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Particularly at this juncture with Brexit. If Branson is correct then a foreign buyer will have the benefit of the weak pound and if there is a deal the whole property market will become more positive. Surely waiting 3 months to see which way the wind blew would have been in the best interest of all stakeholders.
None of this bid makes sense based on what we know and have we told.It is all.ost like the bid is being railroad through.
TEF already heavily involved in this sector by proxy. Shared ownership at both NGQ and Bow with both HARCA and Notting Hill.
https://www.propertyweek.com/comment/shared-ownerships-time-has-come/5103500.article
"According to recent research by Savills, the end of Help to Buy could increase demand for shared ownership by as much as 150%. This presents a real opportunity for housing associations to drive the supply of genuinely affordable housing and support home ownership. But to achieve shared ownership’s full potential, our sector needs partners that are willing to provide equity and take market risk."
STEP FORWARD TELFORD HOMES !!!
An express train and TEF are looking at getting off at the first station
Terrace
Must explain why I have been going wrong with my punting all these years !!!!
I didn't think there would be any. This company is not worth any more than this. Infact CBRE are already paying more than it's worth in my opinion.
sain...11/4 fresh bidder odds very mean,market pricing it in at about 33/1.
In the vain hope that an opportunity in this sector coming into play has been a very rare event over the last few years
The shakers and movers talk of little else but BTR so here is the opportunity .What more do they want ?
Somebody is going to be all over it like a rash especially with some sites already in harness
11/4 fresh bidder
Other USA bidder than CBRE 9-2
Institution/ .Housing Association 6-1
Investment House 8-1
Far East Devloper/contarctor investor 10-1
Other UK developer /Contarctor12-1
Why are people still buying??
It is like watching paint dry here at the moment .
Sain
It baffles me this CBRE sale
Tef were not in need of the cash so why sell at such a low price?
It makes no sense to me. I’d understand a bid at 4.25. Not welcome by some but maybe in the average shareholders interest to accept.
Who wants to be forced to sell at 3.50? those shareholders wanting to exit have had many months of recent opportunity to exit at that price or better (plus4.00) over the last 12 months and there will likely will be many more over the next 24 months without cbre
Tail wagging the dog I’m afraid
So according to TEFs website there are only 14 remaining which means they would have shifted 169 which means a gross revenue of about £100m through the door over the next 2 months to be shared with NH Gross profit of £45m+ to share
Much has been said about the deterioration of private sales but this development like Bow has been a resounding success butt you would never guess it
Who wouldnt fancy a piece of that cake?
BNY Mellon say 3.30 July 17th.
The "offer period" commenced at 07:00 on 3rd July. Opening Position Declarations (OPDs) have to be made no later than 3:30pm on the 10th business day following the commencement of the offer period.
So OPDs by 3:30pm tomorrow (if 3rd July counts as the 1st business day) or the day after (if 4th July is the 1st business day).
OPDs are still due, I think, from Telford, CBRE and anyone holding more than 1% of TEF who hasn't yet declared.
Dealing disclosures are supposed to be in by 3:30pm on the day after the dealing (for 1%+ holders), but sometimes a whole lot of dealing disclosures for a holder arrive with the OPD.
In any event, we're not far away from the deadline now, under any reasonable interpretation, I think.
USA for 3 weeks maybe?
This is in the common domaine so further information as follows.
The court meeting and general meeting are both meetings of shareholders (the court meeting approves the scheme as required by the Companies Act and rules of court and the general meeting approves certain matters ancillary to the offer). After these two meetings on the 6th, there is then formal hearing at court to sanction the scheme. The date for this has not yet been fixed as this will be dependent on EU merger clearance.
I have no idea how long this clearance and then court approval will take but it does strike me that we will have owned our shares for at least 90% of the first half and on top of everything else our dividend for that period. Yes CBRE will say accounted for in the price but it’s even more of a slap.
Should imagine that the Directors are uisng the intervening period to take their annual holidays !!!
The official answer I received to these questions are 1) no shares required to make a bid 2) scheme is not approved until the court sanctions and until that time the whole process can be suspended or even cancelled to allow shareholders to consider the new proposals and amend their position as necessary.
https://www.zoopla.co.uk/to-rent/details/52019043?search_identifier=657ab5f7edefbb9b2fd545e2d565112c
Looks like completions at New Garden Quarter taking place from end of July to 1st week of September Must be £10m +profit oozing in here for the lucky buyer to hit the ground running
Also does anyone making a bid have to hold any minimum number of shares before they qualify under AIM rules?
Does anyone know, factually as opposed to opinion, what happens if an increased offer is received....
To the meeting on 6th... cancelled? New documents required? Submitted votes cancelled?
Would be a “hostile” bid presumably as BOD recommended CBRE but do they get to change their recommendation?
Practicalities of changing votes previously cast to support a better offer if acceptable having initially voted no.
CBRE bought tef at a P/e ratio of just 7.8 with presumably good news on earnings kicking in in 2021 forwards.
FTSE is 17
Iranian market is 8.4. How can TEF have a P/E half the FTSE and less then the Iranian market after this "generous" buy. Our BODS have lost their bottle.
I agree TEF looks all over a potential winner for Greystar .Steffy maybe playing an absolute blinder on this. The British Grand Prix,.Wimbledon Mens' Final and The Cricket all rolled in to one
Greystar would immediately recoup the enhanced project mangement fee from TEF for their role in 9 Elms and Walthamstow ( including profit payment)
Although would be effectively buying their own site back at Greenford LOL. Many of TEF,s sites are too small for their model but would perhaps welcome being involved in a relationship with M&G & Invesco to take on board the smaller ones
Chrisp Street you would have thought would greatly interest Greystar
What Greystar would of course be able to offer is the in -house management and letting capability -something that TEF have flagged up as something they might be expected to provide as the BTR market matures
The purchase price is small potatoes and would instantly give Greystar a company delivering turnkey projects, undertakng affordable elemnts in all their schemes and selling of excess for private .Furthermore they would have already carried out a certain amount of due diligence on TEF by their involvement.They must like what they see
Maybe they have just bided their time waiting for the 2 new BTR partnerships to bed down
It did come as a surpise that Greystar didn't feature on TEF's s shopping list for a partner .Maybe Greystar had bigger ideas ?
CBRE playing the role of softening the market in preparation and knocking out the competiton CBRE must work closely with CBRE globally Who knows? -This story not over by a long chalk
Whomever the buyer(s) as 1-GW said there has to be a declaration. I believe I am correct in saying CBRE are not allowed to buy at more than the offer price so if the sells are at any price over this the MM isn’t going to take a loss. SP underwritten by the offer price.
I may be adding 2+2 making 6 but the fact it is a US company suggests they didn’t just stumble across TEF. I wager a kipper it was Greystar who identified the companies potential. If they have confidence and CBRE have bid at their low end (yes I know I’ve said it before but they are willing to bid more) then in my view several other potential buyers must be giving serious consideration. Must be appealing to foreign buyers with exchange rate where it is. Whether this translates into a bid remains to be seen. We can only hope.
12-Jul-19 08:53:42 349.81 770,000 Sell* 350.50 351.00 3m O ?
12-Jul-19 08:53:14 350.175 550,000 Sell* 350.50 351.00 2m O ?
To sell 5m pounds of shares and not to dent the SP means someone very big is buying.
Could it be our white knight or just CBRA hovering up shares to consolidate their bid using proxies.