Proactiveinvestors United Kingdom Hansteen Holdings plc https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Hansteen Holdings plc RSS feed en Thu, 27 Jun 2019 05:01:36 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[RNS press release - Notice of Half-Year Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190618155733_14115544/ Tue, 18 Jun 2019 15:57:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190618155733_14115544/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190611152148_14106967/ Tue, 11 Jun 2019 15:21:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190611152148_14106967/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190522113230_14083676/ Wed, 22 May 2019 11:32:30 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190522113230_14083676/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190507153526_14065260/ Tue, 07 May 2019 15:35:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190507153526_14065260/ <![CDATA[RNS press release - Portfolio Update ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190429070019_14054584/ Mon, 29 Apr 2019 07:00:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190429070019_14054584/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190426083002_14053347/ Fri, 26 Apr 2019 08:30:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190426083002_14053347/ <![CDATA[RNS press release - Annual Report & Accounts and Notice of 2019 AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190425165105_14052508/ Thu, 25 Apr 2019 16:51:05 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190425165105_14052508/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190416165948_14043607/ Tue, 16 Apr 2019 16:59:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190416165948_14043607/ <![CDATA[RNS press release - Total Voting Rights ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190401142123_14023916/ Mon, 01 Apr 2019 14:21:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190401142123_14023916/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190401122048_14023698/ Mon, 01 Apr 2019 12:20:48 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190401122048_14023698/ <![CDATA[News - Hansteen strategy change should remove near-term uncertainty for investors, says Liberum ]]> https://www.proactiveinvestors.co.uk/companies/news/217418/hansteen-strategy-change-should-remove-near-term-uncertainty-for-investors-says-liberum-217418.html Hansteen Holdings PLC (LON:HSTN) is no longer expected to be a significant net seller of assets and Liberum views the strategy change as positive.

The landlord, which buys and manages business parks and industrial estates, had recently sought to sell the majority of its assets before the next property cycle but it will now focus on managing its residual holdings for income and value growth.

READ: Hansteen shares gain as property values rise despite Brexit uncertainty

In its 2018 results on Monday, the company said it would still seek acquisitions that “fit our approach” and sell “opportunistically” but won’t sell a large chunk of assets until it has a clearer view on the cycle.

“A reversal in strategic focus should remove near-term uncertainty for investors, allowing greater focus on underlying performance,” Liberum said.

“While further political and economic uncertainty remains a risk we believe investors are adequately compensated.”

Liberum upgraded its rating on the stock to ‘buy’ from ‘hold’ and raised its target price to 110p from 105p.

The broker said the decision to halt the reduction in assets will reduce stress on operating metrics, allowing management to “right-size” overheads and enhance returns.

Liberum also thinks Hansteen’s decision to end its long-term incentive plan has the potential to further enhance shareholder returns if conditions remain strong.

“In addition, we believe Hansteen will now approach any further sales negotiations from a stronger position rather than effectively being perceived as a forced seller,” it said.

The full-year results were 3% ahead of Liberum’s forecasts and the broker raised its net asset value estimates by 2%.

However, Liberum downgraded its earnings per share estimates by 6% to reflect “disposals ahead of forecast and a higher gross to net leakage”.

Liberum believes the market backdrop for UK multi-let industrial remains strong, underpinned by continued cyclical expansion and the structural benefits of rising e-commerce activity.

“Hansteen's urban assets further benefit from severely constrained supply with the focus for land use concentrated on residential and development unviable at current levels of market rent.”

In late morning trading, shares fell 0.5% to 96p each.

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Thu, 28 Mar 2019 11:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217418/hansteen-strategy-change-should-remove-near-term-uncertainty-for-investors-says-liberum-217418.html
<![CDATA[RNS press release - Issue of equity and Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190327095054_14017598/ Wed, 27 Mar 2019 09:50:54 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190327095054_14017598/ <![CDATA[News - Hansteen shares gain as property values rise despite Brexit uncertainty ]]> https://www.proactiveinvestors.co.uk/companies/news/217112/hansteen-shares-gain-as-property-values-rise-despite-brexit-uncertainty-217112.html Hansteen Holdings plc (LON:HSTN) shares edged higher on Monday after the landlord reported growth in the value of its property portfolio for 2018 despite Brexit uncertainty.

