Law Debenture Share Discussion Threads

[vacendak] 10/1/2023 15:50

When LWDB changed its benchmark to UK Income, they mentioned going nearly pure UK with a bit of blue chip US for income (mostly Microsoft at the time if I remember).
True that the articles of incorporation allow for some leeway on global spread.

Considering we have been hearing "UK shares are cheap" for a while and that LWDB is value oriented, I was not expecting that recent 10+% in Europe. Then again, nothing wrong with it.

[apparition1] 10/1/2023 14:49

Hi Vacendak. I can't find any statement saying that it would be nearly all UK. They do mention it is predominately UK but this seems to have been historically 80%. The investment objectives within the trust are set fairly wide: -
Minimum% Maximum%
UK 55 100
North America 0 20
Europe 0 20
Japan 0 10
Other Pacific 0 10
Other 0 10

[vacendak] 10/1/2023 13:37

A bit behind in my reading but we seem to be investing more and more in Europe at the moment. The November factsheet says 10.6%.
I thought LWDB had decided to be nearly all UK with a pinch of US not so long ago.

[vacendak] 14/11/2022 10:22

Yes, good example of the image of the trust: Unassuming name, bland but extremely reliable.
One of my favourites buy, hold and forget.

[ramellous] 13/11/2022 20:09

A write up in todays mail on Sunday.

[wskill] 27/10/2022 09:53

Think compared to rest of world the UK valuations are low and have not seen the huge rise of USA shares these past years,buying LWDB myself now as its a well run trust on a very reasonable valuation.

[spectoacc] 26/9/2022 16:32

Good luck. If this downturn is going to play out like others, I reckon we'll see some serious discount-widening amongst the ITs (some of which has happened already).

[lozzer69] 26/9/2022 15:58

Added this morning and is now one of my top 3 holdings

[davebowler] 29/7/2022 16:28

Latest research note

[speedsgh] 01/7/2022 15:52

LWDB has held up remarkably well since the start of the year all things considered. Showing its true quality as per topvest's previous post.

[topvest] 27/2/2022 19:40

This is a quality investment trust that is quite unique. I'm more than happy to hold long-term, adding over time.

[woodyjmw] 27/2/2022 17:08

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

[woodyjmw] 17/1/2022 22:34

Looks like a good play for reinflation and UK growth story, with added professional services business.

[ramellous] 04/1/2022 14:02

Interestingly, looking at the header, market cap has hit £1 billion.

[vacendak] 04/1/2022 11:13

Indeed, it had been stuck in a band for six months, nice to see a return to form.

[ramellous] 04/1/2022 10:30

Looks like an ATH right there..

[makinbuks] 19/8/2021 12:02

Good thorough piece of research. Excellent first half performance. Unfortunately fully reflected in the now virtually non existent discount. Hopefully the service business will continue to grow and the UK seems a decent market to be in at the moment for the main portfolio. Glad they've sold down the hydrogen stocks. Some real froth there. But full marks for seeing the potential

[speedsgh] 27/5/2021 15:51

Dividend Declaration -

First Interim Dividend Announcement - Builds on 42 year track record of maintaining or increasing dividends

· Declaring a first interim dividend of 6.875 pence per ordinary share payable in July 2021, representing an increase of 5.8% over the prior year's first interim dividend.

· It is the Board's intention for each of the first three interim dividends for 2021 to be equivalent to a quarter of Law Debenture's total 2020 dividend of 27.5 pence per ordinary share.

· The Board's current intention is for the total 2021 dividend to be an increase on the total 2020 dividend of 27.5 pence per ordinary share.

As the vaccine rollout continues at pace and economies begin to recover following the easing of restrictions, there is a definite feeling of optimism about the UK dividend outlook. The Board is, however, conscious that the pandemic has had a residual effect on dividends across the market and that they are unlikely to return to the level of 2019 for several years. It is at times like these when the benefits of Law Debenture's unique structure come to the fore. The consistent and diversified income provided by Law Debenture's Independent Professional Services businesses (IPS) gives us a genuine competitive advantage over other equity income trusts.

The combination of IPS' steady income and our strong reserves allows Law Debenture to continue executing its 42 year track record of maintaining or increasing its dividend payments.

As a result of this, we have declared a first interim dividend of 6.875 pence per ordinary share payable in July 2021; this represents an increase of 5.8% over the prior year's first interim dividend.

At the Corporation's 2022 annual general meeting shareholders will be asked to vote on a final dividend to be paid in April 2022. It is the Board's current intention to recommend the final 2021 dividend payment such that the total dividend will be an increase on the 2020 dividend of 27.5 pence per ordinary share.

[sharesoc] 18/5/2021 13:35

In case you missed our webinar with Law Debenture Investment Trust the recording and stockopedia report can be found here:

To access the recording, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here: hxxps://www.sharesoc.org/membership/

Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the recording (and recordings/reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here: hxxps://www.sharesoc.org/contact-us/

[sharesoc] 28/4/2021 11:08

Last chance to register for our webinar with Law Debenture Investment Trust (LWDB)tomorrow!
Denis Jackson (CEO – Law Debenture) and James Henderson (Joint Portfolio – Manager) will both present.

[sharesoc] 19/4/2021 16:56

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:

[makinbuks] 18/12/2020 17:24

Agreed, shammy, the operating business is low tech, necessary and stable and provides cover for 1/3rd of the income. If they can build on that with some half decent stock picking in a favourable UK value rallying market they should do well over the next year or two. Not going to make you rich but a good reliable savings product

[shammytime] 18/12/2020 14:50

This looks interesting. Fantastic divi too!