Sunday 23 September 2018 | ShareProphets: The one stop source for breaking news, expert analysis, and podcasts on fast-moving AIM and LSE listed shares
A new Julie Meyer CCJ emerges - even though Ms Lingerie on Expenses claims she has no personal financial troubles
DEADLINE MIDNIGHT TODAY: One more chance for Juicin to win a semi naked photo of Thirsty Paul Scott in Bulletin Board Moron of the week
Two weekend press articles are making me think about the property sector. The first is centred on one of the worst deals in recent years: the bonkers purchase by the Aussie company Wesfarmers of the Homebase DIY chain, on which it burned a cool one billion Aussie dollars before it sold out for a nominal sum to private equity. You can guess the rest: a proposed company voluntary arrangement (CVA), some closure of stores (well 70% amazingly are currently loss-making) and for those that will continue to stay open up to a 90% asked for rent reduction from the landlords.
Hello, Share Finders. Housebuilders attract a few warning signs on this splendid website. But there are still some strong signals to keep buying. The most important, perhaps, is the all-important demand versus supply issue. And though house prices are flat or falling, depending where you live, the shortage of affordable homes gets no better.
Hello Share Swiggers. Not long to go before we find out who’s going to boss us about for the next five years. But whichever party wins, they have promised to increase housing stock.
The last time there was a mega merger in the housebuilding sector was 2007. Can you remember what happened next? Exactly. And thus today Bovis (BVS) announced that it had received bid approaches from both Redrow (RDW) and Galiford Try (GFRD). It has rejected both.
January was a good month for FTSE 250 listed housebuilder Bovis (BVS) – an upbeat trading statement on the 18th was followed by news on the 30th that it had extended its £150 million debt facility for three more years. Not that it needs to borrow as it has net cash. However the shares have enjoyed a terrific run, from 400p last June to 674.5p, which values the firm at £897 million and the good news is more than discounted.
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