|I also picked up a few at 42p a couple of weeks back. Pavey sums it up well.|
|Hmm - I certainly trust GHAM a whole lot more than that ragtag Dunedin North of the border! Meant to be in liquidation mode, but can't resist buying into something new a few days ago...maybe unjust...will take a look later...|
|Seems fair enough @Sky; the other problem with LMS is when you actually see any money back.
Much as with my DNE, who reported this morning.|
|"The problem with LMS has been that the "price" keeps falling due to the NAV. I'm far from convinced it's genuinely been kitchen-sinked yet."
My view is that the declaration of the NAV @ 71p versus the projected 69.5p in the earlier Update, does rather imply that GHAM is satisfied with current, heavily marked down valuations.
A Tender will of course require further asset sales, and in that respect the timing of an acceptable portfolio asset bid is a matter of chance.
"You pays your money, you makes your choice".....and IMO the 40% discount underwrites the play at this level. Though for me it is only for a small allocation punt, rather than my high allocation investments elsewhere in the sector.|
|SA,Then it is unlikely you will take a position as buying in here is to put your trust in GHE and the belief that the portfolio has now been properly evaluated.
I have no problem with GHE and it looks highly unlikely (to me)that there would be any logic in them putting anything other than a low valuation on the portfolio they inherited.
I'm not saying that the portfolio was marked down below market value but where there was a range of possible values the lower/lowest would be taken.
As I said "you pays your money....."
Edit: I seem to remember (when I had little interest here) that it was in GHE's interest to move reasonably quickly with liquidation and reinvestment.
Cash has been raised and more to follow so the first trigger amount could easily be reached this year.|
I don't envisage a Tender offer this year!|
|I agree everything has a price.
The problem with LMS has been that the "price" keeps falling due to the NAV. I'm far from convinced it's genuinely been kitchen-sinked yet.
If it has, then the current price looks good. No position here.|
|As has been posted previously, there comes a point in every share price when all the bad news is in and all the deserved selling has taken place and yet the selling continues.
A 40% discount is quite a buffer.
The £11m buy back at 95% of NAV , although in two stages, should be this year.
GHE is on the up and LMS should have 15% of the company if warrant are exercised.
(these warrants have just gone "in the money").
You pays your money, you takes your chance but there comes a point when you have to question when/if things have gone too far.
I have a small (residual) holding here but had the calculator out this morning and may add.
My views on LMS are no doubt improved by the fact that I have a holding in GHS and like what they are doing there.|
|Igbert - take more than a cursory look and you'll find that GHAM has taken over management there too. Actually the GHE performance wasn't that bad either; though from ancient memory they may have missed opportunities to cash in their stake in Memorial holdings. By the way, if you subscribe, then you can read Simon Thompson's recent positive evaluations in the IC...|
|Just had a look at Gresham's accounts. They look true experts in losing money on investments and should continue the good work that the LMS crew have been doing.|
|I do not have any directly, but follow because British Empire still has 0.5% of its assets invested in it.
From the latest BTEM factsheet, LMS is a "detractor", falling 7bps over one month (basic points relative to assets contributing to performance). They have not mentioned anything about adding or exiting their position lately.|
|I sold out a year ago after finding out the chairman had a full time chauffeur and pa for this role. I'm involved in a listed company ten times bigger and more complex than LMS and the chairman gets none of that and his salary is a fraction of that levied here.This is organised robbery and the LSE and brokers should be ashamed. As for why anyone still invests here...|
|What's the betting that the massive redundancy payouts were to the departing directors, Friedlos and Sweet? Who have moved straight to Gresham to continue managing the destruction of shareholder value in the fine way they have been doing for years now? Have to wait for the accounts to see that hidden detail.|
|Just realised how bad my maths is above - last years expenses were actually £5.5m, not £4.4m.|
|Indeed; and the bullish interpretation is as below:
Net Asset Value per share at the end of 2016 was 71p, slightly higher than announced on 25 January, but a 23% decrease from 92p a year ago.
Conclusion and outlook:
2016 was a transformational year for the Company. The performance of the investment portfolio in the second half of the year was disappointing but following the appointment of GHAM as investment manager, the Board looks forward to improved performance in 2017 and beyond.|
|Nice work if you can get it. Lol.|
my retirement fund
|Aware I'm something of a perma-bear of LMS, but couldn't not comment on:
"Overhead costs were GBP3.3 million, similar to the previous year (2015: GBP3.2 million). One-off charges (including staff redundancy and surplus property costs) were GBP2.2 million; as a result of these there will be future benefits from annual overhead cost savings targeted at GBP1 million which are expected to start during the first half of 2017."
I guess bulls can point to the last sentence, but I'm left slack-jawed by the £4.4m [Edit - erm, £5.5m] of expenses in 2016.|
|Thanks for that. I was thinking of selling out (at a significant loss) .Maybe I will hold off for a few days... at least until April 5. Then offset loss to mitigate cgt.|
|Brockton to offload £215m Government-let Victoria trophy - Brockton Capital is preparing to put its 33 Horseferry Road property in Victoria, SW1 up for sale for £215m, having agreed a new 17-year index linked lease to the Department for Transport......CoStar News can reveal"
.....though that is all I can see as not a subscriber.
Not sure how that affects the valuation of BC itself, as it is a manager rather than a pure investment company. Still, LMS may be able to write back some of the savage cut.
The share price has stabilised having hit a low offer at 41.875p. I bought back a very few at that level.....I know, I know,,,but I've always made money buying at a 40% discount, so couldn't resist having a small interest again, having sold out at just over 50p on Update day.|
|The chairman could die I suppose, choked on his own greed.|
|Lol @CWA1 - indeed, don't think I've ever made money on them, and can't say I've any desire to buy back in again atm. Hard to see where any good news is going to come from, though they may yet surprise us.|
|Hi SpectoAcc, the only thing I wish I hadn't bought some of was LMS :-(|
|What a difference a weekend makes - SpectoAcc 1, Nick Train 1. And knowing him, my guess is he bought more at elevated prices on Friday.|
|Re post above & ULVR - Nick Train 1, SpectoAcc 0.|
|Overheads, net of other income = £1.635M
That's for the 6 months to June 2016. That's nearly 5% of the NAV annually! They are looking to reduce overheads but to what level? Even £1M per annum seems a lot.|