I beg to differ I am afraid. yes the shareholders have done well if they had invested at the bottom as some did or even into the rise we have seen over the last couple of years. That said this has been true for all the builders who regardless of fundementals were all trashed by the market when the going got tough even if in reality the fundementals never reallly warrented it. TW was over extended and caught swimming without trunks when the tide went out and the banks wanted their loans back. Mr Redfern had two choices either wind the comoany up as many commentators thought was the inevitable and kept on shorting the shares or go cap in hand to tehj shareholders to throw him a lifeline. I remember the analysts presentation very well and like many decided to back him and his BOD. we now don't have a lot of debt probably too little from a capital effieciency perspective and we don't have the same pre crash NAV either. The good times are coming back to the builders and may yet prove to be really good times given the margin improvement we are seeing per unit. But Mr R knows he got very very close and has a lot to thank his long term shareholders for. Time is healer but if he is honest which I believe him to be otherwise i would not have backed at the time he knows that the time for payback is getting closer. .
I think the shareholders have done very well from Mr Redfern I agree it would be good if the dilution was less but we can't have it all. I would like the dividend to stay low and pay down further debt and put capital into the bank. I love the posts. G L A.
from Bovis today which bodes well for us. stand by for a bit of tree shaking from the MM's. as for ISA's everyone should put money in to save for a pension top up. Just cut down on the fags, booze and Micky Dee's and put what you save in.
Time2Retire: I would say it does have a positive impact ..for the following reason: Should TW be promoted into the 1st division from 2nd division. It will automatically be on the shopping list for the Institutional and Tracker Fund buyers. By the same token these entities are obliged to release (sell) those they have previously bought who are to be booted out of the Ftse 100 .......Having said that the share price action can happen well before the event and may already be priced in....that's anticipation for you. Just my personal view. What say you?
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