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The Preacherman

Miller Homes Abandons Float

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Housebuilder Miller Homes cancels plan to float on stock market
Edinburgh-based firm says market volatility is behind decision not to proceed with public listing aimed at raising £140m

Miller Homes has scrapped its planned flotation as investors grow wary of prospects for the UK housing market.

The Edinburgh-based housebuilder had planned to raise £140m by selling shares to investors on the stock market. The initial public offering (IPO) would have valued the company at between £450m and £550m.

Announcing the flotation last Tuesday, Miller said it was an excellent time for housebuilders, with growing demand for new houses, a growing economy and an improved mortgage market. Since then, shares of publicly traded rivals such as Barratt Developments have been hit as investors have become jittery about the property market.

http://www.theguardian.com/business/2014/oct/03/housebuilder-miller-homes-cancels-float-plan

Things must be getting bad when the VIs start battening down the hatches.

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The rent extraction machine is breaking down. Recession by Christmas? :)

The problem with any rent extraction machine is that it need a supply of real earners in the form of productive people, to extract rent from.

Who would have thought it.

In the UK we need a perpetual motion machine, as rent extraction machinery has its drawbacks,

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