Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
Alan80 - apologies - I've been so busy with work (buying development sites!) that I've not had a chance to check in to lse recently.
And lo....Mr Wicks has spoken! 2 interesting RNS's this morning (and one technical one about shares making the 3 RNS's released)- particularly the deals struck with the BTR fund for parts of two sites that INL are developing out. The HSBC facility is a good indicator too (you wouldn't draw on it if you weren't going to use it over the next couple of years. I still think there are other announcements in the pipeline but I'm guessing they'll take a breather for the moment to let the mkt digest this recent raft of news.
Ok - so I was slightly out on the timings (saying perhaps the 4th or 5th September would be 'news day on deals' but nevertheless; today's news that two have completed (and the proceeds, £25mill, used to pay down debt) is good. I'm waiting for news on the other 3 deals however (as the ones above were already in the pipeline/anticipated).
Yep - 75% needed for the special resolutions - that's what I heard on the call.
It's been a couple of weeks since my last post and it just feels like there's going to be some news - perhaps tomorrow, more likely Monday (deals usually exchange on a Friday as it's a natural deadline). Wicks will be motoring to capture the froth that's in the market at the moment (it is v v busy in the land market at the moment - I'm in it, working for a developer acquiring sites). Mad, mad market out there - so much going on with the effects (long term?) of corona to the office market, industrial, distribution, the new PD rights (permitted development), the new all-encompassing business class (which changes things in terms the high street), the presumption in favour of development that exists today, the pressure on planning departments to listen to the govt's message 'get britain building' (they wont listen.....); so much going on and I've not even touched on the effects of corona on vendor's having the time to make decisions and more important - when they've made a decision (to sell) they are acting. That, in itself, is massive. Anyway, I digress. Got a feeling there's going to be some news soon.
I also expect them to announce at least 2 land deals in the next month or so (being positive about 2 - definitely 1!).
INL have got momentum - even if they don't shout about it. it's a mad, mad market right now - such demand. and INL, I'm confident will happily capture that demand by selling some of their sites, before, perhaps, the market dies on it's arse if the economy tanks at the tail end of this year.
The news this morning is positive (and if anything INL is good at it's adding value through the planning process.....). They'll do well in Hounslow. A deceptively strong local market (particularly driven by the excellent links - 2 tube stations and BR).
I think it's before JSM1. They can't comment on every individual's country of residence/tax regime and the israeli agreement (or not!) between the respective countries etc etc.
Could Plus be acquired by another company? Are they attractive in that respect or will they become predator? Anyone got any thoughts on that?
Watch the share price tank despite these epic results.......
I bought because I felt that alot of the bad news was already in the share price ( i might be very wrong however!) - was hoping that today's results (for those that really matter I mean - not the likes of me with a shareholding that just will never account for anything meaningful or influential on the share price) that it simply reinforces that all the bad news is out there and accounted for and things can grow from here. Surely they are going to announce that they are going to start lending again soon? More people are going back to work (they'd furloughed staff - they weren't banned from lending - I think I'm right saying that). I thought that, as they do play a huge role in the market, a valuable role in many people's lives (whether you like it or not they are the life line for some people sadly), they'd seek to start lending as soon as possible. in my humble opinion of course.
So we know the new CEO bought quite alot of shares at 34p recently. Was they because he was told he had to ('we want to make you significantly poorer, as you start to work for us - so please buy our shares for way more than you'll be able to in 3 weeks time') or is there something he knows that we don't, bearing in mind the results? I'm not able to join the conference at 9.30 - would someone be kind enough to put up the key points they take from the conference call? Just hearing how the directors are with people will be telling - snappish? intolerant or questions etc etc? Or open, calm, relaxed but not arrogant etc - you know what I'm talking about. Any insight gratefully received :)
B3Living is Broxbourne Housing Association's new name. So alot of the money that Inland are contracted to receive is essentially government-backed money. And there's £23,250,000 in land sales plus they've locked £4.5mill in residential units sales too. The HA contractor-arm has also taken it's order book to over £100million now (and I assume that profit is simply a function of turnover on that side of things - perhaps 9 to 11% of the build cost).
