PRICE ON 5 MARCH 2009 80p

Share issue to raise gross proceeds of 107 million through the issue of 79,586,977 New Ordinary Shares by way of a Firm Placing and Placing and Open Offer at a price of 135 pence per New Ordinary Share, earlier today.

Begging Bowl out
- at 1.35 - quite a discount to sp . . . will this fix their Debt?
Sp down 20% on news, but the placing is still well below the current level.
However, the sp was "under 1 only" quite recently . . . .

BACK TO 190p

NAV slipped 20% to 266p.

OVER 245p

OVER 260p

St Modwen sees FY results at upper end of forecast

{ 8:00, Thursday 1 December 2011

(Reuters) - British real estate developer St Modwen Plc expects results for the full year to be at the upper end of its forecast on an uptick in demand for residential properties, and said it was confident of further growth in 2012.

The company, whose projects include the Elephant & Castle Shopping Centre and Discovery Court Business Centre in London, said its full-year results were likely to include profit of more than 20 million pounds from development activities.

"Demand for residential land remains robust, and we have made excellent progress in our housing development programme, both in joint venture with Persimmon (LSE: PSN.L - news) and under our own housebuilding arm, St Modwen Homes," Chief Executive Bill Oliver said in a statement on Thursday.

For the year ended November (Stuttgart: A0Z24E - news) 30, residential land sales were 72 million pounds, including 27 million to the Persimmon joint venture.

Earlier this year, St Modwen had signed a strategic joint venture with British builder Persimmon to develop 2,000 houses over seven sites.

Last month, Persimmon said the number of first-time buyers had risen over 35 percent, a welcome boost to the industry that has seen first-time buyers frozen out of the market by high-deposit requirements.

St Modwen shares, which have lost a quarter of their value in the last three months, closed at 104.5 pence on Wednesday on the London Stock Exchange (LSE: LSE.L - news) , valuing the firm at about 210 million pounds.

On a run

Over 170p

Trading Update

St. Modwen secures 150,000 sq ft pre let to M&S

Financial Highlights
· 56% increase in profit before all tax to £82.2m (2012: £52.8m)
· Shareholders' NAV up 11% to 279p per share (2012: 251p per share), and EPRA NAV up 10% to 298p per share (2012: 272p per share)
· Realised property profits up 37% to £40m (2012: £29m)
· Successful completion of a £49m equity placing to support redevelopment of New Covent Garden Market
· 20% decrease in loan-to-value to 33% (2012: 41%)
· Final dividend for the year increased by 10% to 2.67p per share, providing a total dividend for 2013 of 4.00p per share (2012: 3.63p)
Operational Highlights
· Overall net valuation increase of £42m (Nov 2012: £28m), comprising gains of £28m (2012: £48m) as a result of planning gain asset management and £14m market driven valuation gain (2012: £20m loss)
· Elephant & Castle Shopping Centre sold for £80m
· Significant milestones completed across all major projects:
o Longbridge - 150,000 sq ft pre-let secured to Marks & Spencer which will anchor the second phase of the new Town Centre
o Swansea University, Bay Campus - first phase of works on schedule with student accommodation now underway
o On track to deliver New Covent Garden Market - planning approval anticipated in 2015

JP Morgan Cazenove 05/02 Reiterates Overweight 425.00p