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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| London & Stam. | LSP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 113.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 113.50 |
| Top Posts |
|---|
Posted at 08/12/2011 12:12 by kiwi2007 Still seeking opportunities but selectiveL&S believe that prime asset values will be sustained by the low cost and availability of capital. As a result it is continuing to invest, but with caution. It believes that opportunities are likely to be for larger lot sizes or more complex portfolio situations but the focus will continue to be on high cash returns on equity. Residential REIT being created L&S has been keen on the Central London residential sector for the past couple of years and it has built up a portfolio (including Seward Street, Islington under construction) of 385 apartments in four locations with a valuation of c.£170m. The majority is let but some have been sold in order to test the capital values and we expect management to continue this strategy. The aim is to add to this portfolio either with JV partners or on its own to create a portfolio of c.£300m that could create the basis of a residential REIT. FY2013E and 123p for FY2014E. The key areas of upside to our forecasts will be a letting at Tamworth, Goldman Sachs not breaking its lease at One Carter Lane and greater than expected growth from the residential assets. Our earnings growth forecasts are more exciting (FY2012E double earnings of FY2011, FY2013E +21% and FY2014E +17%) given that we are expecting at least £600m of acquisitions over the next few years (offset by £300m of disposals) and these lead to expected dividend growth of c.8% pa and an improving level of cover (ex any trading/investment sales). Shares resilient but look fair value for now L&S shares have held up well over the past month and whilst we think this can be justified by the quality of the management and its track record, as well as the dividend yield of 6.1%, at 115p (current NAV versus the sector at a 20% discount to current NAV) we believe the shares now look only fair value. We therefore downgrade our rating from Buy to HOLD and await further newsflow. Both courtesy of FTALPHAVILLE LIVE |
Posted at 08/12/2011 12:10 by kiwi2007 London & Stamford (REDUCE) Secondary placement of 50m sharesLSP.L (115.2p, Target price 102p) Market cap: £628.8m It has been announced this morning that GE Asset Management is selling its 9.2% stake or c50m shares in LSP. The sole bookrunner is Credit Suisse and Peel Hunt is joint lead manager. We recommended REDUCE holdings in our November 28 2011 note (Revising forecasts) on the basis that our NAV forecast for FY12E was lowered to 114p in the current challenging environment. Our target price of 102p represents just a 10% discount to this, lower than the current sector average discount of c20%, owing to our belief that the management are very capable of surprising with attractive transactions and because the dividend - albeit uncovered in the short term - provides an estimated 6% yield for FY12E. If the placement price provides investors with an opportunity to acquire the stock close to our target price, then we would expect the subscription to be attractive for longer term holders looking for yield. As we pointed out in our note, we admire the disciplined and unsentimental management approach and are aware that the deals they are considering are lumpy - potential sale of the Radial portfolio (c£240m) and contemplating a residential REIT (currently LSP's residential assets are c£170m) - and if well executed could add value for shareholders. |
Posted at 27/5/2010 18:37 by roquefort Very quiet on here.Excellent results released today. Management rightly take a cautious approach in the current environment but they appear to have snapped up some prime investments at bargain prices. Increased dividend and stacks of cash available for further opportunities. One to tuck away for a couple of years I think. |
Posted at 19/11/2009 17:43 by skyship Thanks to Polarfox on the CIC thread for the above.CIC is a similar predator, but one successfully identifying the bottom and participating in the game with its acquisition of the quoted TAP (stealing it @ 50% of NAV thanks to the 20% stake sold by a nervous Jack Petchey) and yesterday a £44m portfolio @ a 9.9% yield. Yet CIC stands at a 15%+ discount to NAV. Sorry, has to be said, time to sell LSP & buy CIC. |
Posted at 07/8/2009 23:04 by moocher2 fancy lsp higher. trading up over the last 3 months. uk property market will turn in next 24 months and these guys well placed to take full advantage. 2 quid bt christmas! |
Posted at 10/7/2009 07:16 by kiwi2007 one for two at £1.05SUMMARY * Under the Placing and Open Offer, LSP intends to issue 215.0 million New Ordinary Shares, comprising: * 72.5 million Firm Placed Shares (representing gross proceeds of £76.1 million), pursuant to the Firm Placing, which have been conditionally placed with institutional and other investors by KBC Peel Hunt and are not subject to clawback; and * 142.5 million Open Offer Shares (representing gross proceeds of £149.6 million) to be made available to Qualifying Shareholders pursuant to the Open Offer, which have been conditionally placed with institutional and other investors by KBC Peel Hunt, subject to clawback. * The Placing and Open Offer has been fully underwritten by KBC Peel Hunt subject to and in accordance with the terms of the Underwriting Agreement. * The Issue Price is 105p, representing a discount of 13.75p (11.6 per cent.) to the closing mid market price of 118.75p per Ordinary Share prevailing on the London Stock Exchange on 9 July 2009 (the last business day prior to the issue of this announcement), and a premium of 2.7p (2.6 per cent.) to the last reported NAV per Ordinary Share of 102.3p as at 31 March 2009. * Under the Open Offer, Qualifying Shareholders have the right to subscribe for their pro rata entitlement of Open Offer Shares on the basis of one Open Offer Share for every two Existing Ordinary Shares. * The Board has committed to subscribe for 3,823,727 shares under the Placing and Open Offer. * The Placing and Open Offer is being carried out to provide further capital for LSP in order to continue to exploit market weakness and take advantage of high quality deal flow. * The difficult economic conditions, restricted availability of financing and weakness in the UK property market following a sustained period of rising values and plentiful availability of debt has created opportunities to acquire property assets at attractive yields. * LSP's senior management have a proven track record of anticipating UK property cycles whilst creating, building and exiting property vehicles which have delivered above-market returns to shareholders. Recent acquisitions have demonstrated LSP's ability to invest in high quality real estate assets generating high cash on equity returns. * To reflect the increased size and scope of the business, the Directors will consider applying to move the Company to the Main Market of the London Stock Exchange and convert into a UK Real Estate Investment Trust (REIT) as and when the appropriate requirements are satisfied and subject to the Directors' assessment of the benefits at the time. * It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 30 July 2009. Raymond Mould, the Non-Executive Chairman of LSP, said: "This fundraising, which has been heavily oversubscribed, is essential to maintain London & Stamford's acquisition capability, enabling us to continue to create value for our shareholders through the acquisition of high quality assets on attractive terms. We have demonstrated our ability to acquire prime property at high cash on equity returns. These additional funds give us further firepower to take advantage of the exceptional buying opportunities available." |
Posted at 24/4/2008 16:10 by richjp Interesting feature on Motley Fool yesterday on this company. Unfortunately I do not know how to insert the link. Could somebody help?The article says that these guys set up two companies before to take advantage of depresssed property prices and then later sold them on very profitably. Apparently the last time it was some years after the previous proerty peak that their previous company share price started to move, so maybe there is no need to rush into this one. Having said that it might just go racing away in expectation! I think commercial property has further to fall and if so the people running LSP would seem smart enough to just sit on the cash for a while. Definitely one to keep an eye on. |
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