Lms Capital Share Discussion Threads

[skyship] 21/3/2016 09:13

Tilts/MF - yes, Markets are certainly difficult - really continuing in the same vein as last year, for me at any rate. Last year UP a mere 2.8%; this yr flat @ 0.0%; mainly through stint of doing not a lot! A few small trading turns in Private Equity; the rise in LSR cancelling out the fall in UAI; TLI cancelling out the small book-loss in LMS. Really should have bought more of those TLI...a unique non-Market correlated holding.

[eeza] 21/3/2016 09:07

This is a link to a pdf for Brockton - released this year in 2016.

Have a read & explain htf LMS'Bod can write-down it's value.

I do not trust LMS BOD.


www.brocktoncapital.com/downloads/Brockton_Capital_LLP.pdf

[igbertsponk] 21/3/2016 09:01

Brockton looks a disaster. They chucked a property on St James Street into it. Which was sold by the fund pretty quickly. And they seem to have made a pigs ear with reinvesting.

Now if only they'd kept the property - St James an area that has been stellar.

[mad foetus] 21/3/2016 08:43

tilts/sky
thanks to both of you for your input - it is refreshing when people are willing to highlight their own performance honestly and without rancour.
I'm a little surprised at LMS - the corporate governance is at the level you associate with a dodgy AIM stock a decade ago: I can only assume that JP Morgan, the brokers, have given this to a junior who cannot stand up to the board. Their interest in investor relation is little short of contemptuous. That said, the discount here is tasty, though I would like to know how they lost money on the Brockton investment: it looks, frankly, suspicious that anyone could lose money investing in UK commercial property over the last 7 years.
It's been a funny start to the year - my OIECS (Fundsmith, Legg Mason Japan, Stewart Asia-Pacific, Henderson UK Property ) have done well, my absolute returns (Argonaut has had a shocker, City financial fairly even) haven't done well, but ITs have had a shocker with the widening of discounts. Things like HSL and PIN and even WTAN look at silly discounts. I thought those days were over post RDR, but obvs not.

[tiltonboy] 20/3/2016 19:43

SKYSHIP,

No apology required. It is good that close allies can have a difference of opinion, and there is no "point scoring" when one of us is right or wrong.

I still monitor the story, and may enter when I believe there is an appropriate entry point, but I am more likely to miss any opportunity, as I will require a wider margin of error in my calculations.

I have had a very poor start to the year, and need to recover some of the lost ground before I am happy to take extra risk in my investments.

[skyship] 20/3/2016 14:59

Tilts - Sorry, yes I recall you were concerned about rump valuations; and certainly the Brockton write-down plays to that concern.

MRF - "That said he wasn't the only one to try and poo poo the dubious goings on and clear mismanagement". So often since your return you are posting rubbish; and nowadays offensively so. I have posted often here about the dreadful attempt by the Board to hijack the Company last July; but unlike you I have actually behind the scenes tried, in as far as PIs can, to actually challenge the BoD on the subject. Go back to last July and read through the thread.

That said, it doesn't prevent there being opportunities to trade here. Last Nov/Dec being very much the case in point.

And now. Well: NAV Dec'14 = 93p; NAV Jun'15 = 94p; NAV now (forex adjusted) = 94p. I was hoping for c100p; but the write-downs scuppered that for the time-being; so the share price lost c6%. Still, the Statement confirmed the Liquidation programme continues; and for the first time gave us a timescale - not given before. So, we are again at a 30% NAV discount; and I suspect we will see news of disposals later this year and perhaps the next Tender again at the end of the year. May be a bit boring until then.

[my retirement fund] 19/3/2016 09:23

Awful wasn't it! To me it reads they have given themselves another 3-4 years in office and will probably not distribute anything for the next 18 months.The near 1 mill spent on the quite unwarranted and unauthorised heist was utterly shocking and the number of them in office is the Icing on the cake. Five letter word beginning with c end ending ts is apt.

