Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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LONDON (Alliance News) - Hansteen Holdings PLC said it will repurchase 412.9 million shares for a total of GBP578.1 million under its tender offer returning 140 pence per share to investors that was approved by shareholders late last month. Hansteen said Peel Hunt will buy 412.9 million shares on Tuesday, equal to 50% of its entire issued share capital, which Hansteen will then purchase before cancelling them. Joint Chief Executive Ian Watson and Morgan Jones tendered 5.9 million shares each under the offer, and each now hold 3.6 million shares, equal to 0.88% each. Non-Executive Chairman Melvyn Egglenton tendered 44,749 shares and is left with 27,657 shares, or a 0.007% interest. Finance Director Richard Lowes tendered 1.2 million shares and is left with 737,612 shares, or a 0.179% interest. Senior Independent Non-Executive David Rough has 28,648 shares, or a 0.007% interest, after tendering 46,352 shares. "We are very pleased with the level of take-up of this tender offer, which at 140p per share represents a very attractive return of cash to our shareholders," said the joint CEOs. "We have retained enough capital to pursue near term, smaller scale opportunities and continue to see good potential to drive further value growth both through increasing income from our remaining portfolio by improving occupancy and growing rental levels and capitalising on the demand for industrial assets from the investment market," the joint CEOs added.
half the total shares in issue,gone through today....already very unusual. where's that holdings rns?
�290m in buys this morning as i have it - really huge buys
huge 70 mill trade there.
Don:t forget that there is nothing wrong with the rump of the UK portfolio .Opportunities were not readily available at the right price in the UK for Hansteen to absorb the sale proceeds of the EU portfolio Should Hansteen wish to divest their UK assets you can take it as read that there is a ready market who will pay a premium price A lot of kit was picked up showing 9% +running yields and voids have not increased
So reading the tender RNS, I'm assuming that the 23.61% fulfillment is on those shares above your entitlement. So if you had 1000 shares and tendered them all, you are selling 618(500 entitled+118 )@1.4 and are left with 382 shares? I thought small holders might have their tenders accepted in full - I should have just sold at 1.38/1.39 last week!
after a great deal of deliberation I have decided to accept the offer on half of my shares. I would think that they have chosen this way so that them and us are not subject to extra taxes. If you have them in an i.s.a. there will be no capital gains. I think that once these shares have been purchased they will be taken out of circulation and therefore there will be fewer shares remaining in the company and therefore each remaining share will be worth more as a holding in the company. If you have to pay capital gains you should be consulting someone for advice or sell shares up to your limit. If you do not sell your shares the price should in theory go up as you will have a bigger percentage holding in the company. I am not a expert and if anyone else has theories please inform.
So that�s 3 if ya in the dark, I�m sure we are all intelligent people too. It�s not clear then is my conclusion! I�m sure we won�t get shafted, but WTF!
Like you Stubert and Soulseek, I really don't get this. Interestingly the directors are taking up the whole entitlement plus any spare, so I think it makes sense to do the same. Quite how this returns value I do not understand and I think there is a risk that the share price may be lower following the tender. Or may be it will be higher.....? Anyone brighter than us out there???
Hi Soul, I�m a bit the same I don�t pretend to really understand this, however I think the plan is to buy back half our shares, thus there will be half as much in circulation so that value of our half holding should be the same. What I don�t get is what�s in it for us and how we realise our share of the �540M. If anyone can enlighten us I would be grateful too. What are others doing, selling 50% or holding?
Hi Everyone. It�s a sad reflection on me as an investor but I need some clarification on what�s going on if anyone can enlighten me. I simply don�t understand why Hansteen Holdings have chosen the method of a tender offer to distribute the �540mil amongst the existing shareholders. This offer is 0.7% higher than close of business shareprice on the 3/10/17, so they�re basically offering to buy our shares at market price? What�s in it for us exactly? Surely a special dividend would be more of an orthodox vehicle by which to distribute the �540 million. I�m not inclined to take this offer up but there�s one thing that bothers me; will the share price drop like a stone once the tender offer is complete (the equivalent of wiping �540 million off the value of the company). If so, obviously anybody who doesn�t take up the tender offer will lose some of the capital value of their shares. Also does anybody think this is a step towards privatisation, or am I barking up the wrong tree?
