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Countrywide shareholders approve £140m cash call

Tue, 28th Aug 2018 14:10

(Sharecast News) - Countrywide shareholders approved a £140m emergency fundraising at the estate agency owner's annual general meeting on Tuesday.The company, which owns Bairstow and Eves and Hamptons, said more than 98% of its shareholders backed the cash call.Around £115m of the proceeds will be used towards paying down Countrywide's £200m debt, with a further £14m for general corporate purposes and to support working capital.Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "The injection of £129m of cash will keep the wheels turning for now, but that money is being used to pay down debt rather than to fund growth. In other words, this cash is a lifeline rather than a springboard."The news comes just days after the company cancelled a £20m bonus scheme for top management."Indeed some of the wounds Countrywide is nursing were self-inflicted, though political and fiscal decisions have played a part too. In particular stamp duty reforms and Brexit concerns prompted a 22% decline in London housing transactions last year, which compounded the operational mistakes made by Countrywide itself," Khalaf said."Looking forward, it's a long road to recovery for Countrywide. The sales pipeline is not disappearing quite as quickly as it was, but the latest published decline of 9% is still pretty steep. In the immediate future the company also faces a prospective £21m revenue headwind from legislation banning letting fees being charged to tenants, expected to come into force next year."At 1430 BST, the shares were down 7.8% to 13.74p.

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LONDON MARKET MIDDAY: Countrywide Shares Sold Amid Quiet Market

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Countrywide tumbles to new low on Brexit profit warning

(ShareCast News) - Estate agent Countrywide warned that operating profits will be lower than expected for the full year, due to a "tough" residential market as a result of a change in stamp duty and the EU referendum. The FTSE 250 company said due to reduced transactions in the second half of the ye

23 Nov 2016 14:54

2nd UPDATE: Government Letting Fee Ban Will Drive Up Rents - Savills

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Estate agents stung by Chancellor's ban on letting fees

(ShareCast News) - In his Autumn Statement, Chancellor Philip Hammond announced he planned to clamp down on letting agent fees, sending estate agents shares lower on Wednesday. Shares of companies in the sector were sharply lower in early trade, with Foxtons were down 9%, Countrywide losing 5% and L

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Broker tips: Howden Joinery Group, Segro, Countrywide

(ShareCast News) - Howden Joinery Group shares dropped on Tuesday as Berenberg lowered its recommendation on the stock to 'hold' from 'buy' and cut the target price to 450p from 550p. Berenberg said the supplier of kitchens and joinery products is seemingly one of the most exposed companies in its U

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Tuesday broker round-up

(ShareCast News) - Segro: Barclays keeps at overweight with a target price of 520p. Howden Joinery: Berenberg downgrades to hold, 450p target. Standard Chartered: Deutsche Bank reiterates sell with a 574p target. Cobham: UBS reiterates neutral with a 160p target. Cobham: Barclays reiterates equal

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