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Started: Januspilot, 20 May 2021 12:59
Last post: Allenby, 21 Jul 2021 19:31
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.
Started: Allenby, 7 May 2021 10:11
Last post: Chatback64, 20 May 2021 10:34
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.
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..
Totally , agree being a current employee
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 ?
Started: RedNinja, 24 Jul 2020 10:33
Last post: RedNinja, 24 Jul 2020 18:07
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 ?
Started: sain@vision, 5 Feb 2019 07:14
Last post: sain@vision, 19 May 2020 14:10
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
Started: Chatback64, 30 Jan 2019 18:48
Last post: Chatback64, 30 Jan 2019 18:48
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?
Started: Chatback64, 5 Jul 2018 13:33
Last post: Bev88, 5 Dec 2018 14:17
Looks like upbeat tone at AGM is transferring into action following positive update-stock is outperforming market in response. Mark Allen is leading from the front.
Sorry Bev but I don't agree. I have held this stock for a long time and was a big fan but the new management have lost the plot. The company made lots of money from brownfield regeneration and planning gains but although this is supposed to still be in their strategy they are just not doing anything in these areas. As for a conveyor belt of new projects, there is a lot of talk in their presentations but nothing specific of any materiality coming through.
Rest assured that the conveyor belt of projects in hand will ensure a solid flow of profits - this outfit is positioned to churn out steady growth which may fluctuate according to timing of project completions but optimism unlikely to be unfounded.
My optimism seems misplaced
Might have to look more closely at this one
Mr Lincoln why do you think the trading future is secure?
Started: sain@vision, 4 Dec 2018 08:19
Last post: sain@vision, 4 Dec 2018 08:19
Making all the right moves exiting the retail portfolio .A very timely sale of Edmonton . Stan the Plumber would have approved
Cold wind blowing throughout the sector
The very real prospect of a Debenhams CVA looming as evidenced by a recent sale of their store in Dumfries £350kpa with 18 years left on the lease sold for a paltry £1m.South American yield Market factoring in a void
This would knock the market for six
Last post: Themarsh, 15 Oct 2018 17:49
Nine Elms Disease , Strikes again !!
High court Action at new Covent Garden
Started: AngryLincoln, 2 Oct 2018 10:24
Last post: AngryLincoln, 2 Oct 2018 10:24
What's going on ?<br /><br />Last trading statement in June shares at 421 now 374. +12% down.<br /><br />Looks like a lack of confidence in management strategy perhaps<br /><br />FSTE 250 has been roughly flat so why such a drop.<br /><br />Any ideas
We must agree to differ Mortevicar. I am also a very long holder and chatted to most of the directors at AGM. It was evident that they all believe that Mark Allen is following the money shrewdly and that the new momentum he and Jamie Hopkins can instill will drive the company to maximise their considerable assets. Their track records speak for themselves and both seemed enthused by the mid term prospects.I respect your view but time will tell.
Started: AngryLincoln, 3 Jul 2018 23:56
Last post: Moreteavicar, 5 Jul 2018 13:32
Now 395p. Not a bad three days work?
Maybe shareholders now doubting that the heralded new strategy has no performance attached.
Profits down, no development, no planning gains and no new acquisitions ?
Prior to interim sp at 425+
Increased dividend, secure trading furure
Now 404
Defies logic
Started: Chatback64, 29 May 2018 20:54
Last post: Chatback64, 29 May 2018 20:54
Looking forward to the half year results Strategy should be in full flow by now and results should reflect this!
Started: Hugh-Jarse, 9 May 2018 08:31
Last post: Hugh-Jarse, 9 May 2018 08:31
ST. MODWEN AGREES SALE OF 27% OF RETAIL PORTFOLIO. https://www.investegate.co.uk/st--modwen-props--smp-/rns/st--modwen-agrees-sale-of-27--of-retail-portfolio/201805090700084315N/
Started: Bev88, 28 Mar 2018 14:17
Last post: Bev88, 28 Mar 2018 14:17
An upbeat atmosphere prevailed at AGM with a reinvigorated focus on profit drivers thanks to inherent expertise and impressive new Board members refreshing the team.
Started: Bev88, 27 Feb 2018 22:15
Last post: Bev88, 27 Feb 2018 22:15
The Annual Report quantifies the extent of penalties involved in delays at Nine Elms and in the big picture it really doesn't merit much of one's time. Mark Allen is fine tuning the 'conveyer belt' of regeneration and construction projects. Residential and commercial are now the main focus for the in-house expertise and less retail. The company's strength has always been midlands based but the spread into Wales,the southwest and the north makes for exciting times ahead I feel.
The Delay is Now over !"months and St Modwen will be Liable foe extra Cost.
Started: Bev88, 7 Feb 2018 07:28
Last post: Bev88, 7 Feb 2018 07:28
The new chief executive is clearly making waves as evidenced by yesterday's impressive results. The new appointments will add further momentum and an already solid outfit appears to be going into another gear-still trading well below asset value unlike most in sector.
Started: AngryLincoln, 8 Jan 2018 16:50
Last post: AngryLincoln, 8 Jan 2018 16:50
Whats going on? Price 407 Bid 427 Ask 386 Confused or what ?
New Covent Garden Project , 6 months Delay ,
Last post: Themarsh, 11 Jul 2017 16:01
Problems continue in New Covent Garden. Project running Late
Big problems at Vauxhall
Started: sain@vision, 28 Jun 2017 15:41
Last post: sain@vision, 28 Jun 2017 15:41
Monkey off back. Back to basics optioning up large tracts of land .sell the dream to local authority stick in a road and sell plots or bespoke buildings to occupiers
Last post: richmanpoorman, 21 Jun 2017 21:18
Only good news to the extent that they have exited with their shirt still on their back. No profit though. But a good result when central London resi values are in free fall. This had the potential to drag the company down. Onwards indeed.
So the nine elms saga can be put to bed.Much management time will have been expended on a small proportion of the portfolio but has delivered a result and confounded their critics. This can now be unleashed in the midlands ,in particular,where their contacts and expertise is proven. Onwards and upwards from here.
Started: sain@vision, 10 Jun 2017 08:42
Last post: sain@vision, 10 Jun 2017 08:42
From FT In Nine Elms, analysts have long questioned the sheer number of planned luxury apartments. “It’s looking to be quite a major oversupply,” says Roarie Scarisbrick, agent at Property Vision. Another developer, St Modwen, wrote down the value of its land holdings in the area by 17 per cent last year. Battersea Power Station Development Corporation, which is developing the historic building itself, has applied to delay the construction of 103 affordable homes and review other affordable housing commitments. Citing rising costs and economic uncertainty, it said its expected internal rate of return had dropped to 8.2 per cent from a projected 20 per cent. It is not the only group seeking to modify its affordable housing obligations as Brexit casts a cloud over the economy. Edoardo Mapelli Mozzi, chief executive of the London developer Banda Property, says: “The private sector alone cannot deal with affordable housing. This way, it only gets built if the top end of the market is working.” This contrasts with Greystars response in Property Week “We’re aware of all the noise, we read everything everyone else reads, but we’re just a very long-term business and the long-term potential for this area is amazing,” Allnutt said. “If you fast-forward six, seven, eight years it should be an incredible new place in London on the river.”