Share Name Share Symbol Market Type Share ISIN Share Description
Law Debenture Corporation Plc LSE:LWDB London Ordinary Share GB0031429219 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  1.00 0.13% 754.00 196,326 16:35:27
Bid Price Offer Price High Price Low Price Open Price
752.00 753.00 757.00 752.00 756.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 57.14 26.66 21.56 35.0 911
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:27 UT 11,017 754.00 GBX

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Date Time Title Posts
18/12/202017:24Law Debenture Corporation - founded in 188985
06/3/200923:19LWDB with Charts & News15
01/3/200610:37EXCELLENT Investment Trust2

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Law Debenture Daily Update: Law Debenture Corporation Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker LWDB. The last closing price for Law Debenture was 753p.
Law Debenture Corporation Plc has a 4 week average price of 699p and a 12 week average price of 623p.
The 1 year high share price is 757p while the 1 year low share price is currently 442.50p.
There are currently 120,882,842 shares in issue and the average daily traded volume is 207,519 shares. The market capitalisation of Law Debenture Corporation Plc is £911,456,628.68.
vacendak: hTtps:// A bit old as I got this through a "what happened last week" email notification. LWDB and the likes have recovered a bit.
davebowler: NAV with borrowings at par and including the fair value of IPS business(1) on 10 November 2020 was 623.29 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 584.86 pence per share (cum income).
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 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
speedsgh: Dividend Declaration - HTTPS:// First Interim Dividend Announcement - Law Debenture Dividend Yield Hits 4.9% -- Moving to quarterly dividends, creating greater regularity and predictability around dividend payments -- Declaring a first interim dividend of 6.5 pence per ordinary share payable in July 2020 -- Further interim dividends of 6.5 pence per ordinary share expected in October 2020 and in January 2021 -- Board's current intention for the full year 2020 dividend to be at least equal to 2019 dividend of 26.0 pence per share The Corporation declared, and our shareholders overwhelmingly approved, a 50% increase in our final dividend payment for 2019 earlier this year. This step change in dividend brought our dividend yield from 3.5% for the year ended 31 December 2018 to 4.0% for the year ended 31 December 2019(1) . The 2019 full year dividend per share was 26.0p (up 37.6%). With significant turmoil in global markets as a result of the Covid-19 pandemic, a large number of quoted companies have cut their dividends in order to protect the long term future of their businesses. This is happening at a time when the recipients of those dividends may themselves be increasingly reliant on that income. The great advantage of the investment trust structure is the ability to retain a portion of income received each year in order to smooth dividends in times of market stress. With that backdrop, the unique advantage of the Law Debenture structure has never been more evident. We approach 2020 with a professional services business that has funded 35% of dividends for the investment trust over the preceding 10 years and group retained earnings of GBP62.5m(2) . The combination of this diversification of income and the strength of our reserves provides us with a genuine competitive advantage over other equity income trusts when forming our dividend policy. We also announced we were moving to a structure of quarterly dividends. We felt paying quarterly dividends would help to provide our shareholders with greater regularity of dividend income, which we hoped would prove attractive to new and existing shareholders. This has proved timely, as yield becomes increasingly scarce and shareholders' cash flows constricted. With that back drop, the Corporation is delighted to declare a first interim dividend of 6.5 pence per ordinary share in respect of the year ending 31 December 2020. This dividend will be paid on 28 July 2020 to shareholders registered at the close of business on 26 June 2020. The Corporation's shares will go ex-dividend on 25 June 2020. Based on the current share price, that implies a dividend yield for the Law Debenture share of 4.9%(3) We intend to pay two further interim dividends of 6.5 pence per ordinary share in October 2020 and January 2021. Shareholders will be asked to vote on a final dividend to be paid in April 2021 at the Corporations 2021 AGM. It is the Board's current intention to recommend the final dividend payment be at least 6.5 pence per share.
