|Bid||989.00 x 17000|
|Ask||0.00 x 10000|
|Day's Range||981.50 - 1,006.00|
|52 Week Range||920.00 - 1,055.00|
|PE Ratio (TTM)||9.18|
|Forward Dividend & Yield||0.16 (1.62%)|
|1y Target Est||N/A|
The boss of West End landlord Shaftesbury on Tuesday appeared unfazed about a disgruntled shareholder declaring war on the board, as he revealed profits growth. Brian Bickell faces a potential showdown with Samuel Tak Lee, the owner of 25% of the Chinatown developer. Hong Kong billionaire Lee, who has repeatedly been linked to a takeover, is understood to have written to the board demanding information ahead of possible legal action related to fund-raising that could have diluted his holding.
The group, whose 15-acre portfolio includes shops and restaurants across Soho, Covent Garden and Chinatown, on Tuesday said the net income from its properties was £46.2m over six months to the end of March, up from £43.8m in the same period last year. The measure included movements in the value of its property portfolio, which grew 3 per cent to £3.9bn over the half year.
Shaftesbury owns and manages retail, office and residential properties in the prime London districts of Soho and Covent Garden. Norges Bank Investment Management (NBIM), the world's largest sovereign wealth fund and one of the largest holders of London property, increased its stake in Shaftesbury to 20.86 percent from 12.66 percent earlier.
Shaftesbury said it had received a statement from Hong Kong billionaire Samuel Tak Lee, the ultimate beneficial owner of 25.02 percent of the company's issued share capital, of his intention to oppose Resolution 16, 17 and 18. Resolution 16 relates to authorising company directors to allot shares, while special resolutions 17 and 18 are linked to authorising directors to allot shares in certain circumstances on a non pre-emptive basis. Newspapers have speculated that Lee could make a bid for Shaftesbury, as he has taken advantage of the weakness in the sterling to build up his stake in the company in the past few months.
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Shaftesbury PLC’s (LSE:SHB) most recent return on equity was a substandard 5.00% relative to its industry performance of 6.99% over the past year. SHB’s results could indicate a relatively inefficientRead More...
Shaftesbury PLC (LSE:SHB) is trading with a trailing P/E of 23x, which is lower than the industry average of 25.5x. While SHB might seem like an attractive stock to buy,Read More...