Law Debenture Share Discussion Threads

[davebowler] 23/8/2016 08:17

19 Aug with the Corporation's long term debt stated at fair value, the NAV was 547.63 pence per share (ex income) and 558.31 pence per share (cum income).

[davebowler] 19/7/2016 15:24

15 Jul -with the Corporation's long term debt stated at fair value, the NAV was 525.56 pence per share (ex income) and 535.30 pence per share (cum income).

[davebowler] 18/7/2016 14:11

7% below NAV

[davebowler] 07/4/2016 12:56

Just bought in.

[rambutan2] 05/4/2016 01:10

From the beginning of March the IFS business was included at fair value in the nav. See start of results for explanation.

[gilston] 04/4/2016 17:55

Why is this trust now at a 12% discount to NAV?

[davidbh] 13/9/2012 22:09

Agree. Held it since 2008. +84%

[topvest] 23/3/2012 17:39

Added a few more today. Great company this with a solid investment company run by a top manager and a great fiduciary services thrown in "for free".

[washbrook] 06/3/2009 23:19

Bought the stock today at 182.28p.
8p Dividend paydate 22.4.09 - xd on 11.3.09

Unofficial annual report

[topvest] 28/2/2009 17:50

Yes, I agree. Should be able to increase the dividend, albeit slowly, over the next few years. Resilient performance by their operating business as well, given market conditions. 6% yield.

[deadly] 27/2/2009 18:41

Rather solid results today. Good yield - far better investment over the next few years I feel than cash in a B.S. a/c.

[topvest] 03/2/2009 19:54

I thought that I would start a new thread on this interesting investment trust. All a rather odd vehicle this one, but has been very successful over the years combining a traditional investment trust activity with an income producing fiduciary services business.
Doesn't normally trade on a discount because of the legal business valuation which is a good chunk of value which is not NAV based. Suspect this business is struggling a bit this year, but still a strong business.
ps Just bought some myself in my flight to safety and quality.

[not manu] 07/12/2008 21:00

> washbrook
It should be obvious why RBS isn't on the factsheet now.

The henderson stable does not have a great track record on the whole. The only ITs I rate are Bankers, Law Debenture, Pacific, F/East Income and European. The remainder are poor to bad.

[washbrook] 07/12/2008 12:36

NOT MANU.
If you look at the latest fact sheet RBS is nowhere to be seen.
Any good Investment Trust for income would have sold RBS LLOYDS and HBOS a couple of months ago.The Henderson stable has a great track record.

[washbrook] 07/12/2008 12:24

I have followed this Investment Trust for over 35 years and now it is very cheap.
The annual dividend on 1.2.1991 was 13.5p and the share price was 329p since then there has been a share adjustment 0.2 which puts the 1991 share at 65.8p and dividend 2.7p giving a net yield then of 4.1%.
At that time we were in a bad recession and long dated gilts were 9.8% yield and US Long dated treasuries 8.19%.
Look at today long dated gilts 4.2%
In US they are almost zero.
LAW DEBENTURES yields 6.66% net
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SEE LINK

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Notice in relation between dividend and share price Fridays close is 6.24% cheaper than 1.2.1991.
THE FTSE 100 was 2165.7--- now 4049.37
DOW JONES 2730.69-- -now 8365.42
NIKKEI 225 23156.7 ---now 7917.5

[not manu] 04/12/2008 12:36

The fiduciary services business is being valued by the market at a much lower price than 12-15 months ago. I would imagine that the business is being affected by the current economic situation as described in the interims to 30 June 2008.

The investment portfolio is fairly good quality. Though, I can find no good reason to have had nearly 3% in RBS as at 30 June 2008.

[washbrook] 02/12/2008 10:32

Although down 11.5p @1.93.5 on 1.12.08 the portfolio is stock is attractive to it's peers.Looking at the porfolio the portfolio is better than most.
I will be a buyer if any weakness from here it's low for the year is 186p on 28.10.08

[washbrook] 18/11/2008 10:10

Chris 79
Law Debentures have 2 helpings of income, dividends from portfolio & fiduciary service fees.
that is the attraction.

[washbrook] 17/11/2008 16:06

May be of interest.

[chris79] 10/8/2008 17:02

I can't understand why when so many similar ITs are at discounts of upto 20% this one isn't. How on earth it is at a premium is beyond me, the investments look nothing special so it really looks to be paying £2.85 to get £2.70.

Anyone care to enlighten me?

[not manu] 19/6/2008 15:30

The 300p support level may give way.

Ideally looking to buy inside the 180-260p trading range that occurred between 1997 and 2003. Wouldn't be surprised to see share price temporarily below spot NAV in a panic sell off.

[typo56] 04/3/2008 08:27

Are you aware that LWDB enters the FTSE 250 index tomorrow? It replaces Northern Rock.