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LWDB Law Debenture Corporation Plc

-3.00 (-0.35%)
30 May 2024 - Closed
Delayed by 15 minutes
Law Debenture Investors - LWDB

Law Debenture Investors - LWDB

Share Name Share Symbol Market Stock Type
Law Debenture Corporation Plc LWDB London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-3.00 -0.35% 859.00 16:35:08
Open Price Low Price High Price Close Price Previous Close
855.00 852.00 867.00 859.00 862.00
more quote information »
Industry Sector

Top Investor Posts

Top Posts
Posted at 02/5/2024 09:55 by speedsgh
Tipped in yesterday's Tempus column in the Times...
Posted at 27/2/2024 11:24 by speedsgh
Annual Financial Report -


· Share price total return marginally outperformed the FTSE Actuaries All-Share Index with a total return of 8.1% for 2023.

· NAV total return with debt and Independent Professional Services ("IPS") business at fair value for FY 2023 of 9.4% (8.9% with debt at par), outperforming index at 7.9%.

· Another good performance from IPS, with net revenue increasing by 11.8%, profit before tax up by 10.5% and valuation up 6.3% to £185 million (excluding net assets).

· The Company issued c.3 million new Ordinary Shares at a premium to NAV during 2023, to existing and new investors, with net proceeds of c.£24.2 million to support ongoing investment.

· Continued low ongoing charges of 0.49%, compared to the industry average of 1.20%.

Dividend Highlights

· 2023 full year dividend expected to increase by 4.9% to 32.0 pence per Ordinary Share (2022: 30.5 pence per Ordinary Share).

· Proposed 2023 dividend is fully covered by retained profits earned this year with no requirement to call upon historical reserves.

· Dividend yield of 4.1% (based on our closing share price of 778 pence on 23 February 2024), proposed Q4 dividend of 9.125 pence per Ordinary Share.

· 7.9% CAGR in dividends over last ten years, reflecting strong IPS cashflow and good portfolio performance.
Posted at 14/8/2023 14:00 by davebowler
Quoted Data article -James Henderson and Laura Foll, managers, Law Debenture, 28 July 2023

The period began positively with the return of some investor confidence in equity markets. However, this proved short-lived when the Silicon Valley Bank collapsed. There was concern at the time that this collapse might lead to contagion globally. Thankfully, this did not prove to be the case as the banking system does not carry the same degree of leverage as in the past. The narrative in the market moved on, but risk aversion in the market remains. The global inflation level has not fallen as quickly as some had hoped. This is particularly the case with the UK, resulting in continued upward movement in its interest rates. The outcome has been that the gilt market has adjusted downwards, leaving yields at a level that is even higher than last autumn. This background of rising rates has undermined investor confidence in equities, particularly in UK-orientated small companies. AIM-listed companies in particular, have experienced share price weakness, falling, in some cases, to what appear to be extraordinarily low valuations.
Posted at 27/2/2022 17:08 by woodyjmw
Look like reasonable results:
Group Highlights

-- NAV total return with debt and IPS at FV for 2021 of 25.1%, outperforming the FTSE Actuaries All-Share Index by 6.8%

-- Another year of strong performance from the Independent Professional Services business (IPS) with profit before tax up by 9.1% and valuation up 32.4% (2) to GBP166m

-- The capital structure has been reviewed to support further investment, resulting in the issuance of 4.5 million new ordinary shares at a premium to NAV, to existing and new investors, with net proceeds of GBP32.9m. Two tranches of long-term debt, with a total value of GBP50m, were also issued, with an average coupon of 2.54%

-- Continued low ongoing charges of 0.50%, compared to the industry average of 1.05%
-- Winner of Investment Week's UK Income Sector Investment Trust of the year
Dividend Highlights

-- 2021 FY dividends increased by 5.5% to 29.0 pence per ordinary share (2020: 27.5p)
-- Dividend yield of 3.7% (i) , Q4 dividend of 8.375 pence per ordinary share
-- 13.8% CAGR in dividends over last four years
Posted at 19/4/2021 16:56 by sharesoc
Law Debenture Investment Trust are presenting at our webinar on the 29th April which may be of interest to shareholders or potential investors. Denis Jackson (CEO – Law Debenture) and James Henderson (Joint Portfolio – Manager)present! More info here:
Posted at 08/9/2020 16:42 by davebowler
Law Debenture uses Covid market falls
to position for future dividend growth

