Jenefer Greenwood, Non Executive Director, bought 10,359 shares in the company on the 21st February 2018 at a price of 384.20p. The Director now holds 10,359 shares representing 0.00% of the shares in issue.
Good to see £40k Director buy at this price , lets hope its a good sign .
Whats going on 21st June announced sold to WANDA contracts exchange for £470m so you would expect £47m as a non refundable deposit, then announced sale completed.
However the FT and others are saying WANDA pulled out and the site has been sold to a H.Kong Company R&F Properties and CC Land Holdings , so if so at what price, are they connected to Wanda, have St Mods kept the 10 % Deposit of £47m ???
Anyone and views or comments, I for one will be ringing them on Tuesday morning to find out what the deal was and to what price and did they keep the deposit .
I stated a few months back that overseas investors due to the weak pound will be up for this !!!!
Sliced yesterday just noticed 367p limit lifted @ 367.11
History does not show and looks like it never went that high ill have to ring ( B all out with them now ) as don't like mystery's .
Might be on a role :-)
SMP closed at 317.6p on 15th March, the day on which "a period of exclusivity" expired regarding the sale of the site at New Covent Garden The share price is now up to 359p and approaching a year high. Is the market telling us something ?.
ST. MODWEN PROPERTIES PLC
("St. Modwen" or the "Company")
RE PRESS SPECULATION / NCGM SALE PROCESS UPDATE
As previously announced by St. Modwen Properties PLC (LSE: SMP), a process regarding the sale of a 10-acre site at New Covent Garden Market is currently being undertaken. St. Modwen can confirm that a period of exclusivity which was recently granted to a prospective purchaser has now expired. The prime riverside site in central London has received high levels of interest and the sale process with other prospective purchasers continues.
Further announcements will be made as and when appropriate in due course.
With the weakness of the £ , Foreign investors could make a move on this site, now the exclusive period is over .
There could be some real unlocking of value for this 10 acre site .
"LSE:SMP:St. Modwen Properties had to reduce the value of its portfolio last week, which led to downgrades to its target price, putting the shares at a 50% discount to net asset value (NAV). With London sentiment favouring markets Monday, ..."
Markets been giving them a spanking over Nine Elms I agree, but there is alot more to St Moddies. You have to drive past the sheds going up near Coventry Airport every day, and into the massive M&S in Longbridge Town Centre. Not been to the Swansea campus, but Swansea is a great place anyway.
I have even noticed activity on some sites that have had boards up since the crash began in 07. When Nine Elms if offloaded, the steady value of the other assets may get noticed again.
They have got themselves in a bit of a bind with New Covent Garden as they admit quietly themselves. Either by selling it whole or in part (but potential buyers can see them coming) or by developing it themselves which combined with all their existing borrowings maturing over the next 5 years will be very risky. Best avoided for now IMHO.
I`m assuming the chancellors budget didnt particularly help.
Markets cooling ahead of BREXIT vote, etc..
And maybe the property market is going to take a breather after its gains over past couple of years...
Markets on hold awaiting something positive...but it might be that markets are taking a correction after years of excesses... the greedy bankers/city mavericks are even subdued..but still collecting those bonuses.
Global issues, like China, Middle East, Eurozone, etc all keeping things flat just now.
And of course the tales of money laundering and the big global spivzzs moving around London and snapping up `assets` has come to the fore...
Meanwhile the peasants get that `living wage` boost...?? while failing big wigs take home uge bonus deals..
What fun... maybe a hike in interest rates might sober up some people running on `free money``..Expect the FED to move a tad over summer..no doubt the Chinese will shout about `growth slowing`, and set the Media frenzy off again...?? some order does need to be restored
I bought St Modwen many moons ago at 50p, watched them go to £6.50 odd then back down to under a £1, then back up to £5.00 odd in more recent times. Fundamentally I've always regarded them as a very good stock and over the years from dividends and special dividends my original investment is covered.
My question is what was the NAV back in 2012 when the shares dropped to the £1 mark?, with the weak market and uncertainty which will come from BREXIT despite what they ' should be worth ' could we see them drop with market sentiment could this be heading to £2 or lower. Could it be a time to cash in or part cash it? I appreciate everyones circumstances and entry point is different. Oh to have a crystal Ball.
They've always been arrogant!! Corporate culture for some reason. Vauxhall is tricky, but they can always stop there, although may not be brave enough to make that call until it is too late. Their stock around the country is good and their housebuilding is a nice sideline to have. I'm tempted, but haven't bought yet.
I hadn't looked at their PE, but I find that unhelpful these days with property stocks as portfolio gains now go through the P&L..... SL
Difficult to understand that SMP is trading on an PE less than 3.5!!!
That said I attended last years AGM and got a bad gut feeling - just little things such as an overly arrogant manner from the directors - and sold.
