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You are always going to lose the star players because Foxtons are unable to offer them any equity in the business
The best aren't going to be satisfied being salarymen and answereble to a set of BODS
They don't seem to have got around to offering share options to keep people vested
Interesting, he was there through the bad times and the more recent improvements. The market has not yet disaproved of his promotion.
No idea Stupmy but they've lost a big cheese today :-
https://thenegotiator.co.uk/luxury-london-agency-swoops-again-and-poaches-foxtons-highflyer/
More interest this afternoon from buyers. Something happening?
That would be nice!
Cluttons very much a mini Savills but less residetiallyy orientated. Old school very professional wth a wealth of imstitutional clienst Were one of the first highend agencies to set up offices abroad
Yet they are highly geared to commercial Current London residential stock for sale is just 106 Unlikely to be rolling out a branch network to take on Foxtons
I wonder if 2024 will be the year when one ofthe hustlers tables a bid of 90p for Foxtons ?
Following on from yesterday, Cluttons residential have announced a management buyout of the company this morning :-
https://propertyindustryeye.com/partners-complete-management-buyout-at-258-year-old-estate-agency/
We've seen all the latest merger and acquisitions in the last month or so and expect the activity in the sector to move forward a gear or two as we move into 2024.
I mentioned the collaborations between house builders and estate agents some weeks back after Dexters spending spree and it appears that Foxtons and Berkeley Homes are ramping things up a notch as well.
Take a look at the nice office and promo in Camden (get that salesperson to sort out his trousers !!)
https://www.linkedin.com/company/foxtons
Missed this tbh-6 months 2023 Connells Group. Chairman and CEO now gone .
the group incurred a net loss before tax of £(5.8)m (June 2022: £28.9m profit). Earnings before
interest, tax, depreciation and amortisation (EBITDA)
7, a common measure of estate agency performance,
was £16.4m compared with £63.1m for the same period in 2022;
Shows the challenges of the market ?"nd 6 months better or worse ?
Nice, some lumpy buys going through this afternoon and the stock has just hit a year's high.
😀
Not sure what's happening, but it's posutive for the SP, just jumped up to 45p. Fingers crossed there's more to come.
Agree with all the comments this morning, I'll just copy and paste my post in April next year or whenever the 2024 Budget is scheduled providing Foxtons are still around that is !!
But there was some salient news for the property sector behind the headline grabbers, here's an extract from property eye this morning :-
The Mortgage guarantee scheme :-
The mortgage guarantee scheme has been extended by 18 months to June 2025 from December 2023.
Launched in April 2021, the scheme offers lenders the financial guarantees they need to cover the other 95% of the mortgage on a house worth up to £600,000.
The scheme was due to close to new accounts on 31 December 2023. Chancellor Hunt announced its extension, alongside expanding the affordable homes guarantee scheme.
Additional announcements: -
+ Introduce premium planning services across England with guaranteed accelerated decision dates for major applications and fee refunds wherever these are not met
+ Commit £110m available through the Local Nutrient Mitigation Fund to support LPAs in delivering high-quality local nutrient offsetting schemes, unlocking up to 40,000 homes over the next five years
+ Invest an additional £32m across housing and planning to unlock thousands of homes across the country
+ Extend the existing Affordable Homes Guarantee Scheme by £3bn to help it deliver 20,000 new homes, in addition to improving the quality and efficiency of thousands more
+ Provide £3m for a range of measures to improve the homebuying and selling process
And the article in full :-
https://propertyindustryeye.com/property-industry-reaction-to-autumn-statement/
Absolutely, not gone unnoticed sain.
Leaving the lower hanging fruit until March, seemingly.
What a mess we're in, and what a desperate bunch they are ...
SFA for the housing market yesterday
Oops, silly me I meant the 'Autumn Statement' of course !
So, what rabbits will Hunt pull from his magicians hat tomorrow when he stands at the despatch box with so many to choose from.
