Lms Capital Share Discussion Threads

[my retirement fund] 09/10/2015 21:10

Barge and pole spring to mind.

[eeza] 09/10/2015 18:17

There appears to be a lot of treacle on the BOD's fingers.

Contrast their actions to the expeditious returns at APT, for example.

[tiltonboy] 09/10/2015 18:11

A huge if about the price of Weatherford holding up, and indeed being sold at a decent price. I'm not tempted further.

[eeza] 09/10/2015 17:25

That is - IF it is announced.

Management here are still searching for a way to 're-invest' s/hlders funds, instead of returning funds to s/hlders, imo.

[skyship] 09/10/2015 17:05

WFT touched $11 at the open. Back here in the UK a few misguided sellers (32k in all) continued to sell at a level (72.75p) which should look rather stupid when the 4th Tender is announced...

[skyship] 06/10/2015 16:22

Good to see WFT trading back up at $10 today...

[eeza] 01/10/2015 18:17

Well, yes, exactly, Sky - they did have a good record of carrying out the democratic wishes of s/hlders - until they didn't.

A unilateral decision taken in complete disregard for what was agreed & mandated.
Having been re-buffed by the main Insti, and knuckles rapped, then sought yet another avenue to achieve the same end. To call them dishonourable & untrustworthy is being kind. They should have been sacked without compensation.

There were retail investors who bailed out at a loss because of their 'bizarre antics'.

Time will be the arbiter of whether 'normal service' has been resumed - but dishonest people do not normally suddenly become honest, nor untrustworthy become trustworthy, at least not in my experience.

A lifetime of having to look into pock-marked, neanderthal faces have probably warped my thinking.

[skyship] 01/10/2015 17:50

Who's calling them honourable & trustworthy? Certainly not me!

I think that all I was pointing out just recently is that they actually have quite a good record with the 2011 liquidation policy; and it would seem that now normal service may hopefully have been restored after the bizarre antics a few weeks back.

[eeza] 01/10/2015 17:36

From 'honourable, trustworthy' people one would have expected the following to, also, be unequivocal :-

"iv. the Company refrain from committing capital to any new investments"

[skyship] 01/10/2015 14:31

“There seems to be a reluctance on their part to not return s/hlders funds at the moment.”

They surely couldn’t have been more unequivocal with this RNS:

27 August 2015 - Update on proposed change of investment policy

Further to the announcement made by the Company on 28 July 2015, the Board of LMS Capital today announces that, following representations from and discussions with certain shareholders, the proposals contained in the circular to shareholders dated 24 July 2015 (in connection with a proposed change in investment policy) have been withdrawn and the General Meeting convened in connection with those proposals has been adjourned indefinitely.

Since the Company published its 2015 half year report on 24 July 2015 it has continued to see progress with realisations and it is currently expecting completion of two transactions in the near term. When the outcome and timing of these transactions is known the Board expects to be in a position to announce a further return of capital to shareholders.

[eeza] 01/10/2015 10:54

Not disputing any of the above Sky - however, BOD have seen fit to pursue a lunatic strategy of re-investing s/hlders funds into O & G sector even after having their knuckles bruised by the Insti. As you pointed out in an earlier post - " You couldn't make this up", as similar tactic tried with WFT. There seems to be a reluctance on their part to not return s/hlders funds at the moment.

[skyship] 01/10/2015 09:42

eeza, MRF and any others having doubts - do you remember this:
==============================================================

Jul'15: Half year review 2015

Overview

During the first half of 2015 the focus of the Company's directors has continued to be the optimisation of realisations from the investment portfolio in line with the realisation strategy approved by shareholders at the general meeting on 30 November 2011. To date GBP115 million has been returned to shareholders by way of three tender offers and related share buybacks - this total equates to around 48% of the net asset value at the end of 2011 ("Opening Net Asset Value") and approximately 74% of the Company's market capitalisation at the time of the November 2011 general meeting to approve the realisation strategy ("Opening Market Capitalisation").
=========================================================

The point is that LMS has actually done very well with the liquidation programme; and the 4th Tender will be with us this Qtr. The last RNS couldn't be more unequivocal.

