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Rob I wouldnt call SMP aggressive they are not traders/specualtors /dealers more steady as she goes winning lockouts onbig sites not from aggreessive pricing more form an experienced look at our professional approach/track record perspective In recent years they were outgunned by people like Stofords for sites /major pre let requirements I agree with Daredevil in his assessment as steady in troubled waters Historically A lot of the seniors came from anon property bacground with st mods reversal in to Redman Heeney Stan basically run the whole show until he died an dthere has been abit of a vacuum since Anybody there who was slightly entreneperurial used the company as a learning curve/training ground There is some new blood there now adn ima sure they can build on the solid foundations
I bumped into a senior midlads council head he informed me that SMP is quite aggressive I see this as a major plus, years ago i had an interview with SMP did not get the job am confident about this company & its on my watchlist amongst many others.
I have followed this company's progress through its ups and downs over the last 20yrs or so and have always observed during periods of relatively stable markets it has maintained steady annual gains in earnings and turnover of around 15%, albeit subject to some fluctuation following tradings of capital assets. This suggests to me that they have a prudent and experienced senior management team to steer the company through the current period of market turmoil. Your suggestion that the company may attract interest from a bottom-fishing vulture fund may well be realistic, but if this occurs the interests of the joint venture with Persimmon may come to the fore. Would Persimmon be willing to act as a friendly "White Knight" to help brush off the attentions of an unwelcome suitor?
The recent rise in the share price is welcome and expected.Longbridge is goingt to come good with some quality pre-lest its got no competition Thought they were cheap at 120p .Historically. these profits have come from large scale land purchases predominantly with local authorities mainly on option with the company front ending the infrastructure costs and master planning.Charismatic former chairman Stan the Plumber great salesman and door opener I fthat has been acontinuing strategy its a good one for the future when the market picks up especially if the land optioned and not holding expensive development land Maybe possible future corporate play for vulture fund to enter this sector
I have 160-170 earmarked as a sale price probably a lot quiker than i originally expected which was 6-12 months
At long last, although much anticipated, this share has begun to move. Thankfully having noted recent news on sales at their Longbridge site following a positive trading statement and results forecast, my wife and I topped up our holdings during the last week. Final results are due next Tuesday 7th Feb., and with a final dividend of around 2p/share and a NAV over 200p/share they still look a bargain at just over 130p/s.In particular I see the tie-up with Persimmon Homes a very positive arrangement which should help both companies weather the current demise in UK property market.
I work for this company and invested in them too. I bought in at 136 and 105ish averaging around 113 which I think is a bargain - they are a profffessional company and have already posted news on their website stating income/profits in the high end of expectations. We even had an xmas bonus so thay must be doing alright - stmodwen dont give bonus if doing badly or its not deserved - I reckon this share will be 160 - 180p come summer - a good 60-70% on investment
Lots of projects dont necessarily translate into lots of profits in todays market .Dont expect too much this year The likelihood these projects were estimated and projected in more healthier times still cheap though at 120p
You should do well with that buy in price my average is 120p.I know they are very busy at the moment with lots of projects on so the profits should be good this year.
bought 7500 tried to buy 15000 however for some reason i only got 7500, time will tell !
St Modwen - old school property developer specialising in landbanks on long term options Definite recovery stock Longbridge will be the make or break Very few sites of this size within West Midlands Conurbation.Watch out for some major pre-lets Solid management still havent kicked on since Founders demise some years back Similar to Mucklows with a more nationwide remit
Just invested again in this, SMP has been good for me in the past cannot believe we are back at these prices. I think the world has gone mad.
Bill Oliver, chief executive of St. Modwen, commented: "We have achieved very strong results for the first half of the year in markets that continue to present challenges. Even in this market, our skilled regional teams have been able to drive income and valuation gains through active management and progressing sites through the planning process in London and across the UK. We are also seeing an increase in demand for developable residential land and we continue to progress our residential development programme both in-house and through joint ventures. "Our long term focus, track record of delivery, strong asset management skills and ability to secure new projects, either on our own behalf or in joint venture, give us continued confidence in both the results for the current financial year and our future growth."
Operational Highlights: · Contracts signed following the period end to develop a 135,000 sq ft office and production facility for Siemens in Lincoln. Further to the commercial developments already signed in the first half of the year this points to an increasingly secure development programme for 2011/2012. · Positive outlook for residential land with strong progress on the Persimmon joint venture, with construction at Wolverhampton now underway and detailed planning secured at Glan Llyn and Sunderland. Four further developments with Persimmon are expected to commence on site in the next 12 months. · Significant planning permissions secured at Longbridge, Birmingham; RAF Uxbridge and RAF Mill Hill; and in South Wales at Coed Darcy and for Swansea University's second campus. · Active portfolio management successfully generating value in flat market conditions. · Vacancy levels maintained at 12%.
