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Harworth directors ignite hot property
Jim Armitage
Sunday September 26 2021, 12.01am, The Sunday Times
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It is not entirely foolproof, but following directors when they buy shares in their company is rarely a bad move. That is what draws the eye to Harworth, the property group that specialises in buying old industrial sites, cleaning them up and pushing them through the planning process to be used for homes, warehouses or workplaces. Its preferred hunting ground is the Midlands, northwest and northeast England.
Regularly overlooked by investors, its name came on the radar recently when three directors dipped into their pockets to buy stock worth nearly £100,000.
One was new chief executive Lynda Shillaw, who this month completed a review of the company and decided to double its size in five to seven years.
Given that she then made a £30,000 share purchase, she clearly has faith.
Veteran investors may recall that Harworth emerged from the ashes of UK Coal, the doomed, privatised coalmines once owned by the late tycoon Richard Budge.
Harworth was the part of the business that owned the land. It has been performing well since the worst of the pandemic, with a chunky 15 per cent return in the first half of the year, partly due to its focus on warehouses, which boomed through the online shopping surge in the work-from-home era.
But that six-month period was nothing unusual. Harworth has a decent track record of steering land through the planning process and either selling it on or developing it itself.
Shillaw has declared her doubling of the portfolio will be driven by building more warehouses from a rate in recent years of 200,000 sq ft a year to 800,000, while growing its land bank — currently 15,000 acres.
Hedge fund billionaire Nick Roditi, who learned his trade at the knee of George Soros, upped his stake at the depth of the lockdown last year when the shares were at rock bottom and is sitting on a tidy paper profit. His London & Amsterdam Trust is now the biggest shareholder with a quarter of the business — a little more than the Pension Protection Fund, a legacy of the UK Coal collapse.
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A vehicle of Trafford Centre developer John Whittaker holds 15 per cent.
Investing beside such dominant shareholders may put off some people, as will the fact that Harworth’s shares have already had a good run up this year. You might end up having to stay in for a while to see gains.
But with the shares still trading at a discount to the forecast value of its developments, it’s worth following bosses’ footsteps and buying for the long term.
Can anyone suggest how I can get a PIN to join the meeting tomorrow. I sold out late January on the way down after a long holding so don't have a proxy form with PIN but we like to see how this pans out.
Couldn't see a way out of this and still can't but hope I'm wrong for the sake of other LT holders here
I think the market makers are having a field day here stoking hope and running price up before negative news like RNS this morning.
Some big sells just before market close yesterday.
All these historical posts are hilarious, DYOR
Beware of rampers/derampers and look for the facts. IMO dead cat here
RNSTranslator, Spot on!
Travel_man,
When it comes to investing prefer to deal in facts rather than rumour. Latter is suitable for a gambler
Senseman,
Judge has communicated satisfaction with PwC report. Oil price moot point as no one project except on prudent basis. Good luck trying to argue against the PwC report. As said shareholder meeting is more to uphold statute than for any meaningful effect. Crystal Amber's main gambit was to stop the meeting which failed as Judge has sanctioned.
Read the judgment, appreciate might be difficult to accept especially if you're a long term shareholder with loss but it's all there in black and white
Billgray,
The more pertinent comment is the acknowledgement that PwCs report is reliable as below. Suggests even if shareholders contend at meeting company still cannot repay Bondholders per PwC report and therefore BODs restructuring plan can be deemed prudent. Shareholders meeting is simply to uphold statute re pre-emption right. As you say, it's over.
"I am satisfied on the basis of the extensive review undertaken by PwC that this threshold is met. "
British,
I hear you and empathise. Had the same experience with other companies such as Healthcare Locums back in the day.
Fact is that debt will ALWAYS drive the process over equity (just think of your mortgage and who holds the power). Fair enough for shareholders to be vocal however particularly in this scenario in my opinion futile.
What I am keen to call out here is the rampers/speculators who are making outlandish claims and assertions to talk up their own book
Oil_Beast,
ESG is real. Besides what do you make of this statement from RNS:
"Bondholders and Shareholders should note that in certain circumstances the Court may sanction a restructuring plan where one class of creditor or member dissents."
Valiant attempt from rampers here but need a reality check
Not to mention the whole ESG agenda which will mean step change move away from hydrocarbon energy to green sources
Roro is a case in point. Reports to have bought in around 1.1-1.2 and was encouraging readers to buy at 1.47 for no other reason but to increase his speculative outlay here.
Deluded
Roro,
You mentioned at 1.47 this is a buy or hold.
Take it you're remortaging the home to hoover up as much as possible now...
Though I may have sold out, posting on here to inject some reality against the hype from rampers and speculators. This line alone in RNS from this afternoon says it all but funnily none of the major contributors have commented on its meaning...mmm
"Bondholders and Shareholders should note that in certain circumstances the Court may sanction a restructuring plan where one class of creditor or member dissents."
From RNS this afternoon:"Bondholders and Shareholders should note that in certain circumstances the Court may sanction a restructuring plan where one class of creditor or member dissents."Can the speculators explain the above?
"Bondholders and Shareholders should note that in certain circumstances the Court may sanction a restructuring plan where one class of creditor or member dissents."
Think this is self explanatory from RNS today. Valiant job to dissent but writings on the wall
Was invested but out. Given the wild share projections being put out on this BB think for the genuine long term investors there is a reality check.
Seen it too many times before when rampers/speculators takeover these BBs only for the long term shareholders to be taken for a ride.
Just scroll through some of the posts in this feed. O&G isn't as straightforward as selling a widget from China. There far more variables and as it is HUR is struggling with a half performing well which itself can go stop flowing.
This reminds me of TRAP OIL who were in a similar position MINUS the massive debts overhang and eventually they went bust.
If you're a genuine long term investor look past the "hope" statements here unless you view this as a pure gamble and can afford to lose the lot or more than you already have.
For all PIs in doubt after this morning's RNS reality is evident now, debtholders will always hold the ace especially in O&G restructurings, seen it too many times before.
CA saving face with their RNS and action (why didn't the remove the exec team if they really thought they was something to be salvaged?).
Had a healthy bounce here and speculators are on board. Get out while you can salvage some monies and lock in less of a loss.
CanaryBuck: if you're a gambler then get back in, if you're an investor then stay away