Work Service Share Discussion Threads

[russman] 28/2/2024 06:21

crest credited friday 23rd.

[chrisdgb] 19/2/2024 15:42

Missed the RNS late Friday, looks like cash this Friday.........!! I have a long list.

[kinwah] 14/2/2024 17:03

The re-registration has now taken effect at Companies House and the company is Western Selection Limited. This means the Second General Meeting can take place on Friday 16th at 11am. This will result in the Effective Date being the next business day which will be Monday 19th February. The payouts should therefore be made before Monday 4th March.

[kinwah] 13/2/2024 16:58

If I hadn't posted we'd probably still be in the dark. Companies House is the key here. As soon as PLC changes to Limited after the 16th February the process can begin with us receiving the money about a fortnight later.

[chrisdgb] 13/2/2024 12:17

RNS out, thank you company...!

[chrisdgb] 13/2/2024 06:18

Oh, good spot thank you, yes would have been nice to be updated…

[kinwah] 12/2/2024 22:49

I 've just found on the company website that the second general meeting was adjourned. Checking Companies House the company has not yet been re-registered as a private company. Therefore it looks currently as if the planned return of capital could be delayed by up to 2 weeks to around the end of the month. Disappointing.

[chrisdgb] 12/2/2024 15:38

Nice, thank you, will get my shopping list sorted.........

[kinwah] 12/2/2024 15:34

This week supposedly.

[chrisdgb] 12/2/2024 08:18

Anyone know when we get the cash..?

[coolen] 09/1/2024 20:49

Wonder if WSE had to place the redemption money in a form of "escrow" account and now need the loan to keep the lights on !

[russman] 09/1/2024 06:33

any ideas why LFI is giving a £200k loan to WSE. WSE is mostly cash.

[russman] 30/12/2023 07:31

LFI current strategy of investing in "general" has no long term future.

[kinwah] 30/12/2023 01:41

Somehow I don't see the gravy train continuing. The regulatory environment is tightening and the Marshalls are tidying up their empire. LFI is a relic from the colonial era. It is time for the final chapter.

[smithie6] 29/12/2023 20:10

Monteagle Marshall

"BOARD CHANGES The Marshall Monteagle board of directors (“the Board”) wishes to announce the following Board changes in accordance with section 3.59 of the JSE Limited Listings Requirements: Resignation of Chief Executive Officer (”CEO”) David Marshall, the current CEO of the Company, has decided to step down from this role with effect from 1st January 2024. David has been the CEO of the Company since 2009 and the Board wishes to express its profound gratitude to David for his stewardship of the Company during this time"

The new CEO is going to be a son of David Marshall, namely Warwick Marshall.

The news item mentions that Monteagle Marshall holds shares in blue chip type companies & that Warwick has experience in that.
A logical assumption is that Warwick Marshall will also replace David Marshall on the bod at LFI Plc.
And the gravy train of director's income for a Marshall will continue for another generation !!

[topvest] 29/12/2023 15:55

It does look like David Marshall is retiring as this was his main role:
hxxps://www.city-group.com/wp-content/uploads/2023/12/2023.12.14-Announcement-re-Change-of-CEO.pdf

[smithie6] 29/12/2023 13:00

Btw

Russman & Coolen were writing in Sept '23 about City group selling a property

"Looks like Marshall is selling their City office."

That is completely wrong imo since City Group do/did not have an office to sell ! City group leased it's office & in Aug. '23 that lease ended, City Group did not continue it.

-----

Btw
Mr Beale seems to be the best paid, £253k/year. Perhaps mostly for work at Monteagle Marshall (phps he is an exec. dir there; fair size company if my memory is correct, much bigger than LFI-WSE). I have no idea for how that compares to the going rate in the city, which has never had low wages for financial people.

[smithie6] 29/12/2023 09:20

In hindsight, which makes everything easy, their timing to sell their strategic investments didn't work out very well.

They sold lots of Northbridge (near the low I think) & Kinovo which then went up a lot.
But I guess they had made a strategy decision to sell strategic holdings & wanted to stick to that.

Perhaps David Marshall wants to pull out the family money ....& then retire. If no other family/clan members lined up to take over from him. There was one son following in his footsteps but sadly he passed away.

I could understand if the family wanted to pull their money out of lfi/wse if David Marshall was retiring (he must be a fair age nowadays) & there was no family member with the skills, qualifications & motivation to take over & try to safeguard the family investment.

[smithie6] 29/12/2023 09:17

Nice one for Western Selection holders

But

They perhaps lost money by investing in Western Selection rather than in investing in other things. Some of us for example doubled our money during the COVID crisis. In Western Selection that might have taken 10-20 years.

[smithie6] 29/12/2023 09:14

....depends imo whether the Marshall family/clan want to keep receiving income as directors/workers

If they did then it could continue forever !!

(The return on their investment is much higher than if they just put their money directly on the STK mkt themselves, without any fees as directors/workers. If they worked for themselves they wouldn't get paid for it !)

[russman] 29/12/2023 06:49

In the short term, LFI should merge with WSE or at least buy the small company bits.
The WSE share register is an admin mess; LFI the same.
Dont think there is a long term future for LFI either.

[topvest] 28/12/2023 19:00

Well done all. I should have held in there, but didn't want the double risk of LFI and WSE. Typical!

Anyway, LFI also seeks to benefit. No change in the share price today though. LFI will soon have no strategic investments as well....just a £20-25m general portfolio.

Begs the question whether LFI will be next. They can't sell City Group P.L.C., but guess its not worth anything really given all its clients are disappearing...only really Monteagle Holdings and LFI left + a couple of private companies.

[chrisdgb] 28/12/2023 15:15

80.5p cash..........

[chrisdgb] 28/12/2023 15:07

There she blows..............

[russman] 28/12/2023 06:34

suppose it will be suspended?