LONDON, July 2, 2026, 23:02 BST
- Helical plc (LON:HLCL) closed in London at 199.80p, gaining 13.20p, or 7.07%. The move came after the London market closed.
- Shares rose 13.20p on the day, topping the planned 9.72p per B-share cash return set for a shareholder vote July 16.
- Shares, despite the move higher, were still trading roughly 43% under Helical’s projected FY2026 EPRA net tangible assets of 351p a share.
Helical plc (LON:HLCL) shares surged Thursday, with the market reacting to a capital return that looks small in cash but stands out next to the Central London developer’s market cap.
Shares last changed hands at 199.80p, adding 13.20p, or 7.07%. Hargreaves Lansdown showed the quote as market closed and delayed. The previous close was 186.60p. Volume totaled 81,989 shares.
Helical jumped more than the planned 9.72p B-share redemption per ordinary share detailed in a June 30 circular. The payout needs a July 16 shareholder vote.
| Helical return math | Amount | Read-through at 199.80p |
|---|---|---|
| Stock jumped 13.20p in one session | 13.20p | 1.36x planned B-share payout |
| B-share redemption on offer | 9.72p/share | About 4.9% of Thursday close |
| Total B-shares add up to | about £12 mln | 4.9% of the market cap estimate |
| Buyback limit set at | up to £5 mln | 2.0% of market cap estimate |
| Combined capital return | up to £17 mln | Equal to 6.9% of market cap estimate |
Helical’s market cap stands at around £244.7 million, using the 199.80p last close and 122.465 million voting rights. A July 1 filing lists 122,465,030 voting rights and 890,167 shares held in treasury.
The rally hasn’t closed the valuation gap. Helical posted EPRA net tangible assets at 351p per share for the year to March 31, 2026. Shares changed hands at 199.80p, putting them 43% below that number.
The gap with the wider market stood out.
| Instrument | One-day move |
|---|---|
| Helical (LON:HLCL) | up 7.07% |
| FTSE Small Cap | added 0.31% |
| FTSE 100 | jumped 1.7% |
| FTSE 250 | rose 0.4% |
| Derwent London (LON:DLN) | gained 1.63% |
| Hammerson (LON:HMSO) | up 0.70% |
| Big Yellow (LON:BYG) | fell 1.93% |
| Tritax Big Box REIT (LON:BBOX) | down 0.14% |
FTSE Small Cap numbers were from Hargreaves Lansdown. Reuters gave the FTSE 100 close and FTSE 250 change. Moves for Derwent London, Hammerson, Big Yellow and Tritax Big Box REIT came from Google Finance.
The buyback looks less tidy. Helical disclosed its most recent buyback covered 193,055 shares snapped up between June 20 and June 26, with a weighted average price of 188.23p. If Helical spends the full £5 million at that average, it could buy around 2.66 million shares. At 199.80p, the same £5 million would get about 2.50 million shares—about 154,000 less.
Helical confirmed a £17 million return linked to the sale of 100 New Bridge Street, EC4. The company said that’s over half of the approximately £31 million profit made on the deal.
Helical CEO Matthew Bonning-Snook said in May the forward sale brought back over £95 million in equity. He said rent growth was coming through as occupier demand picked up. Bonning-Snook also said the company saw “material near-term upside” in letting space above the original underwrite. Investegate
Analyst forecasts are still split. FT data lists three analysts, with a 12-month median target of 270p, a high of 290p and a low at 183p. With shares at 199.80p on Thursday, the median points to about 35% upside, but the low target is under the current price.
Helical’s proposed 1.00p final dividend and its B-share return are separate trades. The final dividend has a June 26 record date and is set for payment Aug. 3. For the B-shares, the record time is 6 p.m. July 17, with shares due for issue July 20 and likely redemption July 21, assuming resolutions are passed.
