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Well, the Construction PMI quickly put the kibosh on the builders in general at 0930 hrs. Consensus was for 55, and 52.6 was announced. Also, it suggests that householders had the biggest slow down. The commentary was quick to highlight that the builders are expecting a slowdown, although these were just opinions from talking heads looking for headlines.

It's hard to correlate this narrative when ALL house builders have stated brimming order books in the last month or two, and confirmed year end targets above previous year.

Unfortunately its the market that sets the share price, and is responding to the usual negative narrative from media and commentators.

Still, these are the times which allow an accumulation shares at a decent price which will undoubtedly prove to be a solid return on capital over the next few years. See what PSN and Vistry have to say tomorrow and Friday.

Well, I reckon the answer is to move to long term fixed rate mortgages as the norm, rather than variable or short term fixes. UK is unusual in not focusing on long term fixes.

Given Central Banks have got used to the idea of printing money again, we are likely to return to generally higher rates as the norm. Fixed 25 - 30 yrs mortgages will perform well giving strong inflationary house price growth over the period, without increased mortgage payments during the 25 - 25 yr period.

Long term fixes will have a slightly higher rate than current 5 yr fixes, but have the benefit of certainty.

Just in time for closing of first half books. Assuming an increased dividend announcement of 0.05p, the buyback has saved around £5.8m each half year going forward. Which is compounded as dividends increase. Plus a slight strengthening of balance sheet for all metrics impacted by shares in issue, eps etc.

Remains to be seen what effect buyback ending has on sp, as false market in Wimps shares now ended.

Hmmm, many posters on this BB are confusing valuation of a business, with the share price that the market (exchange) offers. The two are not necessarily connected, especially when markets are nervous and there is a "special situation" which appertains to a particular business.

Also, what does "valuation" mean. There are many approaches to valuing a business, each with different inputs and results. Just look at the range of analysts forecasts going forward, they can't all be right, but they can all be wrong.

All this fulminating about what the business is worth, is just frustration by retail investors who are under water. Clearly, the market doesn't believe that there was ever a real bid lined up at £1.70p. Just games being played by a few insiders.

Best plan is to satisfy ones self of whether the business will survive, and at what price might it fall to if this volaitily continues, where the SP might be if 2Q results are flat (likely), and what the cash burn rate is (probably increased). Then set yourself an entry, and if a bid comes in that's the cherry on the cake. There may never be a bid, at least for years.

@Latpulldown. MM can keep his "golden share" as long as he wants. Originally the plan was to give this up and go for "premium" LSE listing. This would coincide with the break out of THG Ingenuity. Clearly there will not be a separate float of THG Ingenuity, and therefore SoftBank will not exercise their option, so MM can maintain status quo.

As for why THG did not allow the "bidders" to access the books. Well, the bidders need to show that they are in a position to fund the 170p bid, otherwise can't see the books. This is reasonable otherwise anyone could turn up and try to blag their way to getting access to the books, a la Candyman. If you want to reserve a house these days you need to show you have the means to purchase it.

The above is irrelevant, unless you believe the bids were actually genuine and not part of Machiavellian plotting by interested parties.

Apologies. Yesterday I suggested that the trading range would be 80 - 90p once the "bids" were exposed as attempts at manipulation, I was wrong. As we can see its 70 - 80p.

Most posters seem to believe that there ever was a bid ! MM holds the golden share so he has ultimate control, full stop. Both "potential bidders" are known associates of MM (professional / social). Go figure ...

Wouldn't be surprise if Tom Hunter joined the mix at some point.

@Josh. Stalking horse ? MM may be orchestrating ?

@Oxford. Hmmm, the RNS says that the company is trading in line with its own expectations. Problem is that it is the market that sets the share price, not the company. Also, given THG's track record re governance it is not likely that the market will give them the benefit of the doubt.

Does anyone out there actually believe that the Candy man's involvement was anything but an attempt for him to burnish his ego, this is the third such self promotion that I can recall without research (THG, Chelsea and Capital and Counties).

None of this helps the rehabilitation of THG in the markets eyes, and therefore the share price. Wonder where the share price will be once 2Q trading results issued, given ASOS and BooHoo are issuing profit warnings.

Finally, what is the view out there with regard to MM not giving up his golden share ... is the Pope Catholic

... and before the ramping pack spits out vitriol, bear in mind that BB's are intended to accommodate ALL viewpoints.

Candy has no money, at least on the scale required to drive a bid. His Hyde Park development was backed by Saudi money. He is just hooked on his ego, not too different from MM. If you you believe in conspiracy stories, at best, he is just a (poor) stalking horse. There is nothing that would lead any experienced M & A guy to believe a bid is on the way.

If nothing transpires in the next couple of weeks the Sp will be back to trading in the 80 - 90p range.

Always good for BB readers to have an alternate view from the usual jam tomorrow guys, who have been pushing riches for all who invest for over 12 months now.

FWW, until we get back to a having a decent stock of social housing the country and more specifically the building sector won’t prosper. Selling off the country’s assets without replacing them, just to curry favour with voters is a crime.

The best way forward is to incentivise large long term infrastructure investors to build both buy to let, and long term social housing. Give them tax incentives to do this and UK GOV should keep out of it.

A peaceful society serves all well, those less inclined to chase the almighty dollar can live a peaceful and dignified life, and those wealth creators who want to strive for the top tier can also prosper. Until politicians learn that society is a mixed bag, and all have to have a sense of satisfaction with their lot, then we risk constant turmoil. Northern Europeans are much closer to this model.

Of course, IMHO. Sermon over ??

Rightmove is predominately a second hand portal, new house prices are actually rising. The shortage of second hand houses are actually supporting the new build sector as people decide to go for certainty rather than fight it out over second hand stock. Hard to see the new build sector prices or build rate falling, possibly steady yet still covering inflationary input to maintain margin and profit levels.

