Lms Capital Share Discussion Threads

[protean] 15/11/2013 12:05

Buying picking up on ISDX:

[igbertsponk] 14/11/2013 10:48

I think Robert Rayne is a director of Weatherford on the back of the LMS holding so will be in no rush to sell them and give up his Directors fee.

[badtime] 14/11/2013 10:43

When r they going to sell those quoted stocks? Or at least lighten the exposure to Weatherford

[igbertsponk] 14/11/2013 08:58

So its taken them 2 hears to sell just 35% of their holdings. Obviously like their salaries too much.

[skyship] 14/11/2013 07:22

IMS out - Sept'13 NAV down to 87p, then:

"Since the end of September, further improvements in the prices of our quoted stocks (in particular Weatherford International) and recent strengthening of the US dollar against GBP sterling have resulted in a reversal of most of the third quarter unrealised losses such that current unaudited net asset value per share is 89 pence."

So pretty much as anticipated - perhaps 1p light...

[skyship] 12/11/2013 08:04

Agreed - as I posted this time last week: "IMS is due any day now - 2nd November last year - so we should be getting an NAV update very soon."

The website financial Calendar merely states:

2nd Interim Management Statement for 2012 --- November 2013

[strathroyal] 11/11/2013 22:43

Time we had an update here as I think we have probably sold off one or more assets. Look to have certainly sold Telespree and hopefully that was one of the lower valued investments as it doesn't appear to have fetched much (sold to Evolving Systems). There has also been a secondary IPO on Envestnet so presumably we're out of that one as well, and that looks to be at a better price than at the last update.

Also on the plus side, WFT is trading at a 12 month high and even allowing for a declining $, it is worth more than at the last update.

[stupidboypike] 07/11/2013 07:33

I'll try better at my sums this morning!!
The $/£ on 30 June was 1.52027. Yesterday it was 1.61050. By my maths since 64% of the portfolio is in $ and not hedged that will knock 3.2p per share off. Add back the 2p for WTF and we have a NAV of 88.8. So that's what I expect as a starter before any unknown items. Gives us an 18% discount to NAV. Any more thoughts?

Best regards SBP

[elmfield] 06/11/2013 18:05

May do,
Sold some bmy and rest of dsc today, not quite the value
Play in dsc that there was when we piled in,
Lovely run and nice to get it right for a change,
I am just a bit frightened of the market, not
so sure all is as rosy as the politicians would
have us believe, nothing but more debt all round!

[stupidboypike] 06/11/2013 14:54

thanks SkyShip. I really do feel a bit of a STUPIDBoyPike today! I had overlooked that they hadn't bought the shares in the open market - doh! I had read the post on DJAN thread but I'll read it again.

Best regards SBP

[skyship] 06/11/2013 14:25

SBP - For further guidance upon the mechanics of profiting from liquidation plays, perhaps take a look at my Post No.200 on the DJAN thread below:



The situation here is that if one assumes an 88p payout by 31/12/205, then the Gross Redemption yield = 9.09%pa - hardly inspiring, but useful. Also serious upside potential from the 64% invested in US$-denominated investments.

Of course, if one elects for the same 88p but by the sooner 30/06/2015, then the GRY improves to a quite respectable 12.03%pa.

Dare to uprate the return to 90p (the current NAV) by that same date of 30/06/2015; then the GRY improves further to 13.57%pa.

[skyship] 06/11/2013 14:13

Hi Elmfield - yes, reinvesting some of the cash from that great play in DSC; I've reduced from 14% back to 6%. Splitting the cash into the two PE trusts - JPEL & LMS.

[skyship] 06/11/2013 14:10

SBP - sorry, but again no - they paid 90p for 38.9m shares in the last tender back in July. That reduced the Issued Cap from 226.2m shares down to 187.3m shares:

[elmfield] 06/11/2013 14:03

Having a look in,
Thanks for high lighting your re entry.

[stupidboypike] 06/11/2013 09:34

ah ha. I knew I'd got it wrong as you were buying!!!! I just couldn't see how, of course the return of capital was by buying their own shares. At a NAV of 90, this makes a LOT of sense. Will join in a small way.

Best regards SBP

[skyship] 06/11/2013 09:30

SBP - Yes, you've got the concept wrong. The tender offer at the NAV of 90p leaves the post-tender NAV @...........................90p! No change.

Think it through like this - random figures only:

PRE-TENDER:

Net Assets - £100m
Issued Cap - 100m shares
NAV/share = 100p

POST-TENDER of 20% @ 100p NAV:

Net Assets - £80m
Issued Cap - 80m shares
NAV/share = 100p

[stupidboypike] 06/11/2013 08:44

I know I'm being a little lazy here but has anyone got a decent estimate for current NAV? I can see 90p per share in July but I think that was before a return of capital of £35m. If that's the case we are looking at a NAV of around 74p. If that's so I'm not sure of the investment case. I'm sure I've missed something.

Best regards SBP

[skyship] 05/11/2013 14:36

Has the time come to BUY back into LMS?

Well, the IMS is due any day now - 2nd November last year - so we should be getting an NAV update very soon.

What will that reveal? Well the WTF holding is now worth an additional 2p/share; however that may well be wiped out by the weak US$ in Q3.

Still, it seems to me that the odds have to favour the share price holding on to the pretty impressive uptrend established since Dec'11. So I've bought a 50% allocation @ 72.5p:

[strathroyal] 24/10/2013 16:38

I was interested to see that WFT chairman has sold his shares in LMS, maybe LMS are about to get out of WFT?

[topvest] 29/7/2013 20:49

Great update today. It looks like the underlying investments are doing really well.

[badtime] 05/7/2013 13:00

Moved nicely since I bought in..now wondering whether to take profits or wait for the tender

[badtime] 17/6/2013 15:06

Lol...wondered why thy were up.. I bought back in last week at 73.75p

[skyship] 17/6/2013 14:20

BT - the only detail you need to know is that Simon Thompson of the IC has tipped them...AGAIN!!!

[badtime] 13/6/2013 13:13

Tender offer... Be nice to know a bit more detail