The Countrywide nightmare continues, with shares down almost 10% yesterday, following a fall on Friday of some 7%.
Yesterday they finished at 10.5p, according to the London Stock Exchange, which gave Countrywide a market capitalisation of £190.66m.
Yesterday’s closing price is only just above the 10p which subscribers paid for new shares in the fundraising call.
It was also the price at which shares were allotted to 13 managers last week, including executive chairman Peter Long.
There were two regulatory announcements to the stock exchange about holdings in the company yesterday. The first stated that Investec Asset Management has increased its stake from 5.75% to 12.50%.
The second revealed that major investor Oaktree Capital has reduced its stake from 30.13% to 18.28%. However, the percentage reduction may be partly due to the dilution of its shareholding as a result of the issue of new shares in the fundraising.
Yesterday evening, an insider told us: “Countrywide is on life support. If the biggest investor is bailing out, why should anyone else have any faith in the business?”
Comments (10)
Which hybrid will buy the E.A offices for a quid and then have a tie in to push fs and conveyancing for CW?
Sadly their business model is neither salvageable or saleable. Their offices are rented buildings, their cars are on leases, countrywide is debt ridden and the poor branch staff there are walking a tight rope with no safety net for them. The best they can do now is get out and get moved, might as well move while you can rather than when there are 1000’s of you fighting for the same position when HMS Countrywide submerges.
Yopa, Emoov, MiraclePropertySell? seems some just keep throwing money at gaping moneypits
Yopa will need a miracle to actually survive in the market. They haemorrhage money faster than mo farah can run due to the poor management in their head office. Interesting that the head office keep coming up with ludicrous marketing ideas, The village people then Mo Farah, for heavens sakes stop spending on ridiculous campaigns and actually sell some houses. Yet another bail out from the DM, this is not for growth. Tim Muir is still probably bending ears with all his ‘expertise’ in the market
£4.89 for Purplebricks end Jan 2018, £2.85 this morning, a lingering demise, reflecting that their apparent magic hat is actually empty?
OTM spluttering along as well, albeit for different reasons
Must check if the Purpleones magic act has also dulled further
Challenging times ahead for all
going the same way as railtrack shares
Investing in shares in insolvency firms appears likely to become far more profitable than investing in estate agents
It’s an unedifying sight seeing brands with established reputations and brimming with top property professionals caught up in a casino game
Oaktree wheeling the ineffectual Long out to beat the drum deliver the upbeat message about the future to encourage investors to put their hands in their pocket whilst Oaktreee having awarded themselves a shedful of shares at 10p slipping them out the side door to take a quick early profit
If ever there was a signal for the brands to break themselves off and run themselves independentally this was it
The private shareholder which includes many CWD pensioners and employees sold another pup .
Writting is sadly on the wall.