Of course, UK Gov and the media will continue to bash the new build developers because they think it will buy votes and attract eyeballs, however, in practice sales of new build will still be strong.

Problem is that the market is affected by external sentiment and we know it’s the market that sets the share price. However, at some point the market will rerate (perhaps when we get rid of Boris and replace him with someone less selfish, and who is capable of stimulating the economy for the benefit of all). Until then sit back and take the solid dividends and likely substantial capital gains in a couple of years. Patience is the key to successful investing.

BTW, haven’t heard anything from Elliott since their initial communication last December. Given the fall in the GBP vs USD and the share price fall maybe, just maybe they will be able to orchestrate a bid. However, at these prices they are unlikely to offer more than 50% premium, so might lose Wimps for less than £2. Given a two year view that would be tantamount to theft.

Even though the building sector has not risen in line with the general market, Wimps are one of the laggards within the sector. Be interesting to know whether Elliott are making a point and are actively working to suppress the SP, or just that Wimps are generally out of favour. Either way, tomorrow, Wimps are holding a briefing day for analysts and investors intended to introduce the new CEO and brief on her strategy for the business going forward. Of course, it may be motherhood and apple pie, or she may actually plan to drive the business forward more aggressively.

As I have no doubt mentioned before, I would like to see Wimps address the Spanish business by either selling it whilst the southern European second home market is booming, or lay out a plan to grow the business into a more substantial core asset than at present.

Interesting to note that Citi only bought a few a few shares on Friday, 0800 - 0830 hrs and 1600 - 1630 hrs (ish) and no bids in the auction. Also, seems nothing at all yesterday. Wonder what gives there. Perhaps they are going to hit the market tomorrow in support of the new CEO, although supporting the SP is not part of their remit.

See what gives tomorrow then.

@Bighammer. To be honest this is what usually happens, as banks want to maximise the profitability of their mortgage book if interest rates start to rise. There are people who have stretched to buy a new house, and some will probably not complete if their bank withdraws their offer or re quotes at a higher rate. Some will just accept the new (more expensive) offer and continue. However, given the builders have full order books any cancellations will be very quickly re sold.

BoE are forecasting a return to substantially below their target of 2% inflation rates in 3 yrs, with a peak of around 2% interest rates by the end of this year (currently 1%). Currently, around 80% of all mortgages are fixed, either 2 or 5 yrs, so no real drama for those. Also, the percentage of new homes being bought with cash is increasing as COVID seems to have loosened the pockets of many better off people to either move or help their offspring with cash gifts.

I am not suggesting that all is rosy in the world at the moment and there will be some people who wanted to move to new build who will be disappointed , however the order book will absorb any cancellations without a problem.

Finally, in all the years of monitoring the house builders I would say that all media and analyst commentary always underestimate the ambition of Brits to spend their money on homes. As long as the builders don't flood the market, and that's unlikely given supply chain and skill tightness, then I suspect Wimps and others will sail through the next couple of years without too much in the way of drama.

More interesting is whether the market decides to rerate the builders, or whether they will still trade at historically low valuations. I believe that the biggest impact on the SP will be a change of sentiment, rather than any tightening of interest rates for a year or two.

We will see :-)

Well, it’s our turn next Wednesday when the new CEO hosts an analysts / investor day in London. Her intention is to introduce herself as the new CEO and brief them on her strategy going forward. Be interesting to know if she has any new ideas or just reiterates current strategy as led by previous CEO.

Also, be interesting to see if she acknowledges Elliott and any influence they may have assumed. Personally, I would like to see Wimps a little more proactive in communicating their forward strategy and enthusing the market.

My favourite hobby horse is to review what role the Spanish business has in the group, given its minimal impact on overall profits and increased regulatory hoops now we are no longer part of the EU. Either sell it on and return proceeds to shareholders, or invest in the well respected business creating a more proportionate contributor to overall profits.

Either way, if the macro environment can settle down a little we may see some rerating over the next few weeks.

@T0D. Some counter points. 80% of current mortgages are fixed term (2 or 5 yrs), so no immediate pressure for current mortgagees. Banks see mortgage lending as a good steady earner compared to commercial lending, and are all keeping mortgage rates very competitive. Mortgage applicants are tested at 5% interest rates, so plenty of "fat" before question of affordability tested. Covid has scared many middle aged and older people, so they are spending more of their accumulated wealth, which is invariably finding its way into second homes and helping younger members of families to get onto the "housing ladder". Severe shortage of second hand homes is pushing more into the new home market thereby supporting pricing. The average new home is far more energy efficient than the average second hand home, which also is helping to push more people to new build. Allin all, the new build market is likely to remain strong for the foreseeable ...

25th May.

May 25th the new CEO will brief analysts and investors on her plans for the future. That's likely to be the next trigger event; positive or negative. Of course not withstanding global macro events moving the markets; Ukraine, interest rate increases etc.

I'm surprised that Elliott have not publicly voiced any opinions since last December. Maybe they are having discussions with Wimps, or waiting until May 25th, or maybe they have reduced their stake and lost interest in Wimps ?

On the other hand they could of course be quite easily surpressing the SP in these volatile and nervous markets, just to make their point and holding the BoD's feet to the fire until a broader coalition of investors also start to agitate for significant change.

Either way, hard to see much in the way of SP increase in the the short term. We will see.

Well, I was hoping no one noticed ... :-)

Hmmm, why do you assume these are after hours trades. They are actually trades undertaken during the day, with a delayed publication. Therefore, they are likely sell orders as the SP fell during the day. When "booked" after hours sites like this are only able to context whether it was a sale or purchase by the closing SP.