Even at these levels I feel hesitant to buy in cos there must be something not right.
the only negative i have is the pathetic divi but surely that doesnt justify such a massive discount.
Interesting to see Numis issued a positive note today and a target price of 535p which is 37% over todays price.
Surely it should be 450 at the very least
I think the SMP fallback is overdone, given the kind of estate these guys develop, and margins in brownfield being pretty good. But possibly out-of-town retail is seen as in a future decline post-Tesco as a consensus view? even though we can all afford the fuel a bit more nowadays!
"Best physical propertyLegal & General UK PropertyAfter a one year gap, FUND:L075:Legal & General UK Property has reclaimed the winner's trophy as the best property fund investing in bricks and mortar. This is the third time in four years that its ..."
"How much upside for regeneration of UK regional land? A bullish trading update from developer LSE:SMP:St Modwen Properties, reveals continued strong performance helped by a sustained improvement in regional property markets. Is it sustainable ..."
Solid statement that interim profits will be significantly ahead of last year.
Eps should be over 70p this year which gives a value of £6.30.
I expect Eps to rise towards the 100p mark as the developments come on stream implying a share price heading toward £9.00
All the best
Having bought in at £1.50 in the bad days I have continued to hold.
Trading update due next week and with the continued rent rise and its pipeline of developments I
Would expect to see a positive statement .
I believe the company now to worth over£6 per share so will continue to hold.
THIS is great news and will be an exciting re development of a vast site over the coming years !!
ST. MODWEN PROPERTIES PLC
("St. Modwen" or "the Company")
VINCI ST. MODWEN AND CGMA COMPLETE DEVELOPMENT AGREEMENT FOR THE REGENERATION OF NEW COVENT GARDEN MARKET, NINE ELMS, LONDON
VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, and its partner the Covent Garden Market Authority (CGMA), today announces that the commercial contracts and planning agreements for the regeneration of the 57 acre New Covent Garden Market in Nine Elms, London, have gone unconditional.
This landmark 10 year project, the largest in the Nine Elms regeneration area, will see the delivery of over 500,000 sq ft of new state-of-the-art market facilities across a 37 acre site which will house the 200 market businesses currently employing around 2,500 people. The remaining 20 acres of land will be transformed by VSM into:
- three high quality residential neighbourhoods comprising 3,000 new homes;
- 135,000 sq ft of office space; and
- 100,000 sq ft of retail, leisure and new community facilities, including shops, cafés and restaurants.
The entire scheme, situated in Zone 1, will be set alongside a new linear park for the area, parallel with the river and stretching from Vauxhall to Battersea Power Station via the new American and Netherlands Embassies. This transformational project will also benefit from the extension of the Northern Line and the opening of two new tube stations, resulting in the majority of people who live and work in the area being within a five minute' walk of a tube station.
The main construction enabling works to the new market are scheduled to start in the Summer 2015.
Bill Oliver, Chief Executive, St. Modwen and director of VSM, said: "This latest milestone enables the start on site of this major transformational project which is central to the Nine Elms Regeneration area. It will deliver a substantial positive economic impact in terms of employment, housing, and investment for London."
Bruno Dupety, Chairman and Chief Executive of VINCI PLC and director of VSM, said: "We are looking forward to starting on site to get this exciting project underway. It will transform this area of central London for those who live and work there, in particular the market facilities."
Notes to Editors
VINCI St. Modwen (VSM), the 50/50 joint venture between St. Modwen Properties PLC (LSE: SMP) and VINCI PLC, was selected by the Covent Garden Market Authority in March 2012 to deliver the regeneration of New Covent Garden Market site (NCGM) in Nine Elms, London, including the provision of a modern new market.
This landmark, multi-phased project is the largest proposed regeneration scheme in Nine Elms on the South Bank, itself one of London's key development areas for new mixed-use development. It will secure the long-term future of New Covent Garden Market, the UK's largest fruit, vegetable and flower market, through the delivery of new 21st century facilities. There will also be a new Food Quarter for London on the wider site, providing a busy and attractive new food destination including facilities to support food businesses both on and off the market such as incubation spaces for food start ups and a new public market.
In May 2014, VSM submitted a planning application to deliver over 500,000 sq ft of modern market facilities consolidated on one 37 acre site for the 200 tenant businesses, which in total employ over 2,500 people.
The development releases 20 acres of surplus land across three separate sites which will be transformed into a high quality residential neighbourhood benefitting from excellent riverside and Central London views. VSM's planning application also includes proposals for approximately 3,000 new homes, 135,000 sq ft of new office space and 100,000 sq ft of retail, leisure and new community facilities, in
Yes SMP seems to be a great company. I am waiting for their annual report to come out. Annoyingly they only have their annual results without the audit report, remuneration report etc. Plus the balance sheet has an arithmetic error - non-current liabilities doesn't add up properly. Hope they fix that by the time they issue the audited annual accounts.
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