davebowler: The Law Debenture Corporation p.l.c. Net Asset Value as at 20 March 2020 The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business(1) on 20 March 2020 was 486.05 pence per share (cum income), which excludes the proposed 2019 final dividend of 19.40p as the shares went ex-dividend on 12 March. With the Corporation's long term debt stated at fair value, the NAV was 466.15 pence per share (cum income). The mid-market price at the close of business on 20 March 2020 was 431.00 pence per share. The final dividend will be paid, subject to shareholder approval, on 16 April 2020 to holders on the register at the record date of 13 March 2020. Net Asset Value Excluding Income Including Income (pence) (pence) NAV with debt at par 483.08 486.05 ---------------- ---------------- NAV with debt at fair value 463.18 466.15 ---------------- ----------------
davebowler: HTtps://
speedsgh: New Edison research note... Step change in dividend supported by IPS income - HTTPS:// The Law Debenture Corporation (LWDB) saw a NAV total return of 17.9% (cum-fair) in FY19, with its share price total return of 24.5% comfortably outstripping the broad UK stock market. As well as a c 25% increase in portfolio income, LWDB’s independent professional services (IPS) businesses saw another year of good growth, providing important support for a step change in the annual dividend payment (+37.6%, with the final dividend up 50%, and moving to quarterly dividends from FY20). Portfolio managers James Henderson and Laura Foll continue to find attractive investment opportunities, particularly among unloved UK domestic stocks, while CEO Denis Jackson sees growth potential across the IPS businesses as a result of increased market focus on environmental, social and governance (ESG) issues...
davebowler: 21 January 2020 Net Asset Value The Law Debenture Corporation p.l.c. announces that its Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business* on 17 January 2020 was 715.20 pence per share (ex income) and 738.95 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 680.31 pence per share (ex income) and 704.06 pence per share (cum income). The mid-market price at the close of business on 17 January 2020 was 650.00 pence per share. END
davebowler: Law Debenture Corp PLC 07 January 2020 Net Asset Value The Law Debenture Corporation p.l.c. announces that its preliminary unaudited Net Asset Value ("NAV") with borrowings at par and including the fair value of IPS business* on 31 December 2019 was 704.52 pence per share (ex income) and 728.28 pence per share (cum income). With the Corporation's long term debt stated at fair value, the NAV was 673.23 pence per share (ex income) and 696.98 pence per share (cum income). The mid-market price at the close of business on 31 December 2019 was 650.00 pence per share. In accordance with listing rule 15.6.8, The Law Debenture Corporation p.l.c. announces that it has no investments in other UK listed investment companies that require to be disclosed. Its top ten holdings, including all holdings with a value greater than 5% of the Corporation's gross assets as at 31 December 2019 are set out below. Top 10 Holdings The top 10 holdings in the investment portfolio as at 31 December 2019 were: Name of Holding % of portfolio Rank (excl. cash) 1. GlaxoSmithKline 3.62 2. Royal Dutch Shell 3.41 3. Rio Tinto 2.05 4. HSBC 1.90 5. BP 1.84 6. Relx 1.74 7. Johnson Service 1.74 8. AstraZeneca 1.66 9. Prudential 1.64 10. National Grid 1.62 Geographical Split of investment portfolio % of portfolio Region UK 74 Europe 7 North America 8 Japan 1 Other Pacific 1 Other 1 Cash and Fixed Interest 8 TOTAL 100 --------------- * The fair value of the IPS business is consistent with the most recent formal valuation at 30 June 2019. The fair value at 31 December 2019 is currently being calculated and will be published as part of our audited results. This, along with other year-end adjustments, will result in a slight variance between the NAV we have published today and the final audited NAV we will disclose in our Annual Report and Accounts. Released by The Law Debenture Corporation p.l.c., Fifth Floor, 100 Wood Street, London, EC2V 7EX (contact Virginia Duncan, Company Secretariat, 020 7696 5233). The Law Debenture Corporation p.l.c. LEI number - 2138006E39QX7XV6PP21 This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit END
essentialinvestor: LWDB hold Tullow oil from memory and ESL. That's another few million between those two.
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