Quadrise Share Discussion Threads

[quepassa] 16/5/2014 09:33

They keep on lopping massive parts of themselves off.

Are Quintain shaping themselves up for a merger with another London-centric operator?

This is clearly now a Company in a great hurry. But to do what? (although apparently not to pay that long-vaunted shareholder dividend).

Rucker and James are by background corporate financiers and clearly like the "big deal".

All the corporate activity leaves one slightly breathless and there is clearly renewed and growing investor frustration and confusion about Quintain.

Personally, I thought that IQ was a good fit for the Asset Management part of their strategy. Just as I thought that 50% of Greenwich was a fantastic fit for their London strategy.

And indeed much better than that horribly scruffy looking building they just bought in Holborn.

Yes, I agree with other posters. Quintain have a lot of detailed explaining to do to clarify just what they are up to as there is limited corporate stability/visibility as a result of such frenetic activity.

It's like trying to catch a shadow.

ALL IMO. DYOR.
QP

[scburbs] 16/5/2014 08:32

Selling iQ at market value (albeit slightly higher than 6 months ago) and giving away the management income steam away for free is not the world's greatest deal, its an ok deal.

Whilst iQ has been a very strong performer and has further rental/capital growth potential it isn't that much of an income generator. An income of £5.2m on £106.4m is only 4.9% so lost income initially covered by reduced interest expenses.

They need to make a lot more effort on explaining the new strategy in the results announcement next Friday. London and accelerating Wembley resi is far too vague. What type of London assets and how are they going to add value, more specifics on the Wembley resi acceleration (just building phase II faster or bringing forward phase III?) and what are the plans for the asset management division with the £431.9m AuM reduction from iQ sale (new manadates for London offices off the Grafton skill set?).

[alan@bj] 16/5/2014 08:28

Did you not read the RNS? Accelerate development of the Wembley asset, reduced borrowing costs, etc. If you don't understand the strategy, sell.

[eeza] 16/5/2014 08:25

Quintain has always been run for the benefit of the BOD - s/hlders only relevant when new funds required.

[kibes] 16/5/2014 08:14

Sale of iQ??? What on earth are they playing at? What is it they are going to buy or do that is going to do better than iQ? And how are they going to replace the loss of £5.2 million annual profit? This puts any dividend further into the distance. First they reduce their capital appreciation (disposal of Greenwich), now they are reducing their income stream.

[alan@bj] 15/5/2014 18:12

One of Investors Chronicle's Tips of the Week. They summarise:-
"Quintain Estates has been one of the latecomers to join the property party in and around London. The high risks associated with having an extended development portfolio during the downturn are now starting to pay off as previously unfashionable parts of London attract attention, and we think the shares are primed to re-rate to catch up with recent developments. Buy."

[quepassa] 09/5/2014 09:40

Interesting to see that highly-regarded Odey Asset Management have listed Quintain as one of their top holdings (alongside the likes of Google and LasVegas Sands etc) in one of their funds.

The holding is in their c. £250m CF Odey Fund and it is interesting to note that as at 31/3/14, they own a bigger stake in QED than in BP.

Crispin Odey is in my view one of the pre-eminent and outstanding Fund managers in the industry and this is perhaps a good vote of confidence in Quintain that one of his funds has a 2% holding in the Company.




The holding is in a mixed asset/aggressive fund.

When Quintain start paying a dividend, they will undoubtedly attract a new realm of investor from the more mainstream income-seeking fund sectors.

ALL IMO. DYOR.
QP

[scburbs] 02/5/2014 10:49

Aldermary House looks a sensible acquisition. QED have particular skills in this space as a result of the Grafton team responsible for the very successful WELPUT fund.

Interesting to see Unite (which has a project in Wembley - link below completion 2016) indicating that London land values have substantially increased.

hxxp://www.getwestlondon.co.uk/news/local-news/design-unites-student-accommodation-overlooking-7028338

"It said: "Competition for development sites in London remains high and as anticipated we have not secured any further opportunities beyond the current LSAV pipeline.

