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Are estate agents allowed to stay open in Tier 4 areas?
Yes agreed all that is required is a decent set of BODS .Surely that can't be difficult
Personally , I would like to see Robin Paterson step up to the plate and take on the role of Executive Chairman
He hasn't gone away and has been keeping his own counsel
First and foremost he successfully steered Hamptons , CWD's crown jewels .Wherever he has gone success has followed
He will incentivise and motivate the staff
His arrival would surely encourage some big funds to take a position in a capital raise
Both of those would be sufficent to arrange a medium term financial package on attractive terms
The fair price of each share should be between £20 & £25. Anything less is an opportunist giveaway. A genuine new competent board fully on the side of the shareholders coupled with a capital injection via the shareholders will do wonders to raise this phoenix. What do you think?
I think we will see a revised bid from Alchemy, standard practice to run the clock down. Connells had until 5pm Monday to table a new bid and this only came in at 8am on the Monday.
Usual games
I still can’t see a full sell out to Connells, far to undervalued. The value of the business broken up completely will likely be worth 2/3x what Connells are offering.
If neither offer gains sufficient support it’ll be a simple capital raise from current shareholders to see it through any troubled water post stamp duty ban & secure new medium term financing with lenders.
Lenders will be very receptive to any solution which pays down debt, after all, CW are operationally now profitable and due to sustainable income through FS, Surveying and Lettings are In much better financial shape than other institutions (perhaps retail) which will likely to be dogged by futher closures in Jan/Feb due to Covid.
You would have thought Alchemy would be looking to table a revised proposal before any leakage on H2 performance.
Certainly arriving here guilty of "selling the skin before the bear is shot"
Hauled up a couple of months ago looking to shaft shareholders like a done deal.Installing new Chairman with Long purring with gratitude and now shareholders faced with more abortive costs as the predators do battle
They certainly are no shareholders friend and perhaps they have reached the point where the upside is no longer sufficentally attractive now forced to pay something closer to its"market price"
Poor old Long he doesn't seem to have got anything right . Good riddance
any news on whats happening with Connells/Alchemy
3.8x EBITDA.
0.4x Price to book value.
Company owns and rents out cranes.
There are still cheap bargains out there. Problem is buying a big enough stake...
Many of CWD brands showing big chunks of their sales inventory in solictors hands held up in chains.
Those juicy fees looking tantalisingly close but so far away.
This Tweet today typifies the frustration they must be feeling
TO LEGAL FIRM
"Our estate agent is trying to contact you regarding our house sale, you are representing the bottom of our chain. Cannot get through, emails ignored. The chain could fall through due to your incompetence, we’re supposed to move on Friday!"
Barclays debited my account on 13/11 regarding the offer at £1.35. Am I right in thinking this offer was withdrawn?
Some of Hamptons Southern Home Counties offices are going great guns in addition to their London Islington office which has a very healthy £85m worth of sales inventory in sol' s hands
Farnham Over £50m worth of sales inventory in sol's hands
Haywards Heath ,Horsham .Caterham .Over £40m
Godalming Over £25m
Waiting for the revised Alchemy bid.
Last week instructions as expected for this time of year falling off for the majority of the brands, C London still treading water but elsewhere still banging these deals over the line 2 wks.before Xmas.
A Tale of Two Cities . The small Birmingham neighbourhood branches of Dixons putting their C London counterparts to shame.Many with higher value of props in sols hands than John D Wood, Kensington Earls Court Sloane Square, Belgravia and Fulham offices
This small office in Quinton inventory reduced to just 26 .Only 4 of which are not sold STC or under offer. The oldest property on the books unaccounted for is September !
https://www.zoopla.co.uk/for-sale/branch/dixons-estate-agents-quinton-quinton-28283/
Imperative that shareholders are updated of performance in October& November especially as they downplayed it in the latest update.
"Current trading remains buoyant, with positive performance indicators across the Group. The Government’s stamp duty holiday for properties up to £500,000 provides further stimulus to our principal markets. However, it is still too early to assess the long-term impact of COVID-19 on the economy, and specifically housing transactions and, as a result the Group is unable to provide guidance for the full year ending 31 December 2020. "
Alchemy said Monday it is considering its options, what news ?
