Urban&civic Share Discussion Threads

[daneswooddynamo] 20/11/2020 07:51

Hmmm I think I will continue to sit tight here. Reading Nigel’s results statement is always interesting and none more so than this one in the context of the Wellcome ( or unwelcome?!) offer. Quite a bit of ooh and aah going on! There has been a lot of volume going through and the register has changed significantly but one still feels there is the chance of a competing offer and/or a sweetened offer from Wellcome if they don’t reach the required shareholder approval levels

[daneswooddynamo] 09/11/2020 12:30

As per shaker44 suggests, been dumping quite a lot of cash into Henry boot this am seems a good home for the UANC cash to come and has been easy to pick up in lumps whilst the rest of the sector explodes on TW and vaccine hopes

[spectoacc] 07/11/2020 08:06

Good point, may not be another bidder, just someone else who thinks nearer the non-discounted 480p EPRA is required.

[daneswooddynamo] 06/11/2020 20:16

Probably a hedgie which has decided the lack of decent irrevocables and the deep pockets of Wellcome can afford to be a tad more generous!

[daneswooddynamo] 06/11/2020 20:08

You need 75 percent approval to fulfil a scheme of arrangement takeover, it maybe that someone has already amassed enough of a blocking holding today. Fun and games

[spectoacc] 06/11/2020 20:07

Wow yes - well over 2m in a single block at over 348 too.

A few more Letters of Intent in favour of it, but nowhere near a majority yet.

[daneswooddynamo] 06/11/2020 19:53

Nearly 30 percent of the company has changed hands today with some massive trades above the offer. Someone not took keen on 345!

[shaker44] 06/11/2020 15:52

I guess the board/key executives will be on healthy performance bonuses in Newco, so from 345p they will earn well later

[james188] 06/11/2020 15:42

I have cashed in and will move on, but I am not remotely thrilled by the price. I suspect that the board felt that the share price had got stuck and was going nowhere fast - and so the continuing trend of take private deals goes on.

I suppose it is just possible that a rival bid will emerge, but I rather doubt it. The same thing was said about TEF last year, but nothing happened. UANC is a fairly unique model and requires a long term investor/group with deep pockets. I can see why they have exited the public markets, but it is a pity.

[spectoacc] 06/11/2020 14:22

To put it into perspective - 345p isn't even the 12-month high.

[daneswooddynamo] 06/11/2020 12:33

Cannot see it trading below the offer with interest rates at zero unless you think Wellcome might walk. Highly unlikely given they are a slightly left field bidder. They are smart cookies and see the long term value here so I doubt the big house builders will not see it either. Depends if they have plenty of other profitable options and don’t want to tie up capital in a few mega sites.

[spectoacc] 06/11/2020 12:17

OK back a bit now in fairness, tho with the timeline to completion should be about 340p if not much chance of counter.

I'd love to see one of the volume builders - Persimmon maybe - take a look.

[spectoacc] 06/11/2020 10:06

Or more, if head towards the c.480p non-discounted NAV.

1.27m traded so far this morning, almost all of them at over the agreed 345p.

Timetable says "early 2021" so plenty of time yet.

[daneswooddynamo] 06/11/2020 10:02

The irrevocables are miniscule, there is every chance of a higher offer from an industry player. The downside is a couple of pence and irrelevant time value. The upside could be 30-50p imo

[inki] 06/11/2020 09:42

Counter offer is unlikely - despite it being a low ball offer - directors and institutions are behind this. Property / infrastructure is out of favour. It is sad as this is a well run operation. Take the money in the market if you can while it exceeds £3.45.

[daneswooddynamo] 06/11/2020 09:11

Indeed, decent slugs going through above offer we are certainly not alone in hoping for better things before the game is up

[shaker44] 06/11/2020 08:36

Was sitting on a loss and now very healthy profit. Counter bid would be great! Makes Henry Boot Group look very cheap

[spectoacc] 06/11/2020 08:33

Agreed.

Got to laugh, reading the announcement, about how the bid "fully recognises" the NAV, being a few pence above.

Yet read any other UANC RNS and it's "EPRA NAV without large site discount" that comes to the fore.

[daneswooddynamo] 06/11/2020 08:14

Just shows how cheap large chunks of the UK equity market are at the moment for anyone with a medium term perspective. The Wellcome Trust are savvy investors so if they think 345 is worth paying you know they think the value is much higher. That is why I think a counter is quite likely

[spectoacc] 06/11/2020 08:10

Last EPRA NAV without large site discount was 480p I think? And they've traded well since.

Surprised they've recommended 345p.

[daneswooddynamo] 06/11/2020 08:09

Well the early action is certainly not discounting a counter!

[1nf3rn0] 06/11/2020 08:03

Glad I bought back in at 215p recently. Sadly only half what I owner pre-covid. Agree though that 345p is still cheap.

[daneswooddynamo] 06/11/2020 08:01

Could get a counter offer here we will see

[daneswooddynamo] 06/11/2020 07:39

Good news for a Friday morning. Never understood the valuation here and the lack of support. Even at 345 it’s a steal. Makes the recent selling look even more ridiculous but definitely leaky over the last day unsurprisingly