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They have withdrawn the dividend, due to market problems, and announced a £280m rights issue is likely (which would be at a discount to the market price no doubt). The fall to 70p or so would seem to be excessive though, and they are current in auction as the buyers jump on board. Highly risky I'd say but quick profits for the brave if you get the timing right.
why the drop when they confirmed results yesterday at 9pc profit increase ?
Have an idea if to buy soon or not? I dont have an idea how far its going to go but could be some good profits to be had.
At least NRK has a first class mortgage book founded on a product (houses) that most aspire to. PAG has bond debt which may become illiquid on buy-to-let mortgages on a product where there is a massive supply overhang i.e flats everywhere which noone wants to rent.
this has spiked big time now at 124.75-125.75 i was trying to put a buy order in at 119p.....
especially with the credit crunch.Only way to get round that prob is a rights issue,and the sp suffers
i thought that the current housing situation would suit this company alot. they specialise in buy to let mortgages and at the moment not many people can afford to buy so more people will be renting? am i wrong on this?
When they announced this morning that they were not paying the dividend,and saying there might be a rights issue share took a hammering.No doubt NRK taking its toll here as well
Rest in Peace.................... we're going into a recession!
Get in whilst its so cheap!
This company has just hit bottom and I've bought in. Its a good stable company now recovering from hard times. Good predictions for 270-300p by XMAS, BUY BUY BUY!!
This is going through the roof for some reason - don't know why
dasv and Davius have provided a very good long term view of this share but friday was an exceptional day. Having researched the company a few weeks ago and decided not to invest. I saw it as a day trade with some upside and a tidy profit. I was lucky, spotted early and delved in, for me it came up trumps. Would I dip back in again? Indicators do not look good BUT Never say Never!
thanks for the inof guys... gives food for thought! property not my thing at all!! still think this will recover to 305-310ish today... potentially a good 3.5% to be made. missed the boat on the low end...
LONDON (Thomson Financial) - Shares in Paragon were the FTSE 250 index' top fallers in reaction to Northern Rock's profit warning this morning and against a backdrop of falling house prices outside of London, prompting KBC Peel Hunt to reiterate its 'reduce' stance. At 8.40 am, shares in Paragon were 41 pence or 11.5 pct lower at 316-3/4. In a note to clients this morning, KBC Peel Hunt said the latest Royal Institute of Chartered Surveyors housing survey was in parts in line or in other parts worse than it had indicated in its commentary over the past six weeks. It added that Paragons management and shareholders should be very concerned about the quality of mortgages in their warehouse, adding that investors prepared by buy mortgaged-backed securities should be wary. It said there are many differences between Northern Rock and Paragon: the most noteworthy is that Northern Rock takes deposits and is a Bank, while Paragon does not and is not. It noted that the BoE will not support originate and distribute mortgage lenders. KBC maintained its 'reduce' rating for Paragon in anticipation of a cautious outlook statement and downgrades to earnings estimates.
SmartPhreak - buy to let looks pretty dead in the water to me. Problems:- Higher Borrowing costs (see banking sector woes) Lower House prices (see yesterday's news) Rents have not kept pace with house price growth (http://tinyurl.com/37wvjg) Low yields on buy to let have been compensated by increasing equity. Only London and parts of the south east are in this happy predicament. There the yields are especially low however. NRK has minimal subprime exposure too.
had a quote at 294.75.... computer clich saw me thrown out of my brokers site... logon quote 298.7!
these look a healthy punt... company stating no sub-prime exposure, trading update on 18th and interest rate update next week... looks like we could get quite a bit of bounceing on this one? will look to get in at 295!
Yes, think I missed the chance to buy around 260 when the notie r out. But I do not like this share anyway. If u look at their chart, they've been keep dropping the whole year. Personally I think it is hard for it to rise to 400p+.
after notice from company, this looks to recover quite quickly.... when is the end thou!