The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Nice to be able to buy back the share i tendered at a 47% discount. Happy days
G
The tender offer was to purchase 1 in 40 shares in the market not 1 in 40 of a shareholder holding.
1 in 40 shares in the market was 10,184,894. Number of shares offered for tender was 154,132,053.
I had 1 in 7.65 shares sold
Well the shares are back showing in my account with the cash bump. It looks like just over double the offer for me, approx 1 in 19.
The cash has been "wasted" on RGL instead today.
some more at under 150p
looks like your nominee holder took it as the tender being 1 in 40 shares held by an investor, where as in fact the tender offer was to purchase 1 in 40 shares in the market
What did you all get?
I tendered all my shares and buyback just under 2.5%?
They say oversubscribed but doing the maths I should have got 6%, 10m divided by 154m.
Flip side is that 154m tendered and only buying 10m? Confused
basically investor A with X shares tendering all
investor B with X shares tendering none.
Nominee submits 2X shares to be tendered
Only guess I can come up with.
hx
'' so I would have expected 1 in 15.133 ?''
yes looking at it in simple terms that is the sort of ratio I was expecting but 1 in 7.65 of mine got sold. I have no explanation only guesswork.
Obviously in a nominee account they are not in an individuals name. Maybe my provider with others on the books with CLS shares but not tendering as much or at all, allowed the nominee to submit more shares overall on their books to be tendered knowing that investors such as myself put all shares up for tender and thereby getting a higher ratio?
When I said finished, I meant when my broker has had chance to calculate those sold plus and other subject to scaling back. They disappeared from view when the corporate action was selected.
They seem to be taking their time getting them back.
"Subject to scaling back it is as yet unknown when any shares not successfully tendered are expected to be credited back to your account. Should you elect to tender some or all of your shares we will, however, update you when the proceeds for those shares successfully tendered have been credited to your account."
154,132,053 shares were offered for 10,184,894 on offer so I would have expected 1 in 15.133 ?
''the about 1 in 13''
sorry, incorrect - 1 in 7.65
G
'' cant remember what date that it was all to be finished with''
it has all finished - I bought back on Tuesday ,the about 1 in 13 shares that were bought from me in the tender
I cant see mine as they all disappeared whilst the corporate action was going on and cant remember what date that it was all to be finished with. I assume they will be scaled back. I did add more but 10p higher up.
I wonder if this will become a semi regular event, partly why I added more. Im still not sure why they just didn't do a simple buyback.
No not really (on the back of the £25.5m share purchase there will be a small change in the NAV )
The shares are currently deeply (50%+) discounted to their NAV.
back at under 165p ,all the shares that I sold in the tender offer
NAV 352p in the tender, so nearly 50% discount or am I missing something
Im not sure how many of mine will be sold until they show up in the account. I dont have the discount figures to hand but the SP has dropped possibly making worth a buy. The divi yield was poor compared to some REITs but is looking more respectable.
The one thing I did like was this paid out on my weaker months. Anyway as I will be retaining at least some of my holding, I have decided to add more. Hopefully there will be more tenders in the future although I'm not sure why they didn't do buybacks. Maybe they have seen me moan on here about not liking buybacks.
They never seem to be done at the right time but in this case Im buying so it must be good for them too!
Hopefully the next set of figures will look a bit better or are we happy things do look much worse
The logic that the tender offer would help to close the discount to NAV doesnt seem to have worked!
The logic is flawed. Yes all things being equal if X% of shares are magically removed then the remaining shares are worth 1/(1-X) more if MC is maintained. However they are not magically removed they are bought with cash and a consequent depletion of assets.
''then the remaining shares are worth 2.5% more ?''
per share metrics may increase but the market prices/values each share on a daily basis
Presumably if CLI are willing to buy 10,184,894 Ordinary Shares and 154,132,053 have been offered then they will buy roughly 1 in 15 ?
Presumably if 2.5% of shares are taken out of circulation then the remaining shares are worth 2.5% more ?
about the future of the office ?.
Will offices largely become stranded assets?.
and yet another one at 190p
at just under 194p
actually was in March