Quadrise Share Discussion Threads

[wendsworth] 04/9/2011 18:16

redarmy : I cannot believe someone hasn't run the rule over QED and firmly expect a bid to materialise. I suspect Laxey see it that way as well. Will there be any clues at tomorrow's a.g.m?

[red army] 03/9/2011 17:21

I see a golden cross on the chart which would suggest an upside positive pattern.
Maybe a buyout - who knows.
Gently gently buying so as to keep the price levels sensible.
£1 is the target still

[123value] 02/9/2011 16:47

One theme that I have spoken to the company about that I think we are right to push for is additional disclosure regarding valuations at the property sites.

The company needs to be more open with its guidance and give a more granular breakdown of the variables at play in arriving at book value. This will benefit both us, as we gain a better understanding of the business, and the share price, when it becomes more clear what the sensetivities are at play in the stated NAV.

I think the company is open to this from what I can tell. In terms of questions, it would be great to hear from the directors on:

- What the most important assumptions are that they make in getting arriving at book value
- What the assumed timing of delivery of various sites is in their calculation
- Development costs per assumed
- Range of discount rates used, and what determines their choice for each site

Would really appreciate it if we could get any more light on the above - would be interesting in general to see how firm a grasp the directors have on the numbers.

[nigelpm] 02/9/2011 11:49

Good questions to ask David.

One if I may add.

1) What involvement (if any) are Laxey having on corporate decision making given their investment?

[davidosh] 02/9/2011 11:31

Surely the 31st March was the year end so there will still be additional salary and probably contract settlement (!) to come in this current year for Mr Shattock. Those increases were for last year and the problem is we will not know this years salaries until next year !!

I will ask at the AGM what the total director remuneration cost is forecast to be until 31st March 2012 ? What has been the total director remuneration over the past five years would be an interesting figure for a company that was worth barely that amount at its low point before the fundraising !?

Directors are not on the same planet as poor investors who lost millions in the downturn. These are cyclical stocks so why do they deserve mega bonuses and share options unless they significantly outperform their peer group ?

[scburbs] 02/9/2011 10:47

Davidosh,

QED are not the worst offenders, but the base salary of the 4 Execs has gone from £1.442m in 2010 to £1.591m in 2011. This 10% increase doesn't look right. It had looked like they could smell the coffee after implementing a 4% cut from 2009 to 2010, but they very much seemed to have changed their mind in 2011!

The closest comparison is St Modwen whose board costs around £2.1m.

However, what QED will tell you is:

1. They have stopped paying bonuses since 2008 and board cost has fallen from the crazy levels of £3.8m in 2007 and 2008, but why you should get credit for falls from excessive levels is beyond me. The continuing high base makes it very difficult to justify bonuses, but I suspect they may try and start paying them again perhaps in 2012 so this is one to watch out for, perhaps a question for the AGM. I would expect to see no more cash bonuses and only share based incentives linked to shareholder returns with challenging performance targets.

2. More importantly they have recently cut the executive team from 4 to 3. This does represent an acknowledgement that the board was too expensive so they are taking action here. The key question would be (bearing in mind the crazy 2011 pay rise) have Adrian Wyatt and Rebecca Worthington taken on Nick Shattock's role within their current pay arrangements or have they gone back to the trough? Given their excessively generous rises in 2011 (10% and 30% respectively) I trust they are not getting a further rise for these expanded roles.

"The Board of Quintain Estates and Development announces today that, by mutual agreement, Nick Shattock has resigned from the Board and is to leave the Company on 30 June 2011 to pursue new opportunities.

...

Adrian Wyatt, Quintain's CEO will now lead the Company's urban regeneration activities, with Rebecca Worthington, for the time being, taking over day-to-day responsibility for the Company's interests at Greenwich Peninsula in addition to her role as Group Finance Director."

[rbcrbc] 02/9/2011 10:09

Thanks David,

I agree that renumeration does appear too high here.

Maybe a first step is to improve visibility and ensure that individual renumeration is included in the headlines of annual and half yearly results and not just listed on a back page of the annual report, which comes out months after the results its release is not RNS'ed and most people don't notice when it comes out especially with nominee accounts and now that sending it to paper holders is diminishing.

Maybe I should be less lazy and attend more early AGM's but the thought of standing room only for 45minutes on the train at that time of the morning really does put me off.

