HTI Hawtin

 

TIDMHTI 
 
RNS Number : 4775O 
Hawtin PLC 
30 June 2010 
 

30 June 2010 
                                   Hawtin PLC 
 
                          ("Hawtin" or the "Company") 
 
                                AGM Announcement 
 
Hawtin PLC (AIM:HTI) the south Wales based property investment company, 
announces that at its Annual General Meeting to be held later today, the 
following statement will be made: 
 
"I would like to take this opportunity once again to update shareholders on the 
progress made since the 7 June 2010 when our Final Results were released. In 
that short period we have continued to complete lettings on void properties as 
well as completing the sale, as announced on 9 June 2010, of Walton Road, 
Portsmouth for GBP4.35m. This 85,395 sq.ft site had been empty for almost a year 
after Spaform, its previous tenants overseas owners closed their UK operations. 
 
At the end of 2007 our Loan to Value (LTV) ratio on all but the leisure part of 
the portfolio was 79%. There is a generally accepted view that commercial 
property values have fallen by approximately 44% (source: Bloomberg Businessweek 
7 January 2010) since the start of the recession. Excluding the leisure 
holdings, Hawtin's portfolio is currently at 87% LTV, a low increase in 
comparison to the general trend. This reflects management time and hard work in 
managing the portfolio and creating value wherever possible. 
 
The entering into administration of First Quench Retail Limited, the owner of 
Threshers in October 2009 resulted in us having a void in Unit 56, 42-46 Andover 
Road, Cheltenham. This has been re-let to Tivoli Wines at a rent of GBP20,000 
p.a. for five years. 
 
In St Albans the existing retail tenant of No 5 has recently moved to No. 6 and 
is paying a rent 53% greater that the historic rent. When the current interest 
in No. 6 is converted to a lease the total income from the building will have 
increased to GBP75,000 p.a. from GBP60,000 p.a. 
 
At Blackwood we are finalising a lease on Unit 2 with CC McLays for 62,886 sq.ft 
of space at a rent of GBP64,000 p.a. with a six months rent free period. This 
lease will be for ten years. 
 
Our void space has been further reduced by the anticipated letting of our site 
known as The Gateway, Abercynon. This is some 60,000 sq.ft of industrial 
property and is our last major void. It is currently subject to a Tenancy at 
Will, where the tenant is now responsible for defraying the empty rates costs, 
whilst it gains authorisation from its overseas owners to enter into a term 
lease. 
 
Should this be concluded satisfactorily then we will be at a void level of 6%, 
which will largely be represented by some 40,000 sq.ft of un-let space in the 
Millenium Plaza, Cardiff of which 14,500 sq.ft is under offer. 
 
Given that at 30 June 2009 we had some 41% of our properties empty, we have made 
excellent progress in lettings and sales in what remains an exceedingly 
difficult market with significant financial constraints on both our tenants and 
ourselves. We are not overly optimistic about future growth in the regional 
property market, and are constrained from growth by the constraints on bank 
lending and as stated in our financial statements for the year ended 31 December 
2009 are constantly reviewing how best to develop and recover shareholder 
value." 
 
 
 
Enquiries: 
Hawtin PLC 
Richard Hayward                                                  Tel: 01633 
682130 
 
Seymour Pierce 
Jonathan Wright / David Foreman                          Tel: 020 7107 8000 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGMSELESUFSSEFM 
 

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