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Real opportunity going begging here for someone with leadership potential to arrive and make this sing rather than a cheap sellout
The situation CWD find themselves in today is purely down to mistakes made by the BODS incurring hundreds of millions of debt unnecessarily
The last few years has been a damage limitation exercise by the BODS which has only served to put a bigger gash below the waterline
The professionals bill over the last 15 months incurred in corporate action must be well over £15m as they stagger from one piece of corporate action, to another
Knife blow to those in the frontline banging them out been hawked around like a bag of spuds fast reaching its sell by date facing possible redundancy in duplications
https://www.zoopla.co.uk/for-sale/branch/dixons-estate-agents-a****s-green-birmingham-28272/
The oldest listing not spoken for is September and they have 38/44 away
Its enuff to break your heart it is
Yes just goes to show how naive the BODS were buying with hard cash and not including some paper
as part of the consideration . Absolute zero incentive for those acquired to stay on the premises with no skin in the game and have to be answerable to a bunch of lightweights they wouldn't even consider employing
In reality very few former business owners who sold out to CWD mostly for ludicrously excessive sums indeed remain. The majority either swiftly departed to enjoy a well earned early retirement, promoted their siblings as part of the sale and then like plenty simply waited for their 18 month lockout period to end and set up again around the corner. Of those I spoke to personally the last thing on their mind was getting involved with the day to day running of CWD as it was considered a desk job sat with a lap top at best ( albeit well paid ) but too far removed from the coalface to be of interest to someone used to calling the shots with hands on involvement.
Whatprice Yes indeed but what about those equity holders of businesses selling out to at CWD picked up a fat wedge been content to remain ,collect a decent salary treading water possibly using the time to build up their own property portfolios Waiting for the right moment to break out
Perhaps sent out an advance party to start up funding them behind the scenes
More than capable of running the business who can quite happily stick 2 fingers up if the BODS don't like what they hear
Unfortunately Sain you are correct in so much that the people who actually had a positive influence on the business have long since departed being either pushed out or just couldn't stand by without voicing their opinion during the disastrous Platt led era. Those that remained were more than happy to promote a ludicrously flawed business model which they knew to be madness but as a Regional MD for example on circa 100k and a big mortgage to pay happy to go along with it in public. Some very good people left CWD as a consequence of refusing to back this 'retail' vision taking their knowledge and experience with them and like me then took no pleasure i can assure anyone interested in seeing the place then run by clueless sheep only intent on lining their own pockets.
I should think Connells will be more concerned that shareholders will be updated about H2 before the meeting in February
I should imagine that the figures will be robust despite the horrendous feesfest enjoyed by the professionals as the BODS lurch from one piece of corporate action to the next
You have to beg the question surely there must be someone amongst the brands who is prepared to stand up and question the BODS or are they all just salarymen & women
Wait for the Connells Chip later on down the road
It should be £20 a share to truly reflect the future potential of the group and brands.
Yes definitely still half a chance but getting Paterson onside was a major coup .Noticeable that there is no mention of either Brandes & Oaktree agreeing to throw their lot in with Connells so they still have a strategic role to play
Brandes have done their proverbials on Countrywide so far. Would they be prepared to gamble a further £15m to increase their stake to force Connells back to the table and claw back some of their losses
You would have thought Connells might be prepared to stretch to 450p a share
This deal will still require over 75% approval from all shareholders when they are invited to vote. If everyone else votes against this will not go through. What we are desperately crying out for is a new competent board that believe in the company and its long term future. A new board could be really incentivised at this level and make a personal fortune in the next few years. The poor old suffering shareholders would also benefit. Win win for everyone!
"If an agent is showing a property SSTC that is 3 years old they are only doing that to give the impression that they are doing better than they are."
Not necessarily it could mean that the property was first listed 3 years ago and has only recently gone SSTC perhaps fallen out of bed on several occasions previously .We digress
However the point I was making is Alan De Maid 's Orpington office is going great guns ,certainly better than this time last year .A significant % of their inventory is either under offer or sold STC with a healthy amount of fresh instructions since July being put into sol's hands . Many of the properties being £500k +
Their other offices are no laggards either
H2 is going to be robust which could prove attractive to other interested parties or perhaps argues the case to retain the status quo Certainly as a shareholder I would like to see these figures sooner rather than later
This was in response to your question
"Excuse my ignorance but is the latest offer from Connells a done deal or is there a possibility the SP could go higher than the present offer ?"
