We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Sain you can shoot me down but I don’t agree with you. I think the BOD have made bad site selection decisions and that’s why we are where we are. That’s also why I think the price offered is way off as eventually the delays and refusals will be in the past and should a stronger team be assembled following a UK takeover the true worth unlocked..
Based on past multiple comments from TEF relating to their relationships with the likes of THBC and the “boast” of being able to unlock extra units on a given site, or get planning through difficult situations, they took risks. Now delays and councils that won’t roll over in areas where TEF have expertise and relationships have caused issues I assume with funding. Do I think they got “****y “ or believed their own hype ...personally and very regrettable yes. There were and are countless opportunities that could have been turned over without all this fuss and not left us here.
If 2227 knows anything factually I wish he would put forth a reasoned argument. He is correct, and I have disagreed with your measure of the BOD before along the same lines , this share has performed abysmally for as many years as you want to say. “ Doing all the right things” does not in my opinion lead to a reduction in share price, reduction in profit and a fire sale of the company.
The present situation of the sell out excepted they have done everything expected .of them The signing of the 2 partners to push BTR has surpassed expectations and set the scene for an exciting future
Nothing false sitting there
Private sales this half year have certainly exceeded my expectations
I should imagine the founding fathers are behind the sale and maybe Steffy has acquiesed as he has bigger fish to fry with a larger equity stake elsewhere .No doubt we will find out shortly
You have not changed have you.
You're the one who been saying the daftest things and you are still doing it.
You do often say the daftest things,have you not seen the RNS 8.3 Cicogne declarations?.
sain, you are shameless. Everything you said about this company has turned out to be false. TEF has been the worst performing share in the sector over the last 4 years. It's cold comfort for the investor to know that this company is so good that an international property giant has decided to take it over.
Numbers
Don't think anybody is deluding themselves at all. I guess it must stick in your craw that TEF has been seen by a global giant as an exciting acquisition despite you popping up from time to time with your sniping comments.
As IGW- points out it;s not over til the fat lady sings.£267m is bitesize for many players especially those keen to attack the BTR sector
Also many arbitrage specialists will probably speculate that CBRE will be willing to put a lot more on the table if pushed for this rare opportunty to hit the ground running. Especially as recent private sales have indicated that that sector still has a pulse.
"Arbitrage buying continues"
What none sense, I don't see any.
Arbitrage buying continues
TEF trades on AIM platform, the usual norms don't apply here.
Maybe, but if it was a done deal, why couldn't they announce support (irrevocable undertaking or LOI) from Octopus. And how come someone could apparently unload 1.4m shares ar 355p the other day?
No counter bid coming. Don't delude yourselves, It's a done deal.
This is a seperate fund from the Residential but still might cause them to be a little more selective Who Knows? Redemptions must now be a worry with the Woodford scenario
".... is understood that the restrictions, which came into force last month and could last for up to six months, were prompted by redemptions from a small number of long-standing investors looking to cut their exposure to real estate. They had been investing in the fund since the 1970s.
The size of the fund is just over £660m, the latest fact sheet shows, down from £760m two years ago.
Maybe M&G have downed tools due to redemptions?
https://www.propertyweek.com/finance/withdrawals-restricted-on-mandg-property-fund/5103491.article
It does sound as if today's meeting will be all about avoiding the elephant in the room -the fire sale to CBRE It does look that the offer has not present valued any of the future journey withe the 2 new BTR partners
Isn't it possible to ask the question when did CBRE come on the scene and was their approach unsolicited?
As Dako points out it does seem CBRE were awaiting for the signing of the 2 partners before striking for the kill
Certainly shareholders can ask some pertinent questions about company progress
1 How many completions have there been in H1 so far.Has there been some heavy discounting to get the remaining apartments away at Liberty.Anticipated gross margin and why do they think that the recent spurt in sales over the last couple of months has taken place? Have the number of sales in H1 exceeded expectations
2Why did they go to the Far East at top of the shop prices on City North with 20 apartments over £1m which the poor reservation rate indicated were overpriced
(The sales situation has greatly improved since the signing of the confidentiaility agreement.)
2 How many new sites under offer for the new partnership agreeements (I guess we cant ask whether the 2 partners welcome the new arrangement with CBRE or whether JLL and/or Savills think its agood deal? )What is the current state of progress on the large site in the East End?
