At the peak his shareholding would have been worth in excess of £15m. He even raised his holding in the placing last year. In that situation you do have to agree that he did have an interest in keeping the company afloat !! The debt must have been too large for even his ability to get it secured anywhere in these markets. I do hope his shares were all paid for and not linked to the loan that he advised the market about yesterday at DOM otherwise there could be a house of cards that may collapse. |
Posted at 13/10/2008 19:52 by the revealer Strong Sell!!!As a large investor has said on another bulletin board - - Highly geared - Serious cash flow problem - Breached banking covenants - High court writ - Operating in a dead market - Failed share placement What more do you need to hear? |
Posted at 01/10/2008 11:45 by bahtat I believe our Nige is now also a director of OKD.He did sell £15M or £17M? of his shares in Domino a couple of months ago, but since then he has had MyHome go belly up on him. Rumour is that Saracens RFC are still losing him a coupe of £M py. Testing times for all us 'small' investors Eh? |
Posted at 01/10/2008 07:12 by williebiz Oakdene in breach of banking covenants30 September, 2008 By Tom Bill Housebuilder fails to raise £5m on the stock exchange and reveals interim loss of £6.4m Housebuilder Oakdene has failed to raise £5m through a share placement and dropped more than £6m into the red for the first six months of 2008. It is also in breach of its banking covenants and relying on a temporary facility from its lenders. The group said it had placed 8,987,108 of the 10m shares it had planned to and was seeking legal advice about what to do next. It is thought one or more investors got cold feet given the fact shares were being offered at 50p despite the fact Oakdene's share price fell to 17p today. By way of a sweetener it offered warrants with each share or options to buy at 50p at a future date. One City analyst said: "It clearly wasn't enough. The share price has been heading south for a few weeks now and someone has obviously got pulled out." Its loss of £6.4m in the first half of 2008 followed land writedowns of £7m. Turnover was down 41% from £18.9m to £11m. The company said: "In common with most housebuilders Oakdene has suffered from the effects of the turmoil in the global markets which has led to a shortage of mortgage availability." In relation to the likelihood of agreeing a covenant deal with its banks, it said: "Discussions around future banking terms are ongoing with our bankers. We are extremely grateful for their support to date and we are seeking to reach agreement on future support shortly." From 'Building'. Shortly to be remamed 'Not actually building any right now' LOL |
Posted at 30/9/2008 20:47 by davidosh How can they have a split accounting policy dependent on who is buying the flats. Difficult to trust the figures and where did it state the old accounting policy in the accounts so that mere investors would have been aware of that ?? |
Posted at 30/9/2008 16:32 by williebiz NH: have you seen this note from Dresdner note on the housebuilding sector NH: (Bohemia - they have insurance ops. NSAM does not) PM: no NH: he's been on a tour of property markets in the Midlands and the North of England NH: and his impressions PM: NH: well they are pretty bleak NH: carnage beyond even our most bearish expectations PM: oh dear NH: and there are plenty more juicy sound bites from the note NH: In Leeds, the city displayed a range from high spec, well located developments to what our source summarised in a pithy but unprintable one syllable adjective NH: here's the note NH: and after reading it NH: you wonder why the housebuilders are not getting kicked this morning NH: We have just returned from a tour of property markets in the Midlands and North of England and our impression - especially of newbuild apartments - is of carnage beyond even our most bearish expectations. Prices of urban apartments appear to have fallen in many cases by 40 - 50%, volumes have dried up to virtually zero, many developers have gone bust and land in many cases appears to be worthless. NH: Our visits to agents and consultants in Birmingham, Manchester, Leeds and Sheffield revealed a near-apocalyptic landscape which we believe to be far worse than even the most candid builders have revealed in presentations. We believe quoted housebuilders could be forced to issue early profit warnings and are in danger of widespread breaches of banking covenants. The turmoil in the banking sector looks almost certain to take lending to a new low and deter would-be buyers indefinitely, in our view. PM: near-apocalyptic landscape???? NH: One stark view was that the six leading property agents in Leeds have sold - between them - only six new apartments in two months. We were also given documentation sent by Barratt to property