It was that December was always the month that had the highest level of exchanges/completions.Whilst q4 will be strong it will be Q1 that that will see the bulk of the pipelines go through. Mainly due to the sheer weight of cases with the conveyances some of which lost people during Covid LD1 and now are frantically recruiting. So Q1 is going to be THE BIG ONE IMO-probably I would say the best start to any year we have ever had,
"The very significant increase in house sales agreed following the end of the May lockdown has given rise to significant pressures in parts of the housing chain, notably a market-wide shortage in conveyancing capacity. This has meant that the average time taken to exchange and complete on agreed sales has increased in the market generally.
This has resulted in significant growth in the residential exchange pipeline, which at 31 October 2020 stood at circa £24m (2019: £16m). This is the highest level in over ten years in Your Move and Reeds Rains keystone branches, the highest since LSL has owned the LSLi brands and the highest in over four years in Marsh & Parsons. "
Both Foxtons & LSL updated today ,augurs well for CWD
"LSL reports strong trading in H2 with full year 2020 Group Underlying Operating Profit expected to be marginally ahead of 2019"
Interesting stat appearing on Propertywide which keep scores on the door at Countrywide .
SALES
Instructions levels have plummeted this week to 16,226 but this is mainly at the expense of continuing sales as total to include recently sold is 34.281 Over 18,000 recently sold
Rollback the clock to the beginning of the year , towards the end of Jan.the figures were 21.219 & 32.322 respectively
A massive spurt
Yes-H2 is going to be huge.£4 minimum IMHO
Some of the BODS ought to do the decent thing and resign before they cause any more damage.
The latest take on the situation by Alistair Stewart
Alchemy at work
How time flies in estate agency. Was it really only six weeks ago that Countrywide recommended handing control of the company to Alchemy at 135p a share in return for underwriting a £90 million cash injection? As its former chairman Peter Long said at the time, the board had “rigorously examined all strategic options” and concluded that the private equity firm’s proposal was the “most viable, and only holistic, solution”.
So much for “only”. Since then the roof’s caved in on Mr Long, who stuck around just long enough to see a 250p-a-share mooted cash bid from rival Connells and a shareholder revolt. That’s been followed by stand-in boss Philip Bow**** prising a better deal out of Alchemy. And now? A proper 325p-a-share cash offer from Connells, valuing Countrywide at £112 million: a bid that leaves all the directors who signed off Alchemy’s first effort looking even sillier. The shares rose 22 per cent to 312p.
Connells’ bid has wrecked the maths of “Alchemy 2”. To guarantee taking majority control, that deal was built on buying out investors that wanted to exit via a tender offer at 250p. But no one will tender their shares at that price now. Raise it, though, and the prices of the related placing and open offer will have to rise. And, even if Alchemy comes back again, investors must weigh up putting more money in — via a co-investment or DIY job — versus selling up for cash. Notably, Connells hasn’t made its offer “final”. If it bumps again, Alchemy really will have to live up to its name.
Well difficult to say without a progress report from H2 Should imagine it's "' rape and pillage" by the professionals in the corporate action. I wonder how much Long & Creffield have trousered in a golden goodbye
Hello all, as a holder I believe the true value is 400+. Any thoughts?
The poor staff at LSH must be feeling unloved been hawked around like soiled goods .Waking up in the morning expect to see themselves for sale on ebay
Going about their daily business in a professional manner
Prestige instruction
https://www.lsh.co.uk/explore/research-and-views/news/2020/11/high-streets-task-force---pdr?listing=true
Just sold a mixed use investment in Clapham for £11.1m
The latest offer of approx £112m by Connells no where near reflects the current value and future potential of the group and brands. The smaller Countrywide group was last sold for over £1000m in 2007 and the IPO in 2013 was £750m! The group is probably trading well and with the right board this could easily rise to these levels and beyond again. The current debt should be manageable in the future. Connells & Alchemy both know this only too well. The offers are far too low.
Agree with Adsharpe Connells offer just a showstopper
Alchemy need to get a revised bid in before the year end. With H2 likely to show a much improved performance this is not going to assist them in their role as Thunderbird to the rescue
Very disappointed that the BODS have failed to update shareholders of the latest financial situation so they can make an objective assessment of all the corporate action
Fair play to Hoskings & Paterson rolling up here.Just surprised nobody else has joined the party .
Back at the farm the Central London offices are still treading water however Hamptons Islington office is firing on all cylinders Currently got £60m +worth of stock in solicitors hands
Maybe enough to fund Long & Creffields golden goodbyes!