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Lms Capital Share Discussion Threads
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|Yes, good spot. An outrageous £1.9m which equates to 3% of net assets. Not a bad day's work for two failing managers. Anyway, I'm thinking of increasing my investment here once Gresham have cleared the rubbish. Think its going to remain on a wide discount for a while as none of their private equity investments are really doing that well. Valuation movements on page 16 are grim. Think LMS, DNE and CDI are the private equity companies that simply put their investments in the wrong sectors.
I quite like the Gresham House idea though so will probably back them again at the right time. Looks like more downside risk in the immediate short term though. The shares are nearly back to what I originally paid for them many years ago of 41p. Having said that, I've had more than my purchase cost back in tender offers.|
|Investors may want to look at the rem report in the accounts out today. Big bonuses for the departing directors: who of course have just gone to the new managers.Massive payouts for failure.|
|Armstrong Investments slightly increases its holding - up from 2.8m to 2.9m; and in doing so crosses the 3% threshold (3.007%):
|Exactly. Snouts in the trough|
|New management ??? They've taken on the LMS guys! And once the LMS accounts are out you'll no doubt see that they got another mega pay-off to leave LMS and join Gresham. More payment for failure.|
|Personally I'm seeing little value - but lots priced about right. Something like MVI appeals for the large discount & 8p pa divi, but it's a concentrated portfolio. I like a lot of the property ITs but they're dominating enough already.|
|Too long a watchlist to share, and my criteria may not be yours...|
|Hmm - understandable of course; personally prepared to give the new management a fair crack of the whip.
Problem is to find good value plays - now very few and far between. I still mainly trawl the PE & propco sectors. Any ideas shaker?|
|You would have been welcome. I lost faith. Many better opportunities with directors behaving better|
|Small - but another piece of news suggesting the bottom may be in now.
At 43p the discount = 39.4%; so happy to hold a few and will add if I see another cheap offer @ 42p....would happily have taken shaker's stock!|
|Sold out now. Fed up with directors milking this|
|24 month delay for them receiving all the cash, but a rare positive RNS from LMS.|
|I also picked up a few at 42p a couple of weeks back. Pavey sums it up well.|
|Hmm - I certainly trust GHAM a whole lot more than that ragtag Dunedin North of the border! Meant to be in liquidation mode, but can't resist buying into something new a few days ago...maybe unjust...will take a look later...|
|Seems fair enough @Sky; the other problem with LMS is when you actually see any money back.
Much as with my DNE, who reported this morning.|
|"The problem with LMS has been that the "price" keeps falling due to the NAV. I'm far from convinced it's genuinely been kitchen-sinked yet."
My view is that the declaration of the NAV @ 71p versus the projected 69.5p in the earlier Update, does rather imply that GHAM is satisfied with current, heavily marked down valuations.
A Tender will of course require further asset sales, and in that respect the timing of an acceptable portfolio asset bid is a matter of chance.
"You pays your money, you makes your choice".....and IMO the 40% discount underwrites the play at this level. Though for me it is only for a small allocation punt, rather than my high allocation investments elsewhere in the sector.|
|SA,Then it is unlikely you will take a position as buying in here is to put your trust in GHE and the belief that the portfolio has now been properly evaluated.
I have no problem with GHE and it looks highly unlikely (to me)that there would be any logic in them putting anything other than a low valuation on the portfolio they inherited.
I'm not saying that the portfolio was marked down below market value but where there was a range of possible values the lower/lowest would be taken.
As I said "you pays your money....."
Edit: I seem to remember (when I had little interest here) that it was in GHE's interest to move reasonably quickly with liquidation and reinvestment.
Cash has been raised and more to follow so the first trigger amount could easily be reached this year.|
I don't envisage a Tender offer this year!|
|I agree everything has a price.
The problem with LMS has been that the "price" keeps falling due to the NAV. I'm far from convinced it's genuinely been kitchen-sinked yet.
If it has, then the current price looks good. No position here.|
|As has been posted previously, there comes a point in every share price when all the bad news is in and all the deserved selling has taken place and yet the selling continues.
A 40% discount is quite a buffer.
The £11m buy back at 95% of NAV , although in two stages, should be this year.
GHE is on the up and LMS should have 15% of the company if warrant are exercised.
(these warrants have just gone "in the money").
You pays your money, you takes your chance but there comes a point when you have to question when/if things have gone too far.
I have a small (residual) holding here but had the calculator out this morning and may add.
My views on LMS are no doubt improved by the fact that I have a holding in GHS and like what they are doing there.|
|Igbert - take more than a cursory look and you'll find that GHAM has taken over management there too. Actually the GHE performance wasn't that bad either; though from ancient memory they may have missed opportunities to cash in their stake in Memorial holdings. By the way, if you subscribe, then you can read Simon Thompson's recent positive evaluations in the IC...|
|Just had a look at Gresham's accounts. They look true experts in losing money on investments and should continue the good work that the LMS crew have been doing.|
|I do not have any directly, but follow because British Empire still has 0.5% of its assets invested in it.
From the latest BTEM factsheet, LMS is a "detractor", falling 7bps over one month (basic points relative to assets contributing to performance). They have not mentioned anything about adding or exiting their position lately.|
|I sold out a year ago after finding out the chairman had a full time chauffeur and pa for this role. I'm involved in a listed company ten times bigger and more complex than LMS and the chairman gets none of that and his salary is a fraction of that levied here.This is organised robbery and the LSE and brokers should be ashamed. As for why anyone still invests here...|