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I am quite happy with the rights issue and will be taking up my share of them. I believe that it is the right thing to do to put the company on a sound footing moving forward. As I am the only shareholder (with a voice) my vote will go unchallenged. How powerful am I?
PROPOSED 2 FOR 1 RIGHTS ISSUE TO RAISE GROSS PROCEEDS OF APPROXIMATELY £250 MILLION Strengthened financial position will enable the Group to make compelling acquisitions The Board of Grainger plc today announces the details of a fully underwritten Rights Issue to raise gross proceeds of approximately £250 million (approximately £238 million net of expenses) by the issue of up to 277,628,724 New Shares through a 2 for 1 Rights Issue at 90 pence per New Share. Grainger's audited results for the year ended 30 September 2009 have been released today in an accompanying announcement. Summary •Fundraising totalling £249.9 million (gross) by way of a fully underwritten rights issue made on the basis of: 2 New Shares at 90 pence per New Share for every 1 Existing Share held by Qualifying Shareholders at the close of business on the Record Date •Issue of up to 277,628,724 New Shares (representing 200.0 per cent. of the existing issued share capital and 66.7 per cent. of the enlarged issued share capital immediately following completion of the Rights Issue) The Issue Price represents a 40.2 per cent. discount to the theoretical ex-rights price based on the closing middle-market price of 271.4 pence per Ordinary Share on 4 November 2009 (being the last business day before the announcement of the terms of the Rights Issue) and a 39.7 per cent. discount to the theoretical ex-rights price based on that closing pri
Hello, it's been years. ......Welcome, let me..............oh I'm all of a flutter. .....Have a fish!
Hey Robinson Fancy a girl friday for company? hope you've been honing your fish tickling skills.
and £425 million of term loans maturing in June 2013. As a result of the above, the Group now has no core debt facilities maturing in its financial year to September 2010, with only £109 million maturing in its financial year to September 2011 and only £57 million in its financial year to September 2012.The Group continues to be highly cash generative. The method of calculation and limits under the Group’s existing financial covenants remain unchanged by the negotiation of these new facilities. The Group’s headroom as at 30 September was approximately £170 million. Following this successful refinancing, Grainger’s average cost of debt (based on current LIBOR rates) is 5.5% (previously 4.6%). This would reduce to 5.2% should the Loan to Value ratio on the facilities fall below 60% (67% as at 30 June 2009). Andrew Cunningham, Grainger’s Finance Director and Acting Chief Executive Officer, commented: “This refinancing results in Grainger having far greater certainty over its medium term financing. Under the old facilities there were aggregate debt repayments of about £900 million to be made by June 2011. These are now reduced to about £110 million on 30 June 2011 and a minimal amount in the 18 months after that.” For further information: Grainger plc Andrew Cunningham/Nick On/Dave Butler Tel: +44 (0) 191 261 1819 +44 (0) 20 7795 4700
Grainger plc (“Grainger” or the “Group”) GRAINGER SIGNS NEW BANKING FACILITIES WITH EXTENDED MATURITIES Grainger signs £615 million of Forward Start Facilities, significantly strengthening the Group’s liquidity profile until December 2012 In its Interim Management Statement of 12 August 2009, Grainger stated that it was in discussions with its lending banks regarding the planned refinancing of certain of its credit facilities. Grainger now announces that it has successfully signed two new forward start credit facilities totalling £615 million which will provide extended liquidity for the Group at the time that certain of its existing facilities expire. These two new facilities comprise a £250 million committed term loan which will become available in June 2010 and a £365 million committed term loan available in June 2011. They will, on those dates, be used to refinance existing revolving credit facilities of £400 million and £475 million that mature on those dates. As a separate matter, those facilities have now been reduced to £250 million and £445 million respectively, which the Group has been able to do by utilising excess short-term committed but undrawn facilities. Both the new forward start facilities will mature in December 2012. The other facilities under Grainger’s core borrowing agreement are a £228 million revolving credit facility maturing in December 2012 an
Great News about the re financing. Isn't it...............yes it is! Should be good for the future of the company.........Yes Certainly! Up 8% today, just after I topped up!
Even Robinson Crusoe (bad spelling?) had occasional visits from canibals. Off to build a shack and catch fish! hmm I wonder if the guys from Grainger could rent out my shack-I'd get visitors then! I now know how Art Garfunkel felt when Paul Simon left.
As the only investor in Grainger (echo echo), with far too much time on my hands, I am thinking of holding a meeting with myself to discuss the home reversion business model. Are you?.yes I am! Do I think home reversion mortgage plans have a bad name-if so then why? It seems logical that people would want to enhance their pension planning and therefore standard of living by selling their property to a company (at a discount) for a peppercorn rent for life. I believe that I would consider it. What can be done to enhance the public image of this kind of plan? What will happen to this share value when property prices rise? Is it a well managed, diversified portfolio of property? Should Grainger buy another of my shares (Warner Estates) and manage that business better? I will attend the above mentioned meeting soon and post my responses to myself on this forum.
There are some odd looking buys and sells today. Just a few shares at a time. Can't be logical. Could be dasardly messages being relayed by mm's. buy buy buy. Sorry just got carried away whilst talking to myself. Did you.....Yes I did! DYOR..oh I will!
year end announcement tomorrow.
Still looks cheap to me. Prelim announcement Information out in November. I've topped up again-whilst nobody is watching!
This share is a slow burner but is burning in the right direction. Good steady gains.
Grainger plc Holdings in Company Grainger plc announces it has received a notification dated 14 September 2009 from Schroder Investment Management that, following a transaction on 11 September 2009 they now have a total interest in 22,155,684 ordinary shares of the company representing 15.99% of the total voting rights.
Could be takeover talks but I kid of hope this one doesn't. Frankly I just feel that this share is under valued. The company seems to be doing well in difficult times, it holds alot of assets which should have bottomed out in value (land and property) and is well diversified across the country and Germany. I am currently holding alot of housebuilders as well as this share, which I believe offers something different. The Equity release side of the business should do well over time as a raft of people will reach retirement with little retirement provision and therefore I feel it's a good bet as a core to a portfolio over a period. So that's what it is to me a core to my portfolio. Great hopes
I have been sitting on the sidelines watching and waiting too. Posted some time back on III BB but only got a single reply. Perhaps nobody cares or wants to make a few bucks! Have you any idea for the recent daily rises? British Lands take over talk?
It's certainly quiet here-no comments since 29/11/07...............makes you wonder if people are missing this great investment opportunity or just want to keep it quiet........shhhh I'm in..but don't tell anyone! shhh