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Yes that is why so many are invested . No problem in the founding fathers cashing in their chips but they dont have to sell the entire company to do that
What a great company.
You can only wish all the directors well.
If you held these shares in the depths of 2007 and 2008 while they slogged at it day in day out and rose to bigger, better things rather than crash...
Everyone wants more money, at least we didn't lose the lot.
Thanks and good luck!
G, if you are correct on the one vote per legal shareholder the simplest way for us is to have our nominee accounts with WF converted back to paper certificates giving us 2 votes. No downside to paper in this situation unless of course we choose to trade in the meantime. Hopefully someone on here can confirm your post.
Numbers
Don't feel sorry for us .go and express your sympathy elsewhere The offer of 350 p by a global real estate giant reaffirms what a good company this is . TEF has until now they have treated us pretty well and a general feeling that Directors and shareholder's interests are fully aligned
I feel sorry for the usual posters who've been promoting this share for years.
£267m is bite size for many players
There would be a cavalry of potential buyers at this level for an acknowledged market leader in a Go Go sector
Was the bid unsolicted ?
If so why havent they got Savills to stress test the offer They gave them 12 months to find a suitable BTR partner stressing how important it was.Hooked the biggest fish imaginable but want to sell the company in 5 minutes to the first girl they kiss for a "valuation" nobody has made an attempt to justify to shareholders except fear of the unknown
What are TC actually adding to the party except access to capital .They are paying a very small premium for a cheap entry
If
Telford chief executive officer Jon Di-Stefano will continue to lead Teleford Homes as a standalone business within TCC.
“Being part of Trammell Crow Company will allow Telford to enhance its growth in the build-to-rent / multifamily market in London,” said Di-Stefano
https://www.constructionenquirer.com/2019/07/03/cbre-swoops-to-buy-telford-homes-for-267m/
How sad that the BOD for whom we had so much respect should turn round and stitch us up!!
The scheme document will be where the directors get to make their detailed case for supporting the proposed deal. That will be voted on at the GM. Although having seen a few of these, I wouldn't hold out for an awful lot more detail than was in the initial announcement.
Under a scheme of arrangement, they also have to get it through the court meeting, which is interesting because as well as the 75% pass mark of shares voted, they also need "a majority in number" of shareholders voting for it. For this "majority in number" each legal shareholder only gets 1 vote, if I understand it correctly, so those of us who only hold through nominee accounts such as HL can't influence this one. But anyone who is on the register in their own name will count and will have equal weight with anyone else (e.g. an institution with a big position held through a single legal entity).
If the scheme of arrangement fails to make one of the hurdles (75% or majority in number) then they can revert to a takeover offer, for which the passmark would be 90% I think, but without the "majority in number" test.
Happy to be corrected on any of this is someone knows better.
The Directors need to explain to us why we should accept 350p a share as being in our long term interests not just theirs
In the documentation accompanying the recommended offer CBRE
"Telford Homes is well-positioned to be a leader in this sector; "
Precisely .All that hard graft and groundwork to elevate themselves to that position
Steffy and Wisey make no good reason for the case very lite on detail why they recommend it Very poor
Good old Jerry !! Arrived on the scene kept his head down Done 1 deal at Stratford with an existing TEF client and within months agreeing to sell us short !!!!
Really added something to the party
Only the other week we were told to expect to recive news of new deals under discussion with the new partners
What do they think about it ?
The Directors have presented no case to existing shareholders to sell The reasons forthe hiccup in profits have been well documented and accepted
Even the lowball £25m E for FY 20 will show CBRE a decent return on their investment.An opportunistic unwarranted unwelcome bid
I'm really hoping they accepted it hoping for a higher bid
Getting the offer is fine but accepting 3.50 silly.
I’ll certainly vote against
Suspect a sweet deal for senior staff who will get generous salaries and bonuses in the new structure overcoming the lack of value in the deal for their relatively modest holdings. The rest of us shareholders are being left to rot.
I feel greatly let down
I hope this is defeated
GO AWAY USA !!!!!!!!
