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Started: sain@vision, 2 Dec 2023 02:48
Last post: sain@vision, 2 Dec 2023 02:48
Just to add salt into the wound
https://novaramedia.com/2023/08/04/its-a-scandal-how-property-developers-failed-to-sell-a-single-flat-in-balfron-tower/
Started: sain@vision, 2 Dec 2023 02:40
Last post: sain@vision, 2 Dec 2023 02:40
Can't believe that this chat aite is still open on LSE 4 years later .
Should think the SP would be a lot different today with the main cast of characters long gone!
Latest set of accounts showed a loss of £153m .
Maybe it would have been a good time to get back in !
Interesting to note that the site in Cambridge Heath Road they acquired in Bethnal Green in 2017 for £30m hard cash unconditionally remains undeveloped .
Beset with planning problems .A fresh application went in earlier this year .
Started: Bazzaman, 7 Oct 2019 10:17
Last post: Xdentibus., 16 Mar 2020 15:25
Looks like last year was a good time to sell after all!
Got rid of half mine over the last few months but it does cost me to buy or sell,1%.
Silly question, but why did people wait till now for there money when they could of traded them on the stock exchange months ago for the same price???
You are lucky. I know Hargreave and others settled last week. Iweb just said they are within regs if they settle in 10 working days. Meantime they have use of all that cash. Profiteering out of giving lousy customer service. Typical.
Got mine today,at last.
Started: Facevalue, 30 Aug 2019 09:21
Last post: OakwellFan, 7 Oct 2019 10:01
Does anyone know the settlement date. As far as I can see the CBRE website is very quiet on the issue.
Quote in email yesterday from Company Secretary Monique Woudberg : There is unfortunately not a date set as yet for the payment to shareholders. I can confirm that once all of the conditions to the scheme have become effective there will be a notification to the market which will be available on our website and will include details of when shareholders can expect to receive their cash proceeds and the expected timings for de-listing.
It will but without us allowed to hold shares in it. The Yanks will make a bomb off TEF. America First I suppose.
If TEF goes public in a few years time you will see the full hidden value we were "cheated" of. It is a growing company with a great business plan in a growing market with a chronic shortage of homes and high barriers to entry for builders not already embedded. BKY most similar but not in the same phase of growth and aiming further upmarket where in my opinion the market is more volatile than the near prime under 600k market for young well paid professionals. I think TEF had it spot on and I have no alternative I hold the same confidence with.
Quite irritated that my average buy in price since 2012 in my ISA is 3.57 and I was forced out at 3.52. All that risk for a modest dividend. If the buy out had been at around the 5 year high (4.93) maybe would have felt better about it but not at 3.50. Bad timing.
Started: 2227, 27 Aug 2019 00:17
Last post: terrace, 27 Aug 2019 10:34
and so it will.
sain, steph, terrace
They used to talk about this company as though it'd stay afloat forever. How misguided they were.
Started: Joethebuilder, 6 Aug 2019 16:52
Last post: terrace, 13 Aug 2019 17:31
COV....hope very much to see you on the Bellway board
Good luck Terrace ! There have been some exceptionally good characters on this board.
It didn't end as we hoped and i sincerely hope it didn't hurt in a financial sense the regulars on here.
I suspect it didnt , many were in from circa a £1.00 so we did ok !! Can still afford to go to Japan for the RWC in Sept.
All the best all the Tef "Regulars" , you know who you are
Hopefully the regulars here will join Sain and Strictly on the Bellway board....seems a sensible homebuilder.
Credit for not being able to change direction in new circumstances and selling us out? Didn’t JDS inform investors and the market that individual sales would form a lesser part of the strategy in the short term and rental partnerships were the main thrust? Credit for wasting a 1.5 billion pipeline? Credit for claiming confidence for the long term but not being willing to see it through? Credit for having considerable salaries and benefits affording the luxury of throwing in the towel for individual shareholders? I doubt many on here share your view
So we now have the choice of selling in the market for 349p less fees or waiting until the end of September for 350p net from CBRE.
Started: 2227, 13 Aug 2019 16:45
Last post: 2227, 13 Aug 2019 16:45
Feel sorry for the usual posters on this BB.
