Hammerson Share Chat (HMSO)

Glad the sales completed.

Resets the balance sheet.

The moment we hear what the CEO's has done/what going to do with the all those millions from last sale, then we should be challenging 40

FTSE 250

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Citigroup raises Hammerson to 'buy' (neutral) - price target 43 (26) pence

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Goldman Sachs cuts Direct Line price target to 245 (280) pence - 'buy'

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Goldman Sachs raises Lancashire to 'buy' (neutral) - price target 750 (745) pence

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Goldman Sachs cuts Hiscox to 'neutral' (buy) - price target 1,265 (1,375) pence

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Berenberg raises Primary Health Properties target to 110 (103) pence - 'buy'

We do not see the point in this. All it will do is make the shares less marketable and reduce the dividend payments by 1/10, or are we being too simplistic.

It the end of day auction uncrossing trade where buyers on the bid and sellers on the ask match together in a single trade. So no one single buyer was executing

Likely Hammerson share buy back commencing

Mike Ashley is considering a bid for hammerson

Who's is the ,1.8m buy

Ex div today??

It looks like the CFO is after the dividend coming up

CFO picked up £80k @26.9...nice shooting

If we take HMSO word for it sale of value retail did not achieve book value because of complex structure. Hopefully post sale, there’s simplification at HMSO and concentration on core assets… that’s the set out strategy… I’m unsure what will move this SP. Lower interest rates helpful. A few quarters of sustained performance. Is it a sentiment thing?

Gewillia, Thank you for your comments. I can only echo your sentiments. The loss realised on the disposal of just one asset has reduced the net asset value per share from 51p to 38p. It is rather alarming to think just what would happen if the company sold all of its assets in a forced sale. If all of its assets are also worth only about half of their book value, then there would not be much left for shareholders! However, on the plus side, the company now has sufficient cash to meet all of its maturing loans until 2027. The tenants still seem to be paying their rents and the company is providing a return of about 6% to its shareholders. The company’s assets are spread around several countries, which provides some element of diversity.

Wow! How to lose half-a-billion pounds on one deal, and with the ironic name of Value Retail. To this, now long-retired commercial surveyor, who introduced the very professionally managed Hammerson to good deals half-a-century ago and watched a well-run, broad international, post-war, portfolio grow like topsy, that profited its' shareholders enormously, it is almost unbelievable that management decided to dispose of everything back 15 or 20 years ago, and go "all-in" on retail.

To billy-oh with a good spread of risk across all of the commercial market and all of Europe and North America, we'll bet the farm on shops, even as the first inklings of online-retail were beginning to show the sea-change that became the tsunami that swept away Intu and many others, leaving tertiary shopping forever unwanted, secondary shopping permanently scarred by betting shops and charity outlets and top-class centres in over-supply and forced to slash their rents in a vain attempt to fill the gaps in their teeth.

"Sic Transit Gloria Mundi" said the Romans, and as we gaze on the ashes and a few , still glowing, embers of one of the finest property companies ever to grace the British and European commercial property market, I shed a small tear for the men and women who built this company, over half-a-century, with their sweat-equity, only to see it destroyed through gross mismanagement by the disastrous hubris of their successors. That's life, I suppose.

Cum div. until 22nd August 2024.

Anyone tell me if this is after ex div or before?... reverse split is nearly always bad,trying to decide whether to wait for divi or just quit now before I lose my current gains!.

Yuri,F

Investment in joint ventures - absolutely great.

Highcross Centre in Leicester - former Debenham's store.

Maybe R-R Gagne could form partnership to develop high rise apartments to increase revenues / yields

This is all subject to planning application approval.

Yuri. F A little too pessimistic, perhaps. The company is now very well capitalised and should be able to withstand any head winds which the commercial property market might face in the next few years. I think that a long term share price of 27.5p is perfectly realistic. This is a discount to NAV of about 72.5%, which is similar to the discount for most British REITS.

IMV they will continue bleeding out equity for next 4 years at least (although hopefully not that bad as this time losing over £500m in just 6 months), therefore sp has strong sinking propensity well below 27p in order to converge closer to expected future residual NAV (especially considering drain of nearly £38m for recently declared dividends). It might also be worth to take "investment in joint ventures" with a pinch of salt as it can backfire later with further write-downs (currently valuad at £1.18b on balance sheet with further details in notes section 13C). It looks like many have invested looking at high equity to m-cap ratio and flow of dividends but it just keep consistently depleting and is not sustainable over longer-term, unfortunately under these conditions I don't see much of a prospects for highly profitable property trades or service agreements to materially improve situation.

The share price is likely to settle back a bit after the first excitement following the announcement of the sale of Value Retail. A realistic price would be about 27.5p which would give a return of about 6%. A good long term investment, now that the company is so well capitalised.

The fall in the Net Tangible Asset Value per share from 51p last year to 38p as just announced is quite a surprise. This represents a realisation of a huge loss on the disposal of the Value Retail by reference to its book value. On the other hand, the company is now sitting on a large cash mountain, which removes all threat of insolvency. Management have succeeded in saving the company from the fate which befell INTU. Well done!

I'm expecting it to jump nicely tomorrow on the RNS

R-RG - The CEO commented on sale that it allowed Hammerson to 'concentrate on prime urban real estate with higher yields and stronger returns for shareholders'

This is all positive and expect the SP to head north next 12 months.

The share price seems to have settled at about 30p. Of course, the share price of all REITs have been marked down today by about 2%. I assume that this is as a result of predictions that Sterling might soon rise to as high as $1.35. A rising pound has two effects - foreign investors in British REITs decided to “cash in” and take their money out of Sterling before it starts to fall again and, of course, British REITs cease to be so attractive to foreign investors as they are more expensive in their own currencies.

Thanks, jeeb...