Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Has entered into an amended consultancy agreement with ADCM (the "Amended Agreement"), pursuant to which ADCM shall no longer be entitled to receive a fee of 35% of the profits earned by Northacre or the wider Northacre group as a result of engagements entered into during the term of the agreement. This applies to both historic and future periods. The performance of ADCM under the Amended Agreement and the annual fee payable to ADCM will be reviewed by the non-executive directors of the Company on an annual basis (the "Annual Review") and anyproposed increase in annual fee will be subject to the passing of a special resolution by the Company's shareholders.The outcome of the Annual Review shall be presented to shareholders at the Company's annual general meeting. Other clarifications to the terms of the Original Agreement have also been made in the Amended Agreement. The Company is also proposing to make certain changes to the Company's Articles of Association, which shall be subject to shareholder approval by special resolution at a general meeting. Further details of the changes are set out in a circular to shareholders, which shall be posted as soon as practicable. It is also the Directors' current intention, following the preparation of up to date accounts, for the Company to declare an interim dividend of approximately £15 million. Further announcements regarding any such dividend and the dividend timetable will be made in due course. Jassim Alseddiqi and Mustafa Kheriba, both directors of the Company, are deemed to be related parties of ADCM and the Company for the purposes of the AIM Rules for Companies ("AIM Rules"). In view of this, the entry into the Amended Agreement comprises a related party transaction for the purposes of the AIM Rules. The Company's independent directors consider, having consulted with finnCap Ltd, the Company's nominated adviser, that the terms of the transaction being entered into are fair and reasonable insofar as the Company's shareholders are concerned.
completion of the acquisition of 22 Prince Edward Mansion (the "Property") by Northacre Capital (7) Limited, a wholly owned subsidiary of Northacre. The acquisition, for a price of £3.7m payable in cash on completion, and subsequent development project, will be financed by a combination of Northacre's existing cash resources and third party debt finance. The Property is a sought after period mansion block located in the heart of Notting Hill, London, and enjoys close proximity to the expansive green spaces of Kensington Gardens. The concept is to create an exclusive 2,675 square foot lateral penthouse apartment, with the potential use of outdoor terraces. Northacre expect to start work on-site in October 2014 with completion due during the summer of 2015.
All those that held the shares would have benefited from the divi,so good for all shareholders-not just the major holders.Also,they are taking the Northacre brand global,which takes the Company in whole new direction...
Yes, I realise that all holders got the dividend, but the AD folks knew they could knock a 40p divi out to pay back part of the 90p sp! Wish I could do that! I take your point about connections though. I'm fully committed elsewhere, but GL anyway! You have had a decent rise today. :)
The 40p dividend went to any shareholder-who held the shares 10July 2013-not only the Directors.Your missing something:To buy "prime" London developments you have to make the right conncetions.Lot`s of construction firms wish to get in.I work as a foreman-i know about the Industry.Also,the 35% is on any profits earned-so still a profit.Northacre is likely to payout more dividends in the future...I would think,also at least worth over one pound a share.So room to move here...
My point being that the cost to the new directors was 96p - 40p dividend, so 56p MAXIMUM!! Money goes to money. :))
The new directors bought the last lot of shares at 96p, as far as I can see. They had obviously been building up a stake beforehand. Now they paid a dividend of 40p, most of which went to their 66% (your figure) holding. Now they will pay them £1.2m, PLUS 35% of any profit NTA make with their connections. Well, maybe their connections WILL make a net gain for NTA, but it looks like a gin-palace fund to me. No offence meant. GL
40p not bad, explains why the share price has gone down. May be one too watch.
great how buys can take place, almost £900k yet price does not move. should those responsible work for the government.
Hi ROSH2009. I have just sold a further tranche from those I held since 2005 and will await the mark down, if any, before churning profits. Buy on weakness but sell on rise but churn profits when presented. With bundles of cash now in the bank Northacre is well positioned to take asdvantage of a bombed out property sector and presents a cash rich target for any investor with deep pockets to step in and advance Northacres assets. Northacre has come through the property market malaise relatively unscathed and has won and earned the "city's" and market respect.
Its seems to be in auction, dammmmm!!!!
Its seems to be in action, dammmm
price in a divi a great entry point for this share do not miss it
Last month the firm was said to be in talks to be bought by two separate companies including one led by its Chief Executive Officer Ken MacRae. MacRae was making an offer through his management buyout company 2492 Ltd., while another bid came from Abu Dhabi Capital Management, Bloomberg reported. Northacre moved into the red in 2008 after the British housing market plummeted during the financial crisis. The builder plans to construct less expensive homes by renovating office buildings to increase returns on developments.
Northacre, developer of The Lancasters luxury apartments opposite London's Hyde Park, on Friday dismissed reports it was approached by Spadille to acquire the company. The group said it remains independent and that it did not receive an offer from Spadille. Reports claimed last week Spadille was making a cash offer, with a loan note alternative, for outstanding Northacre shares after it upped its stake to 48.6% of the company's issued share capital. "The independent directors confirm that as of January 25th 2012 no offer has formally been made for the company and it remains independent," Northacre said in a statement.
News after hours on Friday that DAMAC are planning a counter bid. Story here about to get tasty... watch it on Monday.
When the CEO is leading a management buy out it has to be aabout the best indication you can finds that a company is seriously undervalued. Once all the cash from the Lancasters is through NTA will be sat on £30M+. You could fund an acquisition up to about £1.20 per share from the company's own cash ! It means you'd pick up the company for zero cost and have Vicarage Gate management fees and profit share to look forward to. I reckon a fair price would be int he region of £1.50. anywhere close to that and I'd take it. This is all coming to a head because the Board have said they will soon pay a dividend. Any potential new owner will want to conclude a deal before that happens. What were people expecting by way of Dividend, I had about 20p in mind ?
Well done to all here as some may know was buying and posting at 2p a few years ago. Also is one of my taras ten for 2012. on advfn. My share of the year for 2013 is PTO. happy xmas
£10m in cash, no debts, further £20m cash expected in coming months. Basically £30m cash against £25m mcap. Assume Abu Dhabi Capital Management LLC have there eye on the Vicarage project.
NAV @ 155.55 pence
indicated NAV of 138.99 pence. So probably at least that
Seem fair.
Riddler just got home & sat down not in here so will move on still in wsg a little Merry Xmas don't tell Tara LOL. Regards Arfur.