Share Name Share Symbol Market Type Share ISIN Share Description
Lxb Retail LSE:LXB London Ordinary Share JE00B4MFKH73 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -0.43% 28.625p 27.50p 29.75p 27.25p 27.25p 27.25p 61 16:35:24
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 85.2 -15.1 -8.9 - 49.34

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Date Time Title Posts
22/9/201712:16Led by veteran property entrepreneur1,558
28/10/201310:27*** LXB Retail ***-

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Lxb Retail Daily Update: Lxb Retail is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker LXB. The last closing price for Lxb Retail was 28.75p.
Lxb Retail has a 4 week average price of 27p and a 12 week average price of 27p.
The 1 year high share price is 69.50p while the 1 year low share price is currently 27p.
There are currently 172,350,374 shares in issue and the average daily traded volume is 90,903 shares. The market capitalisation of Lxb Retail is £49,335,294.56.
npt: I actually see the deferral of the vote until the end of Feb. 2018 as a positive. It gives the fund manager additional time to get more tenants signed up (Sutton, Stafford, Rushden) and the delay will hopefully also avoid them having to accept low offers for units and ultimately the sale of the remaining assets. It think it is bs that the fund manager is going to require more resources as a result of the delay. Nothing really changed. the Board is aware that shareholders are livid because they agreed to an increase in fund management fees and then the NAV and share price tanked shortly after. They need shareholders to vote for the extension, so they're saying that the fund manager is giving us something without charging for it. The only rational decision is to vote for the extension. The increase in fund management fees is now water under the bridge. If the planning permission is not opposed during the next 6 weeks today's share price will prove to be cheap. My only concern now is that funds will be held back for the Living Villages concept, which could have been used to buy back shares or returned to shareholders. I think shareholders need greater transparency regarding Living Villages and the funding of it going forward.
npt: 10p on top of the 34p NAV last reported? The Chairman said that he was confident about reaching the 38.67 NAV reported in Sept. 2016 (I think). The 38.67 NAV number excluded any uplift from Rushden phase 2 & 3. I'd be extremely happy if we get 45p plus return in total. I would have expected the share price to react more strongly to the good news.
npt: Maybe one of you guys can write to him in a more soothing tone and try to get answers. The share price has plummeted almost 20% in two days and the Chairman thinks it is not worth me getting emotional about.
npt: My communications with the Chairman. Newest at the top, so start from the bottom. You're right, they are not interested. I may have been too harsh in my tone, but I'm just fed up with the lot of them. Dear Chairman, The share price is now 32p. Down 7.2% today alone. I regret that you don’t think it is worth getting emotional about. Regards, x From: Phil Wrigley [] Sent: 06 June 2017 11:46 To: x Cc: Subject: Re: Share price down 15% from close on Friday Dear Mr x, I respectfully cautioned you in our last correspondence that I would not continue to communicate with you if you persisted in emotive and personal challenges, you acknowledged my assertion but unfortunuately persist and I will not therefore engage in further communication with you. Yours sincerely, Phil Wrigley, Chairman LXB Properties. From: x Date: Tuesday, 6 June 2017 at 11:28 To: Phil Wrigley Cc: "" Subject: Share price down 15% from close on Friday Dear Mr. Chairman, The share price has declined 15% from its close on Friday. In my previous email I already made my frustration clear about the increase in management fees being agreed for the fund manager and then announcing a big fall in the NAV for the period to 31 March 2017. The overheads of the fund (NED fees, fund manager fees, fund secretary fees etc) are extremely high for a fund that has a market cap of £55m. This is the result of being based in Jersey and the complex corporate structure. Could you please tell me what the Board is currently doing to ensure that the overheads are reduced as much as possible in the coming months? Could you please clarify why the Higher Newham Farm asset has not been marketed for sale and what the plan is with this asset. Finally, could you please explain what each member of the NED contributes to the success of LXB and the value they add. How many hours are spent each month by NEDs on LXB? The fund is currently spending £305,000 on remunerating NEDs and this excludes paying for flight, hotels and meals when attending Jersey meetings. Please justify to me why shareholders are paying £305,000 per annum for a Board that doesn’t seem to have a proper handle on things. You mentioned that LXB still has 68 legal entities. How is it possible that that number of entities are still in existence so late in the funds’ life? If senior members of the Fund Management team bothered to show up more than twice a week the massive amount of work could be done in a timely manner. There seems to be a complete lack of urgency in reducing the overheads and wrapping up the fund. The shareholders are being bled dry by the bloated overheads and fund management fees. I for one is sick of the constant stream of bad news and have lost faith in the Board and Fund Manager completely. The increase in the fund management fees makes the drop in NAV so much more difficult to swallow. Total NED fees - £305,000 Phil Wrigley £85,000 Steve Webb £50,000 Danny Kitchen £60,000 Alastair Irvine £50,000 George Baird £60,000 I do not mean any disrespect to the Board or the Fund Manager, but I think you much appreciate how frustrated shareholders are. I’m already starting to worry what the management/profit sharing agreement will be when it comes to Newco. For some reason I don’t think shareholders will get a fair deal, but I’ll keep an open mind an keep up to date with developments. Regards, x Apologies