So hang fire; be a little patient and be happy when these rise upon the Tender news!

[my retirement fund] 01/10/2015 08:52

As a guess if they dont manage to find an excuse next time to not return some money, surely following that return the shareprice will simply crash leaving you no better of and infact possibly worse off?

[eeza] 30/9/2015 14:44

Possibly the integrity & honesty of management.

They appear to have neither.

[badtime] 30/9/2015 14:31

It's the Hosede factor

[skyship] 30/9/2015 14:08

Someone has been selling down their small holding in 5k parcels over the past 3-4days. I hope it isn't any of the regulars here. Now is the time to be buying ahead of the Tender - not selling!

I know, I know - I could easily be criticised for my one-way view; but it is surely based upon the reality of the situation, rather than a fear of Market Armageddon...

[skyship] 24/9/2015 15:37

Strath - thnx for that.

I suppose these two paras were the most relevant as they mention strong interest and a successful outcome:

"The transaction was led by Philip Bird of Moore Stephens, whom commented: “Wesupply is a world class business and the only company in its sector that provides a fully managed outsourced service. The quality of Wesupply was reflected in the very strong interest from a number of different acquiror groups. It was a pleasure to work with LMS Capital and the management team at Wesupply.

Pieter Hooft at LMS Capital commented: “The key factor in choosing Moore Stephens was their understanding of Wesupply’s market, requiring both applied technology and supply chain expertise and connections. Moore Stephens ran a dual private equity and trade process targeting a focused list of international acquirers. We were impressed by the commitment and energy of the team and they were instrumental in helping achieve a successful outcome for LMS and management.”

[strathroyal] 24/9/2015 15:17

More info on the we supply sale on Moore Stephens corporate finance blog although no sale price given. Will try and down load later

[eeza] 22/9/2015 16:53

They should have went further - & got rid of the totally dis-credited, dishonest, useless, naive, unfit for purpose & hand-cranking BOD.

[skyship] 22/9/2015 15:07

Thnx Strath - this is the relevant piece folks:
===============================================

We wrote last month of LMS Capital’s proposals to cease returning realisation proceeds from its private equity portfolio to shareholders, and instead reinvest them in oil & gas assets under a new management team.

Following our letter to the Board detailing our many concerns, the General Meeting called for mid-August to vote on the new investment policy was
postponed. After further discussions with the Board, we were
pleased to see the proposals officially withdrawn in late-August.

Since then, the company’s holding in Wesupply representing 6% of NAV has been sold, adding to the substantial cash balance that we estimate now stands at 32% of NAV. We expect further realisations and a significant return of capital at NAV later this year.

Despite the +11% rise in the share price since the withdrawal of the proposals, the shares still trade on a 20% discount to our estimated NAV (30% implied portfolio discount excluding cash).
======================================

[strathroyal] 22/9/2015 14:50

Latest information from BETM:

[skyship] 22/9/2015 07:30

You couldn't make it up - yesterday WFT dropped 16% yesterday after announcing a $1bn rights issue. Money intended for investment in oil/gas opportunities. Some of the same people we successfully rebuffed; so turned their attention back to WFT!!!

Following the Market reaction WFT put out a supplementary last night (after the Market had closed) WITHDRAWING the whole idea.

Do these idiots never learn. Another good reason to show Rayne the door - NOW - GET ON WITH IT.

[skyship] 21/9/2015 15:33

bb123 - yes - & yr point is?

[bb123] 21/9/2015 15:16

Details below from TrustNet.com show the shares at 20.7 discount?

Chart Fund Group Focus Price Prem/Disc NAV NDY FE Risk Score What is FE Risk Score? 1y 3y 5y 1y 3y 5y
1 [+]
LMS Capital plc LMS Capital plc
74.50 -20.7 94.00 0.00
85
-13.4 17.3 63.7 -6.2 n/a n/a