|London Finance And Invest. Grp
||EPS - Basic
||Market Cap (m)
|Nonequity Investment Instruments
London Finance Share Discussion Threads
Showing 351 to 371 of 375 messages
|While the Marshall thing is a negative factor the share price looks cheap vs NAV which has been in up trend for last 2 or so yeaes I think....mostly due to FIF price rise
Discount to NAV looks a bit big at the moment & FIF share price perhaps relatively solid now...so the big discount is phps unwarranted ?|
|I would suggest LFI are at a large discount for at least 1 big reason.
It is the same strategic issue Mr.M has had for over a decade, if not longer.|
|Maybe time for them to be top-slicing FIF as I have done. That's the problem with their approach to be honest. They don't take a profit. Anyway these must be on a very big discount now given the strength in FIF.|
|I re-read the interim management statement.
The cash for the Finsbury Food rights is either from debt or selling the general portfolio.
Cash burn is too high for such a small company.|
you have any comment on the high admin. costs for LFI ?
for the little or nothing that LFI has done in the last year...it looks excessive to me....
(if you wanted to propose resolutions to the AGM..that you thought that most shareholders would support..I might have contact with someone with the votes to do that... if they wanted to of course
you can always send to me privately via my website e-mail if you wished)|
|Shipping forecast: Strategically narrow, Generally broad, Something may happen in the medium, Value in the long.|
|Not bad results.
This comment is interesting...
"We believe our mix of Strategic Investments and a General Portfolio gives us
every chance of outperforming the broader market in the medium to long term."
They haven't managed this in the last 10 years, but might have done so if they sold all of MWB when the time was right!
Then again if they performed better you wouldn't be able to buy this and WSE at such a discount.
Happy to hold...just about!|
|great results here today, todays nav around 62p, results 3 mouth out of date now! Bit concerned where the cash has gone big loan repayment!|
|I dont think they have any interest in reducing running costs.....
since the costs pay the staff costs at City Road offices....
which are providing, imo, various functions and services for the Marshalls. Marshall family trust funds and Marshall controlled companies
(and since 2000 the co. has shown no interest in reducing costs, instead when income struggled to pay the costs at WESP they issued a shed load of new shares, to increase the income base; and not the other way round)
and imo there are wages and expenses paid to at least 2 of DM sons at City Road
(there are 3 in total)
(a Marshall controlled company rents the apartment that LFI sold, perhaps used by son(s) or family ?? or DM when in London ?)
it would be illogical imo for the Marshalls to want to reduce these costs, since it would imo be reducing payments/benefits to themselves !!
and they want to maintain the City Road offices and its functions, not reduce it or close it.
(the listing cost for WESP is small, ISDX is cheap, maybe 10k, adviser is only 6k per year....out of 300k charged the listing costs are peanuts imo)
I note that LFI services part has seen reduction in income recently.....so that puts more incentive/pressure to "increase" the costs for LFI/WESP in order to support/shoulder the fixed costs rather than the inverse imo...otherwise they probably have to reduce staff numbers a little|
|Interim results were reasonable I thought. They are sitting on £2m of cash - wonder what they will do with that! Maybe they should buy Western Selection and reduce the combined running costs?|
|...and the prize for the most useless RNS of the year for the LSE goes to
London Finance & Investments plc !!
And also for intentionally keeping shareholders in the dark for basic information
the winner is also
London Finance & Investments plc !!
they intentionally give the finger to the requirements to inform shareholders..and provide transparency
may as well run this LSE listed company out of their garage|
|general shareholders own over 50% of the company.....the Marshalls only have around 44%...
if 'we' are not happy we can call an EGM and kick 'em out....or propose any changes we think would be beneficial.
but so far I think there have been no posts indicating any support for an EGM.....|
|Share your frustrations Markt but wht can we do? We are powerless as they control all the aces. If we are not happy, they will just say we should sell up? The assets are not for us to enjoy anyway.|
|My opinion is that the BoD would not vote themselves out of a job.
LFI have two investments: 15% FIF £3m & 43% WSE £3m plus General (-debt) £3.5
LFI trade at 19p compared to net assets circa 35p.
I would suggest to the BoD that LFI liquidate the General & tender for the rest of WSE shares (57%)that LFI do not own.
As a condition, after a share consolidation, Marshall & Co would be required to sell their shares down to|
|Any interest or opinions ?|
|Possibly, but they probably still need a distributor over there.|
|Hartim accounts - main points below:
- Audit opinion not qualified or including an emphasis of matter on going concern which is very good news.
- Loss was £220k for the year ended 31 December 2011 after a £102k tax charge.
- Revenue up 4.6% to c£28m.
- Gross margins up to 14.7% from 13.8%
- £476k paid for new acquisition of Victoria Foods business which had net assets of £335k (looks like this was a trade and assets deal out of administration, but not really specified)
- It looks like the new business contributed about £6m of sales in 6m so it is very significant
- New loan of £204k and invoice discounting facility drawn of £657k. £51k of new loan repaid in the year
- Cash £529k versus £840k last year
- Net current liabilities of £1.6m versus £1.1m last year
- Audit fees up from £10k to £30k which implies some problems with the accounts only signed on 28 Sep
- 73 people versus 46 last year, giving sense of scale increase
- Stocks increased from £492k to £1,475k, trade debtors from £2.6m to £4.3m, trade creditors from £3.0m to £4.6m and payments on account increased from £0.8m to £1.2m - a relatively significant expansion of working capital of circa £0.5m or so net
- Net cash outflow from operating activities of £0.2m versus a £2m inflow in the prior year
- £300k lease cost not included as going into the H1 results for Hartim
My conclusion here is that the acquisition is either a bargain which will significantly strengthen the long term business (if turned round) or will bust the group (if they can't get things under control).
The positives are that they have a high quality debtor portfolio and should be able to use the invoice discounting facility further. Also, they have minimal unsecured bank debt of £150k in these accounts which is helpful.
Fingers crossed that they can turn this all around and float the business in the next year or two to clear debt and take this to the next stage!
Overall, this business has to be worth quite a bit more than a £1m to WSE if they can make it a success. It will be a circa. £35m turnover business in the current year I think.|
|Hartim accounts have been filed. Can't download them yet, but will report back when I can get hold of them.|
|Still no sign of the Hartim accounts. I will check again tomorrow.
Yes, Montanaro are good stock pickers. Will buy some shares in their trust at some point, although not at the moment as they have had quite a good run.|
Previously I have highlighted the bad performance of LFI over the last 20 years....and made comparison with Blackstar sml co. fund I think,
well here is another one that blows LFI into the weeds imo
up over 300% since March 95
whereas LFI has gone down since March 95 !
"Montanaro, an independent specialist fund manager,
was established in 1991 to research and invest in
European, including UK quoted SmallCap companies.
Funds under management are currently £1.4 billion".
1.4 Bn !!
Compare with LFI.
Cap. value of 6M pounds and been around for decades. From before 1991 when Montanero started.
Capability to grow by growing the NAV ?. Zero !
Interests of shareholders in any cash raising or subscribing for new shares ?
|Looking at this a tad more closely; the legal cost was £330k - circa £60k for 5 years + costs. This isn't all a cash cost now, but only probably about half of this.
The loss of circa. £350k in the year is pretty grim, but should be affordable provided the problems are being sorted.
I think some mention on what is going on is overdue, given this is very material to WSE's future prospects.
It is very unclear as to how much was paid for the Australian distributor. I agree that this could have been debt funded, albeit there is no evidence of that at Companies House through additional charges.|