[redartbmud] 02/9/2011 08:31

When I am unhappy about executive remuneration I vote:
1. Against the Remuneration Report
2. Against the re-election of Non-Execs on the Remuneration Committee.
and if I feel particularly aggrieved, against re-election of the Chairman.

I don't suppose they care but if I can get to the AGM I look them in the eye when I hold up my hand.

Sadly cannot get to QED, but questions so far look good.

[targatarga] 02/9/2011 08:17

wouldn't be surprised to see another laxey holding rns..... these are still low imho

[the juggler] 01/9/2011 23:03

Yes I wish I could be there - but work and living a long way away make it impossible.

However I am grateful to Davidosh that he is taking some valid points to the meeting.

Many thanks D and I look forward to your findings

[nigelpm] 01/9/2011 22:47

For those of us with full time jobs not in London getting to AGM's is tricky.

[davidosh] 01/9/2011 22:44

Will do RBCRBC.

Just out of interest there are over 1000 private investors including nominee holders of Quintain and I bet there are less than 3% of those at the AGM even though we count for nearly 60% of the shareholding and votes. The institutions even including Laxey are in a minority here. We really should make sure our voices and views are heard.

I am not sure if I am in a minority here but I do feel that for a company that has made losses of nearly £250m over the last four years and was saved by its shareholders (who have seen absolutely no returns over that time and are unlikely to receive one for at least another two before a dividend can be contemplated) the current level of remuneration seems rather high and £2.4m for the whole board is quite a large central overhead. The CEO takes over £700k and his remuneration increased by nearly 7% over the year. The non exec chairman has doubled his pay to 200k from 100k...How does that work ??

How many of us 1000 shareholders that are employed have seen increases of that level in the past year ? Director remuneration looks excessive IMO for the size of company and number of employees and I would prefer much lower remuneration and a bonus awarded in line with shareholder value over the past five years. That might take a little time to repair of course !?

I have been shafted elsewhere by greed and corporate excesses so I do watch these situations closely. I will be having a word with Laxey and another significant holder to see if this is being monitored by them too. I may raise this issue at the Agm.

Over the last ten years profits at companies have increased but directors remuneration has increased about seven times more in percentage terms. We all need to play a part in controlling these excesses.

[rbcrbc] 01/9/2011 18:05

If anyone who is at the AGM is able to ask about the 7 homes run by Southern Cross that QED own I would be interested to know if they are:

- Collecting any rent currently
- Expecting to collect any rent whilst the homes are operated by SCHE
- Expecting to collect any deferred rent when SCHE finally kicks the bucket.

and what the status of finding a new operator is.

Many Thanks

[nilip] 01/9/2011 15:29

I've added - thank you :-)

[aberdare] 01/9/2011 15:24

I expect some folks are feeling a bit sick this pm when they paid 49 this morning who would have thiught it would go - this afternoon

[lanaken] 01/9/2011 14:06

Yep I have got to agree with that. They slipped in the over 5% RNS on December 23, 2010 and are now the biggest holder. Over 10% in June and now 11.68%.

14% the next time they show their hand?

A bit naughty but there you go they're in it to win it.

repo

[cockneyrebel] 01/9/2011 13:22

As long as it stays down here Laxey will be back for more imo.

CR

[red army] 01/9/2011 09:59

I shall be going to the AGM if anyone wants to ask anything specific???

[quepassa] 01/9/2011 08:21

Revised Major Shareholder rankings:-



ALL IMO. DYOR.

QP

[lanaken] 01/9/2011 08:05

low 50s I would think

[wendsworth] 01/9/2011 07:53

20% uplift by tomorrow's close ?

[wendsworth] 01/9/2011 07:53

20% uplift by tomorrow's close ?

[honiton] 01/9/2011 07:43

of course Laxey research the company. 60m shares = £25m

[owenski] 01/9/2011 07:02

At least Laxey do it the right way round, they buy more when a holding that they see value in is falling. Unlike other insti's that sell on the way down and then buy the same back for higher prices than they sold at.

[quepassa] 01/9/2011 00:14

One's supposition is that Laxey have met with management on many more than just two occasions. If you have not already done so, you may or may not wish to read the full text of the AGM notification to shareholders.

ALL IMO. DYOR.

QP