Anybody trading in these shares? I just bought some @ 204.72

with the legacy construction projects coming to an end, new orders - presumably this work will not repeat underpricing, ordinary divi being maintained, probable special divi from PB and Carillion (others?) sniffing around the downside should be limited. Will hold in the sipp for income for now.

It begins..

Sale of Parsons Brinckerhoff

Balfour Beatty announces the sale of its professional services division, Parsons Brinckerhoff, to WSP Global Inc. for a cash consideration of US$1,352.5 million (£820 million). The sale price assumes cash of US$110 million (£67 million) is retained within Parsons Brinckerhoff.

The sale constitutes a Class 1 transaction under the UK Listing Rules and is therefore conditional upon the approval of Balfour Beatty shareholders. The transaction is also subject to certain antitrust and other approvals. Completion of the sale of Parsons Brinckerhoff is expected in Q4 2014.

Upon completion of the sale, the cash proceeds are intended to be used, after deductions of transaction taxes, fees and other transactional costs of approximately £50 million, together with certain separation-related costs of approximately £30 million, as follows:

· up to £200 million to be returned to shareholders;
· approximately £85 million to reduce the Group's pension fund deficit; and
· the balance to be retained by the Group to ensure a strong balance sheet and provide increased financial flexibility.

The competitive sale process has demonstrated the value of the Parsons Brinckerhoff business within a rapidly consolidating global professional services sector. The consideration of £820 million, less £67 million of cash retained within Parsons Brinckerhoff, represents a multiple of 11x underlying EBITDA for the year ended 31 December 2013.

Following the sale, and the recent revaluation of the PPP portfolio, the Group's key strategic priorities are:

· restoring the value of the UK construction business, including progressively returning it to peer group margins;
· continuing to build on the good performance of the investments and services businesses;
· leveraging the growth opportunities in US buildings, US civils, rail and power, and the Group's Far East and Middle East Joint Ventures;
· realising further indirect overhead savings and shared service efficiencies across the Group; and
· continuing to assess all other value creation opportunities.

Balfour Beatty will be repositioned as an Anglo-American infrastructure group focused on construction, services and investments, comprising:

· top tier national and regional construction businesses in the UK and US;
· a leading international investments business;
· a services division with a number of specialist construction and asset management businesses; and
· successful construction joint ventures in the Far East and Middle East.

Steve Marshall, Executive Chairman of Balfour Beatty said: "The Board believes that the sale price of £820 million delivers both a significant return on our original investment and a compelling level of value creation for shareholders - which remains the key focus of the Board. The sale of Parsons Brinckerhoff follows the recent revaluation of our investments portfolio, which underlines the potential of this division to create value internally and across the Group. In the US, our core construction business is well positioned in a recovering market. In the UK we see the potential for margins to progressively recover to peer group levels. Our services business, meanwhile, is well placed to benefit from the growing investment in infrastructure. Together, these elements will provide a strong foundation for an incoming Group CEO to take the company forward."

Goldman Sachs International acted as lead financial adviser to Balfour Beatty. BofA Merrill Lynch also provided financial advice in relation to the transaction.

ENDS

£200 m returned to 689m shares is 29p roughly. Given the muted share price reaction I'm wondering if I've got that wrong?

Westhouse Securities Sell 243.10 241.10 183.00 183.00 Reiterates

Liberum Capital Buy 243.10 241.10 280.00 280.00 Reiterates

Contract Win

Balfour Beatty signs US $116 million contract to construct new educational facility in Denton, Texas

Balfour Beatty plc today announces that its US construction services business has signed a US $116 million (£70 million) programme to build a new comprehensive high school in Denton, Texas.

Over the last 14 years Balfour Beatty has constructed 49 educational facilities in partnership with Denton Independent School District, which covers the city of Denton and neighbouring towns in an area of 180 square miles.

In this latest, and 50th, contract Balfour Beatty will construct a high school with the capacity for 2,400 students and the potential to grow further. Significant energy-efficient lighting, heating, and water management features are being incorporated as well as rooms to withstand severe weather. The project is scheduled to complete in 2016.

Mark Layman, CEO of Balfour Beatty's US Construction Services business, said: "Our long standing relationships in growth markets are critically important and we are proud to be working with the district once again, and applying the latest innovations in construction methodology and technology to deliver more efficient, cost effective buildings."

ENDS

BALFOUR BEATTY TRADING UPDATE

SUMMARY
Balfour Beatty, the international infrastructure group, today announces a further profit shortfall of approximately £75 million in Construction Services UK. The Group also announces that it has appointed KPMG to undertake a detailed independent review of the contract portfolio within Construction Services UK. The review will focus on commercial controls, on 'cost to complete' and contract value forecasting and reporting at project level. KPMG are expected to report back to the Board by the end of the year. Trading across the rest of the Group remains in line with expectations.

The process to appoint a new Group CEO is now at an advanced stage, and an announcement will be made in due course. Steve Marshall has indicated to the Board that, following the handover of his interim executive responsibilities to a new Group CEO and the identification of a new non-executive Chairman, he intends to step down from the Board.

The Circular to Shareholders for the sale of Parsons Brinckerhoff is expected to be issued in October. It is anticipated that up to £200 million will be returned to shareholders in the form of a share buyback programme, subject to the disposal completing. The buyback programme will be implemented following the announcement of the Group's 2014 preliminary results, subject to the Board's assessment of the trading environment at the time.

