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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Law Debenture Corporation Plc | LWDB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 10.00 | 1.21% | 835.00 | 16:25:34 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 829.00 | 829.00 | 837.00 | 835.00 | 825.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 27/2/2024 11:24 by speedsgh Annual Financial Report - Highlights: · 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 2023The 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 fallsto position for future dividend growth 7 September 2020 investmentweek.co.uk 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 opportunity.” 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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