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How do you work that one out matth?
From the 8.3's there is very little declared activity from the existing holders so far as far as I can see. The only non-trivial one I have seen so far is Investec selling 78k shares on the 3rd (and that was 78k out of 4.6m, so not particularly significant). No declaration yet from Octopus, which presumably could be a key player in the outcome of the bid. The 8.5s (i.e. intermediaries) are showing more volume but we don't know who that is on behalf of.
There is obviously volume going through and the price is holding just above the 350p rather than just below, so that suggests some institutions probably are buying - but that could be M&A specialists who like the odds of a relatively secure 350p and the chance of a counter-bid.
Any rival offers need to be published prior to 6 August.
My advisors says that a meeting will take place on 6 August to vote on the offer.If 75% of those voting accept,the company will be delisted and payment will appear on our accounts shortly thereafter.He says the current SP indicates only a slim chance of a counter bid and that CBRE's offer could well be successful.
Interesting to see a lot of the institutional investors seem to be increasing their stake with the price above 3.50
If the deal is rejected by shareholders they will have some explaining to do, otherwise you may spot JDS at a Watford match some time in the future and could make the enquiry.
Comes across as a very honest and decent chap. Impossible to guess what's going on but surely they've discussed this with enough major shareholders to get this offer over the line?
https://beta.companieshouse.gov.uk/company/09268982/filing-history
Net assets in accounts is £903k
https://beta.companieshouse.gov.uk/company/09126135/filing-history
Net assets £2.6m
The exact terms of the deal with HARCA have never been fully explained butguess its 50/.50 with TEF doing the heavy lifting and HARCA sharing 50/50
TEF inherited the United House deal which was struck with HARCA in 2012 Since then Poplar has experienced 40% HPI and TEF have now obtained planning consent and in the process of obtaining vacant possession
Lets assume that site was sold today £50m ? 50 % share of that would be £25m
Just guessing !!!!!
Th
At what stage do the BOD have to explain why they are recommending an offer a little over NAV.
Just the 3 left now at Liberty . Good progress getting these away close to Canary Wharf where the market is challenging
Our friends across the pond must be licking their lips
https://www.telfordhomes.london/liberty-building/apartments/
Well let us hope that there is sufficent time for third parties to undertake some due diligence to come up with an offer which is better than "FAIR AND REASONABLE"
At £267m + the price tag should come within the radar of a whole range of parties Investors,housebuilders, construction companies etc Petty cash for many and easy to fund
TEF the leading light in a growth industry should create a stampede
Berkeley ,Redrow, Morgan Sindall,Urban & Civic ,Sigma Watkin Jones Unite . All the majors spring to mind a whole host of foreign and domestic investors
Does no other corporate entity believe that TEF are worth acquiring at a premium to the CBRE offer with a similar ongoing deal for the management?.
The BOD do read this board so they must realise that loyal long term holders feel betrayed by 350p and see no reason to support a takeover at a few pennies over NAV.
Yes in just over a month it's amazing how the company fortunes have taken a turn for the worse !!!
From announcing Record Revenues on May 28th
https://twitter.com/TelfordHomes/status/1133615308198039552
and despite announcing the 894 apartment contract which will go a long way to servicing the company HQ overhead on the 20th June
and on the same day Knight Frank upgraded its forecast for build to rent investment by 2025 to £75bn. Rapid growth highlights significant momentum from institutional investors. Fundamental demand is growing for rented homes.
Also during the last month the fantastic feat of selling complete;ly out at Bow TEF have fallen off a cliff !!!!!
TEF are now deemed to be struggling and grateful to be rescued from out friends across the water to relieve them from their plight and reward shareholders with a huge 10% premium You really couldn't make it up
Extra good news they have been so generous we can keep the declared dividend too
Struggling Telford Homes Agrees GBP267 Million Takeover By CBRE
Telford Homes PLC, which is currently wrestling with falling profitability, has agreed a GBP267 million takeover by US commercial real estate firm CBRE Group Inc, CBRE announced on Wednesday.
On top of the disappointing profit figure, Telford also expects profit in its new financial year to fall "significantly" once again.
How have they let this happen !!!!!!!!
Ok so recent podcasts and updates from company and brokers have painted a short term contraction then rainbows and ponies in the future. For those of us who have been in since day one what’s a couple more years for capital growth while the dividend is sound. At no time was there any suggestion that the company was in any difficulty relating to the raising of funds for the new strategy. Quite the opposite. This was the means of growing rapidly using others money with all the benefits outlined.
On that point ( IMO) the fact the dividend as a percentage of profits would be increased could only be a message to one group and that is investors. Within the rules on investment advice and commentary?
We need to know how long this has been in the works relating to statements to the market.
We’re JDS’s trips to US related and Andrew Wiseman's transfer of shares back from his wife part of the planning to increase the percentage held by directors? How will directors shares be treated as there will be horrendous tax implications unless their shares are transmuted in to a CBRE company.
IF the updates and statements are correct then there is no scenario here that benefits the investor no matter how they try and rap it up. IF they have mislead us and the planning has been going on predating then surely (IMO) there is a clear breach of AIM rules.
The only beneficiaries I can see here are Telford employees ...and I don’t begrudge those at the coal face ....increased profit, bigger company higher salaries and perks. I never thought I would even begin to think this of people I have known for years but all’s not well in the State of Denmark.
Wasn’t Xdentibus “Blue” at one time? If so Blue was confirmed to me by BOD as member of the accounts department at that time. Correct me if I am in error.
Well somebody is playing the game here to get this one over the line Quite disgraceful "STRUGGLING TELFORD HOMES"
Take your money and.........
"Telford Homes PLC, which is currently wrestling with falling profitability, has agreed a GBP267 million takeover by US commercial real estate firm CBRE Group Inc, CBRE announced on Wednesday.
CBRE has offered 350 pence per Telford share, with Telford's board recommending shareholders accept the deal."
http://www.morningstar.co.uk/uk/news/AN_1562139057163300100/struggling-telford-homes-agrees-gbp267-million-takeover-by-cbre.aspx
I wonder what "value "is placed on TEFs 50% interest here? TEF have already driven the hard yards. BTR potential Within a few months after the success of Bow Garden Square they will know how quickly Carmen Street / M&G lets up
The retail element likley to go well and Balfron launching too Suddenly this 50% interest is looking very valuable indeed. Who wouldn't fancy a piece of that now half cooked?
takeover rules
https://www.burges-salmon.com/news-and-insight/publications/guide-to-public-takeovers-in-the-uk/#offer-structures
Just been informed that the BOD will not be able to discuss the CBRE situation at next weeks AGM.....great!
Agreed. My question on association was for Xdentibus who’s view seems very aligned to being an insider given the position taken with no questions asked.
No - but they have not given full information for shareholders to make an informed decision to accept or reject . Daddy knows best is not enough especailly as they spent 12 months developing a relationship with M&G and Invesco which is self-propelling Other developers would die for
Are you an interested party within Telford , associates or advisers?
Xdent...correct decision for the BOD maybe but a few pennies over NAV is no good for the rest of us.Whatever the final outcome the BOD have burned a few bridges now.
Well they have yet to explain why that is the case The only thing they have stated is the fear of the unknown
Have every confidence that they can handle what is thrown at them
We are being thrown off the bus and CBREarent UK listed
We dont even know if the bid was unsolicited or whether TEF reached out Are M&G and Invesco happy
Have they tested the market A 10% premium seems a pretty low entry price into a potentially lucrative market
Whether the decison is correct we havent been given the full information to make a decision on that.Our hope rests on a white knight
I'm sure the decision is the correct decision.