London Finance & Investm... Share Discussion Threads

[ben value] 02/12/2004 17:03

This share does seem a pretty safe bet. Big discount to NAV and it pays a nice dividend. I would be interested to know if anyone can suggest similar shares or threads which discuss them. Nobody seems to use the Value Thread any more.

[callumross] 02/12/2004 16:37

notice director bought 25k at 25p yesterday too. 42p - that is my calculation for todays closing NAV on the basis of a small appreciation in the general portfolio

[callumross] 02/12/2004 14:13

Ben Value - I've just bought 30k at 24p as with todays move in MWB and recent rises in CRE and FIF the NAV must be well in excess of 40p now.

[ben value] 01/12/2004 17:10

I buy 6000 of these. The only purchase of the day and the price goes down. Why?

[topvest] 05/10/2004 21:26

Starting to look interesting again from an investment perspective. 22p to buy versus 36p nav and much higher if the WSE discount is added on.

[paulkent] 11/12/2003 14:55

cant understand why this hasnt slipped at all lately given the fins food slide of late ...?..anyone know any positive news for this which is keeping it up?..am loathe to add more in short term..

[simonevans] 02/10/2003 20:32

Bit of a silly price rise today - surely the valuation should already have been in the price - it's not exactly very difficult to calculate!!

[simonevans] 14/9/2003 09:26

I thought that I would start a new thread on this view - IF Finsbury Food goes to over a £1, Lonfin's share could be worth as much as its share price. Is the potential for transformation priced in?

From my approx. numbers below, you could argue that LFI was on a 50% discount given that WSE is also trading at a discount to the book value of its investments.

MWB is also into a supposed recovery phase and with an improving recovery may generate some value (and additional cash on realisation) to LFI.

This share has already doubled since March (I topped up at 16p which is now looking nice) and will probably stay on a discount going forward, but it does look interesting all the same. Any views?


London Finance & Investment Group PLC
Price £'000

Market capitalisation
25,616,114 shares 0.288 7,364,633
4,343,906 warrants 0.098 423,531

Investments
MWB
3,000,000 shares 0.64 1,920,000

Finsbury Food
4,500,000 shares 0.80 3,600,000
3,000,000 warrants 0.49 1,470,000

Western Selection
17,612,000 shares 0.14 2,465,680
3,238,000 warrants 0.04 129,520

Other assets at last reporting date 2,880,000

Other liabilities at last reporting date -1,176,000

Adjusted net asset value 11,289,200

Add Western Selection discount 2,911,578

Double adjusted net asset value 14,200,778

[simonevans] 14/9/2003 09:18

Yes, if Finsbury Food goes to over a £1 then it will support the whole share price of LFI leaving aside all its other investments.

Here are some approx. numbers:


London Finance & Investment Group PLC
Price £'000

Market capitalisation
25,616,114 shares 0.288 7,364,633
4,343,906 warrants 0.098 423,531

Investments
MWB
3,000,000 shares 0.64 1,920,000

Finsbury Food
4,500,000 shares 0.80 3,600,000
3,000,000 warrants 0.49 1,470,000

Western Selection
17,612,000 shares 0.14 2,465,680
3,238,000 warrants 0.04 129,520

Other assets at last reporting date 2,880,000

Other liabilities at last reporting date -1,176,000

Adjusted net asset value 11,289,200

Add Western Selection discount 2,911,578

Double adjusted net asset value 14,200,778

[8 ball] 08/9/2003 23:01

FIF warrants now worth 1.3 million.............

[callumross] 04/9/2003 08:40

NAV now up to 43.5p already due to the further rerating of FIF since I posted yesterday!

[simonevans] 03/9/2003 21:06

Good results and strategic investments all looking on the up: WSE doing well, MWB probably hit bottom and could recover further, Finsbury flying and very well timed warrant buy. Reasonable value up to 30p based on current investments imo; absolute bargain 6m ago (when I topped-up!!). I'd like to see another strategic investment added in the next 6m.

[callumross] 03/9/2003 15:52

at a quick calculation based on today's prices the NAV of LFI has already soared to 42p per share since the year end!

[callumross] 03/9/2003 14:39

how bad is advfn at declaring company announcements - anyone else notice that the annual results to 30th june were published this morning - nav 33.2p and an increased divi of 0.85p payable in october - current nav is, of course miles above this.

[8 ball] 02/9/2003 18:34

Well what a good day, my old post of below has come a bit sooner than I expected
That £75,000 investment is now £675,000. mmmmmm nice.

8 ball - 07 Sep'02 - 22:56 - 31 of 42 edit


Disclosure of Interest

The Company received notification on 3rd September 2002 that Lonfin Investments
Limited had increased its interest in the Company by purchasing on 30th August
2002 1,500,000 warrants to subscribe for ordinary shares in Finsbury Food Group
Plc.

As a result of this transaction Lonfin Investments Limited now owns 2,933,333
warrants in Finsbury Food Group representing 51.39 per cent of the warrants in
issue

These warrants look to have been purchased from Fleming Mercantile Investment Trust Ltd.

Assuming they paid 5p each for them, the cost is only £75.000.
Add to this the fact that the initial holding cost them nothing, then this could turn into a great investment.

The exercise price is 30p, so if the share price rose to say 50p in 5 years.
Then these warrants would be worth about 20p.
3 million warrants at 20p (£600,000)
I expect LFI to look to increase the number of warrants as time goes on.

[paulkent] 02/9/2003 14:26

cheers callum
do you have an idea as to the current nav plse?..or where do you find a full list of what LFI own?
ta

[callumross] 02/9/2003 14:16

todays large rise in FIF and FIFW adds a further tasty 1.5p to LFI's NAV

[simonevans] 19/8/2003 21:47

This one is starting to move, largely due to Western Selection rise I guess. Anyone worked out the latest estimated NAV?

[paulkent] 31/7/2003 09:21

callum
latest NAV calculation pending??????

[paulkent] 16/7/2003 08:00

wonder why this hasnt moved at all...im glad im in, but jsut wish there was a bit more going on...think ive become spoiled by being in CRI and i now think everything should be as exciting to hold as that is!!!!!

[callumross] 10/7/2003 16:34

forget that posting earlier today - the late sharp rise in FIF and it's warrants makes my 35.5p calculation of NAV historic - it's now 36.5p!

[callumross] 10/7/2003 13:58

just done a current NAV calculation for LFI in view of the recent rises in FIF and MWB and it comes out at 35.5p based on no change in the general portfolio, which may be a little pessimistic - the 30th June year end valuation which will be published next month will probably come in a little below this at around 34p

[8 ball] 23/6/2003 21:23

Don't forget the increase in FIFW.......

[callumross] 17/6/2003 10:32

ticking up nicely - my calculation of NAV has risen to 34p on the back of recent rises in MWB, WSE and FIF

[8 ball] 25/4/2003 18:28

4 Million shares sold today.

Thats about 15% Who had that many? or was it an error?

EDIT

RNS has come tru now, was an error, should be 400,000 shares.
Mr Lamb increased holding.