Quadrise Share Discussion Threads

[maiken] 29/7/2015 08:11

I might add that,as I recall, at the last results QED were talking optimistically about getting an extra 25-30% of units at Wembley via an enhanced planning permission.Seems the bidders will be getting that upside for free at the current price.
The more I think about this the more it feels like shareholders are being shoved aside.I really hope another bidder steps in or the bid is rejected.

[quepassa] 29/7/2015 08:09

Well, it will be interesting to see if this recommended offer flushes out any further bid at a higher price.

I fully agree that that possibility can neither be ignored nor ruled out.

London property is in hot, hot demand.

To see the whole Wembley/Quintain caboodle being sold at this proposed price is underwhelming.


ALL IMO. DYOR.
QP

[winsome147] 29/7/2015 08:04

Lets hope so. At that price, if MJ accepts then it won't be in the interest of shareholders he is accepting.

[maiken] 29/7/2015 08:01

I agree winsome.QED is by far my largest holding and on anything other than a very short term perspective at this price I think I will be better off if QED remains independent.FWIW my initial view is that I will vote no.
I also wonder if a rival bidder will emerge.Such a lowball offer leaves them exposed.

[winsome147] 29/7/2015 07:48

That is cheap! We support them through the precompletion stage only for someone to jump in and buy them up at less than 2016 NAV.

I'm guessing Maxwell will remain on the board and continue to run the company with a handsome uplift in salary and bonus.

150p would have been fairer. Vote no!

[quepassa] 29/7/2015 07:47

Private Equity.

This is the USA based private equity firm which has launched the recommended takeover for Quintain:-



As a recommended Cash Offer with a decent enough premium and no apparent Competition conflicts and with firm financing in place, this is to all intents and purposes a done deal.

ALL IMO. DYOR.
QP

[cszjrh2] 29/7/2015 07:42

Maybe... I fully expected us to get well past 131p in coming years with an increasing completion rate. I fear Lone Star are getting a bit of a bargain.

[alan@bj] 29/7/2015 07:11

131p bid - a very nice surprise!

[quepassa] 03/7/2015 13:12

Liberum Capital today issue a broker note and REITERATE their BUY reco. on QED with a maintained PRICE TARGET of 135p.

ALL IMO. DYOR.
QP

[quepassa] 01/7/2015 08:47

Phenomenal results from peer comparator and regeneration specialist St Modwen for 6 months to 31/5/15:-

Financial Highlights
•306% increase in profit before all tax to £203.1m (H1 2014: £50.0m)
•21% increase in NAV per share to 394p (Nov 2014: 325p) and EPRA NAV per share up 25% to 427p (Nov 2014: 342p)
•Earnings per share up 281% to 75.4p (H1 2014: 19.8p)
•Initial recognition of New Covent Garden Market (NCGM) contributes £128.0m to net valuation increase of £170.2m (H1 2014: £33.7m)
•Realised property profits of £41.3m (H1 2014: £19.1m)
•30% increase in interim dividend to 1.9p per share (2014: 1.463p per share)



The words from Bill Oliver St. Modwen CEO make encouraging reading and point to a very positive and supportive market back-drop:-



"These record-breaking results are underpinned by the growth in the UK property sector and are testament to our continued belief in the regional marketplace and our long-term approach to regeneration as a whole. They are positively supported by our three major projects reaching significant milestones in the period. Most notably the New Covent Garden Market site in Nine Elms, London reached unconditional status in April.

"We continue to increase our levels of both residential and commercial development and to add further value to our major projects and our broader £1.5bn property portfolio, delivering maximum returns for the business and for our shareholders."



In my view, the discount to NAV of the Quintain share price makes the share look
very good value against a strong London market and great demand for new-build and main-market housing/apartments.

ALL IMO> DYOR.
QP

[davidosh] 18/6/2015 22:07

The Company's Annual General Meeting will be held at 11.00 am on Monday, 20 July 2015 at the Hilton London Wembley Hotel, Lakeside Way, Wembley HA9 0BU.

Well they certainly listened and are starting at the more sensible time of 11am but will more shareholders turn up? How many of you are planning on coming ? There were just three shareholders there last year from memory.

[quepassa] 18/6/2015 15:06

Barclays today REITERATES its OVERWEIGHT recommendation on Quintain and RECONFIRMS its PRICE TARGET of 138p.


This inicates that Braclays see more than 30% UPSIDE to current share price.

ALL IMO. DYOR.
QP

[sf5] 13/6/2015 11:58

Spotted this in my former local paper last week

Obviously a long burn, but that ribbon of land between Redhill and Horley, bounding A23 and Brighton line, isn't to my mind great countryside and new developments have been pushing the northern boundaries of Horley in recent years.

[quepassa] 10/6/2015 15:43

The QED Finance sterling 6.5% July 2020 bond has really pushed higher in price in the two years since issue.

