Leeds Share Discussion Threads

[deswalker] 31/1/2011 14:46

Buyback. 25k at 18.75p

[cg1953] 28/1/2011 06:06

arthur
absolutely right.
cant imagine DK has spent near as damn it 170k just to sit and wait while the swedes ponder there next money wasting adventure !!!
further, the initial research i have now done is that he is not a passive investor.
am often reminded of the swedes initial offer and eventual takeover of 'british mohair spinners' where camellia [cam] held a longstanding 30% and forced them to raise there offer by counter bidding.
clutching at straws or just wishful thinking maybe, but this could get interesting !!!

p.s. clearly DK didnt want another 25k @19 .....LOL

[arthur_lame_stocks] 27/1/2011 22:38

It'll be interesting to see if he keeps upping his stake. Perhaps he has ideas for Leeds that don't involve us waiting until armageddon to see some value out of these shares.

[ansc] 27/1/2011 09:37

Interesting to notice that when they bought the 60k on the 13th, they did so in six lots of 10k between 11.01 and 14.26hr. By doing so, they managed to only nudge the buying price paid from 18.7p to 19.0p; I bet that wouldn't have been the case if they'd asked for just one lot of 60k!

Canny trading that and well worth remembering for illiquid shares like LDSG.

[liarspoker] 27/1/2011 08:40

Company Overview
Channel Hotels and Properties Limited is an investment holding company that holds interest in real estate properties. The company is based in Channel Islands.

Key Executives
Mr. David Kirch
Owner

Looks like Kirch has a few pounds in the bank:

[cg1953] 27/1/2011 08:33

ummm.......interesting to see today that 'channel and hotels properties' have accumulated a 3% stake !!
maybe they intend to achieve what we so far have failed to do.

[liarspoker] 19/1/2011 20:47

Hhhhhmmmmm.....these still seem terribly cheap.

I make a loose valuation as follows:

GBP 8,365 net working capital
GBP 1,142 Dawson stake valued at mid
GBP 1,750 Depreciated property

Total GBP 11,257

32,100,000 shares in issue equals to 35.07p per share.

Just a note regarding the loans: Currently LDSG have been paying interest only on their long term loans however on 31st March, 2011 both principal and interest will have to be paid. This will hit profits somewhat.

Hopefully the share buybacks will continue.

[jonak] 13/1/2011 17:47

I fully understand your desire to move on, TD
wish you luck (and income)

[deswalker] 13/1/2011 15:14

Cheers TD. Header updated. See you around.

[the diviner] 13/1/2011 14:29

Des,

I sold the last 20,000 today.

I have had enough of the LDSG value trap.

Regards,
TD

[the diviner] 13/1/2011 14:26

The results are OK but I cannot see a way out of the Gyllenhammar affect and I sold the last 20,000 LDSG that I held, at 18.15p per share, today.

The lack of a dividend is the killer for me. (At present I am getting over 8% with some of the preference shares that I hold, (eg GACA), which means that the money invested in them can double in less than 9 years with almost no risk).

With LDSG, double your money must be the target but there is no guarantee and the likelihood will be a low price management buyout for Hemmers and a low price takeover for LDSG in about 5 years from now.

Good wishes to all those who still hold.

Regards,
TD.

[deswalker] 13/1/2011 13:01

I must say that when I first looked at the numbers I was very disappointed, but the more I look the happier I get. There are lots of one-offs some of which will reduce ongoing costs and others which will be reversed, China is doing very well from a standing start and they reaffirm that they are looking for opportunities for the benefit of all shareholders.

I wonder whether the current share price rise is due to the company being more active in searching for sellers to get some buybacks going ? EW was responsible for the buybacks and he was happy to just sit there at no more than 105% of mid for any negotiated trade. Maybe now they're trying to be a bit more proactive in finding sellers whilst still meeting their 105% of mid commitment ?

[hugepants] 13/1/2011 12:44

Yes there are quite a lot of one-offs in these results. The asset position should limit any downside. A bit of buying now at least.

[ansc] 13/1/2011 09:00

Not unexpectedly, the second six months has obviously been tough going so to be in profit for the year overall is reasonable. With retained profits now standing a an eye-watering £6.9mil, they must be thinking of aiming high for any possible future acquisitions!

In the paragraph re share buy-backs: ".... The Board intends to continue to buy back shares whenever the appropriate opportunity arises and will be seeking Shareholder approval of the necessary resolution at the forthcoming Annual General Meeting. In buying back the Company's shares, the Board is returning capital to those shareholders who wish to sell their shares whilst improving the net asset value per share of the remaining shareholders", I think he missed out 'at a massive discount' between the two words 'shares whilst'! [NAV 43.2p]

Current trading ahead of budget for the first three months; would be helpful if only we knew what their budget was. If he meant ahead of last year's first three months then that would be something worthwhile.

[deswalker] 13/1/2011 08:35

The second half results look pretty bad vs the first half but if one strips out the 193k fx gain from the first half and adds back the 421k loss from the second half then it doesn't look anywhere near as bad.

We have three currencies to worry about and the volatility in these does not make it easy to value Hemmers.

More one-off restructuring costs (89k), a provision against a bad trade receivable in China (60k) but currently in court and the expenses at Yeadon all put a dampener on things but ought to be exceptional.

They say they're looking for appointments (plural) so we'll wait and see there. EW was his own man I think so let's hope we get someone else like that.

Good to see trading is strong for the first three months of this year.

I intend on making the AGM again this year.

[cg1953] 13/1/2011 08:20

what a rapid resignation !!!?
must have been the thought of the prospects of 'increasing value for all shareholders' [unlikely] rather than pay a dividend !!!!.....LOL

[hugepants] 13/1/2011 07:37

Dont have time just now too take a good look but as you say Liars the reported pre-tax profit takes into account a £228,000 foreign exchange loss.

[liarspoker] 13/1/2011 07:12

Results seem good to me. Great performance if you add back forex I guess. First 3 months trading ahead of budget.

[cg1953] 12/1/2011 08:32

however, joking apart, it does seem to be my 'lucky' week.
HTI has soared this week !!! lol

[cg1953] 12/1/2011 08:29

des
can see you are watching this counter like a hawk....LOL

[deswalker] 12/1/2011 08:27

Shhhh ... everyone keep quiet ... cg's fast asleep.

[cg1953] 12/1/2011 08:23

MBO at 35pence ?
am dreaming of course !!!!

[liarspoker] 11/1/2011 21:41

Correction: 1.5p HugePants. :O)

Anyone got a picture of a rocket. Lol.

[hugepants] 11/1/2011 13:51

Up 1p. For LDSG thats the equivalent of rocketing!

Summary:

Share price 18.5p

H1 earnings of 1.8p (1.7p after exceptionals)
H2 earnings to be less (by how much?) due to exchange rate fluctuations.

Net Working Capital = 30.5p (includes 9p of cash)
DWSN stake = 4p
Freehold property = 6p
NAV = 46p