The final dividend for 2014 will also be reviewed in the light of the Parsons Brinckerhoff disposal with a view to establishing a level of future dividend cover appropriate for the Group's re-shaped portfolio of businesses.

I wonder if its worth considering the prefs?

BALFOUR BEATTY ANNOUNCES DISPOSAL OF PPP ASSET AND THREE NEW PROJECTS

Balfour Beatty, the international infrastructure group, announces the disposal of its 50% interest in the Pinderfields and Pontefract Hospital PPP project ("Pinderfields"), in West Yorkshire, UK. In addition, Balfour Beatty has reached financial close on a multi-family housing project in the US and been appointed preferred bidder for two student accommodation projects in the US and Australia.

Pinderfields is being acquired by the current co-shareholder, a subsidiary of HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners. The consideration of £61.5 million exceeded management's expectations, generating a gain on disposal of £42.2 million. The proceeds exceed the revised Directors' Valuation by £13.5 million, representing an uplift of 28%.

In August 2014 Balfour Beatty published a review of the Directors' Valuation of the PPP portfolio, which resulted in the UK portfolio valuation increasing by 63% to £801 million, and the total portfolio increasing in value by 46% to £1,051 million, as at June 2014.

As part of Balfour Beatty's strategy to recycle equity invested in its portfolio, the Group also announces that it has reached financial close on Carmendy Square, a multi-family housing community in Florida, USA, and has also been appointed preferred bidder on two new student accommodation projects, one for The University of Texas at Dallas and one for University of Wollongong in Australia. Balfour Beatty expects to invest approximately £20 million of equity in these projects over the next three years.

Carmendy Square is Balfour Beatty Investment's first investment into amulti-family housing project in the US. The Dallas project is the third student accommodation success in the US in 2014, whilst the Wollongong project is its first project in Australia, leveraging market expertise from the UK and US.

Ian Rylatt, CEO of Balfour Beatty Investments, said: "This disposal supports the substantial increase in the Directors' Valuation of the PPP portfolio, whilst also demonstrating that the valuation maintains a level of prudence. We continue to see a strong pipeline of opportunities and therefore, in line with our strategy of recycling equity, the proceeds will be invested in new projects as we continue to diversify our business."

ENDS


I hold HICL

Flogging off the crown jewels to prop up the rest of the company. This is a disaster company.

Still might be interesting to CLLN but at much reduced terms than originally proposed. CLLN must be breathing a sigh of relief having failed in it's earlier merger proposal.

Any views on post 311?

I assume they are 'Cumulative preferred'?
I've never tried to trade preference shares, so would have to do some research. They come without voting rights, but if that were the only downside, why don't more people invest in them?

I wasn't thinking of trading them but holding to redemption.

They were available at less than 114p on Monday.

Next XD date is 19th November.

The yield to redemption allowing for the capital loss @100p redemption value is about 6.05% @115p - I'm tempted.

Are dealing costs the same as ORD stock?

Yes - I hold a few prefs.

Ex dividend this Thursday 9th 5.6p.

Prefs getting hammered this morning.

Finally bought a few prefs here @101.75p

Directorate Change

Balfour Beatty announces Leo Quinn as new Chief Executive Officer

Balfour Beatty, the leading international infrastructure group, is pleased to announce the appointment of Leo Quinn as its new Chief Executive Officer (CEO). Mr Quinn will take up his new position and join the Board on 1 January 2015.

Mr Quinn joins Balfour Beatty after five years as Group Chief Executive of QinetiQ, which he has reshaped into a strong commercial competitor providing technology solutions in defence, security and aerospace. From 2004-2008 Mr Quinn created substantial value as CEO of De La Rue, the largest non-government printer of banknotes, and prior to that led a number of international business transformations as Global President of Honeywell Building Controls and COO of Production Management, the largest division of Invensys PLC.

Contract Win

BALFOUR BEATTY CHOSEN FOR US $533 MILLION PROJECT TO CONSTRUCT MAJOR NEW HOSPITAL AND TRANSFORM TEXAS MEDICAL CAMPUS

Balfour Beatty plc announces today that it has signed a US$533 million contract (£329 million) to renovate and expand the Texas Medical Center campus in Houston, Texas, USA.

This complex project for the Memorial Hermann Healthcare System (MHHS) includes building a 17-storey hospital, implementing a building control system for the entire campus and ensuring all hospital services function fully throughout the four year construction timeframe, which starts imminently.

The new Hermann Pavilion 2 hospital will provide the Texas Medical Center with 24 additional operating theatres, further emergency rooms and intensive care wards, 160 new patient beds and six floors to further expand both wards and operating facilities. Connecting all building controls and fire alarm systems onto one platform for the entire campus will improve MHHS's overall control of systems and deliver significant energy consumption savings.

During its 27 year long relationship with MHHS, Balfour Beatty Construction has delivered more than 225 improvement projects.

Mark Layman, CEO of Balfour Beatty's US construction business, said: "This latest programme is a response to increasing healthcare needs as the population of the Houston area grows. A project of this complexity requires state-of-the-art construction methodology to ensure the ongoing health services are not disrupted. We will use the latest construction techniques, pre-fabricate off-site as much as possible and use digital technology to deliver this project efficiently."

Ends