Goodbye old friend,i shall miss you. have just sold my 28000 tef and reinvested in crst seduced by the 9% yield and disgusted by the tef BOD who seem to have chosen self interest over their responsibility to shareholders . shall also miss the posting board so please posters tell me on which board you will now hang your talented and enjoyable hats so adieu but not goodbye
Started: sain@vision, 6 Aug 2019 16:32
Last post: sain@vision, 6 Aug 2019 16:32
Sounds like a lament !Sad to see them go
Should imagine like my SIPP holder they probably didnt bother to register my intentions
CBRE have got themselves a bargain , the founding fathers are happy Should imagine some of the suppliers and professionals might be concerned
So thoroughly enjoyed watching their progress over the years and probably look in now and again
This has been a fantastic baord .Wish you all the very best .Might meet up elsewhere Time to move on Over and Out Adios
Started: 1GW_, 6 Aug 2019 15:39
Last post: 1GW_, 6 Aug 2019 15:39
As I read the results, only 46% of shares were voted, and only 3.5% (2.7m shares) were voted against the deal (and 1.4% of those spoken for by a single poster on here iirc).
Started: 1GW_, 6 Aug 2019 14:51
Last post: james188, 6 Aug 2019 15:37
I voted against, but it was always highly likely to go through unless a serious counter-bidder emerged. I was surprised that the votes against were pretty low. Time to move on.
At the end of the day, despite fairly significant arbitrage involvement, no-one else stepped up to counter-bid and CBRE presumably didn't blink if any attempt was made to lever up the price (subject to Takeover Panel approval) in exchange for voting through the deal.
So difficult to argue, perhaps, that it wasn't a fair price?
Not with a bang but a whimper...
RNS scheme approved. BOD disgrace.
Started: sain@vision, 6 Aug 2019 13:03
Last post: Joethebuilder, 6 Aug 2019 13:54
Sponsored by RedBull, Febreeze and Shake and Vac!!
Hilarious! This could really take off. Perhaps you should patent the idea, create a worldwide league and then take the whole thing public.
Going to have to find a new hobby !
https://www.youtube.com/watch?v=njHE4S-HD3I
No official outcome as yet. We're all waiting to see what happens.
Fingers crossed that will be the outcome. I only have a small holding now, having sold out the majority the middle of last year, but I'll be sad to see TEF go, especially to a US company at a time when need to be holding our nerve as a country and grouping together.
Started: Joethebuilder, 6 Aug 2019 11:52
Last post: Joethebuilder, 6 Aug 2019 11:52
Does anyone know what time the general meeting is today regarding the vote?
is this the end of the line for small shareholders?.
Started: sain@vision, 5 Aug 2019 18:56
Last post: sain@vision, 5 Aug 2019 18:56
Well today Pochins a well established firm in Cheshire went into admin today Developer-builders solidThat is really a shock A real bellwether for the region
Started: sain@vision, 5 Aug 2019 18:05
Last post: sain@vision, 5 Aug 2019 18:05
Good luck with Crest
FWIW I've now sold my remaining Tef position and reinvested in Crest.
Although a counter-bid could still be announced tomorrow, or a sweetened deal, my feeling is that such an outcome was more likely to have been announced first thing this morning after weekend negotiations and my fear is that rejection of the deal is now the bigger risk. If it is rejected though, given the recent arb behaviour, I think that might be a prelude to an attempt at renegotiation with CBRE - subject to Takeover Panel agreement to CBRE submitting a higher bid.
Good luck those of you staying in.
Your insightful posts on the jockeying for position amongs the shareholders has been most welcome
Terrace - still hopeful, but in the context of having sold 2/3 of my pre-announcement holding - so I'm certainly not banking on a counter-offer or sweetening of the deal, but I still think there's a chance.
Samson Rock seems to have folded yesterday, closing out its CFD long. But Tavira, like Sand Grove the day before, has converted a CFD long to shares (2.04m of them in the case of Tavira) and added another 200k shares for good measure.
So now we have about 18% held between Sand Grove, Tavira and Cicogne - still probably enough to block the Scheme given general apathy and/or hostility to the deal among retail investors.
Why is there that stipulation in the Takeover Code about not being able to increase a "final" offer? I think it's to stop acquirers laying siege to a company, by saying this is the "final" offer but then increasing it when they don't reach the pass mark and causing more distraction for the company's management. I presume (but don't know) that if the target (i.e. Tef), the bidder (CBRE) and shareholders representing a significant chunk of the voting rights went to the Takeover Panel and said they all want the bidder to be able to increase its offer then the Takeover Panel might agree.
So although a last-minute counter-bid is possible on Monday, I think a more likely upside case is now that the deal is voted down on Tuesday and that CBRE is then invited to sweeten its offer, with the consent of the Takeover Panel, the Tef board and a number of institutional shareholders. And I suppose it's even possible that if all sides accept the vote won't pass they might even present a sweetened bid on Monday or Tuesday so that the vote on the current offer doesn't go ahead.
