Telford Homes Share Discussion Threads

[1gw] 15/7/2016 08:48

OK. This was it. Cerrito - anything to add / change?

Very pleased with today's AGM and have just bought some more on the strength of it.

Generally positive vibes from the management, although acknowledgement that things are a bit uncertain just at present and the market may well slow down a bit . I came away with the impression that they really expect things to settle down over the next 2 or 3 months and that in the meantime they might pick up some bargains.

Some specific points I picked up:
o Nothing (in the sense of Telford Homes activity) being slowed down post-vote;
o Responding to a question on whether he could see the company moving to a 100% IPRS model (i.e. all their output sold to IPRS), Jon Di-S said "No" and to give a sense of scale said that in a few months they would have 20 sites in construction of which just 2 would be IPRS. He went on to say though that in the longer term IPRS could perhaps be up to 50%, "but not more".
o He (Jon di S) expressed confidence in being able to meet the FY19 profit target.
o Not much data post-vote but they have had the Horizons Penthouse launch and have just released a few on Bermondsey Works. They had 20 serious visitors to the penthouse launch and 2 came back for a 2nd look - positive feedback but overall a sense of a lack of urgency on the part of the prospective buyers. They have already sold 1 of the Bermondsey Works flats - so the market isn't completely paralysed.
o The Anniversary payments (2nd 10%) apparently all came through on the earlier phase of Bermondsey Works.
o Almost completely sold for this year.
o Telford Homes can do 50% social housing if they know up front (i.e. at the time of buying the land I think) that that is the requirement. In fact, a bit like IPRS, the social housing element provides some certainty of revenue. Made the point that the 50% doesn't yet have much "weight" since it needs to be put into the London Plan and that will take 2 or 3 years and that in the meantime its down to the Local Authority plans or individual tenders to set the %. Welcomed the inclusiveness of the new mayor - he is actually talking to the developers.

[shanklin] 15/7/2016 07:22

1gw

Any chance of a link or you re-posting it here please?

Thank you, Martin

[1gw] 14/7/2016 22:48

Me too. I put a write-up of what I could remember on the lse board.

[cerrito] 14/7/2016 22:44

I was at the AGM today.
Little concrete to report but I did get a good feeling..the formal bit over in 5/10 minutes; 20 minutes+ of shareholder q & a and then a buffet lunch where the directors both exec and non exec made themselves very available to chat with shareholders.

[1gw] 14/7/2016 09:50

Welcome aboard...

[aishah] 14/7/2016 08:52

Maiden purchase for me here after today's statement.

[nw99] 14/7/2016 08:12

Added more today

[cutlosses] 14/7/2016 07:58

Good to note Mr DiS addressing the major issue with this share head on in the statement. TEF seem to have set themselves up well.

[shanklin] 14/7/2016 07:18

As at 01-Apr-16, TEF had forward sales of £579m (as per the 2015 FY report)

On 31-May, they announced, "Second Private Rented Sector sale for £63.2 million"

Today they state, "Total forward sales now exceed £640 million..."

So, forward sales at least being maintained.

[zho] 11/7/2016 16:09

AGM on Thursday 14th July

[nw99] 11/7/2016 16:06

Doubled up here

[easyfella] 07/7/2016 14:37

from a "source close to the matter"

[speedsgh] 07/7/2016 14:17

easyfella - Where have you got the info from that shows that the 50,000 shares purchased by James Furlong on 4/7 was a transfer from an "associated person"? Can't find any reference to this in the rns?

Director/PDMR Shareholding -

[rubberbullets] 07/7/2016 12:06

Bid approaches soon

[harry the haddock] 07/7/2016 11:04

RIKAUGHTY - there isn't and there won't be. it's called wishful thinking/ living in a fantasy world!

[rikaughty] 07/7/2016 10:49

dlku - why do you think that might be announced later? I agree btw, but wasn't aware it could be on the table at this point.

[dlku] 07/7/2016 09:48

if we get a second referendum announced later today this will soar

[easyfella] 06/7/2016 15:35

Jim Furlongs " purchase" of 50,000 shares is just a transfer to him from an "associated person"...so don't get excited

[shanklin] 06/7/2016 15:05

LOL, perhaps he hopes to be a long-term investor :-)

[cutlosses] 06/7/2016 14:57

TudesNot a bad trade for an 80 year old.!

[cutlosses] 06/7/2016 11:59

ZhoThanks for pointing that out. I hadn't noticed.

[tudes100] 06/7/2016 11:20

He did, few days before the referendum then bought back half 50p cheaper.
Well played sir

[zho] 06/7/2016 11:16

>>I especially like seeing the Land Director buying at 301p>>

But didn't he sell twice as many a few weeks ago?

[cutlosses] 06/7/2016 10:23

I may also average down at the current price of 259p .

I especially like seeing the Land Director buying at 301p.

Investors need to understand the difficulties SLI and AVIVA have with property funds when they suddenly have a lot of sellers and not enough liquidity to pay out. It's nothing dark and sinister but a necessary way of protecting the all their unit holders.

Agree this is way oversold but not sure if we've seen absolute bottom yet

[james188] 05/7/2016 19:16

I added to my holding in TEF late today, but the reality is that we are in unchartered territory and no-one really knows what is going to happen down the line. I really like the fact that TEF has forward sold a large chunk of its current portfolio (over 50% for the next three financial years), but it has also indicated ambitious growth plans. I sincerely hope that those plans are not going to be underpinned by increasing the level of debt.

They have a niche in the London market and it is beyond doubt that the level of housing supply in London has to increase. My hope (and expectation) is that they do not get ahead of themselves, because I can see some very tough market times ahead. Not a time to be highly leveraged. The AGM next week may be interesting.