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Prices & Quotes - UK Markets - St. Modwen Properties (SMP)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 549.00p
Change Today:
-1.00p
Market Cap:
1,222.22m
Sector:
Real Estate Investment & Services

Blackstone makes 542p a share offer for St Modwen

By Michele Maatouk

Date: Friday 07 May 2021

LONDON (ShareCast) - (Sharecast News) - St Modwen Properties said on Friday that US private equity firm Blackstone has made a possible cash offer for the group at 542p a share.
The offer represents a 21.1% premium to Modwen's closing share price on Thursday. It follows a series of unsolicited proposals received from the Blackstone Funds.

St Modwen said its board of directors has indicated to Blackstone that the offer "is at a value the board would be willing to recommend unanimously" once it becomes firm, after due diligence has been completed.

"St Modwen and Blackstone are working closely together to complete Blackstone's confirmatory due diligence as soon as practicable," it said, adding that Blackstone has confirmed that the possible offer is not subject to any financing pre-condition.

"A further announcement will be made as appropriate," St Modwen said.

Blackstone now has until 4 June to either announce a firm intention to make an offer for the company or walk away.

At 0820 BST, the shares were up 19.3% at 534p.

Broker Liberum said: "We are not surprised that Blackstone sees value here. St Modwen is accelerating the speed of delivery of space in its two main business units Housebuilding and Industrial & Logistics. There is a strong pipeline to accelerate returns on capital and improve total returns on NAV to 9-10% over the medium term.

"We think possible positive read-across in the sector will be to Harworth foremost, who also focus on development in the residential and industrial sectors. Harworth's shares yesterday trading at a 23% discount to NAV versus the possible offer for St Modwen today at effectively a circa 20% premium."

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

SMP Market Data

Currency UK Pounds
Price 549.00p
Change Today -1.00p
52 Week High 552.50p
52 Week Low 300.00p
Volume 120,573
Shares Issued 222.63m
Market Cap 1,222.22m

Performance Indicators

Compare performance with the sector and the market.

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Price Trend
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Income
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Growth
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Dividend Yield
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EPS Growth
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Operating Margin
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What The Brokers Say

Strong Buy 0
Buy 0
Neutral 4
Sell 0
Strong Sell 0
Total 4
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SMP Dividends

  Latest Previous
  Final Interim
Ex-Div 11-Mar-21 06-Aug-20
Paid 08-Apr-21 02-Sep-20
Amount 3.90p 1.10p

Trades for 22-Jun-2021

Time Volume / Share Price
14:58 525 @ 549.00p
14:58 312 @ 549.00p
14:58 350 @ 549.00p
14:48 233 @ 549.50p
14:41 375 @ 549.06p

SMP Key Personnel

CEO Sarwjit Sambhi