[eeza] 19/3/2016 08:27

A couple of points from the Prelims:

"Your Board believes that the investment portfolio will continue to release cash to shareholders in the medium term.
The Directors' intention is that the realisation of the portfolio should be substantially complete within the next two years. However, recent uncertainty in financial markets may significantly impact the timing of future realisations and hence this overall target timetable."



"Other income statement items
One off costs associated with the proposed change in investment strategy were £0.8 million."
Is that the charge incurred for the aborted O & G adventure?


The number of employees (including directors) was as follows:
Directors 6 (6) Other 7 (7)
Almost as many chiefs as Indians.

[cousin jack] 18/3/2016 22:17

Perhaps this time the market really did know best !

[tiltonboy] 18/3/2016 19:49

SKYSHIP,

Wasn't too tied up in LXB at all, I chose not to participate as I lost confidence in the board.

[mad foetus] 18/3/2016 18:51

To be fair, what are we left with. A share price of 65, a NAV of 91-94 and 2 years to wind up. That looks a good proposition to me, though I don't trust the board or regard their approach as appropriate for a listed company.

[my retirement fund] 18/3/2016 18:30

No problem with Sky pushing it till it was clear it was crud, however I was surprised when he stuck up for these spivs when they had shown everyone their faces. That said he wasn't the only one to try and poo poo the dubious goings on and clear missmanagement. Moreover the recent and quite outrageous attempted heist of the entire company.

Shocking how people can give directors the benefit of the doubt time and time again really imo.

[skyship] 18/3/2016 18:23

Which BB exactly? Will post something over the weekend...didn't have too much time today, though I did post here this morning.

The reason I "pushed" it was the success many of us had with LMS in Nov/Dec. I'm sorry Tilts, but you chose not to benefit on that occasion as you were too tied up with LXB; and did well in the bounce, as I and others did well in the LMS bounce.

I was happy to try for a re-run......so far has not paid off; though the fall is not much worse than the Market overall, perhaps less. Brockton has certainly surprised and scuppered for the time-being!

[shutittrev] 18/3/2016 18:12

Thanks tiltonboy.......indeed he did. He was quite assertive in his prediction on more than one occasion. And I note he has not updated the members of said bulletin board where he made that bold statement. I sold at a loss this morning.
Eeza.....'shut it trev ffs' Very impressive.

[tiltonboy] 18/3/2016 17:10

...and my mistrust of the board was a big reason why I didn't get back in.

[eeza] 18/3/2016 17:08

The problem is, surely,the inadequacy of the BOD.

How tf can you make a loss on Brockton, given the blistering prop mkt over the past few years.

Takes a special kind of inadequate fool.

[tiltonboy] 18/3/2016 16:52

tbf SKYSHIP did rather push this one at every opportunity, which wasn't his usual style.

[eeza] 18/3/2016 16:24

shut it trev, ffs.

[shutittrev] 18/3/2016 16:06

Last chance to buy below 70 pence.........indeed.

[mad foetus] 18/3/2016 09:51

well, here are the people to contact, I'd suggest starting on the brokers and recommending that any increase in fees payable to the board or any third parties should be referred to an EGM/AGM, where of course the directors, having a conflict, should be barred from exercising their voting rights.

LMS Capital plc 020 7935 3555
Nick Friedlos, Director
Tony Sweet, Chief Financial Officer
J.P. Morgan Cazenove 020 7742 4000
Michael Wentworth-Stanley
MHP Communications 020 3128 8794
Katie Hunt

[soundbuy] 18/3/2016 09:34

Removed from watchlist ............

[my retirement fund] 18/3/2016 09:02

CWA1 I think thats code for paying themselves and connected parties extra salaries bonuses and expenses Lol.

[eeza] 18/3/2016 08:54

Yes.

It must have been very stressful losing out on that 'trifling' inducement they were robbed out of by contemptible s/hlders.

[cwa1] 18/3/2016 08:51

mf, it's not easy on those lads you know:-

The realisation strategy has placed special demands on a smaller management team and your Board would like to extend its appreciation to all the Company's employees for their contribution in 2015.