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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Hammerson plc    HMSO   GB0004065016

HAMMERSON PLC

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UK's Hammerson plans to raise 800 million sterling from rights issue, stake sale - Sky News

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08/01/2020 | 09:57am EDT

Britain's Hammerson Plc plans to raise some 800 million pounds from a rights issue and the sale of its 50% stake in VIA Outlets, Sky news reported https://news.sky.com/story/coronavirus-bullring-owner-hammerson-plots-600m-rights-issue-12040451 on Saturday, as the mall operator tackles the fallout from coronavirus lockdowns.

The pandemic has left retailers struggling to pay rents as fewer customers visited stores, leading some, including major high street names John Lewis and Debenhams, to shut stores.

The rights issue alone could fetch Hammerson about 600 million pounds, according to the report, which said JP Morgan and Morgan Stanley are advising.

The report said Hammerson is in detailed talks with VIA Outlets' co-owner, Dutch pension fund APG, about the share sale in the company, whose portfolio includes fashion outlets in Amsterdam, Gothenburg and Prague.

Investment bank Lazard is advising Hammerson on measures to strengthen its balance sheet, it added.

Hammerson did not immediately respond to a request for comment.

The company earlier received approval for the issuance of up to 300 million pounds under the government's Covid Corporate Financing Facility (CCFF).

At June-end Hammerson had managed to collect only 16% of rents due in the UK during the third quarter. Rival Intu Properties, Britain's biggest mall owner, has already gone into administration.

A formal announcement about the capital raise could come alongside Hammerson's half-year results, which are scheduled to be announced on Thursday, according to the report.

(Reporting by Maria Ponnezhath in Bengaluru; Editing by Jan Harvey)

Stocks mentioned in the article
ChangeLast1st jan.
FLAGSTAR BANCORP, INC. -3.81% 31.58 Delayed Quote.-17.44%
HAMMERSON PLC 9.23% 51.34 Delayed Quote.-83.37%
INTU PROPERTIES PLC -54.58% 1.776 Delayed Quote.-94.78%
LAZARD LTD 2.42% 32.11 Delayed Quote.-19.64%
MORGAN STANLEY 0.46% 50.58 Delayed Quote.-1.06%
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Financials
Sales 2020 269 M 352 M 352 M
Net income 2020 -1 100 M -1 440 M -1 440 M
Net Debt 2020 2 099 M 2 747 M 2 747 M
P/E ratio 2020 -0,45x
Yield 2020 5,01%
Capitalization 393 M 514 M 514 M
EV / Sales 2020 9,28x
EV / Sales 2021 9,32x
Nbr of Employees 553
Free-Float 82,5%
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Mean consensus UNDERPERFORM
Number of Analysts 16
Average target price 74,86 GBX
Last Close Price 51,34 GBX
Spread / Highest target 260%
Spread / Average Target 45,8%
Spread / Lowest Target -88,9%
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Managers
NameTitle
David John Atkins Chief Executive Officer & Executive Director
David Alan Tyler Chairman
Bishopp Janet Operations Director
James Lenton Chief Financial Officer & Executive Director
Judy Mary Gibbons Independent Non-Executive Director
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