And the downside remains, IMO, that the vote fails on Tuesday without a counter-bid appearing and without any agreement for CBRE to sweeten its bid.
Still hopeful?.
Started: sain@vision, 5 Aug 2019 11:29
Last post: sain@vision, 5 Aug 2019 13:38
Odey shorting UK plc ,weakening pound .Setting things up very nicely for our friends across the water to pillage UK assets
CRST SP now below TEF,long time since that has been the case.
Yanks zooming in on the sector and we are just flipping on our backs Clearly see opportunity in a post Brexit world .Where is the challenge !
https://twitter.com/PropertyWeek/status/1158296174497021952
Started: sain@vision, 5 Aug 2019 10:37
Last post: sain@vision, 5 Aug 2019 10:37
http://residential.jll.co.uk/insights/research/european-multifamily-investment?utm_source=Twitter&utm_medium=Social&utm_content=2532128956&utm_campaign=MARKETING+CAMPAIGNem-uk-resi-livingresidential
JLL really plugging this but let CBRE slip through the covers on TEF ? Missed opportunity .Their capital markets team providing the innovative funding on City North,flog all of TEF's kit in Asia
moved their East End office next to them at Stratford but seemingly missing out on the big prize Lost out to Savills on the partner selector for the JV . They must be embarrassed !
One final thought. If you are sufficiently motivated and available, you could ask the platform to issue a letter of representation tomorrow and then show up in person on Tuesday and vote. Corporate action nominee votes are now closed. Some/most platforms may not be able to issue a LOR tomorrow, so this is a long shot. When I last needed to do this two or three years ago, the letter arrived by post, rather than e-mail. Votes really matter for the Court hearing. All shareholders have an equal vote, irrespective of the number of shares that they hold - i.e. the same as the likes of the hedge fund players who now hold a significant part of the equity. BTW, is anyone bothering to attend the Court hearing next Tuesday?
Too late to vote nominee shares, sadly. Votes had to be in by Friday morning at latest, save that direct holders could turn up in person and cast a vote on the scheme proposal (Court meeting) just before the meeting starts next Tuesday.
Contact your broker and ask them to vote your shares on your behalf
Sorry if I missed this but is there any way we can vote against the deal as shareholders holding in a stockbrokers account?
After being a holder here for 13 years,I think I am about to be mugged for the shares by CBRE.
Started: sain@vision, 2 Aug 2019 07:23
Last post: sain@vision, 2 Aug 2019 07:23
For what it is worth ! Pretty damn good considering
7 available at Calders
13 at NGQ
Still the 2 at Manhattan
2 at Liberty
Started: GoldenGoose, 1 Aug 2019 23:20
Last post: sain@vision, 2 Aug 2019 07:18
I wonder what the staff's thoughts are ? Having worked for a company with a"Family Feel" now being shoehorned into a global behemoth
Some nervous suppliers and professionals-no doubt .No matter how much independence is granted there is always a favoured company lurking .TheYanks are coming !
Is it possible to vote against the deal as an ordinary shareholder holding shares in a stockbrokers account (Halifax)?
Started: Xdentibus., 1 Aug 2019 18:02
Last post: Xdentibus., 1 Aug 2019 18:02
With the arbs taking 3% from Investec and Sand Grove converting its huge CFD position into shares (if I am reading the 8.3's correctly), this still looks to me like it might not be over yet (in terms of the CBRE bid going through as is). By my calcs, the arbs (as I think of these companies) now hold 20% between them as follows:
11.1% Sand Grove (and converted CFD into shares yesterday)
5.3% Tavira
1.8% Samson Rock
1.7% Cicogne
Given the 75% passmark for the scheme of arrangement and natural apathy among shareholders, that looks to me like almost certainly sufficient to block the scheme if that's what they want to do (especially as we know from posts on this board that there's likely to be another declared shareholder voting 1.4% against iirc).
I wouldn't expect arb players to take the risk of the deal failing without having something else lined up in the near term. But the Sand Grove conversion of its CFD yesterday and Tavira's purchase suggest to me that they think something else is on here. Could they be trying to negotiate a sweetener from CBRE and perhaps also seeking Takeover Panel approval to waive the normal rule on companies not being allowed to sweeten a "final" bid?
The pre-bid significant shareholders on the other hand have been selling down. By my records Octopus, Schroders, Bank of Montreal and Wise Funds have gone, Investec sold about 1/2 its position yesterday and Graham Harris has sold more than 1/2 of his.
I think I will retain my remaining position until at least Monday.