Lms Capital Share Discussion Threads

[eeza] 27/7/2016 11:18

Rayne & his lackeys will have 36.89% of the Co. Can they be trusted to act in the best interests of all shareholders - Lolololol !!!!!!!!!!!!!!!!!

[simonsaid1] 27/7/2016 11:14

Hmm... I need 64p to break even on this, is that now hopelessly far away? Considering eating a small loss and just chalking it up to bad luck.

[eeza] 27/7/2016 11:14

Exactly - sales all predetermined & planned.

[skyship] 27/7/2016 11:09

Offered @ 60.4p...

The first Tender & the other two to follow (see RNS extract below) should underpin this @ 60p as the justifiably disillusioned ditch their holdings.

Circular not yet on the website - should have been issued at the same time, but LMS never do anything to the letter!
=========================================================================

Further tender offers

The Company is proposing two further tenders (and associated repurchases) together representing 50 per cent. of the net proceeds of further disposals of assets in the Company's existing portfolio. The further tenders (and associated repurchases) will be for a maximum of GBP11 million and it is intended that distributions of up to GBP6 million and up to GBP5 million are to be made. These further tenders (and associated repurchases) will be carried out when sufficient disposals have been made, after the date of the Circular, such that the required tender and associated repurchase amount can be satisfied from 50 per cent. of the net proceeds of such disposals, and will be at a 5 per cent. discount to the net asset value of the Company at the relevant time. The further tenders (and associated repurchases) are described in more detail in the Circular.

[eeza] 27/7/2016 10:38

AT trades steadily reducing share price 60p or less on the offer looking likely.

[tiltonboy] 27/7/2016 10:15

There is no doubt that Gresham will want their hands on the cash, so I would expect sales to be made sooner.

[skyship] 27/7/2016 10:05

Looks to me to be a BUY @ 60p; and a SELL @ 62p. Reduced this morning @ 63p & 62p; so likely to buy them back if offered at 60p.

As Tilts said, with the concert party not accepting the Tender, there could be quite a reasonable payout to come there, especially with possible overages from stock held in Group Nominees.

Would be nice to know the NAV; but with the fall in the £ it could well be more like c94p IMO. We'll soon see...

[eeza] 27/7/2016 09:50

Yes, Spec, so they say - but they also agreed to carry out their instructions to liquidate the investments & return capital to its rightful owners. Having reiterated the same after being rebuffed & castigated at this time 12 months ago.
So words, from their snake forked tongues, become meaningless.

A Rhino's skin is gossamer thin in comparison. Rayne has always pulled the strings here, and he regards the money as his.

[spectoacc] 27/7/2016 09:40

But eeza, they're going to make you 12-15% - per year - long term - after costs.............

Ha ha ha ha.

[eeza] 27/7/2016 09:30

Expect the next 2 tenders to come in rapid succession, once the BOD have prevailed, because those disposals will already be lined up in anticipation.


They rewrite the meaning of scumbag.

[spob] 27/7/2016 09:14

I would just like to wish the greatest possible misfortune to the board of LMS.

[spectoacc] 27/7/2016 09:03

This part was my favourite:

"...The company will target a return on equity, after running costs, of between 12% and 15% a year over the long term."

Discuss.

(Edit - perhaps to be read in conjunction with this from GHE:
"This mandate....increases our management fees and potential to earn performance fees")

[mad foetus] 27/7/2016 08:58

I spotted that tilts. It isn't as bad as first appears, but to be honest if they are going to be a PE fund which outsources PE management to Gresham House then a board of 5 shouldn't cost more than £200k a year and doesn't need a standing office. I'd like to see the NAV, proposals on cutting costs and some detail of GH's plans before I can take a global view.

Having said all that, I think it scandalous that, having twice been told to get on and wind the company up, they have avoided doing so.

[eeza] 27/7/2016 08:56

It'll be less than the last stated NAV of 89p, itself a reduction from 92p.


Peeps starting to jump ship.

[tiltonboy] 27/7/2016 08:50

...btw, where are the interims. Would be nice to see what the NAV is.

[tiltonboy] 27/7/2016 08:47

I didn't read the Rule 9 waiver, so missed that the concert party won't take part in the Tender Offer. At least it will be nearer 11.5% of the shares we lose by way of Tender.

Hopefully the concert party will not take part in the further tenders either!

[stupidboypike] 27/7/2016 08:46

Just sold - at least this time at a very small loss. Should never have re-purchased - leopards, spots etc. GLA Best regards SBP

[spob] 27/7/2016 08:38

I'm out

Sold all of my shares

[tiltonboy] 27/7/2016 08:05

BTEM certainly seem to have swapped sides!

[skyship] 27/7/2016 07:52

Skyship in shock...certainly am. Who the hell has jumped ship to support these proposals; and can they be exposed and shamed into reversing their decision.

It will be interesting to read Simon Thompson's reaction to this in the IC as he is a bull of Gresham!

[mad foetus] 27/7/2016 07:51

I think the board deserve knighthoods for this. They could be Philip Greed's apprentices. I am considering attending the meeting in London.

[eeza] 27/7/2016 07:51

ST may have something to say.

[spectoacc] 27/7/2016 07:40

@mad foetus - must be the early morning, but I read your post as "What a bunch of Corbyns.." ;)

[eeza] 27/7/2016 07:38

Skyship in shock.