7 September 2020

By David Brenchley
Twitter: @davidbrenchley
New additions to Law Debenture’s
equity portfolio, bought during the
Covid-19 market turmoil, should
“increase the yield of the portfolio
in two years’ time”, according to
manager James Henderson.
Henderson told Investment Week
the trust is using gearing in order to
“position for a recovery in earnings
and dividends”.
The manager is able to look
through dividend cuts due to Law
Debenture’s unique structure, which
combines this equity investment
portfolio with a professional services
business, which historically accounts
for 35% of the trust’s dividend
distribution, he added.
“We have been buying things at low
levels, a lot of which do not yield at
the moment but will come onto the
dividend list in the next two or three
years,” Henderson explained.
“We are able to look through things
and not be overly worried about the
dividend payments from companies
today because I think the best value
opportunities are often the ones that
are off the dividend list and [other
UK equity income fund managers]
have to kick out because they are not
paying a dividend.
“The overall effect of this will be
to increase the yield of the portfolio
in two years’ time, [although]
we are doing this because these
are cheap companies trading
below book [value] that offer real
Henderson bought shares in
Marks & Spencer for the first time
since he began running the trust.
He said the retailer was “really
using this slowdown to focus on
their business and ask themselves
some very hard questions about
their role”.
The firm said it would not
distribute cash to shareholders for
the year to 31 March 2021, but most
sell-side analysts expect it to reinstate
its dividend within two or three years.
Elsewhere, Henderson had added
some of the big life companies such
as Aviva, which he described as “very
sound value at the moment”.
Law Debenture’s structure,
unique in the UK equity income
sector, has allowed Henderson
to stray from chasing yield, with
the trust’s IPS business remaining
robust and generating healthy cash
to return to investors. Reserves of
£62.5m help, too.
As a result, Henderson is able to
hold some higher growth names,
such as renewable energy companies
Ceres Power and ITM, and have
international exposure. Ceres
and ITM were two of the biggest
contributors to 2020’s performance,
while Microsoft, which has now
exited the portfolio, has contributed
over a longer time period.
Law Debenture has materially
outperformed Henderson and
Laura Foll’s other offering in the

UK Equity Income sector, Lowland,
in 2020, losing 13.2% compared to
Lowland’s 32.1%.
With a swathe of companies
and, in turn, investment trusts and
funds cutting dividends, chairman
Denis Jackson said it was “at this
point in the cycle… we think
we are supposed to sing as an
investment proposition”.
“We have always said our
professional services businesses
had strong elements of countercyclicality to them and we are
demonstrating that,” he reasoned.
“And we have always said, because
we have got that, that allows James
to differentiate himself.”
IPS is made up of three separate
components: a pensions business,
which provides services including
on governance to pension
trustees; a corporate trust
business, which acts as a bond
trustee and provides services
both pre- and post-issue; and
a corporate services business,
which provides company
secretarial and whistleblowing
services to firms.
The business as a whole saw
revenue growth of 6.5% and
earnings per share rise 6.6% in
its half-year ended 30 June 2020.
While the corporate services
business saw a 4% decline in
growth in H1, the pensions and
corporate trust divisions grew by
14.5% and 11.6% respectively.
Jackson sees tailwinds for
all three businesses, with the
pensions side having seen 50%
compound growth in the past
three years. Pensions are likely to
undergo a professionalisation in
governance similar to that seen
in corporations over the past few
decades, Jackson explained.
Further, the corporate trust
division has seen an uptick in
business, with many companies
tapping debt markets for new
or follow-on issuance due to
the pandemic.
Finally, he continued, the
whistleblowing services are likely
to be in-demand as corporates
become more concerned about
employees’ well-being and look to
provide channels to raise issues.
Jackson said: “18 months ago,
the guidance we gave is we would
look to grow this business by
between 5% and mid-single digits.
To have done that in the face of
such extraordinary economic
conditions, we are really pleased
with. And we think we could kick
on significantly from there.”
Law Debenture told investors
its dividend, which has moved to
a quarterly payout, would likely
be held at 26p per share, a yield of
around 5%, for the full-year. The
move means it has not had
Posted at 03/1/2017 16:33 by spectoacc
Not a lot of change really, but some pretty good holdings. Happy with LWDB as a LTBH, discount wide, divi not enormous but growing, more than just a holding vehicle for equities.

1. Royal Dutch Shell 3.72
2. HSBC 2.49
3. Rio Tinto 2.38
4. BP 2.34
5. GKN 2.15
6. Baillie Gifford Pacific 2.08
7. Stewart Investors Pacifc 2.02
8. Prudential 1.71
9. GlaxoSmithKline 1.68
10. Hill & Smith 1.61
Posted at 04/10/2016 13:24 by spectoacc
Long been a fan of LWDB, nice to see them finally rising. Top Ten holdings won't be hurt by recent £ weakness:

1. Royal Dutch Shell 2.97
2. HSBC 2.27
3. Baillie Gifford Pacific 2.19
4. GKN 2.16
5. BP 2.14
6. Stewart Investors Pacifc 2.13
7. Rio Tinto 2.01
8. Senior 1.96
9. GlaxoSmithKline 1.83
10. Hill & Smith 1.75

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