Here's just a selection of possibilities that will help ignite a bit more activity in the property sector with some already being mentioned and all of which will tick even more boxes for Foxtons :-
1. Further cuts to Stamp Duty with limits up to £500,000
2. Extension and favourable terms to the Help to Buy Scheme - i.e. 1st charge Loans for those that can't afford deposits
3. Improved terms for those in Mortgage Arrears - We know about the repayment to interest only mortgages
4. Improved terms for those buying NEW homes- This will help out the struggling house building industry as well
For companies we could see a reduction in Business Rates, extra tax incentives for Capital and Asset spending as well as for employment of staff, again all the right noises for Foxtons.
And as I have explained on here many times before, the government wants to move rental property ownership away from private landlords and into the public purse, so expect a bid wallop to private landlords who have or are contemplating moving their rental properties into the ownership of a Limited Company for tax benefits !!
As I said before the budget in March when Foxtons were trading at 41.5p no less, the company is perfectly positioned as we move into the new era of property ownership.
Onwards and upwards team !!
It interesting ref the turnaround comment for Foxtons. I see it that lettings in every single company has risen dramatically. as a result the cost of buying lettings books has also risen .they are not free so whilst revenues increase its a huge short term costs. sales are down in the dumps-20% ??)but rather that control costs here spend lots of money on new cars/more staff.id wait until i see the real comparative P and ls before I congratulate anyone. Foxtons are a lettings company-what happened to the roll out across the commuter belt that everyone at the time thought was a great idea?
Bricks Newco Wind up meeting for former Purplebricks shareholders 20th December
https://bricksnewco.co.uk
Final payment just 0.66 per share
£220k liquidation costs
Investors who bought in at the death for 0.4p would have made a killing LOL
I guess as 58s suggests * it wasn't worthy of a response . The market has been against them for the last 14 months which has been reflectedin the sp Same rules apply elsewhere .
No estate agency puts it's own sale sign up unless it's in distress otherwise potential vendors and lanflords might vote with their feet
Anyone intersted in Foxtons will soon make themsleves known . Its going to be a long way north of e 80p +to even get a glimmer of interest from any of the major sharagholders
This certainly one to sweat out and maybe a few duck and ives along the way bit who wants to risk losing a position?
Must say its long overdue , mortgage rates looking a lot better too. London seems busy as ever . Autumn statement may add further sparkle Lets see
5eight/sain i respect your knowledge and posts. Can i asked your opinion that given the news on this why the board have not responded to the story either way. The city article said that Foxtons declined to comment. Thanks (i'm a long term holder)
Keep them coming 58s A breath of fresh air here
Oh yes it is, oh not it isn't, well it must be if the stock is being marked up on that load of nonsense in the Sunday press and in the rag mag of City AM !!
This 'hedge fund' Milkwood Capital is just some bloke who used to work at Citibank many years back and started trading for himself after leaving the bank .
It ended up with him having a load of debts after an unsuccessful time of it and he filed a 'Compulsory Strike-off notice (DISS40)' at the back end of last year after accumulating losses of around £300,000.
He has had the notice suspended and then discontinued whilst the creditors chase their money.
I also searched high and low yesterday and made a few phone calls, no-one has ever even heard of this bloke and as for that 4% holding in Foxtons, well his last set of 'full' accounts on September 30th 2023 shows that has just £300,000 in assets (debt) and no mention of his alleged 4% of Foxtons which valued at its historically low of 28p would equate to 12,000,000 share at a consideration of £3,360,000.
I can't find any mention of this holding.
A complete waste of our time, expect the stock to drift back a bit lower tomorrow ahead of the Autumn Statement.
Here's the company house link if anyone is bored enough to take a look :-
https://find-and-update.company-information.service.gov.uk/company/08626819
It seems the close only dealing situation on Foxt has been lifted. IG Markets now allow buys and sells.
You're probably right ...
Converium also recently upped their stake, so to be making such comments is a bit rich.
The other thing all this does, however, is create further 'noise' around the business which is no bad thing, not least when the current regime are receiving plaudits, unlike the last time this reared it's head.
I am quite suspicious of this type of PR huffing and puffing from fund managers.
If they were strong enough or had enough leverage themselves they could put Foxton's in play. The PR release simply tells me they cant find a buyer and are basically stuck like us PI's, knowing there is value in there but frustrated they cant get it out.