Quadrise Share Discussion Threads

[alan@bj] 08/8/2014 09:41

Is that date for first completions - first half 2016 - correct? It seems a long way off.

[broadwood] 08/8/2014 07:16

Quintain gives upbeat IMS

[quepassa] 05/8/2014 11:29

Q1 IMS soon. No date given on QED website other than August 2014.

Last year IMS was on 7th. August 2013.

ALL IMO. DYOR.
QP

[quepassa] 25/7/2014 08:27

Now more than 93% let at London Designer Outlet according to Retail Bulletin with six new tenants signing up. - Kurt Geiger, Next, North Face, Sole Trader, Without Prejudice, Helly Hansen:-



ALL IMO. DYOR.
QP

[underhill] 24/7/2014 10:11

I'm not in favour of the board's remuneration, I agree that it is overmuch.
However, the discount to NAV has been closing.
I bought in 2010 and the discount's dropped from 80p to 26p.

Year NAV ~SP(@July)
2010 120p 40p
2011 116p 59p
2012 110p 50p
2013 104p 88p
2014 115p 89p

I continue to hold in anticipation of an eventual dividend!

[montyville2] 21/7/2014 20:18

Planned to go to AGM but work got in the way...anyone available to give a synopsis?

[maddox] 21/7/2014 10:46

trytotakeiteasy,

Not in every case, but with your approach you're defeated before you've tried.

I can cite a number of cases where - as a result of personal investor pressure Company Boards have listened to feedback, sought to explain their actions and sometimes made changes. ...and Davidosh has been responsible for orchestrating a number of them.

Cheers Maddox

[trytotakeiteasy] 21/7/2014 09:49

davidosh - good luck with it today... I am not against going to AGMs and being activist in principle... I just think these companies will ignore any feedback... look at chairman of Burberry..who ignored institutions in about three or four FTSE 100 companies to waive through huge bonuses etc for the CEO...

[maddox] 21/7/2014 09:20

Hi davidosh,

Clearly the bonuses appear have got ahead of the results achieved. I'm happy with the direction but putting things right doesn't justify the scale of bonuses being awarded. We need better alignment with shareholder returns.

Cannot make the AGM unfortunately, but I'd like to hear how they justify themselves.

Cheers, Maddox

[richard xii] 20/7/2014 14:14

AGMs are not arranged for shareholders to tell the board how to run their company. They are required by law so that shareholders can call the board to account. I will not be able to attend the AGM as I am out of the country. But I would certainly appreciate it if someone could ask Mr James why so many projects require a partner to hold their hand - and why there is such slow progress on the flats at Wembley Park during the current market conditions.

[davidosh] 20/7/2014 01:33

tttie....If you check the AR then you will see that these are not new directors and the chairman actually arrived in 2009 when the fundraise was required and the CEO and FD joined afterwards as part of the shake up. So they have had a number of years and these large remuneration packages are nothing new as their overall pay was high last year and remember that is in the year to March 2013 so for 2012 effectively. The CEO you claim is new actually earned £1.150m that year and the NAV per share actually fell !

There is a real difference between voting on takeovers and remuneration as the latter you do not know about until it appears in an AR almost 18 months after it has been granted. Remuneration like this should be linked to total shareholder returns not the sale of assets. What are they paid very decent salaries for btw ?.... as 270% bonus payments should be for exceptional work delivering immense returns to shareholders IMO.

[davidosh] 20/7/2014 00:36

trytotakeiteasy.....You clearly do not invest in companies with an ownership mentality or hat on ? If I take an interest in a company and own a share then I am an owner of the whole company and directors are employed by the owners.

The problem is that so many people do not take ownership rights seriously and even if I attend company Agms I am afraid 95% of shareholders simply do not attend and many do not vote on important issues. Quintain is not a huge company and there are only just over 100 employees.

When I invested I certainly hoped that QED would deliver on all fronts including significant increases in NAV and profits and ultimately a dividend. I now see the directors are keener to extract huge amounts for themselves before delivering me anything at all. That does not mean shareholders should all run off and invest elsewhere....or eventually there would be no companies left and lots of naughty directors doing whatever they wanted because nobody challenged them.

Let me do all the dirty work then ! You sound like a typical weak institutional manager looking after my pension money and getting paid regardless of performance !

Not for me....I am investing my hard earned cash and I demand answers and incidentally....I have never told any directors how to run a company....they should know that already.

[davidosh] 19/7/2014 23:28

Is anyone else going to the Agm ?

How does QED stack up against six or so similar property companies in the sector over a one, three and five year returns basis ?

