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Yes sorry it was Terrace’s comment I attributed to you with all the re.re.re posts.

Sain so which is it. Half your posts you feel the bid is undervalued and now you are saying it’s not worth £3.50?

There is also the argument that if the deal is rejected then enough shareholders believe £3.50 is undervalued and the price remains roughly stable.

For my money there are many covetous eyes within the industry and beyond of TEF’s contacts, awards, reputation and not withstanding recent planning issues their relationships with planners, agents and housing associations.

With the pound depressed foreign investment buys TEF for pocket change. At these levels what’s another £25, 50 or £75 million increased offer to take the prize. It would have to be a good offer to blow CBRE out of the water and them not wish to match.

If a Brexit deal is achieved, and I still think there will be some sort of fudged agreement, then this £3.50 at $1.25 USD to the pound will look like the deal if the century for CBRE. Bear in mind they are willing to increase their offer should there be a rival. It’s actually there in black and white that they are willing to pay more. Says it all really.

Blue you should have gone to the meeting. Open to all shareholders......??????

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.

Well James don’t leave us hanging....the interesting after meeting discussions were......!

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.

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.

Thanks. I was checking! I hoped someone with specific knowledge and experience would answer.

Can Someone with more knowledge of the process please comment on how other offers would be handled. Can they be presented right up to 6 August event and what would happen at that point. Does the meeting go ahead. Do the BOD get to switch horses etc etc.

Also

Share sales have far exceeded buys. Can’t see the MM’s sitting on the balance. So where are they. If someone is buying at this volume how long have they got before informing the company. If CBRE in some form don’t they have to make that public?

Thanks

Stating the obvious I still can’t see for the life of me why the company is selling.

Other builders statements are positive.
Current sales from TEF ( current developments on the website) look good. Bow sold out, few left each development .Calders has picked up.
Greystar M&G Invesco and others providing cash and huge schemes with potential £75b market
Telford early adopters and positioned at the forefront of this trend.
Future schemes shown on the website taking interested names.
More positive news on shortage of supply and increase in activity. Slow but there are reports.
OK DC going disputes this but was this because the decision to sell was made and now BOD are committed. I wonder if they discussed this direction now in light of other builders performance and the apparent upturn in sales would they reach a different conclusion and if so at what price.
Brexit will get sorted one way or the other releasing pent up demand due to chronic shortages plus those who have held off due to uncertainty.
Two years from now this could look a very poor decision. It looks poor ( at this price anyway) to most of us on here now.
London will always be London with all that entails and still one of the best and most business attractive cities in the world.
WTF.

Outlook

Market fundamentals remain stable and despite the ongoing uncertainty surrounding Brexit, we continue to see good demand for our new homes across all our operating regions. We start the second half of the year with a strong forward sales position and are confident of delivering completions in line with our expectations for the year.

Even BVS are confident.

Can only hope this is a timing issue and potential suitors found out on the same day we did. Brings in the question of who approached who and when. If TEF approached various parties then that would have confirmed by now and if it was CBRE, presumably introduced by a n other ( Greystar?), then why agree and support an offer that undervalues what we were told was a very bright future.

I will vote against at this price.

Contrary to my previous thoughts I can see the sense of other bidders investing the time to compete. Not saying there will be but at a higher price the BOD may prefer another UK based company and reject CBRE. US work culture is very different to that of the UK and however the future company is structured there would probably be more options for senior management to stay long term.

There should be enormous value added the years of contacts and relationships in London starting back in Furlong days. Add in the new relationships, Greystar, M&G , Invesco and have we forgotten Goodwill. Seems to me potential suitors would cut off the proverbial to pay a premium for such a unique and probably unrepeatable situation. Yet we are accepting ‘ fair and reasonable’. CBRE may not value the Greystar benefit in the same way if they already have dealings in the US.

These relationships have a significant premium demanding value.

As for DC I get it in the short term. He probably doesn’t want to pass up opportunities over the next couple of years transition. However when a fudged Brexit deal finally happens won’t the pent up demand and chronic shortage factors come in to play. Five years down the line won’t the Telford model be even stronger adding private sales back to the bright future of IPRS.

Terrace I’ll have an imaginary wager with you as presumably there won’t be a chat forum for Telford. The wager is 12 months from takeover the board will not bear any resemblance to that we see today. All CBRE needed was to bat their eyes and bulging wallets to impress enough for the board to roll over and just say yes whatever the cost in loyalty and giveaways. CBRE will no longer require ( IMO of course) the services of anyone who would have been daft enough to sell at this price working for them. Not astute enough. I would imagine they have everything crossed and being very religious every night just hoping they can get this deal across the line without encountering a pesky counter offer.

Terrace

Suggest you try hitting Xdentibus user name and you will see it has been withdrawn. Suggest also ignore anything he posts as I am convinced he has a different motive.

Terrace. If that is correct it explains AW transferring shares back from his wife.

Surely that then only applies to Andrew Wiseman. Other founding fathers no longer serve as directors.

Sain

Other than Andrew who sits on the board I doubt there is any great joy in this sell out. Think through the double whammy of lost tax free inheritance tax plus being sold short at this price and indeed I would assume as long term holders huge crystallized tax demands. While they may all vote to accept JDS’s disgraceful deal they will probably do so through gritted teeth. If only those elected to Westminster had gritted their teeth and voted through that other “disgraceful” deal we wouldn’t be in this situation. There are two winners here CBRE and Telford with us chumps not being part of the consideration. Who says loyalty is dead.

Much as I would like you to be right what would be the incentive to rush due diligence and then still have your offer matched by Telford's preferred and in bed partner.