Oakdene Homes Share Discussion Threads

[hybrasil] 10/6/2008 09:52

well now welcome Mr Wray as the price tumbles to .35p. He would not relish being associated with an insolvency.
I sold out of these at £2.00.
I am thinking of buying back in but am going to wait until August. I feel they could be a little cheaper by then.

[davidosh] 10/6/2008 00:16

You do seem a little bitter though Slapdash and certainly unhappy with the CEO

Is there something that caused this ?

[slapdash] 10/6/2008 00:00

davidosh - As I alluded to above the bankers will be happy for any money raised as any extra money is more money going directly in their pockets if this thing goes bust... so they will carry on publicly supporting Turnip...

I think the issue isn't necessarily just empty flats it is also a seriously deluded CEO... how can a cyclical housbuilding company have over 100% gearing??? And take a bet on a speculative development like Newhaven?? It may have "potential" but go to Newhaven and see what a dump it is...

Slap

[davidosh] 09/6/2008 23:23

They have the classic problem ....lots of empty flats built at the peak but sales all fell through and no new money coming in. The placing has only raised half the money required so the bankers cannot be happy !!

[spaceparallax] 09/6/2008 18:58

Looking grim.

[davidosh] 04/6/2008 18:11

The warrants will be a drag on any recovery as well in the long term I guess. Has Nigel Wray put more money in ?

[davidosh] 04/6/2008 18:11

Only half the desired amount of money raised and needed to offer a big sweetener with those warrants...not a great sign of strength !

[spaceparallax] 04/6/2008 10:22

Hmmm! What will the Mkt think of this latest move?

[tenapen] 10/5/2008 08:47

Slapdash,
Re MMG, i may have and would confirm if i could be bothered looking back through the MMG thread, confused your user name with 'shamster', my probable mistake sorry.

But i do not think you can compare Barrat homes with Oakdene Homes. Barratt homes are usualy cheap houses poorly made on land that is not in the best location, to put it kindly. Oakdene should be compared with Cala Homes at the very least. High end of build in the better locations. I do think they should have canceled the dividend for two years and raised less in the placing rather than the route they have taken.

I have no holding but you never know.

[williebiz] 09/5/2008 22:01

LOL 323p you're 'aving a larff, guv!!!!!

[williebiz] 09/5/2008 22:01

Let's have another laugh:

The Directors estimate that the current open market value of its land bank could be in the region of #109 million as opposed to the #85.5 million shown on the historical cost basis in the Company's annual report and accounts for the financial year ended 31 December 2007. The Directors estimate that with the
benefit of planning permission the land bank could be worth up to #169 million.

Based on these estimates the net asset value per Ordinary Share on a historic
cost basis excluding goodwill before implementation of the Placing was 96 pence, at current market value it would be 178 pence per share and with full planning permission 323 pence per share. Following the Placing, assuming full
subscription, the net asset value per Ordinary Share at current market value
would be 120 pence and with full planning permission 217 pence per share.

[slapdash] 09/5/2008 21:52

tenapen - wrong: many housebuilders are looking at potential massive writedowns as development land falls in value.... specifically Barratts for example.... development land is only as good as the profits that can be obtained from it... so if house prices fall 10% development land will fall more

I never thought MMG CEO was doing a good job right up until his ousting... I don't think I've posted on MMG for the last year or more....

Slap

[the troll] 09/5/2008 21:45

I'm seriously annoyed they're able to just lock P I s out of a highly dilutive placing. I accept shareholders must have previously given them the authority to do so but what became of conditional placings with potential P I 'clawback' ( or is it simply that you can't them away these days as the City boys don't get 1st peck ? )

[tenapen] 09/5/2008 20:58

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.

[williebiz] 09/5/2008 20:34

Had a chuckle at the NAVs in the #2 RNS this morning, got to admit.

More like a belly laugh, what a bunch of losers

[slapdash] 09/5/2008 20:27

williebiz - who is buying development land at this time???? No one... so who do they sell to??????

The CEO here is a real moron and should resign as he has brought the company to the brink of ruin... but he no doubt won't...

Slap

[williebiz] 09/5/2008 20:21

They have decent assets to sell before that, albeit at a knockdown? price.

Could be a decent takeover target in due course.

[spaceparallax] 09/5/2008 12:31

Results pretty much in line with expectations.

[the troll] 09/5/2008 11:35

Question;

IF it's worth £ 1.80 pps ( NET of debt, - see para 2 of Chairman's statement ) why sell 33 % @ 0.50 pps ? Why not sell 100 % to another ( quoted ) housebuilder for £ 1 ps ( a bargain for them ? ) so's all shareholders could benefit & not just the managements 'mates' in the City.

Answer;

they're desperately short of cash & it's NOT worth £ 1.80 pps ( & I'm annoyed I haven't been invited to participate in the placing as per usual !! )

[davidosh] 09/5/2008 10:47

Why go raising millions whilst paying it out in a matched dividend payment held to last year. Looks like bravado on the face of it !!

[mathisvale] 09/5/2008 07:34

... and there is going to be just under 50% more shares sloshing around. That won't do much for this year's eps figures