What are the directors taking out of the companies in the comparator group ?

Just remind me....what return have shareholders had since the big fundraise that saved the company in 2009 and at what price did that go in ? Actually I can answer that as it was a 3 for 1 rights issue that meant the ex rights share price was 81p and the NAV per share at the time was £1.23....That means all that cash from shareholders has given us a lower NAV per share today after five years and an increase in the share price of almost exactly 1.5% and no dividend ?? Does that record really justify such bonus payments ?

I was staggered and shocked when I saw the bonuses at three times base salaries and that means directors in total have taken out more than the whole years profit !....no wonder the NAV per share cannot progress.

[richard xii] 19/7/2014 20:49

I hope someone does challenge those salaries at the AGM.They are huge for a company that has been fiddling around for years and is now only worth about ten flats in the Shard.

[davidosh] 18/7/2014 15:47

QuePassa.....Will you be at the Agm asking these questions ? I find it is usually only me there throwing the awkward ones and would certainly appreciate help.

[trytotakeiteasy] 18/7/2014 14:10

que passa.... nothing you can really do.... some companies have poor corporate governance or are in dodgy sectors... i.e. banks.... only option is to vote with your feet and invest elsewhere... unless you can somehow resolve a fix for the capitalist system.... company board's tend to be captured by their managements... you could mention at AGM

Having said all this.. Quintain could be well placed for the next few years.... broadly though property developers don't do well as listed investments.... due to suffering significant setbacks in downturns...


An interesting point is that Daejan holdings is a company some investors won't touch due to family control... however the number of shares in issue has been flat since 1999... i.e. not loads of stock issued to management....this kind of property company is probably a better long-term bet...

[quepassa] 18/7/2014 14:06

No dividends for shareholders. A gaping discount to NAV in the share price, a reduction in NAV per share over 5 years. But big bonuses for management.

These are a summary of the publicly available earnings/"Single total figure of remuneration" of the top management team for 13/14 as outlined page on 76 of the Annual Report.


James £1,431,413 (£1,148,373)
Kempner £1,033,952 (£762,852)
Stearn £ 894, 385 (£565,713)


In the case of James, this includes nigh on £700k for a bonus .

How can these figures and remuneration increases/ bonuses be justified when shareholder NAV has reduced over 5 years and they still have not produced a shareholder dividend? Big bonuses for management and nice salary increases but no dividend for shareholders.

That just isn't right in my view.


One of the important drivers of their remuneration was to reduce gearing.

Well they get 10/10 for that in my view. But not in my opinion by creating anything or doing anything imaginative to grow the Company but somewhat simplistically by selling off major chunks of the business and shrinking the Company and its asset base . And using the proceeds to pay off bank debt.

Such as IQ which just a few months before had been touted as central to the Quintain strategy.


How fair is it that management are getting richly rewarded when shareholders are getting nothing?


ALL IMO. DYOR.
QP

[quepassa] 18/7/2014 13:07

A graph on page 22 of their 13/14 Annual Report is very telling about the real creation of shareholder value - or lack thereof. This is a summary




NET ASSET VALUE
PER SHARE
Shareholders' funds divided by the
number of shares in issue at the end

2010 120p
2011 116p
2012 110p
2013 104p
2014 115p

Since the Rucker regime came into being and the Rights Issue, shareholder value as measured by NAV per share has actually gone backwards against a roaring London property market and major disposals. How is this possible?

ALL IMO.DYOR.
QP

[quepassa] 18/7/2014 10:20

In my view, Quintain are failing miserably as measured against one of their own Strategic Priorities as set forth on page 65 of the 13/14 AR:-


4. Total Shareholder Return – eliminate the gap between NAV and the share price and maximise total returns to shareholders.



"...eliminate the gap..." - it has effectively remained the same or widened over the last 12 months.

A full explanation at the AGM is needed.

ALL IMO. DYOR.
QP

[quepassa] 18/7/2014 10:15

These are the fundamental problems in my view for shareholders which have not been overcome by management.

I hope these points get a good airing on Monday.

1. Quintain have spoken so much in the past about paying dividends. This is still to materialise. They have not delivered. Management should provide a target date for reinstatement of shareholder dividend. No more shilly-shallying about possible future dividend reinstatement.

2.Management now talk so much about creating shareholder value. This is in my opinion still sadly lacking. A roadmap needs to be put in place as to how they are going to do this.


ALL IMO. DYOR.
QP

[quepassa] 18/7/2014 10:13

Quintain AGM.
Monday 21st. July.
10am.
Wembley Hilton.

ALL IMO.DYOR.
QP