The FTSE 250 firm, which buys and manages business parks and industrial estates, said the like-for-like property valuation increased 6.5% to £39.6mln last year, led by gains in the Midlands and the North West.

Like-for-like contracted rent jumped 88% to £1.7mln.  

Normalised total profit from continuing operations rose to £45.8mln from £37.5mln a year ago, boosted by the sale of assets.  

Shareholder payout drags NAV lower 

However, normalised income profit from continuing operations fell to £25.8mln from £31.3mln and the net asset value per share dropped to 102.7p from 130.6p.

The sale of £294.5mln of assets above book value and the acquisition of £56.9mln of property enabled the group to return £144.5mln, or 35p per share, to shareholders but this led reported profit measures and NAV lower.

"The team is well placed to manage the portfolio going forward,” chairman Melvyn Egglenton said.

 “We believe that our diverse portfolio and management focus presents a rare combination in today's property sector that can achieve both income and capital growth."

The company plans to focus its investments on urban multi-let industrial property, which it believes is likely to outperform most other property investments in terms of returns and earnings over the next few years.

Hansteen well placed to handle possible Brexit fallout

On Brexit, the group said the uncertain outcome of the government’s negotiations makes it difficult to assess the future impact on Hansteen but believes the “fundamentals of occupational supply and demand will continue to be strong despite the short-term economic and political volatility”.

Hansteen said it has not yet seen any negative impact from Brexit uncertainty on its tenants' take-up of space with  its regional offices reporting “good levels of enquiries and good levels of new lettings” so far in 2019.

With a cash balance of £55.1moln and further funds that can be drawn under its existing debt facility, the company considers it to have “adequate available resources to moderate the impact of any future macro-economic challenges while being able to take advantage of any investment opportunities that may arise”.

The group raised its full year dividend to 6.2p per share from 6.1p the prior year.  

Liberum maintained a ‘hold’ recommendation and target price of 105p, saying the results were ahead of its forecasts.

“A 35p special dividend and ~6% long-term incentive plan (LTIP) dilution reduced NAV -21% to 102.7p, 3% ahead of forecast,” the broker said.

“This masked a strong +6.5% LFL valuation gain reflecting favourable cyclical and structural conditions for industrial real estate.”

Hansteen to end long-term incentive plan after significant payout to joint CEOs

The broker thinks Hansteen continues to offer strong total return prospects, which in future will be helped by the company’s decision to end its LTIP after forking out a significant payout to joint chief executives Ian Watson and Morgan Jones.

The LTIP pays out to the executives every three years if the value of the company’s assets increases sufficiently.

For the three years ended December 2018, the CEOs will be issued with 11.6 million shares each after the deduction of PAYE and National Insurance contributions.

Based on Monday’s 93.7p share price, their holdings are worth a combined £21.7mln.

