Re;Buying Opportunity....9 May 2008 08:25
A placing of up to 20mns new shares at 50p/each, subject to member approval at an extraordinary general meeting ("egm"), raising some £9mns after Xs. New funds will provide additional working capital. With an enlarged issued share cap base of almost 60mns, the current market cap would be £33.9Mns compared to a land bank, with full planning permissions in place amounting to some £163Mns. Then, on the face of it, this Co is seriously undervalued. But taking into account the current weakening in the housing and "new build" sector, the share price will not receive full recognition, and may even show weakness short term during the housing sector weakness, but as sure as sure, the sp offers up great value long term. A whole raft of numbers and announcements released to day, and make very very interesting reading, a change of adviser etc,