Friday, 18 July 2008

COMMERCIAL GROUP PROPERTIES - GOOD NEWS OR BAD?


CGP has put out its press release this morning and I copy it for interest:

LONDON (Thomson Financial) - Commercial Group Properties Plc. (CG) said it is in talks with Beijing Huaqi Information Digital Technology Co. Ltd., regarding the possible lease of Manston site property to the latter, and expects a decision next month.

The AIM-listed property company had entered into a memorandum of understanding with Zhejiang Province Enterprises to lease 2.5 million square feet of business accommodation at its China Gateway site at Manston, located at the North West end of Kent International Airport.
CGP also said that, as at July 2, HSBC Holdings Plc. held 8.56 percent stake or 1.79 million shares in CG through HSBC International Trustee Ltd.( tfn.newsdesk@thomson.com sim/jro/lam)
Its interesting that CGP has assumed that all is well with its 'rolling' application. Phase 1, the only area set aside in the TDC Plan is too small to accommodate China Gateway and even the Phase I application has yet to be approved by our democratically elected Councillors. They will of course be considering the requirements that were insisted on for this site in 1995 by TDC Planning i.e. mains sewerage; surface water run off interceptors (3 for HGV areas); 30m wide screening belts to reduce visual impact and balancing ponds. They will also be considering one, assumes, an undertaking to MAFF (now DEFRA) that no more agricultural land will be taken for development as part of Manston Business Park. Has TDC bothered to tell CGP this or have the 'goal-posts' been moved since 1995 for whatever reasons?
To finish, readers might like to know that HSBC Holdings purchased their 1.79 million shares on 2nd Jul ( value 115p) and on 17 Jul CGP Share Price was listed a 80p. Someone at HSBC Holdings might be thinking about the £626,500 hit these shares have taken in two weeks. Should have bought later?
Last thought. It is for TDC to decide this application and it might be that even August is too soon to put the matter before The Planning Committee.

3 comments:

Save Kent! said...

80p a share! Blimey, what a bargain. I'm off to cash in my pension fund now...which should buy at about 2 shares.

I'm guessing the stock market isn't that confident in China Gateway getting planning permission, but hey, what do those city boys know about Thanet District Council, eh?

Peter Checksfield said...

Bertie, can you email me privately (I can't find a contact address on your blog!):

peterchecksfield@googlemail.com

Thanks! : )

Bertie Biggles said...

peter, will do.