The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
You heard it here first. This will go private and Mercedes will take it on tot heir books as a separate division. Decide yourselves how that will play out for the share price.
Still looking solid even today. Decent land control for warehousing which they can drip feed to suit. The former CEO did a grand job in restructuring before jumping ship to LandSec. What are your thoughts?
Portfolio here is fundamentally poor. Their flagship John Lewis warehouse at Brackmills even looks shaky as that retailer begins to struggle. Aggressive asset accumulation over a period of time in a rising market has taken their eye off what can happen when the tide rolls out. These boys are swimming naked. Luck not on their side this time with regard to fund raise whilst competitor Urban Logistics REIT (SHED) with a stronger portfolio managed to get their raise done just in the nick of time a few weeks back at c£130m. Both WHR and SHED prime for takeover/consolidation. London Metric showing better share price value and more robust ability to sustain dividend as is Segro. Nervous times - i hope they can come out the other side in tact. The Savills Cap Market man has run out of magic.
I doubt this very much. HSTN now made up of poor balance sheet assets and the dross that is AIF. exceptionally granular assets facing the reality of increasing void and non-recoverables when the occupancy market takes a turn which it inevitably will. Desperate to sell with no buyer in the market. all key players have run the numbers and no one wants it. Cant see WHR revisiting. No longer aligns with the portfolio direction.
Only a matter of time. DTZ were basically a bust operation yet live to fight another day on a much smaller scale. They will no doubt still consider themselves on a par with the mighty American/global consultancies . Time to wake up.
A director of DTZ said a couple of years back that he could see one of the top four going bust..........
So who are you in the Birmingham office???
Spoke to someone DTZ the other day - still comparing themselves to the likes of JLL/CBRE and firms that are profitable! Still in denial that they will actually be taken over/gobbled up and the non-profitable/non-required parts turned out to the abyss. One even suggested that it was the BNPP name that would disappear.
Cushmans has recently been suggested in the property press. Then again, perhaps a big American such as CBRE/JLL or BNP Paribas. Can't imagine it being one of the partnerships. This is big news.
DTZ today said it is “comfortable” with its current financing in a response to speculation about its debt position. This comes after a turbulent month in which its share price has dropped 25%. The property services firm is understood to be considering ways to reduce its debt pile, which currently stands at around £80m. Although the covenants on its loans are understood not to be in breach, it is thought that the company wants to unburden itself from interest payments of around £5m-£7m a year and a debt level which is hindering efforts to turn the business around. City sources have suggested that a likely way for a services firm with few assets like DTZ to raise cash to reduce debt is through a rights issue. The company issued a statement to Property Week: “Having refinanced bank facilities in December last year, on improved terms with greater flexibility, DTZ is comfortable with its current financing arrangements and will not comment on speculation regarding what the group may or may not do to address the longer term issue of reducing its net debt.” Also today JP Morgan Cazenove, the company’s long term broker, was replaced by Oriel Securities, following a beauty parade of investment banks prompted by Cazenove’s resignation from the role. Shares in DTZ have fallen sharply over the last month, dropping from 39p at the start of March to close today at 28p. This is just 1p more than the level at which the company conducted a rescue rights issue in January 2009, when it raised £49m of new equity in order to pay back debt from Royal Bank of Scotland taken on to fund the purchase of Donaldsons in 2007. Banker Paul Idzik was brought in to turn the company around, and set about drastically reducing DTZ’s cost base through staff redundancies and exiting unprofitable businesses in the US and Europe. In spite of this, DTZ said in October that it expected to make a small loss in the year to 30 April, as opposed to previous forecasts of a profit of around £11m. Yesterday 10m shares in the company, representing more than 3% of its market capitalisation, were sold. The normal daily trading volume in DTZ shares is below 1m. This rights issue meant that French company SGP Investors now owns 55% of the company. Read more: http://www.propertyweek.com/5016099.article#ixzz1IGFSC0OK propertyweek.com Under Creative Commons License: Attribution
Cushmans annoncing profit, Savills announcing profit, JLL and CBRE announced profit. Knight Frank, GVA and King Struge undoubtedly will. Colliers have dramatically reduced their loss and seem to have a clear sense of direction - DTZ....????? Another small loss no doubt for the third year running when what they consider to be the benchmark competition are actually running away with positive results in what remains a tough market. It's all well and good cutting costs - every firm had to but now what? It should be history by now and looking to move on. You can only go so far. An alleged morbid atmosphere and no wonder people are jumping ship left right and centre. Where next? I reckon this will level off for a bit in the run up to year end results. Negativity on the proposed loss probably already factored in. I'd like to say they look cheap but just not sure yet. If there is no clear strategy in place or the prospect of a sniff at profitable business, then no point in investing???? Propaganda aside, there is more to this than meets the eye.
Almost at December 2008 levels. Went off then to £1. Acquisition on the cards......
Reality - take a look in the back pages of Propety Week this week. In the 'movers/new jobs section,' four of the people with new jobs have all left from DTZ in various parts of the UK. it's pretty much the same every week. And that's just the ones that are publicised by their new employers.
There has been discussion in the Estates Gazette of recent weeks, propsoing Cushmans as a suitor for the takeover of DTZ - apparently a good match where C&W are big abroad and not so in the UK, and DTZ stronger in the UK and not so much aborad. Apparently doing the rounds at MiPIM. A shame when you consider that not too long ago, they lined up Donaldsons. Watch this space. The co may well announce a loss to April for the third year running when competitors are now running strong. As for Stevedtz's post on Hammerson, will have to wait and see what happens - may well be the same with some of their big regional clients as well when the Regional Chariman departs
Has the co issued one for year end yet?
Hmmm, I remember buying these at 26 p and racing to £1 with little effort. I think this may have more to fall with them predicting a loss to year end April 2011. The financial year of 2011 - 2012 will undoubtedly be a tough one as the transactional side of the business faces further forecasted anxiety and general slowdown. It is lilkely that 2011 could be tough across the market. If the co is making a loss for 2009 - 2010 when the market has had a good 9 months to June this year, I wonder how they will get on next year when the little bull run we've experienced will be over and fears of a double dip persist. Tough times ahead i think......
Any takers?
Wozzer, you may aswell forget Carper. I said this morning that Tesco news was n ot true and would be retracted as per www.egi.co.uk. He balmed me and still does for deramping even though i provided hard facts - he also calle dme a liar. Quite clearly a frustrated fool. How it is that I can be criticised for providing valid info and the source is beyond me. The bloke is a tit
Hellooooooooooo - apology please. I was right, right, right!!!
Nothng to say??