professionals throughout the group's Yorkshire East division offering up to 43% off its properties on bulk deals of at least 5 units. An attached price list of 161 homes showed average reductions of 26% (effectively 29% with agents' fees) - and 33% (effectively 36%) off apartments (see below). NH: Barratt this month described 25% falls in price, and 40% in volume, as the "Armageddon" scenario in its stress testing of its new banking covenants. In the letter, dated 24 September headlined "Six Million Pound Yorkshire Property Sale - Better Than Auction Prices!", the divisional head states "As a result of current market conditions we have committed to sell up to 70 properties throughout our region, equating to a value of approximately £6 million, to assist with our operational targets PM: This stuff on Barrett is v interesting NH: Homes on 20 developments "have been significantly discounted to very realistic, below valuation prices, subject to a bulk acquisition by a single purchaser of no fewer than five units." The catalogue in fact lists 161 with "before and after" prices downgraded from a total of £27.2m to £20.1m, ranging from 1 bed flats to 5-bed detached homes. The minimum discount is 18.2% for a 3-bed terraced house in Bridlington. The maximum is a 5-bed detached in Doncaster. Agents are promised fees of 2 - 3%. NH: Elsewhere on our tour there was a similarly bleak picture. In all four cities agents described: massive over-supply of apartments; developers selling at virtually any price to shift stock of flats; virtually all forthcoming new NH: developments mothballed; according to those we talked to, signs of the biggest listed housebuilders descending into severe financial difficulties; residential sales staff numbers being cut by around two-thirds and a complete NH: do you want some more NH: bickie Reminder to readers - if you arrived late and want to stop the dialogue 'jumping' as you catch up, hit the 'pause auto-scrolling' tab at the bottom right hand corner PM: yes please! NH: freezing up of the land market. Generally lenders were insisting on deposits of at least 25% for flats, with very vigorous valuation criteria. NH: The two signs of light - and which all our contacts agreed on - was the emergence of "vulture funds" and greatly increased rental demand and signs that rents had risen in low to mid single digit amounts. NH: There were, however, concerns that in most cases these cities had very large developments that were still underway and these could disrupt the revival of rent levels. NH: In Birmingham, prices of apartments had fallen from their peak of around £300 per sq foot to £185 - roughly their level in 1998 when the city's boom in urban living got under way. Houses were estimated to be down by a lesser 20%. One agent told us volumes of flats through the city's office had declined by over 80% since the peak. The decline had been relatively steady over the past three years. NH: Large housebuilders were attempting to stall on major land deals or were being forced to sell options. Any bulk buyers were looking for at least 8% net yields (at least 12% gross, we estimate). In Manchester the decline had been more recent but much more precipitous, according to our meetings. Many private developers had failed or were teetering, we were told by all. Effective net yields after discounts were around 10%. We were highly impressed by the quality and prospects of the forthcoming Media City (one of only two schemes where new phases are coming out of the ground) but believe that developers will be impacted by the failure of City Lofts on the same site. NH: In Leeds, the city displayed a range from high spec, well located developments to what our source summarised in a pithy but unprintable one syllable adjective. There was a high level of new stock coming onstream and much of the recently developed stock largely held by what we would describe as the victims of so-called "investor clubs". Vulture funds were circling, we were told, but there appeared to be a tendency for bulk buyers to drop the price at the last moment. Residual land values on some sites zoned for apartments are likely to be seriously negative, we were advised. NH: Final stop was Sheffield. Our contacts estimated that around 85% of all the new stock that has come into the city centre market was buy to let. Prices of flats had fallen 25% since the peak, with more on repossessions. A worrying new trend, we were told, is that Alliance & Leicester had now started requiring two valuations on purchases of flats: one a standard valuation, and the second a 90-day "Projected Market Valuation", ie what it would sell for in three months. Surveyors were under pressure to drive down valuations, we were told by one who had seen his volumes plunge by over 90%. NH: We stress that urban ("city centre" is a misconception in many cases) apartments are not everything that housebuilders undertake. But they are around half of the UK output of Barratt and Taylor Wimpey. The Barratt price list below indicates that houses are not immune and houses are more dependent on chains and less attractive to vulture funds in our view. Our own belief is that the smart vultures will choose to stay hungry for quite a long time to come. |
