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Sounds about right ... we did want a closer relationship with the USA .... the UK asking for more after the US led banking fraud of 2008 and Brexit.
" The buyers are said to be 5 US Private Equity firms. It looks like the vultures are taking to the air. "
So, the Americans send Amazon over as the bowling ball to knock down the retail skittles and act as the fox in the retail chicken house , with American Private Equity following up behind to pick up the carnage created... for a song....
I agee it's no point going half **** .They will be still on the back foot with £1.bn so £1.5bn might at least give them a bit of latitude specially where there will be £100m worth of fees going being extracted there too
All they need would be another major retail operater in intensive care to set the cat amongst the pigeons
Maybe the announcement was purely to say we are in play come and get us Th existing Directorate certainly aren't adding any value
Sain, I concluded late last week, that Intu has to announce a thumping great Rights Issue at the same time as the annual results, in about a month, otherwise the SP will simply collapse further, when investors see the extent of the write-offs and penalty LTV payments.
The Times is saying it's for £1 billion. I believe that's not enough, because right now the Debt-Equity ratio is probably above 60%, depending on just how big the upcoming write-offs are. So £1b will get it down to around 45-50%. Still way too high, imho. Ideally, a raise of £1.5 billion plus, would cure the problem, at least for the next two or three years.
But the ST article goes on to recount how Hammerson is literally dumping its' remaining Retail Parks. It says HMSN hope to raise £400 million from the sale of their six remaining Parks, having sold two, at below 06/19 valuation, for £121m last autumn. Then, it goes on to say that, all 8 parks were valued at £752m last June. My calculator says £400 plus £121 = £521. That's £231 million less than 8 months ago. This is a 30% - yes, thirty percent - fall. That's truly beyond awful, if the story is accurate. The buyers are said to be 5 US Private Equity firms. It looks like the vultures are taking to the air.
As regards the inability of a plc to price rights at less than par value, I'm sure some £1,000-an-hour lawyer from the Magic Circle will have a way round that. After all, Intu has known it's facing this problem since the shares went below par last summer. At least, I hope they have!
As expected with a jjittery lending market the £1bn capital raise
https://www.thetimes.co.uk/article/property-giant-intu-eyes-1bn-lifeline-in-the-city-2fvcd2qsx