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Would be Interested to receive your blog. Mjtrim14@gmail.com.

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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

RNS scheme approved. BOD disgrace.

“UK consumer confidence improved in July, according to new data which showed that Britons are feeling more optimistic about their finances.”

Stable housing market. More confidence. What a great time to sell

They also talk about a stable market and have increased the dividend albeit trading in SE more challenging.

In 2008 the then board rolled up their sleeves and pushed through. This time they seem to have no appetite and just waved a white flag. To go from the confidence in the future, doubling of size and £50 million profit to the current situation we have been horribly mismanaged. The huge pipeline, shortage of homes and institutional tie ups would undoubtably get us through short term issues if there had been a will from those who’s responsibility also includes shareholders. With the pound so weak I am surprised there aren’t several foreign offers to rival CBRE who I am convinced we’re introduced by Greystar. On the assumption a bid goes through I would love to see TEF figures in a couple of years. Back slapping all round in whoever gets this across the line. Disgraceful.

Terrace I have already completed the proxy due to my nominee status “no”. You of all here have continually posted about the future and I am prepared for a short term drop as for all the reasons stated I believe in TEF for the long term

I believe you are totally wrong in stating JDS etc go along with the wishes of the founding fathers. As directors they have a fiduciary duty and as I see it if they are “just going along” they are fundamentally in breach and would open themselves up to all sorts of issues.

Sain

You indicated that directors read this board and if you are correct we can only hope they are beginning to realize the error of this premature evacuation and are working on a scheme to block the bid without going against their binding undertaking. They will presumably feel uncomfortable that we the shareholders have lost some confidence in them but with one or two changes and a recovery in profits we will forgive and forget in time

Out of left field AW could resign now, vote no and campaign for others to do likewise in support of shareholders.......... LOL!

Makes a mockery of the wonderful premium our BOD negotiated for us.

Just listened to Boris. If every young person wanting to buy their own home will be helped wouldn’t you think that builders would be rubbing their hands at the prospect of incentives and tax cuts. What a shambles and I mean TEF not Boris.

We will never know what went on behind closed doors but I tend to agree this is a fair comment.

Considering everything seemed to fall apart in just over 3 months after the 50million prediction there had to be some serious lapses in management. My own view for what it is worth is site selection, or at least the assumptions made wrt planning and expected permissions. Couple that with lower margins on private sales and we have the short term ( now they are saying short and medium in the scheme documents) dip. Delayed profit is still profit but somehow It seems to have disappeared. Yet still the BOD maintain their 17p dividend prediction which I would be quite happy with.

I suspect, and just IMO, AW who has been looking to leave since as long as I can remember, just hasn’t got the fight left in him and as far as the remaining directors they have lucrative salaries and benefits irrespective. I do feel however that with others now looking over the accounts, either tire kicking or with serious intent, that some recent decisions and announcements will not look too clever. I also suspect that the abilities of the BOD’s and their reputations will not have been greatly enhanced for future careers. Certainly as far as I am concerned this is not in my interest and shareholders of companies where they may be later employed would do well to consider the situation here. How on earth can a company with a 1.5 billion pipeline, the most expertise of brownfield sites in London, contacts and relationships be sold at a knockdown price and without even waiting to see how Brexit pans out.

Flying off on holiday now so sketchy internet. I will be voting no at this price as I am confident in the future. If Boris ( God help us) gets a deal things will improve and property will soar. If he doesn’t the pound on foreign exchanges will be so weak that investment in the UK will be irresistibly cheap. UK companies will be very sought after and oh yes, property will soar.

Just need the rest of you to assist my no vote with the other 23.61%........

It’s 6 months.

With AW and the non exec declared as resigning there will be a change irrespective. John Fitzgerald safe in my opinion as he is the technical and operational brain. Katie Rogers probably too as she knows the figures. Not sure about anyone else after a period of dust settling in the event of a no vote.
I can say with some certainty that one shareholder with 1.4% will vote “no” unless a significantly higher bid comes in.

Particularly at this juncture with Brexit. If Branson is correct then a foreign buyer will have the benefit of the weak pound and if there is a deal the whole property market will become more positive. Surely waiting 3 months to see which way the wind blew would have been in the best interest of all stakeholders.

BNY Mellon say 3.30 July 17th.

This is in the common domaine so further information as follows.

The court meeting and general meeting are both meetings of shareholders (the court meeting approves the scheme as required by the Companies Act and rules of court and the general meeting approves certain matters ancillary to the offer). After these two meetings on the 6th, there is then formal hearing at court to sanction the scheme. The date for this has not yet been fixed as this will be dependent on EU merger clearance.

I have no idea how long this clearance and then court approval will take but it does strike me that we will have owned our shares for at least 90% of the first half and on top of everything else our dividend for that period. Yes CBRE will say accounted for in the price but it’s even more of a slap.

The official answer I received to these questions are 1) no shares required to make a bid 2) scheme is not approved until the court sanctions and until that time the whole process can be suspended or even cancelled to allow shareholders to consider the new proposals and amend their position as necessary.

Also does anyone making a bid have to hold any minimum number of shares before they qualify under AIM rules?

Does anyone know, factually as opposed to opinion, what happens if an increased offer is received....

To the meeting on 6th... cancelled? New documents required? Submitted votes cancelled?

Would be a “hostile” bid presumably as BOD recommended CBRE but do they get to change their recommendation?

Practicalities of changing votes previously cast to support a better offer if acceptable having initially voted no.

Whomever the buyer(s) as 1-GW said there has to be a declaration. I believe I am correct in saying CBRE are not allowed to buy at more than the offer price so if the sells are at any price over this the MM isn’t going to take a loss. SP underwritten by the offer price.

I may be adding 2+2 making 6 but the fact it is a US company suggests they didn’t just stumble across TEF. I wager a kipper it was Greystar who identified the companies potential. If they have confidence and CBRE have bid at their low end (yes I know I’ve said it before but they are willing to bid more) then in my view several other potential buyers must be giving serious consideration. Must be appealing to foreign buyers with exchange rate where it is. Whether this translates into a bid remains to be seen. We can only hope.