Lms Capital Share Discussion Threads

[my retirement fund] 29/7/2015 15:55

I cant help think they are just going through the motions to avoid an investigation. As others have said theve broken trust twice now. Credibility is zero. There stupidity forced me to sell at a loss though and I would like them to compensate me tbh

[skyship] 29/7/2015 13:48

1. Yes - at 71p & 73.35p

2. Don't need to trust them; just weigh the odds and the value at the discount. Difficult for the Chairman now not to do the right thing and grant the non-Rayne shareholders their just dues.

[rambutan2] 29/7/2015 13:43

Neither BTEM (13.1% stake) or CGT (3.3%) would accept change in remit as recently laid out, I am fairly certain.

Of course, Rayne never wanted to run down the family vehicle in the first place, and as long as he had a say in things was at some stage going to try and wriggle out of that happening. However, the board's proposal is quite outrageous (fees and lock ins!) and with a bit of luck might backfire and actually bring about a swifter ending to the life of LMS. aimho

[my retirement fund] 29/7/2015 13:02

What have you done bought your holding back?

How can you trust these idiots now?

[skyship] 29/7/2015 12:50

I’ve now written two letters to the Chairman. I hope others might write in similar vein to my offering today. The more people complaining the better the likely outcome!
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27th July 2015
Mr Knight

You should stop dead in its track the appalling suggestion that you betray the expressed wishes of non-Rayne shareholders by enacting the proposals of the putative Circular.

Not least because of your own very recent AGM Statement: “"The Company has continued to make progress with its realisation strategy during the current year to date; the Board expects to be in a position to consider a further return of capital to shareholders later in the year."

You are no doubt already regretting allowing yourself to be brow-beaten by Rayne. The only way back is to accept the judgement of the Market (where the share price has fallen 9% in less than two days) and either:

# Retract the Circular

# Resign

I won’t deal at length with the contents of that Circular; other than to quote you the one enormous banality:

“…the Company’s investment objective would be to generate total returns above market averages through income and long-term capital growth.”

The experience of GENEL shareholders shows that such words are easily spoken; less easy to achieve.

LMS shareholders voted for liquidation. You should ensure that the Board honours that wish.

I would appreciate a response, preferably by email.

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29th July 2015
Mr Knight

I was very pleased to read your Press Release adjourning the proposed 12 August EGM, so as to “enable discussions with shareholders to take place.”

Of course those discussions will be with Institutional shareholders, nevertheless I know you will also take cognisance of the views of small Private Investors.

My view is that the non-Rayne shareholders should be offered the benefit of the CASH raised since the Jun’14 Tender, through another Tender so as to fulfil the expectations following your AGM Statement:

"The Company has continued to make progress with its realisation strategy during the current year to date; the Board expects to be in a position to consider a further return of capital to shareholders later in the year."

LMS shareholders voted for liquidation; and a last Tender might be a fair way to deal with matters.
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[skyship] 29/7/2015 11:47

A 25% Tender @ 92p would cost £33.4m......145.25m shares in issue

Withdraw the Rayne controlled 34.06%; and that cost of £33.4m would cover a 38% Tender....

Reckon another letter will be winging its way to the Chairman this afternoon...

[skyship] 29/7/2015 08:08

Quite right - looks as though they have been seriously ticked off by institutional holders. My letter was only posted on Monday; so may not have affected the judgement to do something right by non-Rayne shareholders!

I suspect the outcome of deliberations will be to use the cash raised recently for a 25% Tender at c92p - lower than NAV due to the further fall in Weatherford.

With the Rayne funds not participating, it could be a far higher Tender level.

Certainly enough to make them cheap at 73p.

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"At 30 June 2015 we had liquid assets of GBP48.5 million (31 December 2014: GBP29.6 million), being net cash of GBP35.3 million (31 December 2014: GBP9.2 million) and quoted securities of GBP13.2 million (31 December 2014: GBP20.4 million). Outstanding commitments to funds were GBP4.1 million, down from GBP7.0 million at the end of 2014; approximately GBP2.3 million of this reduction reflects the secondary sale referred to above."