"Unless there is a correction in land values, it is unlikely that we will secure any further London development projects this year.""

Source: EGi

[jaws6] 29/4/2014 15:28

david
Any news on any further meeting with QED after 23/5 result ?

[jaws6] 22/4/2014 09:54

now above 102.7 ?

[maddox] 18/4/2014 09:07

The ShareSoc events are excellent and the attendees themselves are well worth meeting. A good mix of serious PIs with knowledge and experience and the questions they ask of the companies are very illuminating.

Cheers Maddox

[davidosh] 18/4/2014 07:50

hvs1....You need to get out more. I think you will be pleasantly surprised. The average age at most meetings is younger than you lol

[alan@bj] 18/4/2014 06:40

Thanks hvs1 - it Sounds perfect for me!!

[hvs1] 17/4/2014 22:59

come to sharesoc and meet loads of sozzled old duffers all clueless and wondering what shares to waste money on next lol

[sharesoc] 16/4/2014 11:44

There is a joint ShareSoc/Hardman company seminar in Leeds on the 20th May with Ideagen, Avacta and Getech all presenting. It is the first ShareSoc event in the North of England with no charge for the evening. It would be great to see as many investors there as possible showing your support and to encourage more events like this in the North. For more details and registration for the event go to: hxxp://www.eventbrite.co.uk/e/hardman-cosharesoc-investor-forum-tickets-11117004259

Twitter @ShareSocUK

[scburbs] 16/4/2014 10:31

So a 7.3% increase in the land value is the benchmark for the March results. As a London based asset you would hope Wembley would outperform that, although, it isn't all residential development land.

"The value of UK residential development land increased by 7.3% in the year to March 2014, according to Knight Frank."

Source: EGi

Knight Frank link.

hxxp://www.knightfrankblog.com/global-briefing/news-headlines/english-development-land-prices-rise-7-3-year-on-year/

[scburbs] 15/4/2014 13:14

Wembley may not be Central London, but it is clear that land values are on the up.

"Prime central London land values rose by 4.7% between January and the end of March, and are up 15.9% on the year, according to research by Knight Frank."

hxxp://www.propertyweek.com/news/land-values-rocket-by-159-in-central-london/5067610.article

[jaws6] 15/4/2014 09:29

just seen Barc note on QED , no link to post yet

[eeza] 14/4/2014 21:54

Have a look at his posts - all the same idiotic nonsense on multiple boards.

[aberdare] 14/4/2014 20:54

Hvsi. Reading your post looks like you have been on the vino does not make a lot of sense

[aberdare] 14/4/2014 20:54

Hvsi. Reading your post looks like you have been on the vino does not make a lot of sense

[quepassa] 14/4/2014 17:03

The PRS - Private Rental Sector- looks interesting.

This will generate ongoing income which will support Quintain's desire to start paying a dividend.

Maiken - I sympathise with your views and I have equally described Quintain's performance as somewhat lead-footed in the recent past. Earlier posts refer. Your sentiments seem to echo mine and those of others when the Quintain name comes up in discussion.


I reiterate my personal view that the share will remain peripheral and not be taken seriously by the market until such time as the management walk the talk and start paying that long overdue shareholder dividend which they have been talk-talk-talking about for so long.

Whilst Max James is an excellent CEO and much has been achieved under his aegis, the Quintain saga grows stale again, mainly because the only way a shareholder can gain value is by selling the stock rather than sitting on it and earning an income.

If Quintain do not start delivering a dividend soon, it seems highly likely in my opinion that certain investors will desert Quintain for once and for all in search of other more attractive London property plays and investments.

Quintain have declared no dividend since June 2008. Six years ago. Investors cannot be expected to hang around forever. Six years is too long for any respectable company to take to get their ducks back in order in my view.

All the undoubted good stuff which Quintain keep on doing is sadly put into the shadows by the resultant big discount to NAV at which Quintain trades, combined with the lack of yield.

Max James has done so much positive at Quintain in terms of repositioning the Company. The share however is at odds with his good works and remains a very big yawn.

ALL IMO. DYOR.
QP