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Jones Lang LaSalle Incorporated Message Board

  • kataxi kataxi May 7, 1999 11:53 AM Flag

    Earnings Report??

    Does anyone know when the JLL report is due? It was originally targetted 4/23, but got pushed back to 5/6 to come after the 5/3 shareholders meeting. I haven't seen or heard anything.

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    • I told you all it was going to 12. Now its going
      to 10.

      The JLW partners who are now big
      shareholders and the major revenue producers have lost 2/3 of
      their net worth. Its just a matter of time before there
      is a mutiny!!!

      This can't be good for company
      morale or shareholder value.

      The fat lady has
      sung and all that will be left are scraps for the
      vultures.

    • <EOM>

    • Just thought you might like to know that,
      according to the October 1999 issue of EuroProperty
      Magazine:

      01 October 1999
      JLL spend $1m on own
      stock

      "Twelve top directors at Jones Lang LaSalle have invested
      a combined $1m in the company's languishing shares.


      The transactions, which were notified to the US
      Securities and Exchange Commission, were carried out between
      August 4 and August 30, at prices ranging from $12.875
      to $14.25.

      "I am out buying our shares
      because I think they're undervalued," said Christopher
      Peacock, president and deputy chief executive officer of
      JLL. "I am very positive about JLL; the market has
      terribly over-reacted," he added.

      According to the
      SEC filings, Peacock put in $65,938 to acquire 5,000
      shares. In total, he owns 165,947 shares in JLL, with a
      current market value of $2.32m.

      Other leading
      investors in the latest round of stock purchases include
      chairman and chief executive officer Stuart Scott, who
      bought in for $195,000; deputy chairman Michael Smith,
      who invested $68,563; and director Clive Pickford,
      who spent $69,688.

      Peacock said the purchases
      took place independently, in the days after the
      directors became eligible to deal following the publication
      of the second quarter financial results.

      JLL
      shares plunged by more than 50%, to $16, in July
      following a profit warning issued by the company. They have
      slipped further, and were trading last month at around
      $15.

      In line with the July profit warning, the
      company reported an operating loss for the second quarter
      of $2.9m, compared with a profit of $12.2m in the
      same period in 1998. This profit excluded the one-off
      costs of merger; when these are taken into account, the
      company lost $38.5m in the second quarter. In the first
      six months of the year%2

    • but if my memory serves me correctly. CBG and
      Lasalle prior to the JLW merger talked. Both felt that
      they did not have complementary markets and the merger
      was killed. I don't think anything has changed in he
      past two years market-wise and besides the last thing
      CBG needs is a JLL, and visa versa.

    • M&A got JLL INTO their current problems. They've
      not displayed much ability to manage thru the
      complexities of a merger while
      continuing to run their
      day-to-day business. I doubt that many people will see
      another attempt as a benefit.

    • JLL is in bigger trouble than people seem to be
      indicating. Here is how I see it:

      1 - JLL has taken-on
      a large amount of debt with each acquisition. They
      need to reduce these debt levels;

      2 - To reduce
      debt they can either use operating cashflow or do an
      equity offering;

      3 - Due to integration problems
      with the merge, JLL has negative operating cashflow.
      As for an equity offering, what kind of message is
      management sending to the street if they issue stock at
      these levels? If the stock rebounds at all, insiders
      will provide enough selling pressure that the company
      is not likely to get an equity offering
      done.

      In short, things are going to get a lot worse before
      they get better. If the integration problems persist,
      cash is going to be tight & solvency could be an
      issue.

      Insiders are selling. Institutional
      investors aren't interested. Creditors are nervious. As for
      the common shareholders, . . . . . . .

    • Over on the CBG board they are talking about a possible merger also. I was thinking it would be CBG/IFS. Any JLL people here? What do you think?

    • It seems that JLL and CBRE have taken on the
      world with their WW plans. However, real estate still
      remains a local game. If you spread yourself everywhere
      your service delivery suffers and your overhead rises
      via integration/merger issues. These are not entities
      experienced at these major acquistions or managing such a
      vast network.
      It is amazing how you never hear
      anything from the CFOs of both of these firms but just the
      CEOs. The CEO put the spin on the latest situation but
      little is really disclosed about the financial
      implications.

      The key to both firms success will be the ability to
      raise margins. The JLL and Richard Ellis acquisitions
      have added to an expanded network at the expense lower
      margins and higher overhead. The cultural differences
      will also have significant bearing on each firm.
      Iniatives will not be accepted as easily. Lets hope the
      cycle does not catch these firms with their pants down.
      I would not be surprised to see these firms merge
      shortly.
      Short term these two stocks are going
      nowhere. The cycle-at it's peak?-could damage their grand
      plans. Watch out for interest rate hikes to hurt these
      firms soon. The investment sector is hurting already
      and the leasing sector could be next. Last Aug/Sept
      cmbs crash killed investments and slowed leasing
      velocity. This is a SEll or long term hold at best. Too
      many other alternatives for upside.

    • If you're referencing the 144's, remember that
      those are "intents to sell" and have to be filed
      whether or not the transaction occurs. Most of the
      insiders were obviously hoping to capitalize on the 7/23
      SEC expiration date and pay off margin'd notes for
      their original equity. From recent conversations with
      the covering brokers though, I understand that very
      few have actually executed their deals. Price is too
      low. It's actually below the last pre-IPO, in-house
      unit price at this point.

      On another note, you
      may be right about heading South. This part from the
      10-Q caught my eye...

      "Management believes that
      in order to meet our future capital and liquidity
      requirements, it will be necessary to renegotiate our existing
      credit facilities. Based on current operating plans,
      cash generated from operations is anticipated to be
      very strong for the remainder of 1999. However,
      permanent financing needs to be obtained for the
      significant disbursements related to opportunities generated
      from the merger with JLW and acquisition of Compass.
      These disbursements include merger and integration
      costs, one-time capital expenditures to establish a
      global platform, and the funding of a world wide
      co-investment program."

      I also noted JLL had planned an
      additional equity offering, now canned due to the low price.
      So, the question has to get asked...

      WHEN did
      they suspect the problems? I can't see ANY way that
      this only came up in the "mid-year review".

    • If you look at this company's insider chart,
      there are no buyers, only sellers. If this is such a
      good deal, I think that one of the insider directors
      would start buying the stock. If there own senior
      employees will not buy BIG at this low price level I guess
      they believe the stock is going lower!

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JLL
144.71+3.02(+2.13%)Dec 17 4:02 PMEST

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