4 Estimated cash in bank in August when CBRE takeover
5 When is the final profit payment on Upton Park and Carmen Street expected?
My concern is that this sweetheart offer was being discussed whilst the partnership talk was also going ahead. If the two companies who have signed the partnership contract knew what was in the wings prior to pen to paper then we, as stakeholders, should also have been informed. Interestingly i cannot locate any of the media reports on trading reports by Steffy. Have these been removed on a possible conflict of information that was being passed to us in the last trading report when the BOD,s knew that this would soon be rubbish and incorrect? They were forever going on about their excellent buisness model for the future growth of the company. I personally think that Peel Hunts SP of 350 is about right for this year, however, this does not include any premium, or goodwill for any takeover. So like a good British company TEF "diplomatically" rolls over and has its tummy tickled to maintain good relations.
Thanks. I was checking! I hoped someone with specific knowledge and experience would answer.
"Hi Strictly
I would also like to join your forum if that's OK by you."
.............................
Nige,
Just to confirm that I did send you an email and a blog invite today - so please let me know if you didn't receive those...?
Strictly
If your dealing costs exceed 1 to 1.5p a share you will actually receive less than the 350p offered by CBRE which will be paid without any fees.My understanding is that counter offers must be submitted prior to the vote on 6 August but check that for yourself.The market is Indicating that the chances of another offer are very slim.Not sure if CBRE are allowed to make purchases in the market above 350p at the moment.AGM tomorrow might be a non event if the bid cannot be discussed.
Can Someone with more knowledge of the process please comment on how other offers would be handled. Can they be presented right up to 6 August event and what would happen at that point. Does the meeting go ahead. Do the BOD get to switch horses etc etc.
Also
Share sales have far exceeded buys. Can’t see the MM’s sitting on the balance. So where are they. If someone is buying at this volume how long have they got before informing the company. If CBRE in some form don’t they have to make that public?
Thanks
We should be getting some benefit from this.
Things falling into place quite nicely for CBRE as sales have been progressing very well in the last few weeks Very nicely indeed . The completion monies will be very handy to pay off the Bridging Loan
9 left at Calders .They have found second wind at Liberty with just TWO left !!!! . CBRE will be appreciative of this being stuffed full of HPI. Just the14 left at NGQ Just the 2 at Manhattan .
No wonder Campbers is off.He is the victim of his own success !!
Shareholders have suffered poor SP performance recently whilst the company adjusts to its new BTR focus.Having put up with the pain,we are now being told that we will not be able to share in the eventual gains because the business is being sold to CBRE for peanuts.The only explanation from the BOD is that 350p is fair and reasonable.Pity they couldn't tell us that when the SP was over 400p.What is happening here is not right and whatever happens on 6 August bid vote,the Directors will never recover the full respect that they used to enjoy from some shareholders.
Stating the obvious I still can’t see for the life of me why the company is selling.
Other builders statements are positive.
Current sales from TEF ( current developments on the website) look good. Bow sold out, few left each development .Calders has picked up.
Greystar M&G Invesco and others providing cash and huge schemes with potential £75b market
Telford early adopters and positioned at the forefront of this trend.
Future schemes shown on the website taking interested names.
More positive news on shortage of supply and increase in activity. Slow but there are reports.
OK DC going disputes this but was this because the decision to sell was made and now BOD are committed. I wonder if they discussed this direction now in light of other builders performance and the apparent upturn in sales would they reach a different conclusion and if so at what price.
Brexit will get sorted one way or the other releasing pent up demand due to chronic shortages plus those who have held off due to uncertainty.
Two years from now this could look a very poor decision. It looks poor ( at this price anyway) to most of us on here now.
London will always be London with all that entails and still one of the best and most business attractive cities in the world.
WTF.
It's ironic you have this property networking club "Shakers and Movers" Usually some mutual back slapping Fellow Well Met affairs at breakfast time Lunch is for wimps !! ..BTR has been the major topic of conversation and the go to sector
https://www.moversandshakers.uk.com/
They must have eaten too much black pudding to let the opportunity of TEF go begging and get swallowed up by their USA cousins without a fight .