Town Centre Share Discussion Threads

[inki] 20/8/2004 08:56

MTG - What activity - no one was buying shares
Some liquidity would help these shares to be a little less volatile.

[m.t.glass] 19/8/2004 17:06

Nice activity in final 2 hours today..

[m.t.glass] 31/7/2004 09:41

So Michael Ziff doesn't rule out the company being taken over if the price is high enough (nudge nudge, hint hint), and will not spoil that prospect by blurring the Stylo and property companies into one.

Continuing exactly what they've been doing so successfully to date may be all the company needs to do. But the death of a patriarch often marks the most explosive take-off point, and the opening up of new expanded business relationships.

Interesting times. Worth watching.

mtg

[m.t.glass] 29/7/2004 12:45

Indeed. Share price 254% up in past 5 years. With no dip greater than 20% along the way. I hold some in a PEP.

Spread of property (by value) according to last year's figures was 49% Yorkshire & N/East, 24% Scotland, 12% N/West, 7% Midland and 8% South, which is the inverse of many within its sector, and presumably sees later upgrades whenever a wave of property price rises moves from south to north.

[inki] 29/7/2004 12:38

Apart from takeovers net asset values are a product of growth which this company has shown. It is conservative and possibly mundane but backed by assets and a track record. Let it continue and that alone will be a good thing.

[m.t.glass] 29/7/2004 10:28

Recent death of oldest Ziff family member/founder 2 weeks ago has necessitated some juggling of directors. Has it also changed attitude re takeover approaches previously mooted and dismissed?

Company website is
(Worth reading the CEO's biog. Quotes him intending to drive the company forward "at a relentless pace" with shareholders in mind)

[inki] 29/7/2004 09:16

Someone out there is hoping for something.
The price movement is not representative to the level of trades.
Control rests fairly closely with the directors.

[inki] 08/6/2004 21:53

June 04, 2004 TIMES ON LINE

Rumour of the day

MURMURS in the property world suggest Town Centre Securities, steady at 237½p, has recently received a tentative approach from a northern consortium backed by HBOS. This is said to have been rejected on the grounds that the figure mooted was so high as to be unrealistic. Further share buybacks mean the Ziff family stake, currently 50 per cent, continues to rise.

[a2088340] 18/11/2003 20:28

Sorry inki -- only just seen your query. It has to have been on advfn as I do not keep an eye on iii -- but sadly they do not keep more than 21 days trades on record -- so I can not proove it.
The price was so odd, perhaps it was an error.

Still a very happy holder of this, even tho' I do not like family control position.
Rog

[inki] 27/10/2003 23:12

Rog
A2088340
Where did you pick up the 191835 share trade, was it iii

inki

[inki] 24/10/2003 17:47

Type K is a block trade.
A bank or institution is trading with another, at the market price.
It was positive for the market reflected by the price the institution
was paying !
It is interesting that the trade is shown on iii but not advfn as a trade.

This would appear to be a settling down process after the recent tender, where persons tendering have not left the Ziff family with more than the 50% they must obviously want. (Excluding share options already held)
Perhaps these moves may hold the market around this price now !

[a2088340] 24/10/2003 12:24

Big up movements yesterday and today.
What is the trade for 191835 shares shown as type K at 208????
Can anyone educate me?
Rog

[linhur] 07/10/2003 20:39

Anyone accepting the tender offer?

[inki] 09/9/2003 00:58

Why do the management need to buy out this company when they have effective control with their holdings/options and trust holdings. Buying shares in using company funds has enabled the management to achieve that status.
The only advantage would be to run a private company, with no external shareholders, but probably a bank/finance company instead financing the same.

[linhur] 07/9/2003 23:03

Full year results due this week.

MBO anyone??

[inki] 04/7/2003 09:21

With more than 50% share capital in family control, additional purchases are more than control gathering. Either they believe that there is such good value in the shares for which they are prepared to incur interest charges, or it is a prelude to privatisation. Buying in at a cheaper price with corporate funds.
Regards inki

[linhur] 02/7/2003 20:33

inki

Ziff family now own over 50% of share capital after purchase buybacks.Still at 30% discount to triple NAV.

regards
Linhur

[inki] 12/5/2003 11:35

How can a price increase of 5.5p or 4.31% be justified by total shares traded of 35,962. The market capitalisation is approx £80m. This can only be a very illiquid stock or the price can be manipulated easily.

[boram] 09/3/2003 16:02

Interims are out on Wednesday 12th, will they be good or bad.

[dunskey] 09/1/2003 11:02

Company buybacks have pushed NAV up to 237p by my calculation, which at current discount of 40% they should continue aggressive buying policy! If programme for year was completed at current levels NAV would rise to 250p before any enhancement from the portfolio which you would add another 10p to 20p making this one of the cheapest arround with a yield of 3.5%. Safer than houses.

Please look at chart. It also indicates this is a screeming BUY!

[linhur] 13/12/2002 17:49

INKI

I disagree with you about the Company purchasing more shares by way of buyback.It will increase the gearing which is already more than 85%.
As the Ziff concert party now have the ability to own more than 50% of the Company this will put off institutional investors.

It would appear that this company is going the same way as Evans Estates which got taken private at a very poor price to NAV by the Evans family.

It would have been better if the board had concentrated on signing up RBOS for a regional centre in 300,000 sq ft in Leeds and selling on the resulting investment for £100 mill which would have increased the value by 25-30%.They will now have to wait for the next property boom to maximise the value.

The best thing that could happen is a MBO at 210p.

kind regards
linhur

[dunskey] 10/12/2002 22:59

sorry about the double post...............its the excitement you know!

[dunskey] 10/12/2002 22:57

INKI

Lets hope they keep buying.....at this level every share they buy in increases the discount by a sizeable margin! This the equivalent of buying the properties they already own at the same huge discount.......what property could be cheaper?
There is no trade off!

[dunskey] 10/12/2002 22:57

INKI

Lets hope they keep buying.....at this level every share they buy in increases the discount by a sizeable margin! This the equivalent of buying the properties they already own at the same huge discount.......what property could be cheaper?
There is no trade off!