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It all over Uncle Sam has won and is now the owner of St Modwens. I have been a share holder since the 1960s and I find it a sad day. I only hope the new owners take care of the employees who have built this company over the years.
Today is the meeting to decide on the offer when all votes will be counted.
At last we have the vote at the AGM I will be voting No deal
IMHO who is going to vote for the deal at 542p when they can take 550p in the market right now.
The vote could be at the AGM or by Corporate Action not yet decided but there will be a vote. Interesting that the shares are trading well above the offer price of 542p the market is expecting another bid or better offer.
The market does not think it is all over trading above the offer price. I think we will be asked to vote any time soon. The big share holders have yet to declare.
I hold a small amount in paper shares thus named on register of shares and a large number in an ISA. Not had any contact from anyone about a vote.
Back in the day Stan would say it was time to sell when you can’t add any more value yourself.
Maybe it’s that time ?
This is not all over They have only received irrevocably commitments for 6.59% for the offer. That is 5.22% from the Clarke family and 1.37% from the directors. The largest shareholders have not yet committed to the deal, and who is to say another offer may not appear.
J O Hambro Capital Management who own 9% of St Modwen are saying that the Blackstone offer is to low and will vote against the offer. They say they would rather work with the existing management to create value.
Hi Chloe, Just a potted history on St Modwen, Redman tools started life at Gregorys Bank Worcester making Machines to produce bumpers for the car trade , they floated on the stock market in the early 1960s. Then they took over Heenan Froude in the late 1960s and developed that site as Industrial start up site. Stan Clark wanted to gain a Stock market quotation in the early 1970s and found the best way to do this was to join forces with a already Quoted company. He joined forces with the then Redman Heenan co and became Chairman. The changed the name to St Modwen.
Stan Clark looked after the shareholders with days out to Uttoxeter Races once a year and his family were large share holders in the company. Just remember we still have a vote on this takeover if we do not like the way it is going.
Totally , agree being a current employee
I thought it was Stan Clark who started st modwen ? I new the the man personally. Our family brought at 17p in the-early 80s
He lived in the same village. So proud of my dad keeping them. Even through the 2008 crash (68p). Will be a loss to the stock exchange..
Good result for you Allenby, and as you say sad to see it go. In my view they've done a decent job redeveloping the Longbridge site. I bought in 5 years ago because a mate who worked there told me more about the company and it sounded interesting. The week after it tanked because of the brexit vote!!
Since then it's hardly ever been underwater and has given me a double digit annual return which has just jumped a couple of percent after this news.
Hope that jobs are safe.
I bought into this company in the 1960s when it was Redman Tools then Redman Henan . I will be sorry to see it go but not a bad return from the 6 shilling a share at flotation.
Because Blackrock want it, it turns out.
Over a decade of happy ownership here coming to end now it seems. They marshaled themselves well through various property crisis. Shall be sad to lose it from the portfolio.
So with house builders who really know what they are doing and with shed builders who are also better than SMP why should I invest in this outfit ?
Limit order met at 306.78.
Placed a limit order at 307p
bounce of 312 for 20% flip (maybe!?)
Tempted to have a risky punt on SMP, given it's link to property which should be safer in inflation takes off.
Still might wait for a better price towards £3, if it goes that way.
Any views ?
SMP MO had always been to sell themselves as an enabler to local authorities, landowners Option up , fund the infrastructure and then deal with the land plots on as and when basis
Stood them proud,rinse and repeat
A legacy of times gone by when Andy Ruhan the global entreprenur and Chris Lea ex Stoford did all the heavy lifting wheel in Stan Clarke with his grinning smile showing his HNC in plumbing to show his earthy roots to win the day
Still looking solid even today. Decent land control for warehousing which they can drip feed to suit. The former CEO did a grand job in restructuring before jumping ship to LandSec. What are your thoughts?
Very solid results ,Credit where credit is dueThey did extremely well in jettisoning a great big chunk of their portfolio for a token below BV.The very real prospect of DEBS undertaking a CVA will have a huge impact on shopping centre values
Trentham isa bit of a one off and a legacy Leegate the value has already been impaired whenAsda pulled out Yes the others in for a bit of a haircut
A growing concern over SMP’s remaining £150 million plus secondary retail portfolio.
If Capital and Regional have suffered a 10% reduction in retail values SMP is very likely to be significantly worse.
If this hasn’t been reflected in the November 2018 valuations it will have to be in May 2019.
Either way it’s a big reduction
Time to step away?