Ucp Share Discussion Threads

[underperformer] 06/10/2010 19:12

anyone getting any news here ? at least it went up !

[vlain] 05/10/2010 08:40

watching paint dry......

[talisin] 24/9/2010 14:48

No rollback of tax incentives:

[horndean eagle] 24/9/2010 08:06

Many thanks.

[scburbs] 23/9/2010 19:26

Horndean Eagle, See news link on ikn's post 3594.

[horndean eagle] 23/9/2010 18:47

scburbs - What call?

[scburbs] 23/9/2010 17:08

Hardly unexpected valuation news which was flagged by the board. It is very positive to see investors on the call giving them a hard time.

The fall between 31 March and 31 July is not viable IMV. This means that either they have used a deliberately low valuation methodology in July or all of their previous valuations have been far too high. However, the idea of Unitech selling to UCP using the high valuation methodoloy and then buying back at a significant discount to a lower valuation methodoloy would grate somewhat!!

Whilst they have used independent valuers a valuation is only ever as good as its assumptions and they have massively downgraded these for the 31 July valuation.

I would have thought this could potentially expose the board/company to legal action by these major shareholders if the previous valuations were not robust.

[underperformer] 21/9/2010 08:36

I don´t think this is outside the bellcurve....I´m sure I can remember a case with Cairn India who having set up their wells were boycotted by the refineries who were hoping to drive their contract prices down, despite shortages of crude oil to refine. it rumbled on for ages.

Can the shareholders sell the properties to other developers ?

[ikn] 20/9/2010 11:33

Even the big investors appear to suspect management of trying to sell out on the cheap...

[vlain] 16/9/2010 14:44

hmmmmm, whats going on???

[vlain] 16/9/2010 09:06

Disappointed.

Lets wait and see if a revised offer comes our way, NAV being 52p.

Or will NAV drop by another 3rd by 2011.

[cgequityinvest] 15/9/2010 23:27

Having read the release the downbeat tome would almost have you believe the Chairman is trying to buy the company on the cheap!!!

I think its a case of sitting tight - the market price suggests expectation of a higher offer and I think its impossible for the independent non execs to accept a 31p offer given the NAV premium and current share price.

No doubt there are discussions behind the scene with the institutional shareholders and I am hoping that some of them are original holders (at £1 entry price) who will be driving for a fair deal.

Sit tight in my view the story has a little way to run yet.

[horndean eagle] 15/9/2010 20:38

SEZ tax changes have taken a huge chunk out of NAV. Did a google search to see if the problem was as serious as they are making out. Does seem to be the case. They are trying to water down the proposals and some concessions were made on Monday so its very much in the air. On the positive side they have made good progress on leasing. Not much detail though as of yet but have been promised more in the AR. Will have to wait until then to re-assess.

[flying pig] 15/9/2010 18:26

Not clear if change in valuation of unfinished properties has adverse impact on "values". Do they want a low NAV to ease takeover?

[5dally] 15/9/2010 18:08

A possible offer at 31p per share was received from Unitech Ltd on 27 July
2010. The Board is taking independent advice to review the approach (which
remains subject to a number of pre-conditions and there can be no certainty that
any offer will be forthcoming nor as to the terms on which any offer might be
made) and other options. Shareholders will be updated as appropriate in due
course.


:-(

[meadow50] 15/9/2010 17:59

accounts just out at 17.54..-see NEWS at the top.
NAV 52p share .

[underperformer] 15/9/2010 17:47

Just wondering if anyone has seen any announcements on the NAV ? Thought it was out today ? Thanks !

[horndean eagle] 15/9/2010 14:58

A keen buyer put on 250k shares earlier and has nudged it up as sellers haven't fancied a bite. Could be some insider trading at work.

[vlain] 15/9/2010 13:02

let the battle commence!

[vlain] 15/9/2010 08:35

come on BOD, pay your due and the Rns OUT

[vlain] 14/9/2010 18:21

lets see what tomorrow bring!

[horndean eagle] 08/9/2010 09:08

I think Unitech will increase the offer. They need to tidy up their non-residential side before they demerge the 2 divisions. Otherwise the reference point for valuing the commercial side will be the share price discount UCP is trading at. Without an offer Nectrus will have to go back into the market and aggressively bid for stock as part of their share purchase agreement. That should help prop up the share price even without an offer. I think 40-45p offer would win the day here.

[vlain] 08/9/2010 00:58

A week more waiting and the suspense will be revealed :-)

Trading above bid is positive to say the least.

[vlain] 27/8/2010 04:02

slowly and quitely turning!

[scburbs] 23/8/2010 10:18

The comedians (otherwise known as the independent board of directors!) continue to set the company up for a massive NAV write down coincidently happening at the same time as a low ball offer. If anyone thinks the valuation is really independent you only have to reflect that it is a NPV valuation of future projections. Play around with a few inputs and low and behold your valuation is a lot lower.

If they do such a write down then this will raise significant questions over the historic valuations rather than them trying to pretend that things have been relatively stable throughout the credit crunch and then cratered between 31 March and 31 July 2010!

"In the light of the approach regarding a possible offer for the entire issued share capital of the Company, announced on 27 July 2010, and the significant changes in the commercial property market in which the Company operates since the period end, UCP has commissioned a further independent valuation of the portfolio as at 31 July 2010, which it intends to announce, together with the results for the year ended 31 March 2010, on Wednesday 15 September."