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Intu Properties Fundamentals (INTU)

Merger with HMSO at .475 per HMSO share equivalent to 254p at yesterday's close.

I have been adding all the way down and have a stack below 200 and this is my fourth biggest holding so I'm very happy this morning.

Think the offer undervalues it though

These have just hit the latest broker TP @160p - I guess the House of Fraser situation is just compounding things?

FWIW, I'm surprised a Deputy Chairman can afford £64m of stock in his own company - surely this is bad money-management if the business fails he loses his wealth AND his Job.
Co reported words like "Challenging" as well as "Retail properties" - two flags that say stay away - Retail as we know it is doomed as folks can spend their money searching on-line and no have the agro of restricted-parking, Wardens, walking in the wet....as well as having to keep tight control of their dog/children/etc.
I understand some folks like to see the item - but that will be fewer as time goes by....and the so-called Amazon-Tax won't stop "On-Line" since many vendors have Shops as well - - - - look at the famous names that have closed completely... or are "closing many" - Rents, Rates are unlikely to fix this problem - folks are not buying in the High-Street.

We have had the Big-Drain of "out-of-town-shopping" - which has had a similar effect to recent "On-Line", but no-one noticed.... does that deserve an "Amazon Tax" since it takes Footfall/Turnover away from the High-Street?
I don't think there is really any difference...... and I'm suspicious that any Tax will be given to High-Street Retailers as a "bonus" - the Council will spoil things with higher Parking Charges... that's my "Take", FWIW.

I suspect £64m is chicken-feed to him.

Last time I checked he owned 27% of INTU, 5% of HMSO and who knows what else.

It has run through my head several times that he must be thinking about taking this private.

Between him, Coronation and Gordon Donald, they own 57% of the shares. Coronation would be the key to this. They have stopped adding.

4 October 2018

intu properties plc

Response to statement re possible offer
intu properties plc ("intu") notes the statement by the Peel Group, the Olayan Group and Brookfield Property Group (together the "Consortium") in relation to a possible offer by the Consortium for intu.

intu confirms that it has not received an approach from the Consortium. The Board of intu has formed an independent committee comprising all directors of intu other than John Whittaker, who is connected to the Consortium. The independent committee will consider any approach from the Consortium, if made, and a further announcement will be made if and when appropriate.

In accordance with Rule 2.6(a) of the Code, the Consortium is required, by not later than 5.00 p.m. on 1 November 2018, to either announce a firm intention to make an offer for intu in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

There can be no certainty that any proposal will be made or as to the terms on which any proposal might be made.

The person responsible for arranging the release of this announcement on behalf of intu is Susan Marsden, Group

My luck is in. Indicative offer for INTU at 210.4p, which means I scrape out for a small profit as my average is 207.8p. I've had 14.2p of dividends too so about a 5% return in a year provided I can sell them within a couple of months.

I started buying at 255p which seemed like a bargain as I had sold my holding previously at 330p only a few months earlier. Watching them go to 150p was not pleasant.

But what it does show is just how pessimistic the city boys and girls are. If John Whittacker who owned 27% of INTU wants to buy it at 210p, it's indicative of just how far out the city are in their valuations right now.

Withdrawal of Possible Offer and Corporate Update

Peel Hunt Hold 122.88 190.00 Reiterates

Liberum Capital Sell 122.88 145.00 Reiterates

A mention here.