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The likes of Debenhams had buildings which could be sold and leased back, the PE could then rip the money via divs, not sure AA has those kind of assets, but they do have proven cash flow and a robust biz. Isn’t the issue here that previous PE loaded debt and debt repayments before re- floating.
After 3 years, fed up now, I need to move on, I was expecting the SP to trail the offer, I’ve had a sell order just below the 35p for over a week, this is a small loss for me but I draw the line at letting them have the shares at 7% below the proposed offer. Of course if someone steps in with a counter might be less fed up.
You want to be glad you don’t work for the insurance industry, fab buildings and history in every city.....first so much consolidation, followed by the city Big Bang, then de-mutualisation, guaranteed annuity scandal (especially equitable), endowment and pension mis-sales, zombie funds........bye bye way of life.....enter the PE investors
Good points. Thx
https://www.ft.com/content/3555c4a1-5a71-45a2-83a4-6edd81703d9c
Late to the party this morning, had a few too many last night, looks like someone undid my belt buckle but kept their hands in my pockets before they let my trousers dropped to the floor......
To break even I needed another 10% (38.85p) but there will be a lot of long term holders suffering.
What strikes me from the RNS is the BOD seem to be indicating they don’t think the debt is sustainable going forward, yet most on the BB (self included) felt the BOD could go alone and refinance if a low ball offer. The cash flow looked to support the debt and provide monies to pay down, more so with the div suspended. I feel as though there is something else I’m missing. Shame wasn’t another extension, the Covid news might of lifted another 10%...hey ho ho ho.
It’s still one of the key sub divisions at a time a lot of developers are capitalising. Part of the attraction to me is the diversification of income streams, the sum of the parts and all that.
The 64 million dollar question. When you have the answer let me know. I’m a holder for 3.5 years. In that time I lost the value of a small family car, in August I was able to break even but hung on for a deal only to find I was was back down to losing a small family car in sept :-) Today I’m only down the engine and two front wheels so not all bad. I’ve done the math and will break even with no profit of loss at 38.85p a share. But what to do, sell and keep the car or go for a Jag. Headache lol.gla
Thanks Elffin,
Maybe they just decided to slow down on the domestic development due to Covid, think I need to do a bit of research into their land bank. Nice rise again today, even if it did drop back a bit. I bought and sold a few times over the years and regret not just holding. Now looking at long term for these, with the hope of getting decent divs .
The estate management, student let’s and build to rent sector look good, but they don’t seem to have much going on in the private housing (division) development side. Watkin Jones used to everywhere in N.Wales and Cheshire, but their web site showing little action at present whilst plenty of other developers active in area. It’s an important income stream. Anybody know any different or picked up any news on this area?
It seems the only way I’m going to get any value from the AA is to drive hell for leather over the border in my car breaking all Welsh ( facist) Covid rules until I run outta diesel and then call international AA rescue to tow me home. Anyone buying?
It seem to show nearly twice as many shares bought as those sold. Even with few trades, still the main demand is buy shares. Yet the shares go down. Go figure.
Low level of trades and more bought than sold, yet 3% plus drop on SP. Honestly, I’m just going to buy a bag of feathers and throw one out of the window to guess this market. Blow left buy, blow right sell. If it goes straight up I’ll just pack my bags and everything will be going straight down.
Panderman, I’m with you. The other Friday there was a sale of 7.2 million shares after close, and I’m yet to see the corresponding purchase. Similar large sale from vanguard earlier this week. Someone was happy to pick the tab up at between 33p and 37p a share.
Could do with a web site that after an RNS comes out they issue a statement...”what this means is....” .Life’s and education....expensive education sometimes
Major...It’s personal to you. Unfortunately the leasehold thing is now a political witch-hunt. I worked in financial services for 40 years and also dealt in mortgages, always advised against leasehold or double checked clients knew details and discussed with their solicitor, plus it was always a question on a mortgage app, so little sympathy for those who enter into such a large purchase without due diligence. It needs to be remembered a lot of newer developments where set up with as almost closed communities, with lots of green space, and ponds and local councils dictated they didn’t want to be responsible for the public realm side of things. Agreed big step from leasehold non / little profit to reselling leasehold as a cash cow.
Does anyone know of a source, that has an easy to understand guide of RNS notices ? Some are straight forward but others such as the last one from Barclays with Platinum advisers, I can’t make head nor tail. It reads like they have a 3.08% short but I doubt that’s the case in the current climate.
Perhaps BOD should now put out the delayed trading update.
They need to do an ad about breaking down on a “smart motorway” that should put the fear of G up most and triple membership.
Voice of reason. Thks. I struggle to understand the bond market well enough, think I need to find a few you tube vids to re-educate on the intricacies
Well Last week I set a sell price if it hit 40p, break even point for me after 3 years of pain (originally in at £1.62 but got to Av40p)......but think I deserve some cream....75p will do nicely and I can also wipe out the nightmare of Woodford or as I refer Woodc#nt, who also held AA