Safeland Share Discussion Threads

[nickcduk] 08/6/2007 11:12

The collapse in property stocks obviously hasn't done SAF any favours. Its not likely to be immune, especially when its recent strength was down to it launching a new property fund. I would imagine they will struggle to expand it much further with the property market in such dire straits. I would expect more weakness in the coming weeks and months.

[santangello] 08/6/2007 11:07

Pre results MM shenanigans?

Marked down successively this week, and looks to have been a trait in recent years leading up to results?

Anyone care to comment.

(I accept there has been general mark downs in line with the market in general, but these are usually immune to that.)

[topvest] 21/5/2007 21:40

Yes, very much looks that way. Good acquisition today. Web-site now operational:

[hybrasil] 21/5/2007 11:02

Bizspace mark2 coming along the tracks?

[topvest] 16/4/2007 20:56

Yes, sure has. The Lipmans have been quiet of late. Wonder whether they have some plans for their shell companies yet?

[hybrasil] 16/4/2007 07:41

all gone very quiet here

[hybrasil] 23/2/2007 20:47

I note that this crowd Blacrock now own 9% + of this co. How did they acquire
this holding and it certainly has not been in the last 3 days (the statutory notice period). I googled them and they seem to be 50% owned by merrill lynch. In fact quite an interesting shareholder.

[hybrasil] 07/2/2007 16:37

Healthy to see a lot of trade here

[hybrasil] 26/1/2007 08:21

Just checked . Electronically bid for in 55k offered in 3.5k !!!!

[hybrasil] 23/1/2007 16:32

It will be tricky enough. I mentioned these to a friend of mine. The best a market maker would offer him were 5000 at £1.02

[tiltonboy] 23/1/2007 15:08

hybrasil,

I think they are, but haven't dipped my toe yet.

tiltonboy

[hybrasil] 23/1/2007 15:06

tiltonboy
I have been buying these again. Do you rate them a buy?

[tiltonboy] 23/1/2007 07:14

topvest,

I met the company yesterday.

They currently own 1/16th of the equity in the jv, but more importantly they receive the management fee on gross assets i.e their £1m, the £15m put in by Electra, and the bank debt. The downside is that the capital appreciation isn't that good, but they do earn extra if asset growth beats various hurdle rates.

I would tend to look past the £200m they have planned in the short term, as they have grander ideas.

In three years time they could look more like an Asset Manager than a property company.

tiltonboy

[topvest] 22/1/2007 21:30

Yes, this is looking interesting. Flexspace is going to be a BIG business in a few year's time.

A few thoughts/questions.......Do Safeland own 50% of the equity in the Flexspace venture? How does this work as they only invested £1m or so? Will it be consolidated?

[hybrasil] 22/1/2007 07:13

Good to see them rapidly doing another deal.

[topvest] 20/1/2007 08:24

SAF are still at a discount to NAV as well (114p at the interims). I think the shares would get more interest if they started to reinstate dividend payments once trading improves. Happy to hold mine. It's been a bit quiet on the 7 demerged companies though, hasn't it?

[hybrasil] 20/1/2007 06:33

I went looking for shares yesterday.Much better bid (for 60k) than offered (12k). That was before the last two trades. It looks like it will rise on monday

[topvest] 09/1/2007 22:13

Yes, this all has the potential to shift Safeland into a major new business area. The market seems to have missed the significance + how many other property companies are on this sort of discount to NAV?

[nickcduk] 09/1/2007 10:53

Ive brought in this morning. A bit miffed I had to pay 98.5p instead of 94 on offer yesterday. I think the market is missing how important yesterdays announcement was for SAF. The management from Bizspace returning isnt the big news for me, what excites me more is they are looking to raise a further 50m for their property fund. If the terms of the new money are the same as those set up initially, and I dont see any reason why they wouldn't be, then SAF are entitled to 0.8% management fee annually. They are also entitled to a performance related profit share if they achieve a return of 10%+ p.a. If they raise a fund with 200m to invest they would be entitled to 1.6m in management fees, most of which would fall straight to the bottom line. The executives are entitled to 25% of this so SAF would get 1.2m a year. That on an earnings basis would be worth say a multiple of 10 and therefore adds 12m to the valuation of SAF. If you add the 12m to the current NAV your looking at a value close to 175p.

[hybrasil] 09/1/2007 10:14

welcome back Jeff and well done. I too bought some more today .
I googled flexspace but they obviously havnt done the website yet.

[jeff h] 09/1/2007 08:54

Back in!....at a price lower than what I sold for and a large gain on Rok
where I used the proceeds.

Biz Mk2 up and running then, pity Safeland itself doesn't own it outright
though Larry must have his reasons why not.

From today's Times:-

Safeland, the property investment group, took on 2p to 92½p after rehiring the management team that built Bizspace, the office provider that it spun out six years ago. The team returned to the fold less than a year after Bizspace was bought by Highcross, the property fund manager, for £81 million. Safeland, which also revealed plans to raise £50 million for one of its funds, is expected to announce at least three property deals by the end of the week.

[topvest] 08/1/2007 08:25

Yes, this looks very interesting indeed. Like the fact they have brought in the Bizspace MD - they did will working together last time around!

[hybrasil] 08/1/2007 07:30

looks like Larry is going to really try to do something with Safeland now. Its good to see that this new venture is beginning to buy stuff.

[topvest] 22/11/2006 20:15

Yes, I agree Hybrasil. The market cap quoted on ADVFN is incorrect - presumably it hasn't been updated for previous share buy backs. There are not many property companies at a discount to NAV at the moment!!

Slightly more bullish results I thought, particularly the comments about their opportunistic new venture.

[hybrasil] 22/11/2006 10:27

114p nav against share price of 85p