St.modwen Properties Share Price (SMP)

Doing very well indeed!

Moving up in nicely since my last post. With New Covent Garden and Swansea Uni projects, this is looking good.

Nice RNS plus Blackrock's holding has gone above 5%.

Dilution is 10%, hence similar SP reduction

Why this massive reduction on the placing announcement....? it cannot be dilution surely ?

Chief Executive Bill Oliver Modwen commented: "We have achieved some significant milestones across our portfolio and, in particular, on our major development projects. These achievements underline our growing presence in the London and the South East market while also proving that there are still opportunities in the regions for well-placed and well-priced product." He added: "We cannot ignore the current upsurge in investor appetite for development activity in London and the South East and the prospects arising across the UK from our residential portfolio. We will therefore focus our attention throughout the coming year on these specific areas in order to drive optimal returns, as well as advancing our larger schemes, including of course the New Covent Garden Market and Swansea University developments." The final dividend for the year has been increased by 10% to 2.42p per share, giving a total dividend of 3.63p for 2012.