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From yesterday http://www.advfn.com/p.php?pid=nmona&cb=1257923904&article=40286074&symbol=L%5EMCI
Good increase here today. Are things shaping up for re-financing?????
Are these still trading? Doesn't seem to be many trades gone through over the last couple of days
FOLLOWING the recent unveiling of two new showhomes at Whitton View in Rothbury, McInerney Homes is continuing to buck the sales trend with good interest reported. Visible from the main road into Rothbury, many of the properties along the streetscene stretch of the development have been sold, with the remaining in the next phase of the development available to reserve.
WORK is well under way on a new housing development in Pegswood following 60 percent of the released first phase having been reserved off plan. Leigh Cresswell, Sales Director at McInerney Homes, said: "The last few months have seen a constant sales improvement and we are delighted to be on site, with foundations for the first phase in and brickwork starting."
share holder meeting on 28th should confirm banking facility is extended to 2011 well after the recession this should see 25p leading up to this. DYOR
It is in “constructive discussions” with lenders in the U.K. and Ireland about revised loan facilities and expects to extend the U.K. banking facility maturity date to 2011 from March 2010. Lenders also have agreed to defer a certain covenant test.
MMs seem unwilling to let the price slip further...
Looks like they have it under control The new impairments mean that the firm would have breached banking covenants if its lenders had not deferred measurement of its covenants.
http://www.irishtimes.com/newspaper/finance/2009/0901/1224253589340.html The new impairments mean that the firm would have breached banking covenants if its lenders had not deferred measurement of its covenants. The firm is in discussions with Royal Bank of Scotland and Halifax Bank of Scotland to extend maturity of its UK debt to to 2011 from 2010. It is also in talks with Bank of Ireland, Anglo Irish Bank and IIB Bank to revise covenants and debt structures.
Hard to call mate. Think any housebuilder that has gotten through the recession this far should be ok. The management seem confident that they will be ok regarding the lenders. I have a friend who knows a bit about them and he doesn't seem to concerned about the results
backscratcher what do you reckon future holds for mci???
Stood up well today considering
IMO, The worst thing MCI could do is retreat back to Ireland, offloading its ,most productive assets. The building industry in Ireland is in deep trouble. Believe me, I live here and see the vacant housing estates and teams of unemployed builders waiting for some work on the roadside. In the UK, the population is much higher and there is still a demand for housing. Just my opinion.
I wonder if things don't improve much in Ireland, then they may try to off-load the UK side of the business. I know the UK are keeping things going at the moment but MCI have a long history in Ireland and wouldn't want to put that at risk. Selling the Uk side of the business may be their only option to keep them going!
"The directors also anticipate an extension will be secured for the UK banking facility maturity date from March 2010 to early/mid 2011," it said in a statement on Monday. "The maturity date of the Irish banking syndicate remains June 2011. I feel we may get a small fall in sp but i feel that we should achieve around 30p too soon.well i'm hoping anyway....
Just looking at their shareprice again ! Was down 36% earlier , now down 12% . Wow that was a fair recovery ! It would have been worth a punt . Hindsight and all that !
Thanks men for infomormation ! I think that I will stay away from them .
Read their annual report to see how much money they Havent got in the bank ;) I still want to take a punt with them, but I dont think the SP will do much for a while. Maybe jump again before the EGM before sinking. Problem is that Ireland and Spain are both in the doldrums for the forseeable future (spain has 18% unemployment partly due to the fall af the property market). The UK is picking up, but MCI has plenty of competition there, it will be a hard fight IMO.
Stay away would be the best bit of advice i could give to you
Just looking in here . I know almost nothing about McInerney's except have heard of them . A 36% fall in share price . Does that get followed by a 36% rise or further falls ? Are McInerney's borrowed developers or do they have cash in the Bank ? Any information gratefully accepted !
I work for a company which is in direct competition with a branch of McInerney. We are tiny compared to them, they should have pretty much wiped the floor with us. They haven't. We win over 70% of the work from the particular client. This shows in my opinion a complete lack of focus on their part. I have also worked for two other arms of McInerney previously and have not been impressed on either occasion.
The UK are doing ok, nothing above expectations, but ok. Sales are coming in steadily and most sites are operational, although certainly not booming. I hear they have plenty of RSLwork in the pipeline, but still have work to do before they can secure this. Like i've stated Ireland is the concern, and agree with you that it will take them longer to recover than the UK
I live in Ireland (West Clare to be precise). I actually want to buy a MCI home because they have a development in my town, thats what drew my interest to MCI. I actually like the design of their homes, and unlike many Irish developers, the quality of the build is quite good. But, Ireland is in deep trouble. It just doesent have the clout of the rest of europe financially, its a small country whose economy was partly an illusion driven by the property boom. It will take probably an extra year or two before the economy picks up, there is now a surplus of houses in Ireland, unlike the UK where this still demand. This is because planning approval was granted much more in Ireland due to relaxed planning laws. I still think this is a good buy, they are a reputable company. But given these results, I wont be panic buying any shares for a few weeks and I will instead focus on shares more likely to jump soon such as AST and YELL