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BBOX & UKCM - Recommended merger rumour

SKYSHIP
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BBOX & UKCM - Recommended merger rumour

#646082

Postby SKYSHIP » February 10th, 2024, 11:33 am

Apparently the property specialist paper states that BBOX is to merge with UKCM - RNS expected Monday morning.

Seems a bizarre fit - EBOX would have been a better choice; though of course a departure into Euroland.

Will this yet another merger precipitate a bounce in the weak sector?

mattman74
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Re: BBOX & UKCM - Recommended merger rumour

#646178

Postby mattman74 » February 11th, 2024, 10:55 am

Thanks for the heads up SKYSHIP.

I hold BBOX.

Both are down on Friday (though UKCM slightly more).
It will be interesting to see market reaction.

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Re: BBOX & UKCM - Recommended merger rumour

#646417

Postby stevensfo » February 12th, 2024, 1:49 pm

SKYSHIP wrote:Apparently the property specialist paper states that BBOX is to merge with UKCM - RNS expected Monday morning.

Seems a bizarre fit - EBOX would have been a better choice; though of course a departure into Euroland.

Will this yet another merger precipitate a bounce in the weak sector?


I have to admit to being confused. BBOX (Tritax Big Box) & EBOX. Are they the same company?

My ii.co.uk site cannot find EBOX, but finds BOXE (Tritax Eurobox).

Any explanation of these three would be very welcome! ;)

Steve

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Re: BBOX & UKCM - Recommended merger rumour

#646419

Postby RockRabbit » February 12th, 2024, 1:56 pm

stevensfo wrote:
SKYSHIP wrote:Apparently the property specialist paper states that BBOX is to merge with UKCM - RNS expected Monday morning.

Seems a bizarre fit - EBOX would have been a better choice; though of course a departure into Euroland.

Will this yet another merger precipitate a bounce in the weak sector?


I have to admit to being confused. BBOX (Tritax Big Box) & EBOX. Are they the same company?

My ii.co.uk site cannot find EBOX, but finds BOXE (Tritax Eurobox).

Any explanation of these three would be very welcome! ;)

Steve


BBOX - Tritax Big Box (UK warehouses)
EBOX - Tritax Eurobox (European warehouses) - quote in GBP
BOXE - Tritax Eurobox (European warehouse) - quote in EUR

So, 2 separate (but related) companies, the European one having 2 listings, one in GBP and one in EUR

stevensfo
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Re: BBOX & UKCM - Recommended merger rumour

#646421

Postby stevensfo » February 12th, 2024, 2:06 pm

RockRabbit wrote:
stevensfo wrote:
I have to admit to being confused. BBOX (Tritax Big Box) & EBOX. Are they the same company?

My ii.co.uk site cannot find EBOX, but finds BOXE (Tritax Eurobox).

Any explanation of these three would be very welcome! ;)

Steve


BBOX - Tritax Big Box (UK warehouses)
EBOX - Tritax Eurobox (European warehouses) - quote in GBP
BOXE - Tritax Eurobox (European warehouse) - quote in EUR

So, 2 separate (but related) companies, the European one having 2 listings, one in GBP and one in EUR


Thanks a million! I was seeing the word 'BOX" everywhere and wondered what was going on. ;)

So a bit like Vodafone? All over the world?

Steve

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Re: BBOX & UKCM - Recommended merger rumour

#646435

Postby SKYSHIP » February 12th, 2024, 3:02 pm

EBOX would have been a far better target for BBOX. Same logistics specialists. Also EBOX way under-valued on a 43% discount and a 110% covered 5c dividend giving a yield of 8.7%!

Perhaps the next target in the sector; though likely will fall to Private Equity.

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Re: BBOX & UKCM - Recommended merger rumour

#646439

Postby RockRabbit » February 12th, 2024, 3:16 pm

SKYSHIP wrote:EBOX would have been a far better target for BBOX. Same logistics specialists. Also EBOX way under-valued on a 43% discount and a 110% covered 5c dividend giving a yield of 8.7%!

Yes, proposed deal makes no sense to me. If the deal goes through, they'll have to rename 'Big Box'. Perhaps call it 'Tritax Big and Mid Box'!

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Re: BBOX & UKCM - Recommended merger rumour

#646478

Postby MDW1954 » February 12th, 2024, 6:10 pm

RockRabbit wrote:
SKYSHIP wrote:EBOX would have been a far better target for BBOX. Same logistics specialists. Also EBOX way under-valued on a 43% discount and a 110% covered 5c dividend giving a yield of 8.7%!

Yes, proposed deal makes no sense to me. If the deal goes through, they'll have to rename 'Big Box'. Perhaps call it 'Tritax Big and Mid Box'!


Around two-thirds of UKCM's assets are warehouses, many with "final mile" potential. To me, with my supply chain hat on (I'm a visiting fellow in a supply chain and logistics department at a well-known business school), that does make some kind of sense. It's the other assets that worry me -- student housing, offices, hotels etc. I assume that these will be rotated out of the portfolio, and replaced with logistics assets.

MDW1954


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