In other words it does appear with 51% support to be a done deal but it's not over' til the fat lady sings
If an agent is showing a property SSTC that is 3 years old they are only doing that to give the impression that they are doing better than they are. Rightmove will usually ask for old listings to be removed within a certain period. You cannot judge an agents performance on SSTC shown, don't be fooled.
Many agents have listings going back 3 years
Whichever way you look at it irrespective of any potential fall throughs a very impressive work in progress
Bricks have had this one on the market 5y ears+ https://www.zoopla.co.uk/for-sale/details/40711269
Would judge pipeline too much on those listings shown as SSTC some go back to late 2019 or early-mid 2020.
Well the offer is supported by 51% as they have gained Paterson . However not necessarily carved in stone At some stage soon H2 figures will be released which are likely to be smokey
You would have thought someone somewhere would want to spoil the party
Just take a butchers at Alan De Maid Orpington office-all healthy stuff
An astonishing 71 of its 94 sales inventory showing SOLD STC
Total value SSTC over £35 m .Neggies will be having their hands around the throats of the conveyancers to get these home and hosed before April.
https://zoopla.co.uk/for-sale/branch/alan-de-maid-orpington-orpington-27957/
Excuse my ignorance but is the latest offer from Connells a done deal or is there a possibility the SP could go higher than the present offer ?
Countrywide are worth much more than this. The housing and mortgage market is booming with turnover and prices increasing and with the right board it will be worth so much more this time next year. At £3.95 a share it is a steal. Even in the statement they grudgingly admit the following and try to justify the figure using crowd pleasing uplift from once in a lifetime depressed share price due to covid!
'Whilst the Countrywide Board remains confident that the Company could deliver significant value for its shareholders as an independent company, it notes that the terms of the Acquisition represent a premium of approximately:
• 172 per cent. to the Closing Price of 145.0 pence per Countrywide Share on 6 November 2020 (being the last Business Day prior to the commencement of the Offer Period); and
• 241 per cent. to the six month volume weighted average price of 115.7 pence per Countrywide Share to 6 November 2020 (being the last Business Day prior to the commencement of the Offer Period).'
Also do they still own a stake in Rightmove and if so what is that worth alone?
You would have thought they would have made it a round 400p
Slightly disappointing especially for long term holders when 1st time in many years the prospect of real improvement is apparent
Less so for the carpetbaggers in May who haves seen a 6 bagger
Is it too late for a new player though? You never know
Well that certainly hit the ground running yesterday.even Norges Bank have joined the fun and games with a 1.27 % stake
Alchemy must rue the day keeping faith with Long's support and trying to steal this with such an initial lowball offer
The "D"has now all but disappeared from Distressed
An interesting amuse bouche in the battle for the crown .
Robin Paterson ,.Chairman of Sothebys showcasing his suitabilty to fill the hot seat in a Channel 4 Documentary on the exodus of the rich and famous from the capital.
https://www.estateagenttoday.co.uk/breaking-news/2020/12/coup-for-agency-with-fly-on-the-wall-channel-4-show
Hamptons go onto confirm that having enjoyed a purple patch .
https://www.estateagenttoday.co.uk/breaking-news/2020/12/agency-quantifies-buyer-exodus-from-london--and-where-theyve-gone-to
Are the planets beginning to align .Exciting weeks ahead
Hoskings looks to be hoovering up more shares
alchemy been very quiet
Previous reports state Alchemy has the backing of Hoskings and he values the new Alchemy offer @ equivalent of 400p per share
Alchemy been very quiet since Connells offer
In true CW style let’s wait for the announcement between Xmas and new year
I sense a revised offer coming from Alchemy which will receive immediate support of the board.
No doubt a lot going on behind the scenes between major shareholders and Alchemy.
I think Connells will have to be at 400/450p to turn shareholders heads.
Yes they do within 53 days of the 7th December which takes us well into the New year
Significant as it also takes us into CWD's new financial year and maybe an update from the BODS about performance in H2 .
This is likely to be in sharp contrast to the negative vibes sent out by Long & Alchemy to shaft the shareholders
Does anyone know if there Is there a timeline to agree /reject a deal. Does Alchemy need to put a new offer forward in a certain timeframe.
CWD had a decent chunk of this pie
https://propertyindustryeye.com/extra-62bn-of-housing-sales-agreed-this-year/
Yes we are ...