Quadrise Share Discussion Threads

[davidosh] 12/10/2011 09:15

Incidentally for those interested...

You can meet all the directors of INL as management will be in attendance today at the Growth Company Investor Show at the Barbican as they have a stand there according to the GCI website. It helps investors understand the business and with the recent finals released that will allow open discussion on the information and new move into housebuilding.

[deswalker] 12/10/2011 09:00

Land-bank and housebuilding stocks ... INL & GLE for me.

[davidosh] 12/10/2011 08:54

scburbs....that is exactly why I like INL as they have no bank debt and all their land assets are in the SE of England including a great site in Poole that is currently going through the planning process so hopefully a nice uplift to come there too. Trading at 50% under the ungeared NAV so worth a detailed look.

[horndean eagle] 11/10/2011 21:18

scburbs

Not so much hugely bullish on Irish housing but happy that ABBY have a small land bank and a huge sledge of cash with which to take advantage of the distressed prices that are likely to be available in Ireland over the coming years. Have to give them credit for managing to cash up rather than chase stupid land prices in Ireland over the last few years. Analysts reckon likes of BDEV are likely to have margins of 18% on land they have purchased recently versus 6% or so they are currently reporting. ABBY are reporting UK pre tax margins at nearly 22%.

[scburbs] 11/10/2011 20:50

HE, Wow, you really are a bull! I don't think I have seen anyone else talk up a share because of its exposure to Irish housing! The Irish do seem to be being a good job, solid growth in last quarter, haircuts for subordinated bank debt holders, NAMA starting to realise some assets (primarily UK assets!), public understanding of the need for austerity etc. Despite this I would not be rushing towards exposure to Irish housing (or UK housing outside SE). However, someone might form a good business if they can become a preferred supplier to NAMA in completing a number of the unfinished housing estates. NAMA will presumably have to fund the completion of some of the better located ones.

[horndean eagle] 11/10/2011 15:10

If you are looking at land banks then you could do worse than look at SMP. Fallen very sharply this year and trading on a large discount to NAV. Good long term record. Otherwise why not buy a housebuilder. ABBY is one I like. Trading on a chunky discount to TNAV. Has over half its market cap in cash. Just picking up land when it needs to develop it. Solidly profitable. Added bonus is it has Irish exposure and experience which will come in handy when the market in Ireland turns.

[scburbs] 11/10/2011 15:00

Davidosh, Not one I have come across before. It looks interesting given the low gearing and south-east focus with Drayton Gardens project seemingly on track. The postive cashflow they have achieved recently is impressive, although looks a little forced given the RBS falling out, it would be useful to have some background to that. They could do a better job of updating the website though, I will have a bit more of a look later.

[davidosh] 11/10/2011 14:32

Agreed somewhat stretching the term prime there. Iconic certainly for Wembley although personally I still prefer the assets at Greenwich. I will arrange a visit to that site in early Spring next year when hopefully the cable car may even be up and running !

scburbs....Do you not like the Inland (INL) potential and assets ?

[scburbs] 11/10/2011 14:05

Iconic locations certainly, but "prime" London is a touch strong for Wembley and North Greenwich!

[redartbmud] 11/10/2011 10:55

Looks like they are the only game in town.
but for them share price would probably be considerably lower.

[cockneyrebel] 11/10/2011 10:11

Laxey increasing their holding again.

CR

[redartbmud] 10/10/2011 16:28

Taube Hodson in selling mode as well as Std Life.

Not good news.

[wendsworth] 06/10/2011 13:18

Laxey still 'hoovering-up' from weak holders. They see this as a 'no brainer' at 40p.

[targatarga] 06/10/2011 12:24

Nice to see volume again....

[davidosh] 06/10/2011 11:21

Surely Laxey should just go direct to SL and offer them 37p for the rest and cut out the middle man ?...lol

[quepassa] 06/10/2011 11:10

Evolution of Major Shareholdings in QED since May 2010


26th. May 2010

Caledonia 10.63%
Standard Life 8.61%
PGGM Fonds 5.39%
JPM Asset Man 4.83%
Taube Hodson 4.43%
Third Ave LLC 4.26%
L & G 4.07%


11th. May 2011

Caledonia 10.63%
Standard Life 5.99%
Laxey 5.89%
PGM 5.39%
Taube Hodson 5.55%
Third Ave LLC 4.25%
L & G 3.86%
JPM 3.30%

Yesterday

Laxey 12.55%
Caledonia 10.63%
Taube Hodson 5.55%
PGM 5.4%
Third Ave 4.26
Standard Life 3.87%
L & G 3.86%
JPM 3.31%




Clearly, the selling by Standard Life is not having a beneficial affect. They have sold 2% or 11 million shares in just the last four months alone and some 5% over sixteen months. They were obviously selling on the back of the share price rise when Laxey increased its stake significantly in recent times.

One presumes perhaps that Standard Life will go sub 3% as a Notifiable Interest shortly and if this happens, it will be good to see the back of them.


This is whilst other major holders remain reasonably consistent and Laxey making enormous purchases.

ALL IMO. DYOR.

QP

[redartbmud] 06/10/2011 09:24

targ

Let's hope so.

[targatarga] 06/10/2011 08:46

red - don't worry, the shares have probably gone to a willing buyer... imho

[redartbmud] 06/10/2011 08:25

Oops.

Somebody no longer buys into the story.
Sale 1.28 millon shares at 40p.

Not good news.

[targatarga] 30/9/2011 09:36

Statement today?

[redartbmud] 29/9/2011 21:38

Regrettably this is beginning to look like a dog.
Seems that NAV is irrelevant at present!

[targatarga] 29/9/2011 17:10

last few sessions they have been chucking x thousand into the market at close... keeps the price down

[cockneyrebel] 29/9/2011 17:05

Laxey would be a catalyst to a bid, tho they wouldn't be the bidders imo.

CR

[wendsworth] 29/9/2011 15:43

davidosh : Your second sentence is apposite. The bigger the Laxey stake the more likely a bid will follow. However.....I wouldn't entirely discount the possibility of a change of tack . If you look at laxey's update this year on its investment portfolio you'll read that they perceive 'real value' in QED inferring it could be their potential star.