emisbod
04 Oct 2017
Re: Disappointing announcement PJ
ersonally, I'll sell my 50% at £1.40 and then mull over what to do with the cash. Possibly even buy some of the new Hansteen with it. We'll see......I agree this is not a disappointing announcement.Do you hold the shares through a nominee platform, PJ? Mine are, and I wonder how I will be notified of the options? Do they write directly or is it done through the platform? [IG in my case]emisbod
PJ Foster
04 Oct 2017
Re: Disappointing announcement But this is in effect doing what was promised. You will have the option to sell half your holding, at 140 per share, as a corporate action - and those shares will be cancelled.That is, in effect, the same as paying a 70 dividend per share.The difference being that with a buy back, you end up with 70p per share as CGT and half the number of shares you had previously vs. getting 70p per share as dividend and keeping the same number of shares, which will be worth half as much as the CGT plan.My shares are all in an ISA - so doesn't really make any difference which way they go.This announcement does give shareholders another option of course - don't take up the offer. In which case, after the dust settles you'll be effectively doubling the percentage of Hansteen that you own (although it will be Hansteen lite at that point.)Personally, I'll sell my 50% at £1.40 and then mull over what to do with the cash. Possibly even buy some of the new Hansteen with it. We'll see.Cheers,
theprior
04 Oct 2017
Re: Disappointing announcement Yes, promise of returning cash to shs broken. No cash being returned, just a share buyback. Total deception. I'm out too.TP
Greyinvestor
04 Oct 2017
Sold out I've sold out my whole stake today.......signing off...
Greyinvestor
04 Oct 2017
Disappointing announcement An annoying announcement today. In my view this just completes the picture of a board that is putting itself before shareholders.Private clients now have the choice of selling back shares @ £1.40 or accepting a dilution of NAV to £1.24 (which will in any event apply to their remaining 50% of shares). So they are being forced to incur CGT as a result of the board selling an excellent continental European business, which they should have retained.What a pity.
theprior
28 Sep 2017
Oil platforms Maybe we're going into the oil business ??[link] things happen at sea !
Greyinvestor
25 Sep 2017
UK Sale So Hansteen now selling high yielding UK industrial assets. I'm starting to wonder what on earth is going on. In my view the company is going backwards - unless it has a really large UK purchase in it's sights, which seems unlikely.
theprior
01 Sep 2017
Re: Share buy back I thought the idea of a share buy back was to enhance the value of the remaining shares in circulation (there being fewer of them for theoretically the same mc, thought it often doesn't seem to work that way). Thus the only way to realise that ' added value' is to sell. Then we're into the cgt area.All pretty obvious but I don't see how the company, or long term holders would benefit from such a discredited scheme.TP
Greyinvestor
31 Aug 2017
Share buy back I noticed that one comment on HSTN referred to a share buy back. I don't know how that could be done on a tax free basis, which I need, but it could be why the price is rising.......
theprior
30 Aug 2017
Further sale (RNS) Ringwood property sold for £7m. +25% onDec 2016 valuation.TP
theprior
27 Aug 2017
Re: Half year results I too was surprised by the sale of the Euro assets. At a time when the £ is fast becoming worthless the assets sold would have continued to be a good earner for years to come. However, the deed is done, and we've long praised the wisdom of our founders in the past. (And it would seem their wisdom continues in the accrual of their personal wealth). We have benefitted by getting the crumbs by doing nothing but buying shares. So proportionately we should perhaps appreciate their LTIP actions.As for the capital return, I would assume profits will be set against CGT, but that's ok. I've got a few losses mounting up elsewhere on dead dogs just waiting for the chance to finally sell off and set against that.Regards, TP
Greyinvestor
23 Aug 2017
Calculation My manual calculation gives a distribution of 70p plus an NTA of 59p, giving a combined NTA of £1.29, post LTIP reserve.So I calculate that the shares are trading at par, sorry. ie at fair value.
Greyinvestor
23 Aug 2017
Re: Half year results Sorry, can't help you with the detail too much.All I will say is that the 'new' HSTN should be a pretty clean business, with a load of property that is valued at less than it would cost to build, and generating a decent income. As long as Brexit doesn't blow us all sky high, which it probably will, all will be OK.Personally I'm pretty cheesed off that a) the management have downgraded the business in order to earn a load of LTIP money and b) they are selling the part of the business that sits in the fastest growing part of Europe. How much sense that does make to shareholders?The payout should be like a reverse corporate action. So it probably is a corporate action.With the LTIP if I remember rightly, it accrues over five years. This is the important statement:Based on this assumption the LTIP award would have been £27.7 million or 22.2 million ordinary shares. This would have diluted the June EPRA NAV by 3.5p per shareNot good.......directors taking another £27m off shareholders........crazy........So the NTA is overstated.But the divi could be bigger from now on.
PJ Foster
23 Aug 2017
Re: Half year results Hi GI & the Prior,I just posted the following on AFVFN forum:"Good results IMHO, although I'm not too sure how to react to the 70p a share return to shareholders, presumably the share price will drop 70p and I'll just end up with £5120 cash and a shareholding worth £4380 rather than a shareholding of £9500. About a 54% drop in share priceIf £580 million is returned to the shareholders, and the current market cap is £1040 million. Then it seems one would assume the new market cap to be about £460 million(1040 - 580). About a 56% drop in share price.However, post return of cash, the remaining Property/Land will be worth about £805 million, debt of approx £320 million, cash on hand of about £70 million. NAV will be about £555 million. Therefore, if the share price were to drop to 60p, it would value HSTN at about £495 million - just over a 10% discount to NAV. I guess with brexit and uncertainty etc, a 10% discount might be fair value - but looking over the past five years, it seems to me that HSTN has normally traded at a premium to NAV. At £1.30 - could be a worth buying a few more.Thoughts anyone?"I'm not too sure I understand the LTIP implications. Also, I've not had a share where a return of cash was done as a capital return before, rather than dividend. How does that typically work?Cheers,
theprior
23 Aug 2017
Re: Half year results Agreed GI. But good to see, at last the embryonic plan to return the proceeds of the sale to shareholders before the end of the year. (Approx 70p per share). No doubt the sp will take a big hit post this event.Capital return rather tha income is good.TP