Posted at 09/5/2008 20:58 by tenapen slapdash,The clever people are buying development Land as it is still at a premium on this over crowded island. The house market bubble as burst but it will recover sooner rather that later. People mirror the UK with the USA which is non-sence as the USA as land a plenty. Interesting that you think this CEO should resign for being in the wrong sector in the short term, yet you though Mr Best at MMG was doing a good job right up to his ousting by the institutional investors for constantly not delivering on his promises, how did Mr Cawkwell describe the EX MMG CEO ... A1 Gas Bag. |
Posted at 24/4/2008 12:43 by tornadodown That could possibly rake in a good return for investors. I notice on the other thread that everyone is talking doom and gloom however I would say that the current share price reflects this. Any sign of an upturn or with further rate cuts in the future then there could be a significant lift to the price. |
Posted at 24/4/2008 11:48 by tornadodown RNS Number:8216MOakdene Homes PLC 30 January 2008 Oakdene Homes plc ("Oakdene" or the "Company") Trading update Oakdene, the South East England housebuilding and property development Group, today announces a trading update for the year ended 31st December 2007. The Company's preliminary announcement of its final results will be in May 2008. Oakdene anticipates that its trading profit before tax for the year ended 31st December 2007 will be materially below market expectations but, subject to unforeseen circumstances, not less than £5 million. This is principally as a result of trading during the last 3 months of the year being significantly below the Board's expectations and two anticipated major transactions not completing before the year end. The first was in respect of a bulk sale to investors of additional units at the Group's flagship Newhaven development. Construction of the first phase comprising 111 units was completed before the year end, and sales are proceeding at a satisfactory rate. We therefore expect that these units will now be sold to individual purchasers during 2008. The second transaction which did not complete was the sale of a major development site for which a substantial unsolicited offer had been received. As has been widely reported, there was a significant slowdown in new housing demand in the latter part of 2007 as a result of the reduced confidence levels caused by the difficult credit conditions. As a result, the Company's individual unit sales were markedly slower in the last three months of 2007, exacerbated by general adverse press comment on the residential property market. The Company has a strong land bank and despite the current difficult trading conditions demand for development land in the South East region remains robust. The planning applications for our major sites at Newhaven and Southampton are proceeding well and we anticipate being granted planning approval for Phase 2 at Newhaven in the first half of this year and for Southampton in the second half. The grant of planning for these two water facing sites will be for in excess of 1100 residential units plus a small amount of commercial space and, at Newhaven, the expansion of the existing near 300 berth Marina. The book price of these two sites is circa £19 million. Negotiations for the development of the additional land at Newhaven owned by Newhaven Port & Properties Ltd ('NP&P') are making progress. As we announced in August 2007, heads of agreement were reached with Societe d'Economie Mixte Locale de Co-operation Transmanche ('SEML') for the purchase of NP&P which owns the ferry terminal and 147 acres of residential and commercial developable land around the sea front and harbour at Newhaven. Following further discussions, it is now likely that Oakdene will develop the land in joint venture with SEML / NP &P, which will relieve Oakdene of the obligation to own and operate the ferry port. The Board believes that low confidence levels will continue throughout the first half of 2008 and that margins will remain fairly tight, but that the continuing high demand for housing in the South East, combined with high employment and easing credit conditions, will see confidence returning to the market in the medium- to longer-term. The South East region remains the strongest housing market in the Country and Oakdene, with its substantial land bank, is well placed to take advantage of improving market conditions when they occur. |
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