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Well they should be nailing a deal or 2 with the new partnerships and perhaps if they waited a few months for these to emerge ÂŁ5 wouldn't be looking silly
Its clear CBRE are anxious to establish a position in this sector and keen to strike an early blow but not so clear why TEF are in a rush and seeking to throw the towel in
ÂŁ5 a share is fair and reasonable but will anybody pay that?
The deal is sounding very much like the Furlong Homes tail wagging the dog with the acquiesence of some of the more salarymen BODS enhancing their career prospects
A "FAIR AND REASONABLE "offer is not a good reason to a company tooled up to take advantage of a ÂŁ75bn BTR bonanza denying shareholders the right to particpating after suporting the BODS in their efforts so far
We are being left in the traps.
A ATTRACTIVE and COMPELLING offer is required and ÂŁ267m doesn't hit the mark
Steffy
“Being part of Trammell Crow Company will allow Telford to enhance its growth in the build-to-rent / multi-family market in London,” said Jon Di-Stefano, chief executive officer of Telford Homes
However just a few months ago that aim had already been secured with the announcement of the strategic partnerships with Invesco and M&G !!!
"These compelling market fundamentals and the opportunity to de-risk our future pipeline with reduced capital investment give us confidence that these partnerships will help accelerate our aim to deliver a significant increase in our output of build to rent homes across London."
How much "acceleration"does TEF need where the main problem is securing appropraite sites and getting them through the planning process quickly
The reasons for this sell out are far from clear !
Well whatever the reasons for driving this deal through the odds are stacked in its favour succeeding. The start of the summer holidays and any potential interest ofwhich there should be plenty given less than a month to undertake due diligence and organise financing The BODS quite happy to give Savills 12months to conduct a beauty parade for a BTR partner but given the market just a month to get their act togther on a complicated company purchase !!The BODS keen as mustard to get this deal with CBRE home and hosed Somebody has done a PR job on the financial media to somehow convince that this deal is required because TEF are struggling! That is unforgivableIn a few weeks time over ÂŁ60m will be winding its way into the bank from the completions at NGQThat hardly qualifies them as"Sick Man of Europe"
Terrace. If that is correct it explains AW transferring shares back from his wife.
My thoughts are with some staff members who were encouraged to buy shares at plus 350p. If nothing changes they will be sitting on a loss. Morale will be at an all-time low.
https://www.telegraph.co.uk/investing/news/inheritance-tax-break-aim-shares-doubt-official-review-says
Maybe these proposed changes might haves precipitated an early exit?
Maybe applies to non directors as well as current and past directors..check it out on Google.
Surely that then only applies to Andrew Wiseman. Other founding fathers no longer serve as directors.
Think that gains might be free of tax for Directors of AIM listed companies
Sain
Other than Andrew who sits on the board I doubt there is any great joy in this sell out. Think through the double whammy of lost tax free inheritance tax plus being sold short at this price and indeed I would assume as long term holders huge crystallized tax demands. While they may all vote to accept JDS’s disgraceful deal they will probably do so through gritted teeth. If only those elected to Westminster had gritted their teeth and voted through that other “disgraceful” deal we wouldn’t be in this situation. There are two winners here CBRE and Telford with us chumps not being part of the consideration. Who says loyalty is dead.
The founding fathers have no doubt been looking at a way to exit .The families of Furlong, Wiseman Holland etc as Stokest points out probably account for in excess of 15%
They have been holding for some considerable time . The profits blip sending the SP south has ruined their exit price Probably taken the view that it might be sometime before the SP rises above 350p giving them opportunity to jump ship so 350p in the hole today represents a very satisfactory outcome.
Maybe this has been the primary reason As Exdividend says it doesnt really help us
So to date, apart from trivial amounts, it seems to me we have 3 holders declaring selling (2 selling down significantly) and 1 M&A Arb specialist declaring buying. About 20% of shares accounted for by 8.3 declarations. Still no declaration from Octopus or Thames River.
The completion monies on NGQ will be coming through the door when this all goes unconditional The purchaser will have a handy few quid towards the purchase price
Well they can build up a bit of a shareholding and at least get a small profit should it go abortive
Much as I would like you to be right what would be the incentive to rush due diligence and then still have your offer matched by Telford's preferred and in bed partner.
At around completion of the corporate acquistion there will be a shedful of completion monies arriving in from NGQ which will make a big hole in the purchase price of ÂŁ267m
Agreed
There must be somebody prepared to give CBRE arun for the money This huge lump of institutional money looking to find a home in BTR wont be around for ever TEF have the schemes to absorb it
I have been invested here since inception,50 p,in that time it has got near ÂŁ5 twice,hindsight is a wonderful thing should have sold,whenever anyone has dared to criticize this company in the past you and 2 others
have been quick to shout them down,i am not having a go at you,you at least have the decency to come on here and voice your disappointment too,to many people who dared criticize were shouted down,such a shame,to sell on the market now gives you ÂŁ3.48,why are you still defending?where are the 2 main village idiots?any way good luck to you too,end of Telford.
sain - but having stated it is a "final" offer they can't increase can they? Unless the conditions are met - i.e. a counter bidder emerges.
I suspect at the end of the day if pushed CBREwould be willing to pay over ÂŁ300m
We all know how difficult it is to get a site cooking in London
With TEF CBRE walk straight in entering at the top level hitting the ground running where the BTR sector is awash with money and strong demand If that isn't worth paying a premium price for I dont know what is
Albany
You can take your money today -just sell them
There are many posters here who arrived at 100p and look where they are today in a strong financial position to tackle whatever is ahead
They have just received a cash offer from a global real estate giant CBRE Partnered with M&G the Priudential and Invesco so a crock of rubbish they certainly ain't
As you well know with Redrow House builders have been under the cosh and have dropped considerably Good luck
Telford Homes
At the end of May when commenting on its full-year results,
I remarked on how I quite liked Telford Homes’ (TEF) shift
to a build-to-rent business model, but that I didn’t think
that its shares were compellingly cheap at 290p.
Commercial real estate services and investment firm
CBRE has taken a different view on Telford’s valuation
and had offered to pay 350p per share to buy the business outright. This has been accepted by Telford’s board
and CBRE has said that the offer is final and would not be
increased.
The investors on my Twitter feed seemed quite underwhelmed by the comparatively stingy 11 per cent premium
to Tuesday night’s closing price. It values the shares at a
2020 forecast PE of 13.4 times and a 3 per cent premium to
the forecast March 2020 NAV.
I have some sympathy with this view, but Telford’s
board of directors accepting and recommending the offer
makes it clear that they think it is a fair and reasonable
offer for the business at such an advanced stage of the
current UK house price cycle.
Whether Telford’s shareholders think that this is the end
of the matter is far from certain. As I write this, Telford’s
share price is 354p – above CBRE’s offer – which suggests
that some investors think a counter bid is possible.
Who from is anyone’s guess. Bovis recently tried to buy
Linden Homes from Galliford Try, but they have yet to
express a desire to enter the buy-to-rent business. I think
it is possible that a financial buyer or even an institutional
buy-to-rent investor could throw its hat into the ring.
Pleezes its done and dusted I have listened to all the rubbish about this share from the usual bunch for some years about how good the BODs are to how we will get to ÂŁ10 in x years.what
a crock of rubbish,its done,give me the money so I can go invest in decent companies,i believe
I have to wait till august to get anything,what a joke,useless BODs that run out of ideas years ago,dont blame brexit or anything else,they are looking after themselves as usual.