Chairman, I forgot to ask a last question. The Fund Manager has a mandate to buy back shares. Apart from the cash they need to keep back for the bond at Rushden etc., why are excess funds not used to buy back shares, especially at current prices? The cost associated with buying shares back on the open market and cancelling them is minimal. Regards, x From: x Sent: 05 June 2017 13:00 To: 'Phil Wrigley' Subject: LXB Retail Properties Ltd - March 2017 results Dear Chairman, I read with disappointment today that the NAV dropped by 5.07p to 33.63p for the period ending on the 31st of March 2017. During your talks with the Fund Manager relating to the increase of fund management fees they must have been aware/anticipated the reduction in NAV. I don’t want to keep banging the same drum, but if management fee increase negotiations took place today shareholders would not have been very open to it. In today’s results mention is made of transferring Higher Newham Farm to Newco. I remember that this asset was bought by LXB Retail Properties Plc from Regenco, a previous LXB fund. The fund manager has been in control of this particular asset for more than 10 years and still there is no clarity as to how any value is going to be crystallised for shareholders. The decision was made during the AGM to sell all assets in a timely manner to maximise shareholder value. Has any attempt been made to market Higher Newham Farm or was it always going to be transferred to Newco? Once in Newco, will Higher Newham Farm be sold or will it be a seed asset for the Living Villages concept? What is the end goal of Newco, to enable to orderly sale of remaining assets or the start of the Living Villages business? You mentioned that a lot still has to be done in order to bring the fund and eventually Newco to a close. I want to draw your attention to the following, which I think you must be aware of. The Fund Manager only has 5 of the 10 original members left. The members who left: Andy Cordiner – Ayr Harry Sadleir – Brocklebank Nick Alford – Truro/Higher Newham Farm Carl Barrand – Stafford Richard Margree – Interal legal council These members have not been replaced and it is no wonder that problems were/are encountered with Ayr, Brocklebank, Truro/Higher Newham Farm, Stafford and the fund is struggling to resolve them. In light of the dramatic reduction in the fund management team I sincerely doubt shareholders are receiving good value for the fund management fees they pay. Without adequate in-house resources it means more work needs to be outsourced with increased costs for the fund. Again, I find it extremely hard to comprehend how the increase in fund management fees could on any level be justified when looking at the drop in NAV and the dramatic reduction in the members of the Fund Manager. I understand that you can’t disclose details about specific assets because it could be commercially sensitive, but I would really appreciate it if you could provide more details surrounding Higher Newham Farm specifically in your next communication with shareholders. I don’t think shareholders agreed to retain this asset indefinitely. Please clarify what the plan is with Higher Newham Farm after it has been transferred to Newco. I sincerely hope everything goes well with Rushden phase 2 & 3 as at the moment I feel very negative about LXB and some good news after a whole raft of bad news will be much welcomed. Lastly, the fund manager is always surprised when build cost is more than anticipated or when a contractor goes bust. Are shareholders not paying the fund manager very handsomely to be on top of these things? Regards, x
tricky1000: This isn't about results, in fact if I wanted share price to fall i would issue such resultsI would expect management to buy at this price, a year from now with assets sold and cash returned should be sitting pretty!
loobrush: Well what to do. I am of the view that LXB is a firm hold for me. The final results last year stated assets were 56p and also stated that at the report date(nov) the chairman expected that asset value be in excess of that at wind up despite challenging markets. Since then disposals,it seems to me, have not made any material change to asset values.Whilst the recent planning permission may well have increased the asset value. So if we get the asset value at the minimum of 56p it would give a 40% gain from todays share price. I would be happy with a 20% gain,let alone 40% so I am holding on as I think that with the substantial Directors and their pension fund holdings they will be looking to get the highest value possible over the next few months. So downside limited -upside possibility +40%
tricky1000: Thanks Mad had a few of yours this morning! Fundamentally nothings changed share price reflects excellent value compared to total assets to be returned. Time scale for closing up shop and giving back proceeds unchanged.
mortimer7: Update on website today: Detail in chairmans letter.
npt: The Board was fully aware of the issues which hammered the share price today when the latest dividends were paid out. Did they not think that information that could hammer the share price by 20% should have been disclosed when shareholders were going to decide to reinvest the dividend or not. The remaining assets will probably be transferred to a new vehicle next year and a new performance structure will be put in place. So again, management will receive more management fees by extending the life of this fund an and a revised performance structure for the new vehicle. The goal posts will again be moved. The Investement Manager notes that 101p has now been returned to shareholders, but I would like to know what the IRR is over the life of the fund to date.5%? The fund manager is determined to get a performance bonus irrespective of the performance. Did the fund manager even do proper dd on Cardy, the builder at Stafford and Brocklebank? Frankly, I'm starting to find the whole affair extremely comical.
888icb: Good News on the planning front should give a boost to LXB share price.
Lxb Retail share price data is direct from the London Stock Exchange
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