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Mon, 25 Mar 2019 10:16:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217112/hansteen-shares-gain-as-property-values-rise-despite-brexit-uncertainty-217112.html
<![CDATA[RNS press release - Final Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190325070010_14013369/ Mon, 25 Mar 2019 07:00:10 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190325070010_14013369/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190318181341_14006463/ Mon, 18 Mar 2019 18:13:41 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190318181341_14006463/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190306171717_13992951/ Wed, 06 Mar 2019 17:17:17 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190306171717_13992951/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190301162014_13987898/ Fri, 01 Mar 2019 16:20:14 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190301162014_13987898/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190225175413_13981039/ Mon, 25 Feb 2019 17:54:13 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190225175413_13981039/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190213080001_13967687/ Wed, 13 Feb 2019 08:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20190213080001_13967687/ <![CDATA[RNS press release - £86.5 million of property disposals ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181224070004_13914181/ Mon, 24 Dec 2018 07:00:04 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181224070004_13914181/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181219094026_13909470/ Wed, 19 Dec 2018 09:40:26 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181219094026_13909470/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181123173101_13879212/ Fri, 23 Nov 2018 17:31:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181123173101_13879212/ <![CDATA[RNS press release - Board Change ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181001070006_13810156/ Mon, 01 Oct 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20181001070006_13810156/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180924170629_13802622/ Mon, 24 Sep 2018 17:06:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180924170629_13802622/ <![CDATA[RNS press release - RE: Potential disposal ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180906070003_13780522/ Thu, 06 Sep 2018 07:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180906070003_13780522/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180824143833_13768066/ Fri, 24 Aug 2018 14:38:33 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180824143833_13768066/ <![CDATA[RNS press release - Half-year Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180822070004_13763729/ Wed, 22 Aug 2018 07:00:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180822070004_13763729/ <![CDATA[RNS press release - ST. MODWEN RELEASES £47M VIA SALE OF 34 ASSETS ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180806070006_13744110/ Mon, 06 Aug 2018 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180806070006_13744110/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180802155706_13742099/ Thu, 02 Aug 2018 15:57:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180802155706_13742099/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180731170013_13738452/ Tue, 31 Jul 2018 17:00:13 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180731170013_13738452/ <![CDATA[RNS press release - Potential Disposal ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180726142151_13733048/ Thu, 26 Jul 2018 14:21:51 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180726142151_13733048/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180725171123_13731496/ Wed, 25 Jul 2018 17:11:23 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180725171123_13731496/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180720171001_13726482/ Fri, 20 Jul 2018 17:10:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180720171001_13726482/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180712090126_13715319/ Thu, 12 Jul 2018 09:01:26 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180712090126_13715319/ <![CDATA[RNS press release - Notice of Results ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180712080003_13715193/ Thu, 12 Jul 2018 08:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180712080003_13715193/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180704155610_13705995/ Wed, 04 Jul 2018 15:56:10 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180704155610_13705995/ <![CDATA[RNS press release - Result of AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180612141727_13676625/ Tue, 12 Jun 2018 14:17:27 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180612141727_13676625/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180511160645_13638652/ Fri, 11 May 2018 16:06:45 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180511160645_13638652/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180510080001_13635962/ Thu, 10 May 2018 08:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180510080001_13635962/ <![CDATA[RNS press release - Court approval and proposed return of capital ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180501114504_13625820/ Tue, 01 May 2018 11:45:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180501114504_13625820/ <![CDATA[RNS press release - Annual Report and Accounts & Notice of 2018 AGM ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180427162501_13622444/ Fri, 27 Apr 2018 16:25:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180427162501_13622444/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180420091116_13612417/ Fri, 20 Apr 2018 09:11:16 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180420091116_13612417/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180413164800_13604592/ Fri, 13 Apr 2018 16:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180413164800_13604592/ <![CDATA[RNS press release - Announcement of the General Meeting poll results ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180411143409_13600833/ Wed, 11 Apr 2018 14:34:09 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180411143409_13600833/ <![CDATA[RNS press release - Correction - Employee Benefit Trust Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180409171255_13597564/ Mon, 09 Apr 2018 17:12:55 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180409171255_13597564/ <![CDATA[RNS press release - Employee Benefit Trust Share Purchase ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180405123058_13593488/ Thu, 05 Apr 2018 12:30:58 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180405123058_13593488/ <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180404151519_13591908/ Wed, 04 Apr 2018 15:15:19 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180404151519_13591908/ <![CDATA[RNS press release - Director/PDMR Shareholding ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180327170001_13583790/ Tue, 27 Mar 2018 17:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180327170001_13583790/ <![CDATA[RNS press release - Disposals ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180327070002_13582083/ Tue, 27 Mar 2018 07:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180327070002_13582083/ <![CDATA[RNS press release - Proposed Return of £145M of Capital & Notice of GM ]]> https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180320070101_13572921/ Tue, 20 Mar 2018 07:01:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/420/LSE20180320070101_13572921/