[tiltonboy] 28/7/2015 16:42

At last some possible sense!

[badtime] 28/7/2015 13:45

Agree with Tilts that Weatherford business was the reason I've never been happy with this company

[my retirement fund] 28/7/2015 12:45

Sky ive just made a comment below yours, sadly this is all looks well and truly in the bag for the gangster style heist being purported upon the company.

I can only hope those holding prior have been able to get out in time without to much of a loss.

The entire charade is clearly a ruse all about fees, charges salaries and expenses for those connected parties.

Vomit inducing !

[tiltonboy] 28/7/2015 12:09

Shareholders should be given the opportunity to exit the vehicle at NAV minus 2%. Those that want to stay invested can do so.

I have never considered re-entering this following the failure to sell Weatherford when they could have done so.

[skyship] 28/7/2015 09:15

Add your comments at the end of the article...

[my retirement fund] 28/7/2015 09:12

Placing would probably be done at 70p. Staggered at the Haywood name attracting fans. After all most of the companies he allready has a sear on the board are doing poorly to say the least and lets not forget this guy nearly sank BP. At one stage it was so bad creditors withdrew their credit lines when he was at the helm.

[konkel] 28/7/2015 08:54

I'd never heard of this stock until I read a piece in the press re Tony Hayward moving in....so I know none of the history other than what I've read here and from their website.
I understand why you guys are hacked off having bought in on a specific realisation story but, as a newcomer, surely this is interesting as a discount play? As I understand it the existing assets would move into Newco so I guess the big question is at what level the subsequent fund raising would take place...NAV?, prevailing share price?, discount?...and at what level Hayward and co. would commit their £500,000?....issue of shares?, purchase on the open market??
I'd appreciate any thoughts.
Thanks.

[skyship] 28/7/2015 06:59

I reckon 70p should hold it...

[elmfield] 27/7/2015 20:41

Which it may well do.

[briggs1209] 27/7/2015 20:25

Will hold here for a while and watch current discount. Can completely understand people exiting but the new approach matches a different part of my portfolio so LMS moves from fixed income/special sit to oil/gas play section.

LMS might get a lot more interesting if this price fall gets down to 60 p

[skyship] 27/7/2015 11:09

Now on offer at 71p - a 24.5% discount. The Market has certainly voted with its feet. Chairman should be hanging his head in shame - brow-beaten by Rayne into going back on his so recent words.

[my retirement fund] 27/7/2015 11:09

As ezza says. Theres no accounting for wa___rs. This is the problem with many listed showers. They are only in it for their own ends and the very nature of their greedy positions plumbs them in to all manner of wayward opportunities to further their ill gotten salaries.

[stupidboypike] 27/7/2015 10:10

also left the party, thankfully before the drop this morning. Best regards SBP

[elmfield] 25/7/2015 17:43

Just shows,
Often risks that one never thinks of.
Still it has made lots of money for shareholders with time to wait,
over the last forty years or so.

[skyship] 25/7/2015 14:30

Forgotten this AGM Statement:

Commenting on the year to date Martin Knight, Chairman, said "The Company has continued to make progress with its realisation strategy during the current year to date; the Board expects to be in a position to consider a further return of capital to shareholders later in the year."

Feel totally cheated - hope someone in the Press stirs up a stink! One for Simon Thompson in the IC as this is one of his stocks.

[igbertsponk] 24/7/2015 10:15

Cracking news that - with all those contacts and a depressed oil industry they'll pick up some bargain stakes. Quite a good long term play all of a sudden.

[strathroyal] 24/7/2015 09:16

Whilst I may not stay long term, I intend to wait and see if institutional investors such as Woodford are backing this. With a discount of around 20% on the half year figures, there shouldn't be too much downside risk initially.