Amother US company looking to take an early advantage in a post Brexit world
Well it's difficult to see that the company is in bad long term shape. Far from It .They have battened down the hatches and received an offer from the biggest cheese in global real estate
The market is challenging and sales have been proceeding satisfactorily in H1 Completely sold out at the award winning Bow Garden Quarter
Whittled the expensive apartments down at Liberty which is stuffed to the gills with HPI. Only 20 or so left at NGQ That is pretty good going to me
They will have their work cut out on selling the remainder at Gallions but have every opportunity to make this price attractive as the deal crystallised with United House and Notting Hill was 8 years ago .The area at the time most famous for its apocapolyptic backdrop to Stanley Kubrick's Full Metal Jacket .HPI has sky rocketed since then
For reasons best known to themselves they had a mini launch of the remaining 2 beds+ in Hong Kong forCity North achieving only a handful of sales Again the prices were extremley high
20 apartments over £1m !!!!!!!! This is a highly profitable development rescued from the jaws of defeat at a knockdown entry price
The 12 I bedders are due to be launched in September and they will fly
H1 FY 20 has also hearlded them signing a partnership with the best in the BTR business ,the biggest show in town and the overhead paying building contract on 9 Elms signed
Winning awards etc if TEF are in trouble God help the rest of the sector
For reasons best known to themselves the BODS decided yesterday to make an announcement low on any detail for making the case It sounded like International Rescue
It does sound as if this is being pumped by the founding fathers seeking to cash in their chips and some careerists .Maybe others on the board think differentally and the announcement designed to attract further approaches
Nigel Hugill step up !!!!
The share price was higher than this offer throughout most of 2017 and 2018. The boards feeble surrender without a fight suggests that they think the business is, quite suddenly, in extremely bad long-term shape, and worth much less than previously thought. Most investors were probably expecting some kind of return to normal after this extended outage caused by the politicians, but it is clear the BOD doesn't share that view and can no longer see any light at the end of the tunnel. Near term is obviously a mess, but surprising that the long term is seen as so bleak.
Thanks for the info. You obviously understand this more than most.
The very fact CBRE are prepared to consider countering any increase offer shows they know they have a steal and frankly should be sounding alarm bells to the BOD that they are underselling which is not in any shareholders interest.
I have already indicated to JDS I will be voting against but frankly I believe I will be peeing in the wind.
I also use HL, but would my shares be listed under HL PLC if they have been purchased directly by myself, or would HL's ownership be shares only relate to those held in managed funds on behalf of investors?
PIs will not determine the vote, but will have an influence. I do not regard this as a done deal and hope/expect that other interested parties will make better offers than this low ball bid. I will be voting against this bid, both in direct shares I hold and (much more hassle) in nominee holdings.
Good to know. I wasn't aware there holding was listed that way.
I've mentioned it before, but I think it is significant that CBRE were unable to announce any "irrevocable undertakings" or "letters if intent" from a single institution (they have got only the board publicly signed up). It would be absolutely standard practice to try to get Octopus onside as the biggest institutional holder - make them an insider, disclose the terms and ask for an irrevocable undertaking or letter of intent to vote for the deal.
The point about the HL, II and Barclays holdings is that they are (almost certainly) largely you and me. I hold mine through HL. So looking through the "significant shareholders" list on the site, we have Octopus, Investec and Thames River holding about 19% in aggregate for the institutions, while for the private investors HL, II and Barclays hold around 17%. So the outcome need not be determined by the institutions, given only 25% is needed to block a scheme of arrangement. And it's 25% of the shares voted, so given the normal apathy means many (including institutions) tend not to vote, if individuals really feel strongly about this and want to turn down the deal without having an alternative lined up, they have a real chance if they exercise their rights through their nominee holders when the time comes.
Agree totally with a premium offer.
Most of the HL investors include many posters here who buy using HL's SIPP
M&G are market leaders and have already underatken 2 schemes with TEF which look as if they are both working out well Just a reminder but they are part of the Pruu These boys dont stop spending until the budget is extinguished
Well Octopus were adding shares when prices were relatively high The 350p wont be giving them much of a premium
Why sell now unless there is an offer you cant refuse like £5 ?
Yes I get that but with the new influx of money there may well be other more preferred partners.
If these two partnerships along with the relationship with Greystar were as described in recent updates I.e securing Telford long term future there is absolutely no need for a sale. Of course we don’t know the backstory and it may be institutional investors were not prepared to wait it out as we were. If they threatened to dump shares we wouldn’t be happy either. That said this is a complete and utter betrayal. It would be interesting to see how the share option schemes are dealt with as one major benefit Telford have is a loyal and incentivized work force.
Hopefully many will attend the AGM to voice their displeasure but in my view this sell out is a done deal
Interesting. 3.86% support is essentially all of 'The Boards' total stake in TEF.
It will be interesting to see what the Octopus, Hargreaves Landsdown and Investec etc. have to say about the offer.