sinnet
25 Sep 2015
Re: Offer not attractive Interesting that they were forced to up the offer to 141p by a US Hedge Fund building up a 12.9% stake in the successful expectation of being able to force a higher offer!Very glad I hung on.The offer has now gone completely unconditional so presumable we will get our cash in the next 2 weeks
NicholasNameless
19 Sep 2015
Offer not attractive The 'board' may want out but they can be replaced. Those individuals aren't really necessary to run the projects. Reject the offer, reject those that look after their own interests rather than the shareholders best interests.
Maddoxx
11 Sep 2015
Just say NO!! Hi Guys,After failing to secure sufficient acceptances to their lousy 131p offer - they have given us the wonderful opportunity to reject it all over again. They only managed to get 53% acceptance - way short of the 75% they need to force unconditional acceptance of the deal. Many of the acceptances will have been 'default accepts' by the Nominee in view of the Board recommendation. A no vote is the more considered option and so it is a clear and unambiguous rejection to the Board. So whilst they re-consider what price to pitch to us it is worthwhile to get your vote in early and let them know yet again what we think of their lousy offer.Regards, Maddox
caesat
14 Aug 2015
Re: Lets reject this offer...... Agree. Don't accept. If I was counterbidding I would wait until the last moment and submit a higher offer. £1.45 anyone??
sinnet
14 Aug 2015
Re: Lets reject this offer...... The offer document does not seem to give any further details of QED's prospects if it stays independent, though it does reveal that existing management will be given an incentive scheme to retain them after the takeover. A cynic might think that has clouded their judgement on what is in shareholder's interests?I also note that Lazard's fees are £7.2 million, I think. As ever investment banks are motivated by their transaction fees, and not shareholders long term interests.However I also note that the share price has stayed stubbornly just above the offer price, thus preventing the bidder buying in the market. This might mean there is a possibility of a higher offer?Don't accept yet, the first closing date is early September.
Maddoxx
04 Aug 2015
Lets reject this offer...... OK guys I think we need to get a shareholder action group together to reject this bid - if your interested please email me at [email protected] Regards, Maddox
Maddoxx
01 Aug 2015
Re: Takeover - any views This price hugely undervalues QED. For example, nearly 30% of QED's assets are development land around Wembley. Currently, they are non-performing -producing no income and yet have to be financed. This land is valued in the b/s at £335m at the last year-end. What do think the uplift in value would be when that land receives planning permission?Whereas we're being offered a measily 7% premium on an out of date NAV.Lone Star specialise in buying 'distressed' property assets at 'distressed' prices. We're being bushwacked by the Lone Star cowboys.Regards, Maddox
hitman1
29 Jul 2015
Re: Takeover - any views wish I had kept mine all those years ago, and just sat on them..well done to those that held on.premium isn't as large as one would expect, but this is a small company/asset base. so limited upside for the purchaser., in what is a very buoyant property market..
Maddoxx
29 Jul 2015
Fire sale price - where is the fire? This recommended takeover at 131.33p massively undervalues QED. I would expect the price to rise to c. 135p just on the re-instatement of the dividend. Which with the debt and financing sorted and income rising - this could not have been too far away. The potential for huge valuation creation from their Wembly site in the hot London market looks like an absolute certainty IMHO. So why sell now, and at a measly 131p? I'm very, very disappointed by QED's management team for not looking for a better return for shareholders.Regards, Maddox
mcescher
29 Jul 2015
QED vs MKLW comparison Good Quintain Estates and Development / A&J Mucklow Group plc comparison. Has analysts estimates of EPS which is interesting. [link]
bull2009
29 Jul 2015
Takeover - any views Very quiet on here even when big news! As price is above offer of 131 already appears mr market thinks someone else likely to come in. Interested in any other views, seems a pretty small premium to NAV, any one had experience of similar deals and have a view on offer price?
old_punter
23 May 2015
Re: Great results - compelling story Sinnet,Thanks for your comments which I have to agree. I thought there might be some short term out performance given how strong housebuilders have been recently, we shall see. If not, Wembley seems like a promising area so perhaps a decent hold for the medium term. I also prefer to invest in stocks which have underperformed, even if a good reason why as you point out, so regard that as a mild positive in this instance.I will try this as my London property play, and hold RLE and TCSC for the provincial commercial property story.
sinnet
23 May 2015
Re: Great results - compelling story Hard to understand how a development company specialising in London property and not paying a dividend can only achieve a 6% increase in NAV in a year when the London property market has been on fire? Just look at the returns Barratt and Persimmon make.I suspect the problem goes back to their asset valuation methodology which may have substantially overstated the market value of their assets in the past. This is now being slowly unwound as they build out. On the other hand they are a substantially less risky company than they used to be with the borrowings much much lower.I'll stay in, in the vain hope that this will come good eventually, but it is hard to see a raging bull case for them.
old_punter
23 May 2015
Re: Great results - compelling story Thanks Caesat, brief and to the point. These boards have their uses!
caesat
22 May 2015
Re: Great results - compelling story Takes time to turn around. Doing the right things. New fd joins soon. Expect divi next year
