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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Lms Capital Plc | LSE:LMS | London | Ordinary Share | GB00B12MHD28 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 17.35 | 16.00 | 18.70 | - | 35,977 | 16:29:55 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Investment Advice | 96k | -1.87M | -0.0232 | -7.48 | 14.01M |
Date | Subject | Author | Discuss |
---|---|---|---|
19/5/2016 10:38 | On the basis of the above I would guess that Nationwide Energy Pertners is out the door for c£5.5m-£ Of more interest is the Brockton position. Views anyone? Incidentally - topped up with a few @ 62.88p - IMO looking really cheap at a 28.4% discount to the 88p NAV. | skyship | |
19/5/2016 08:06 | # CASH UP # WEATHERFORD - 42% SOLD @ over $8 # another sale in pipeline NAV down slightly; but all looking moderately hopeful & on line for the next Tender at end 2016... ==================== AGM statement LMS Capital plc ("the Company") has issued the following statement ahead of the Annual General Meeting of the Company which is being held today. The Company's unaudited net asset value at 31 March 2016 was GBP92.1 million (31 December 2015: GBP95.1 million), equivalent to 89p per share, a decrease of 3p from 92p at 31 December 2015. The principal factor in this decrease is that the Company has reached agreement in principle to sell its interest in one of its unlisted investments and has reduced the carrying value of this investment by GBP3.6 million to reflect the expected net proceeds from the sale. The Company had cash of GBP5.6 million at 31 March 2016 (31 December 2015: GBP6.1 million). Proceeds from realisations in the first quarter were GBP0.6 million, of which GBP0.3 million was distributions from funds; in the same period calls from our outstanding fund commitments were GBP0.1 million. Uncalled commitments to funds at 31 March 2016 were GBP4.1 million. Since 31 March 2016: -- the Company sold 600,000 shares in Weatherford International at an average price of $8.07 for net proceeds of GBP3.4 million. The book value of these 600,000 shares at the end of March was GBP3.2 million (31 December 2015: GBP3.4 million). The sale of these shares reduced the Company's holding to 819,000 shares; -- the share price of Weatherford International has declined from its end March level which, in isolation, reduces the Company's NAV per share by approximately 1p compared to 31 March 2016; -- Brockton Capital Fund 1 completed the sale of a majority stake in the redevelopment project which comprises the principal asset remaining in the fund. The Company expects to receive an initial distribution in the near future with the bulk of the value expected to be realised on completion of the redevelopment project. Following the sale of the unlisted investment referred to above (which would be the Company's first realised loss on a direct investment since commencement of the realisation strategy) the Company's pro-forma cash balance would be approximately GBP15 million. The Directors are continuing to seek ways to optimise value from the remaining investment portfolio. | skyship | |
11/5/2016 13:35 | Rayne's the reason we've still got them !!! | eeza | |
11/5/2016 13:22 | WFT obviously at a bargain price as Robert Rayne bought 100,000 at $5.587 on Monday. | strathroyal | |
06/5/2016 08:31 | A question needs to be asked of the board for their justification in not selling the Weatherford holding. Now down to a 5.67 bucks. I may not be a holder any longer, but it still makes me fume that they have managed to keep their jobs, given their behaviour. | tiltonboy | |
12/4/2016 09:25 | If anyone is still holding, the AGM is on 19 May and resolutions 2, 3 and 4 concern the remuneration committee and the re-appointment of 2 directors. I think I will vote against. It is the first time I have ever voted against directors, but I feel this lot are not carrying out their duties in the interests of shareholders. | mad foetus | |
