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The present situation of the sell out excepted they have done everything expected .of them The signing of the 2 partners to push BTR has surpassed expectations and set the scene for an exciting future
Nothing false sitting there
Private sales this half year have certainly exceeded my expectations
I should imagine the founding fathers are behind the sale and maybe Steffy has acquiesed as he has bigger fish to fry with a larger equity stake elsewhere .No doubt we will find out shortly
Sain you can shoot me down but I don’t agree with you. I think the BOD have made bad site selection decisions and that’s why we are where we are. That’s also why I think the price offered is way off as eventually the delays and refusals will be in the past and should a stronger team be assembled following a UK takeover the true worth unlocked..
Based on past multiple comments from TEF relating to their relationships with the likes of THBC and the “boast” of being able to unlock extra units on a given site, or get planning through difficult situations, they took risks. Now delays and councils that won’t roll over in areas where TEF have expertise and relationships have caused issues I assume with funding. Do I think they got “****y “ or believed their own hype ...personally and very regrettable yes. There were and are countless opportunities that could have been turned over without all this fuss and not left us here.
If 2227 knows anything factually I wish he would put forth a reasoned argument. He is correct, and I have disagreed with your measure of the BOD before along the same lines , this share has performed abysmally for as many years as you want to say. “ Doing all the right things” does not in my opinion lead to a reduction in share price, reduction in profit and a fire sale of the company.
Exdividend
Well they have made some excellent site aquistions
Stratosphere
Liberty
Carmen Street
Frampton Square
Dalston
Bow
NGQ
Stratford Central
Bermondsey Works
Manahttan Plaza
Horizons
Stratford Plaza
Lime Quay
Avant Garde
Panoramic
Parliament Street
Parkside
NGQ
Upton Park
That is a pretty impressive list
These were fantastic and the fancy footwork on Carmen Street rapidly turning it over was out of the top drawer
Since JIm Furlong moved off the scene I do agree that the recent acquisitions are not out of the same drawer
Both Stone Studios and Bethnal Green which they bought at a "full market Price" in a competitive situation It was difficult to understaand unless they had them immedaitely shipped out to a BTR operater
Stone Studios they have been unable to add any planning betterment and knowing how difficult LBTH are took on the site at a full priceat Cambridge Heath Road with a hazardous journey Today the site price is looking ex*****ve and they are on the backfoot already
Happy enough with S Kilburn and Walthamstow
Unsure about Greenford but Ii thought they had done that as a bit of a favour for Greystar fo consideration elsewhere
9 Elms is a fantsastic deal and its diffcult to beat the United House portfolio I am a huge fan of Chrisp Street and the benefits still to come. City North too-fantastico
Yes things are difficult as we have seen but do you think anyone else would make a better fist of it in the Boroughs I don't
In early June 2015,the SP here reached 489p,is it really now only worth only 72% of that?.
Sain. I think your list and comments about Jim Furlong support my point. And yes the evidence is that given all the first rate opportunities you highlight a different group would have performed better. If not what hope is there for any business anywhere.
Yes they need a good sniffer Jerry no doubt can see a project through whether or not he can find them we dont know However there are plenty of agents who will be offering them some juicy opportunities
Let's not forget their valuable partner status and the company they keep .This is likely to push them to the front of the queue Their developments are exemplar and they consitentally deliver Look how they sorted out City North
Mix in someone like the mercurial Urabn & Civic who can provide the deals and the synergy would be electric
Anyone know how the AGM went?.
I went to the AGM and - predictably - it was a bit of a non-event, although I had some interesting discussions post-meeting, not on bid issues, which are clearly the topic du jour. We will have to wait until the 6th August meeting. I understand that the Scheme Document should be out tomorrow or the start of next week, at latest. Attendance was down on the last few years for obvious reasons, but at least all the board turned up and made themselves available for questions after the formal business, when I suspect that they would rather have been elsewhere. I saw that a few advisors from CBRE also attended, presumably mainly to check that nothing off piste was discussed.
This is feeling more and more like the end of an era.
Well James don’t leave us hanging....the interesting after meeting discussions were......!
As a non-local (I live in Central London), I would only add that what goes on in Waltham Cross stays in Waltham Cross. The TEF specific stuff will hopefully be ventilated on August 6th.
James that’s very cryptic.
Did you get any sense that it is all over and CBRE win or any suggestion there might be other interested parties.
A good answer James. Best kept to yourself, the AGM was open to all shareholders...
That doesn't help those who were not in a position to attend.Being up to speed will help with the upcoming vote.
Sain, a number of the sites you mention were the old Telford homes metro division sites and were responsible for the site deals. A lot of the staff left the business and moved onto pastures new. May have been a contributing factor on where we are today.
Stool
Yes Decisions for the acquistion of many of those sites were made some time ago The list was in response to Exdividend to point out historically they haven't and are still bearing fruits from some of those today
"Sain you can shoot me down but I don’t agree with you. I think the BOD have made bad site selection decisions and that’s why we are where we are. "
However I do agree with Ex that recent site purchases have not been as attractive .Both Stone Studios(no planning betterment)_ and Cambridge Heath Road acquired expensively unconditional . To be fair at the time the market was very frothy and you have to give credit to the BODS for downing tools rather than aggressively buy
Whether or not Jerry is a rainmaker we have yet to see?
However opportunities are mainly agent led and there will be plenty knocking at TEF's door
This is why U&C would be a great fit They conjure up deals from nowhere and TEF could do a job of BTR work on U&C's strategic landholdings !!!!
Stool
Yes Decisions for the acquistion of many of those sites were made some time ago The list was in response to Exdividend to point out historically they haven't and are still bearing fruits from some of those today
"Sain you can shoot me down but I don’t agree with you. I think the BOD have made bad site selection decisions and that’s why we are where we are. "
However I do agree with Ex that recent site purchases have not been as attractive .Both Stone Studios(no planning betterment)_ and Cambridge Heath Road acquired expensively unconditional . To be fair at the time the market was very frothy and you have to give credit to the BODS for downing tools rather than aggressively buy
Whether or not Jerry is a rainmaker we have yet to see?
However opportunities are mainly agent led and there will be plenty knocking at TEF's door
This is why U&C would be a great fit They conjure up deals from nowhere and TEF could do a job of BTR work on U&C's strategic landholdings !!!!