STRONG FIRST HALF PERFORMANCE DRIVEN BY ACTIVE MANAGEMENT INITIATIVES HIGHLIGHTS St. Modwen Properties plc (LSE: SMP), the UK's leading regeneration specialist, announces half year results for the six months to 31 May 2011. Financial Highlights: · 40% increase in profit before tax to £37.4 million (H1 2010: £26.7 million). · 6% increase in NAV per share in first six months to 226p (Nov 2010: 213p). · Property valuations increased by £25 million, of which 96% or £24 million were achieved through active management. This represents an increase of 59% over the £15.1 million of valuation gains achieved in H1 2010. · 11% increase in development profits to £11.2 million (H1 2010: £10.1 million). · 2% increase in net rental income to £17.8 million (H1 2010: £17.4 million). · 10% increase in interim dividend to 1.1p per share.
http://www.investegate.co.uk/Article.aspx?id=201107050700077543J
Bill Oliver, Chief Executive of St. Modwen, comments: "This deal underlines our increased focus on design and build projects with pre-lettings to high quality tenants. Siemens is a longstanding tenant of St. Modwen, and we have worked closely with them to ensure that we are able to meet the requirements of their strategic relocation to a purpose-built new facility. We will now focus on securing detailed planning, so that we can start on site as soon as possible."
ST. MODWEN TO DEVELOP £20 MILLION PURPOSE-BUILT FACILITY FOR SIEMENS, LINCOLN St. Modwen (LSE: SMP), the UK's leading regeneration specialist, has signed a £20 million pre-let and development deal for a new 135,000 sq ft facility at Teal Park, Lincoln, with Siemens PLC ("Siemens") on a 12 year lease. This new facility will allow Siemens to consolidate its Lincoln-based gas turbine service business, currently situated at four different sites within the City, into one new, high quality facility at Teal Park. Two of the existing sites are owned by St. Modwen - the 106,000 sq ft Firth Road facility and the 735,000 sq ft main Ruston Works site, extending over 12 and 23 acres, respectively. At Firth Road, the service business will continue to occupy 66,000 sq ft and will vacate the remaining surplus space at the end of 2012. This will be refurbished and upgraded by St. Modwen before being leased to alternative occupiers. Ruston Works will remain fully occupied as Siemens' Turbomachinery business moves into the space vacated by the service business. Outline planning permission for Teal Business Park, together with major upgrades to the A46, was granted earlier this year. A detailed application for Siemens' new BREEAM Excellent facility (Building Research Establishment Environmental Assessment Method) will now be submitted to North Kesteven District Council. The new home for Siemens' gas turbine service business will occupy 11 acres of Teal Park and will be delivered by St. Modwen. It will comprise initially a 50,000 sq ft office and an 85,000 sq ft state-of-the-art service workshop, together with surplus land to allow for future planned expansion. Building works are expected to start in autumn this year with completion anticipated for December 2012.
http://www.investegate.co.uk/Article.aspx?id=201106150700134421I
http://www.investegate.co.uk/Article.aspx?id=201106010700096026H
Results to be at top-end for St. Modwen By Benjamin Chiou Date: Wednesday 01 Jun 2011 LONDON (ShareCast) - Property regeneration specialist St. Modwen Properties has revealed that half-year results should come in at the top end of management (and consensus) expectations, "both in terms of profit and net asset value growth." Results in the six months to 31 May have been helped by its residential land portfolio, despite a flat underlying market. Notable highlights from its residential operations include: planning consent for 1,373 homes on the 110-acre former Ministry of Defence site at RAF Uxbridge; and planning consent for 1,100 homes at Mill Hill, North London. The joint venture with Persimmon is said to progressing well, securing land sales at or above book value. "In the first half of the year St. Modwen has continued to build momentum across all areas of the business," said chief executive Bill Oliver. "Our regional network of offices, skilled development and asset management teams, unique land bank and strong forward position of pre-lets and pre-sales give us continued confidence in both the results for the current financial year and our future growth," he said.
Bill Oliver, Chief Executive, comments: "Looking ahead, we are confident that St. Modwen's long-established strategy will once again give us the opportunity to provide sector-leading returns to shareholders. "We have a strong balance sheet and a landbank that is full of latent value. Our development pipeline for 2011 and beyond is strengthening and a number of significant schemes are being marshalled for delivery in future years. "Our asset management capability is proving invaluable in maintaining occupancy and rent levels, and we are confident that we will be able to continue with the positive progress in this area that we have demonstrated in the past two years. "As a result, we believe that we are well positioned to deliver profit and net asset value growth in 2011, despite the ongoing uncertain market conditions."
Anthony Glossop, Chairman, comments: "As we look forward, our financial position is sound; our business model will increasingly create value; our valuations are prudent and our recurring income is robust. We are also in a good position to seize attractive opportunities to add further to the hopper, our regional teams continue to find opportunities to generate value and we are seeing a gradual recovery of liquidity in our key markets."
St. Modwen Properties PLC, the UK's leading regeneration specialist, announces annual results for the year ended 30th November 2010. HIGHLIGHTS: · Net assets per share up by 9% to 218p (2009: 200p), EPRA up 7% to 234p (2009: 219p) · Profit before tax increased to £37.5m (2009: loss of £119.4m) · Property profits* increased to £21.9m (2009: £7.6m) · Rent roll increased by 5% to £46m with voids reduced to 12% (2009: 17%) · Valuation gains* of £23 million (2009: loss of £122 million) · Strong pipeline of development opportunities / schemes · Persimmon joint venture to develop 2,000 houses over seven sites · Dividends resumed
http://www.investegate.co.uk/Article.aspx?id=201102070700087536A