Hard to deal but indicative OFFER price is almost 110 according to certain brokers.

That means the effective redemption yield has moved down to approx. 4.5%

Listed on The Irish Stock Exchange. Isin XS 0948668123.

Positive sign that the debt markets have marked the price of this bond up by 10% or so.

ALL IMO. DYOR.
QP


For anyone who hasn't seen it, an invitation to shareholders to join the 23rd June event at Wembley Park is on the QED website. Hit the tab for News&Media and then News Centre for details and how to register.

[davidosh] 29/5/2015 14:51

Thanks Maiken..I have four Agms all scheduled for the 23rd so I doubt I can make that one

[maiken] 29/5/2015 14:22

awaiting further details David.Cressida Curtis,their PR person,said it was a site visit to Emerald Gardens with Directors in attendance.

[maiken] 29/5/2015 14:19

awaiting further details David.Cressida Curtis,their PR person,said it was a site visit to Emerald Gardens with Directors in attendance.

[davidosh] 29/5/2015 12:59

It is the Quintain Agm on Monday 20th July at 11am which is certainly a more shareholder friendly time than the 10am that they had last year. What are they doing on the 23rd for shareholders ?

[alan@bj] 29/5/2015 12:21

No questions, but would very much appreciate you posting any points of interest, maiken.

[maiken] 29/5/2015 11:34

I will be attending a private shareholder meeting at wembley on 23rd June with access to executive directors.
I am happy to put forward questions if anyone has any..

[winsome147] 26/5/2015 11:50

Their webcast and presentation were encouraging. No dividend imminent but what would be the point until they start pulling in the cash from completed properties. I'd be happy to see the money ploughed back into construction for foreseeable future. They have land with potential for 5500 homes over next 10yrs or so which I think would convert to total sales in excess of 2.5bln. That puts a rough value of the residential land at Wembley at at least 800mln if they had all the planning consents in place. That would be more than double current value of 351mln. If they start to fund most construction themselves in future then add in sales profits of 600mln based on 20 -25% gross profit margin (based on residential property prices not rising over next decade.

Assuming that income from the rest of the portfolio and rentals via their retained apts fund ongoing expenses and a small dividend then the potential combined income and NAV in 2025 is 1.4bln for residential alone. Add in the other assets currently at c300mln (with some modest growth over 10yrs) and there is potential of total value per share of up to 300p eventually (not including any dividends paid out until then).

This is obviously a long term holding and one that may go through another full economic cycle before completion but in these days of high equity values (which could easily see the FT250 not much higher in 10yrs time than it is today) I am going to run my profits for foreseeable future in this solid asset backed project.

Let's hope we see good outcome to planning applications over the next year and cash starting to roll in from sales. Then Quintain may get into the FT250 and be rerated to similar level of St Modwen, which is another good holding.

[jaws6] 26/5/2015 10:58

I got GRI.
QED buy note with 130 target out from JPM.

[r ball] 23/5/2015 18:31

Grainger anyone?

[richard xii] 23/5/2015 14:46

It is worthwhile viewing the two video presentations that were added to the Quintain website yesterday.A lot of the clutter in the portfolio has been sold recently and the group is now mainly focused on the Wembley development.On reflection I like the plan to buy some apartments for rent. Quintain will be able to set a high standard. High stamp duty and high price levels means more people will be renting and one Quintain slide shows this will occur at all income levels, not just at the bottom end as was the case a generation ago. And I am not aware of any other major company which is doing this, the market having been left to thrifty individuals in the recent past.

[alan@bj] 22/5/2015 17:02

Latest view from Investors Chronicle:-

Quintain has put the hours in and is ready to hit the pitch. After years in the corporate wilderness, the developer has pruned its property portfolio, reduced its debt, and come up with a strategy based on three complimentary business lines.
First, it wants to expand its portfolio of income-producing assets so that it is less reliant on lumpy development returns. Its portfolio is still dominated by assets around Wembley Park, notably the SSE Arena and the London Designer Outlet shopping centre. But it spent the year buying assets in other parts of London; these contributed rents of £4.1m.
Second, it builds and sells homes on its vast land holdings around Wembley. It is currently building out the first phase of a development around Wembley Park tube station, and has now sold 251 of the 284 homes for private ownership. Planning permission for phase two was achieved in February, and 70 of the 211 private homes are already sold at a higher price per square foot. The company has a pipeline that should deliver 1,200 further dwellings over four years.
Finally, Quintain is increasingly renting out homes, too. Its rental business, which was seeded with 141 apartments from the Wembley Park development last April, is expected to manage between 500 and 1,000 homes within five years.

Quintain’s shares are up 7 per cent on our latest buy tip (100p, 15 May 2014), but still trade at a healthy discount to forecast NAV. Its development land at Wembley was marked up 14 per cent last year, and given the shortage of mid-priced housing the capital, we see no reason why that can't continue. Buy.