The Staines deal looks a good one - £6.6mill plus a cut of the uplift in the anticipated profits post-planning (when both parties flip the site no doubt!).
And the sentence saying they are well on the way on other land deals too - looks like the land deals that were stalled pre-corona are back on track. Possibly with new parties (I don't know - just that the land market is rocking at the moment - alot of activity, alot of people running around trying to buy sites, alot of sites available (but not seeing land values fall at all if I'm honest). I remain a long term holder of these shares - and it would be nice to see the share price hit 60p+ and stay there.....!
Thanks for looking it up Demos - i've not had time to do the research into it (wife has a new job - me working at home and 3 nippers).....It makes sense - the fact that Bewley and INL have done it this way - effectively they've insisted on the deal completing (so the price is locked in, and they are able to tell the market that the income is registered) but on the flip side if gives Bewley the chance to get a spade in the ground and helps with their own internal ROCE (or ROACE) figures in that they aren't carrying the cost of the total amount they are paying, upfront. so total figure agreed is (for arguments sake) £25 mill. A nominal amount is paid on exchange, with completion a month thereafter (and perhaps £10% of the total paid at that point. then £13.5mill paid in September and perhaps the next £12mill or what have you paid a year later. (and more important for bewley they are a year closer to realising some cash in the form of completed house sales.) everyone's a winner.
Last year they paid a dividend in July and January - I've not got the time to go through all the rns's but is that the case this year too (so July this year and Jan 2021)?
So, whatever happens to the share price (I'm in at 17p......!) in terms of growth or not do we still have that to loo forward to or have they suspended them? Sorry not to have done the research already but time is an issue this morning.
Yes - let me add my thanks to you too 14cr - appreciate you taking the time to explain.
That's only £145,000 per plot Demos - I thought they'd get more tbh. But perhaps there are abnormal costs associated (remediation or something). I thought the number would be nearer £250k-£300k per plot. I think Corona has really focused their minds - and paying that £150mill is a priority. :)
That's only £145,000 plot Demos - I thought they'd get more tbh. But perhaps there are abnormal costs associated (remediation or something). I thought the number would be nearer £250k-£300k per plot. I think Corona has really focused their minds - and paying that £150mill is a priority. :)
Well, as with all these things, situations can sometimes affect both parties - developers think they're suddenly paying too much but sellers needing the cash (any cash!) so sometimes there's an opportunity to renegotiate the terms but yes - other times developers realise that they are 'long term' holders of that land (to see any profit!) rather than turning it for a quick return. I forgot to mention brexit (which has an effect on both parties sometimes - it's not just a one-way issue for developers) and I htink corona has had an effect on everyone - people realise they need to seize the day perhaps or capture that profit and move on or not hold out til the pips are squeaking but to realise some profit rather than the extra last tenth. Or they are holding an asset that has suddenly become toxic (secondary office space) or where tenants are going bust left right and centre and their bank isn't being as lenient as the market would suggest. Buying land, doing deals - it's not just a one way street where the developer has a need and therefore the price reflects that need. We don't know if INL pulled the contracts (could have happened, using corona as an excuse) for example. they might have felt that there was a more appropriate, higher, value in them, or the buyer(s) were dragging their heels. There's always two sides to the story - it's not just the buyer dictating terms, at their pace. I doubt that was the case here but nevertheless. Bearing in mind deals take ages to do (and if they don't, what have you missed, is always my mantra!) ; there's a hell of alot of time and money invested in them prior to agreeing terms. But anyway - lets see what happens going forward.
It's not a definitive point of view Sain - just trying to add to the argument/knowledge/give another side to things that's all. The land market is rocking (you never really hear about it because most people don't understand it, have no knowledge of it and are concerned with house prices). But it's rocking - there are deals being done , lots of activity. We've got a stable market, house price data is showing a drop (which land owners read), developers have confidence in the long term future of the UK/London, planning departments are under pressure from the Govt, there's an emphasis on build, build, build, we might even see changes to stamp duty in the budget. I think INL will get those sites away (the aborted ones) within their timeframes stated and I also think that the companies that pulled out of the deal will regret their decision(s). That's my take on it, using my knowledge of what I'm seeing in the land market right now. I don't deal with INL directly or have any internal knowledge of them as such.