Rober01
03 Mar 2017
Re: Open Offer Nor mine!!!
daru
03 Mar 2017
Re: Open Offer I think company directors & advisors are greedy who have fixed the offer price at 159p to maximise their commissions & bonuses. The offer price should be in my opinion been set at 140p.
budu
03 Mar 2017
Re: Open Offer Quite. Not worth it in my modest case.
Rober01
02 Mar 2017
Re: Open Offer costs of sale v size of ownership.
underwater investor
02 Mar 2017
Re: Open Offer I like it, Nudger. Where's the catch?
Nudger_
02 Mar 2017
Re: Open Offer If you sell 1/22nd of your HICL shares today which, as I write, you can do for 163.15p, you can then accept the offer and trouser 4.15p per share. You'll get the dividend on the shares that you sell as they went ex-dividend this morning.Simples!
tivvyd
01 Mar 2017
Re: Open Offer Pancaked, I completely agree. As soon as interest rates start to rise the price of these and similar bond-proxy shares will fall, and that won't be long now. Of course, if we don't take up the offer our holding is diluted, but as mine is already such a very small proportion of the total value of the company it isn't going to make an appreciable difference. For me, the incentive would have to be well below the NAV.
PIE-EATER
01 Mar 2017
Re: Open Offer mmm. but questions worth asking are...How long has the SP been above NAV?Another is...Given how much emphasis is being placed on infrastructure, how long before SP falls below NAV?Which will lead to the third question....Will the yield over that timeframe compensate for the premium paid?GLAPE
pancaked
01 Mar 2017
Re: Open Offer I am NOT taking it up as it (as well as the current share price) is well above the NAV for the Company. So to my mind there is NO incentive
budu
01 Mar 2017
Open Offer I have received a broker's note saying I am entitled to 1 new share for every 22 that I hold, for £1.59 each. I can bid for excess shares if I have the wherewithal but the offer closes on March 14th.I don't know why this is being done but should I take it as a hopeful sign?
Ripley94
09 Feb 2017
Re: Tempted yes .
devonplay
02 Feb 2017
Sector Averages Thinking outloud - 01/02/12 - 01/02/17 - souces ii HICL 75.58 % changeSector 69.47HICL's outperformance still warranted? It looks at a casual glance that HICL is returning to the sector average. That's not the end of the world, but it does suggest the price might decline further.Maybe time to look at relative yields.DL
devonplay
02 Feb 2017
Tempted Any one getting tempted yet?I add a few more just over 160. At the time I supected there was limited downside, rather than I was buying at the bottom.Now I cant help feel we might slowly edge towards 150'sh, even though the long term prem. has reduced.Sit and wait or press the button?I'm for waiting longer. Even though I think we might be on a slow grind down. I'll pick up another tranche at 155 if we get there.DL
budu
28 Oct 2016
Re: Sell ? Also to consider, a near-20% premium.
gamesinvestor
19 Sep 2016
Re: Sell ? "But, are infrastructure companies past their prime? Time to sell and move on?I'm not sure."It's hard to determine when prime is, if you are looking for the top share price. I guess what matters at the end of the day is the return on capital employed.It's only ever going to grow, long term I mean, at a similar rate to the ROCE.Property companies are highly leveraged and operate on low ROCE -- infrastructure funds are somewhat similar.The key attraction is that everyone thinks they are risk free because they get paid by some government money that supports these infrastructure projects.I guess you have to judge how secure that government money is on a long term basis.Judging by what's happening to the NHS, just as one example mind, it's hard to see anything but cuts.The govmint might be stupid enough to grant HS2 and Hinckley which seemingly are a complete waste of money in some people's eyes, but they are politically expedient and look good in terms of short term job creating machines.Frankly, and forgive my scepticism, but cutting 10 minutes off a Manchester to London train journey in an internet age, and paying out £billions seems nuts to moi!!Couple of things to consider on HICL1. The dividend is uncovered. At 0.7% it's depleting cash to pay you your own money.2. Revenue is erratic -- £253m in 2015, £182M in 2016 -- forecast £112M in 2017. This happens when they offload some assets, so not necessarily a bad thing.3. Return on assets is low at a few %, so I suspect on a long term return basis they will give you that as an investment.4. The assets are NOT risk free and stuff around NHS trusts could end up being at default - who knows? Also education and transport are subject to changes in government legislation, and that often changes for highly illogical reasons when politics is involved.5. The P/E is at 33 and 27% projected for next year -- although this is guesswork. Back in 2012 the P/E was 9.There is a summary here about HICL which highlights the key areas they are invested in :-[link]
