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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Off-Plan Fd | OPF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 6.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 6.50 | 6.50 |
| Top Posts |
|---|
Posted at 24/11/2010 10:57 by tara7 Thanks guys looks like OPF and NTA were the very best property/builder investments one could have over the last two years.However even they did not get near my Comland , who got bought out as the boom bust in AUG 2007. They were part of a Banner Homes 1 for 4, share split and cost me 4p each. Sold for £9.50p.!!![each] |
Posted at 31/3/2010 13:28 by grlz "The Board have resolved to redeem, on a pro rata basis, up to 3,345,929 Participating Shares (equivalent to approximately 60 per cent of the 5,576,549 shares in issue) at a price of 63p per Participating Share, representing a redemption of approximately GBP2.1 million." does not include the £1.1m deposit, which is still subject to claim - although OPF has stressed this won't be a problem as its insurance backed. ..so 63p at the up and coming vote with 49p coming later less expenses to wind-up the fund ;) DYOR |
Posted at 04/11/2009 15:57 by grlz Jamie, I guess you're not with TDW as their still updating.... although TDW did finally get around to sending me notice of the corporate action this morning lolAdmission is tomorrow - 5,576,545 shares £3.9m NAV = circa 70p NAV Even if the share price remains the same OPF is good value given the fund is selling assets as its get closer to being wound-up....another 70p cheque in the post soon unless NH uses the cash he's just got from the redemption to takeover the fund as a new vehicle for his property ventures? Would make sense, no debt hence strong banking ties with existing discounted properties fully let producing income to covering admin costs/salaries. Plus its offshore so the tax is minimal. All imho/DYOR |
Posted at 23/9/2009 14:02 by grlz £5.5m MK - The company has no debt £5.2m in cash, so £4m of easily sold residential properties which OPF purchased with heavy discounts for free ;)Could bump up at anytime plus now that OPF is free of Cannon House the longer Nigel Henry holds the more it looks like he's going to mount a bid, if not he has the votes to progress a special dividend... say 40p imho DYOR |
Posted at 14/8/2009 16:36 by grlz I can't believe the lag on the news and the share price reaction - its like the MMs love giving money away, hope some others here took advantage ;)Many here have known for an age this deal was dead and was in a sense confirmed by Nigel Henry's purchase of the Kaupthing c19% stake some months ago. Purchasing into OPF has been buying into a waiting game for today's news - OPF will now see £4.1m of cash returned for potential distribution to shareholders and also the material uncertainty of the £25m liability to purchase 118 units at Canon House is now removed. A quick breakdown to what OPF has left (DYOR) £4.1m Cash Deposit / Escrow from the cancelled Canon House deal £2.2m Cash in Bank £0.8m Wimbledom House, Leicester - 6 Apartments, leased yielding 4.3% £1.7m The Heart - 9 flats, leased yielding 6.2% (1 was sold 2/09 for £190k) £8.8m Rough and ready total which £6.3m is cash £4.2m MK could be further gains imho? |
Posted at 01/7/2009 14:06 by grlz tara - unfortunately companies registered in England & Wales can't just make it up as they go along. It's logical to assume that Nigel Henry's companies had significant inter-company dealings. It reads that the bank has appointed Receivers to Henry Homes (Wallington) LTD. This could develop into a house of cards causing the collapse of all NHs companies. At this point we don't know if OPF signed contracts directly with HH Wallingtons, now controlled by the Receiver or with Henry Homes Limited, still controlled by NH - eitherway it looks ripe for someone to start disputing contract. If this ends up getting tested OPF could incur legal cost and extra management time to resolve. The positive is it will be resolved with the funds OPF paid ring fenced and held separately by solicitors/escrow. OPFs current financial position is unaffected going forward so is able to complete outstanding business elsewhere. imho shares should get to 40p near-term even with the threat of NH dumping 20% - once thats cleared could trade up to 10/15% below NAV within 12 mnths DYOR |
Posted at 30/6/2009 15:20 by tara7 NOTE, it is not henry homes who bought the shares , it was the boss, now, he would only have done that, if he was sure he could make money on the deal, ie he would not want to lose his company AND the OPF shares. He would also know [in my view], that OPF stock should trade at around 70p as soon as the Canon cash comes back in to OPF. |
Posted at 05/5/2009 10:30 by grlz If Cannon Street hasn't started by June 2010 OPF can probably cancel and be refunded it's £1.25m deposit and £3m escrow.Nigel Henry has a 20% hedge to vote against winding-up the Fund until then but there is little chance in the current market that OPF could raise £25m of mortgages to complete and I can't see HBOS advancing funds to build when the exit is a £2m MK company like OPF in which their client NH has a significant pecuniary interest. My guess is NH has purchased to dissolve the fund when cancellation of Cannon Street becomes the only realistic option (The option runs from memory to June/August 2010 but will cancel before the end of the year, probably sooner given HBOS's position) NHs OPF holding I guess is a hedge against any personal guarantee he has given HBOS as 20% should be worth £1.7m or 70p per share if OPF makes a special divi imho DYOR |
Posted at 24/3/2009 11:11 by grlz Kaupthings are obviously the forced seller and at the last count had 1,858,850 to dispose of - how much is left ?? as their sub 3%Cannon Street - waiting game until it cancels but otherwise a win, win situation. It will only go ahead if HH can sell the remaining 56 units at the price point HBOS set in their 2007 lending terms - if they can do that it in this market it means the "Signature" is viable so OPF makes money - IF HH can't pre-sell at levels demanded by HBOS within 12 months OPF can make a case to exit as the developemnt simply won't complete by 01/12.. I'm sure a Housing Association would love to buy the 56 units offered if a discount to current market values was available - difficulty is that would lead to HH having to re-negotiate their lending terms and HBOS - who would probably cancel as the main buyer OPF isn't in a position to complete on 118 units given what little credit is available to it, as stated in OPFs Audit Report - HBOS are never going to commit tranche B funding with just a £4m clawback so the deal is most likely dead imho Is it worth waiting ? imho OPF should try and talk an early exit from Cannon Street - HH maybe inclined to take a payout - it would cost OPF but would clear the balance sheet of this dog. DYOR |
Posted at 13/3/2009 17:09 by grlz Tara - To expand my last post, I suspect the deposit is directly held by HH's solicitor's but regardless HH only have to deliver the apartments in order to complete their contract with OPF - financing purchase and those issues stand as OPFs problem - if OPF failed to complete and exchange their deposit would be lost. The unknown question is can HH deliver the apartments - I can only speculate but it would be amazing if the bank, BOS didn't have a QS acting as its project monitor to value works progressed. Again speculation, but I doubt BOS would advance further tranches against a property market showing steep declines for 1/2 bed apartments in that area? also, BOS may not have advanced a penny as HH may not be in compliance with the conditions precedent of the loan. Both outcomes are positive for OPF as past recessions have shown OPF have terms regarding a completion schedule, which sooner or later will mean the contract being voided if nothing on site happens. DYOR |
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