Although I understand that it is anicipated to complete the distribution by the end of 2017, I cannot find "the record date" after which shareholders will no longer be entitled to the 70p per share. In other words if one were to puchase shares today, would those shares still be entitled to the distribution? Thanks in advance
Hi Ho Silver (sorry!) This distribution has been previously announced and is baked into the current share price. After the distrbution has been effected then the valuation of the continuing UK business could be around 60pps. Judging by the optimistic Outlook statement this could be a hefty high yielder. The time scales for all this to happen are so extended the market can't work itself up into a flurry of excitement. I'm long as I am buying 2019's divs now. HSTN can stay in the ISA until paayday, and maybe 8% yield.
can anyone help me please with hansteen. results out today and only small movement in share price, yet the company has announced a capital distribution of up to 70p per share. surely this would be reflected in the price today ?
Agreed absolutely stunning great dividend share, will be holding and increasing when possible.
Stunning results Watson and Jones the inventors of DNA of industrial propertyThe dynamic duo time their exits and entries to perfection
Hansteen sells out of Europe Hansteen sells out of Europe The release of full-year profits for Hansteen Holdings (HSTN) was overshadowed by news that the commercial property landlord is to sell its portfolio of Dutch and German properties at a 6 per cent premium to the December 2016 valuation, and a 30 per cent premium to their value 12 months previously. After expenses, this will leave Hansteen with around £650m, a substantial proportion of which is expected to be returned to shareholders. The sale will leave Hansteen with a UK portfolio valued at around £677m. An upward revaluation in the property portfolio (although not as large as in 2015) and higher rental income pushed adjusted net asset value per share up by 16 per cent to 128.9p at the year-end. Demand for smaller urban distribution and light industrial warehouses, as internet retailers seek out appropriate 'last mile' distribution centres to facilitate deliveries, helped to drive normalised income profit or recurring earnings up by 29.4 per cent to a record £61.1m. On top of this, asset sales netted a further profit of £4.7m. Acquisitions included the 18.2 per cent of the Ashtenne Industrial Fund Unit Trust that Hansteen did not own, for £49.7m, and after the year-end it made an offer for Industrial Multi Property Trust, valued at £25.2m. Analysts at Jefferies expect adjusted NAV to reach 132p by the year-end. HANSTEEN (HSTN) ORD PRICE: 122.7p MARKET VALUE: £913m TOUCH: 122.6-122.8p 12-MONTH HIGH: 130p LOW: 95p DIVIDEND YIELD: 4.8% TRADING PROPERTIES: £10m DISCOUNT TO NAV: 1% INVESTMENT PROP: £1.72bn NET DEBT: 79% Year to 31 Dec Net asset value (p) Pre-tax profit (£m) Earnings per share (p) Dividend per share (p)* 2012 81 46 6.2 4.5 2013 86 65 9.1 4.8 2014 99 131 17.6 5 2015 105 171 21.3 5.25 2016 124 120 14.8 5.9 % change +18 -30 -31 +12 Ex-div: 20 Apr Payment: 18 May *Excluding special dividend of 3p a share paid in 2016 IC VIEW: Even without the asset sale, Hansteen was paying an attractive dividend. Yet the shares still trade at a discount to forecast per-share net assets. Buy. Last IC View: Buy, 116p, 23 Aug 2016
They have had very few opportunities to buy more stock in the UK recently where they can add value. IMPT are one of those Their strategy has always been to work the asset ,increase the income by asset management and lettings and then sell on where a good profit is going begging to investors looking for more dry stock This is what they have done successfully for many years You can bet your bottom dollar that they will get the timing exactly right and if a suitable offer is on the table take it and create shareholder value whether that be for the whole or part I think that time will come pretty soon There is always a Warners Esates around
I do not see major UK sales ahead, they are in the process of bidding for IMPT.
Looks like Watson and Jones are timing the exits to perfection again a la Ashteene sale in 2005 Expect some large UK sales to follow Fantastic European deal
Sain, well spotted you early bird. Nice to wake up on Monday am with some good news. I wonder how much this will bounce at 8 am?
Wow!!! Smashed it
FY results on Tuesday, the last statement in December looked highly positive.
Not forgetting the reasonable director buy a couple of weeks ago
Seems a very good update - lower vacancy levels must drive margins and they seem very confident of ongoing shortage of supply versus demand. Also the currency play with European portfolio looks positive so I have topped up again. Current price seems a pretty good base and the dividend is pretty good.