11/4/2016 13:04 | Incestuous - Robert Rayne. "29th June, 2007 LMS Capital invests in Brockton Capital LMS Capital plc, ("LMS Capital" or "the Company"), the AIM-quoted investment company with stakes in public and private UK and US companies and funds, today announces the acquisition of a 16.7% interest in Brockton Capital Fund 1 LP ("Brockton Capital"), a real estate opportunity fund, and a 9% interest in the Brockton Capital management company (together, "Brockton"), from Derwent London plc ("Derwent") for �7.9 million in cash. Derwent acquired the asset as part of its merger with London Merchant Securities plc. LMS Capital typically invests in companies and sectors that have the potential for superior growth over the medium to long term and where management has extensive prior investment experience. These include the following sectors: Energy, Applied Technology, Media & Leisure and Healthcare & Medical. As stated previously by the Board, LMS Capital has been looking for opportunities in new sectors, in particular real estate where management has a strong track record. Brockton Capital was established in 2005 by property entrepreneurs David Marks (formerly of Blackstone) and Jason Blank (formerly of Merrill Lynch) and has funds under management of �135 million. The book value of Derwent's investment in Brockton was �6.9 million as at March 2007 and the pre-tax loss attributable to it in the 10 months to 31 December 2006 was �174,000. The outstanding capital commitment is approximately �16 million, which has been assumed by LMS Capital. As a result of Robert Rayne's position as Chief Executive of LMS Capital and Chairman of Derwent and his family's substantial interests in LMS Capital and Derwent, the acquisition of the stake in Brockton is a related party transaction under the AIM Rules. The LMS Capital directors (with the exception of Robert Rayne), having consulted with N M Rothschild and Sons Limited, consider the terms of the transaction to be fair and reasonable insofar as LMS Capital's shareholders are concerned . | eeza | |
11/4/2016 12:00 | "With effect from January 2011 the Company entered into a lease agreement with Derwent London plc in respect of the premises comprising its head office and registered office. Under the terms of the lease the Company pays an annual rent of GBP289,000 to Derwent London plc plus certain service charges. Robert Rayne is Chairman of Derwent London plc." Can anyone explain why a company such as LMS should require a property that needs to pay such a rent? It doesn't seem right to me. | mad foetus | |
21/3/2016 20:12 | Regarding the valuation of Brockton, the article I posted recently (766) stated that the investment by the Chinese valued Curzon Street at £200M. Brockton have retained a 30% stake in what was said to be the last remaining asset of Fund 1. LMS accounts from 2007 state that they owned 16.67% of Fund 1 so that would give a maximum £10M valuation to the LMS stake. This sale took place after the end of Brockton's Q3. Again, looking at old accounts, it would appear that LMS put up around £5M to the second fund, which is only 1%. I cannot find any valuations for the second fund although one of the biggest investments was in Virtus Data Centres, 50% of which has now been sold. | strathroyal | |
21/3/2016 10:57 | I couldn't find any accounts lodged at Companies House. | eeza | |
21/3/2016 10:52 | Which Brockton entity have they invested in? Does it file accounts? | sleepy | |
21/3/2016 09:27 | eeza - one possible explanation is that the Brockton valuation is at 30th September; whereas the success with Fund 111 came post the year end - Jan'16. But surely they should have made a post year end upgrade. It could well happen at a later stage... | skyship | |
21/3/2016 09:22 | Bought 29 June 2007 for £7.9m cash from Derwent. | eeza | |
21/3/2016 09:19 | eeza - the success of Brockton Fund 111 would surely suggest that the management group is held in good light; otherwise no way could they have raised another £800m AUM. The 20% decrease in the management company's valuation is really bizarre. | skyship | |
21/3/2016 09:13 | Igbert, The link eeza sent shows the St James property, and it appeared to have been bought and sold quickly to make a quick turn. I really wonder what has gone on here. Clearly we need more information on the Brockton investment in terms of when it was bought precisely and at what value. I am trying to think of an honest explanation for the write down. And struggling. Unfortunately, the absence of a true NED on this board makes holding the board to account very difficult: they all appear to be cut from the same cloth and vintage, and their obscene remuneration reveals a contempt for both shareholders and fiduciary duties. | mad foetus | |
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. | skyship | |
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. | eeza | |
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. | igbertsponk | |
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. | mad foetus | |
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. | tiltonboy | |
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. | skyship | |
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. | my retirement fund | |
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. | eeza |
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