Lms Capital Share Discussion Threads

[teleprompter] 02/8/2016 11:26

Vote by proxy
Rather than attending the AGM on the 18th it is well worth considering calling your broker and instructing him (her?) to submit your vote. In effect online. This can be done by proxy by 3:00pm on Friday 12th August.

There is an important aspect to this. In today’s world, as we all know, all shareholdings are held in nominee form through brokers (wealth managers) and the like. Since this is not a corporate action no-one under this system will be notified. And will therefore not have the opportunity to vote. This increases the likelihood that the motion will be passed at the AGM.

[eeza] 28/7/2016 14:02

SCAP didn't find them down the back of the sofa.

[tiltonboy] 28/7/2016 13:57

SCAP got a lot on offer. I've put up a cheeky bid!

[eeza] 28/7/2016 13:52

MM's got plenty to give away again.

[mad foetus] 28/7/2016 11:59

Looking at the 2014 annual report, we also paid for gym membership for these bunch of chancers. It would be worth it if one of them keeled over on a treadmill.

[spob] 28/7/2016 11:53

His pieces are always released at midday. Well 12:06 in this case.

I suspect they are released to others first and then to the rest of us at around five past twelve :)

[pavey ark] 28/7/2016 11:52

Good detail and makes it look a good deal.
As ever it's up to the individual investor to decide.

[eeza] 28/7/2016 11:50

Small retail buys picking up - ST's piece released yet?

[mad foetus] 28/7/2016 08:39

shaker,
I advise many investment companies listed on the LSE and it is very unusual/unheard of to have a car/driver/secretary. You typically take taxis and use the infrastructure of the company's administrator. This isn't a trading company but an investment company. And this isn't the US, which is a byword for corporate excess. Therein lies the difference. And if GH are going to be appointed to manage the portfolio, there really won't be much for Robert Rayne to do for LMS other than to hold GH accountable.

[shaker44] 28/7/2016 08:32

Whether right or wrong I would suggest it is 'normal' for non exec directors to be overpaid for 2 days work a month. They cant do more as they are often NED's of so many companies!. And also not unusual for a car/driver/secretary when needed. Maybe less common here but in USA many corporate jets are used . Justified by all the work that can be done when in transit.

I am not disagreeing with your sentiments but suggesting you craft your arguments carefully and only focus on Corporate Governance issues and extereme 'troughery'- not weaken your argument by slating stuff regarded by many as normal.
Good luck and all power to your elbow.

[skyship] 28/7/2016 08:27

It should be remembered that in the Private Equity sphere most man hours will be spent in researching, evaluating & due diligence of countless prospect opportunities for investment. When in liquidation mode it is essentially a care and maintenance job.

The continuing gravy train for essentially NEDs is totally preposterous.

[skyship] 28/7/2016 08:19

MF - well said & will do...

[mad foetus] 28/7/2016 07:45

I know a few people in the financial press and am toying with writing an article. This is the most appalling corporate governance I have seen. I assume that LMS is not a member of the AIC but I am surprised that any broker would wish to be associated with the sharp practice and self-serving board in place here.

I will see what Tommo comes up with today but propose doing everything I can to bring shame upon this company.

FWIW I work closely with many listed investment companies, most of them many times bigger and more successful than LMS, and I have never heard anyone even suggest a car, driven and secretary for a board member. Let's be clear, Rayne does not have a full time job here. The company holds a small number of investments and will be handing management of the assets over to a third party. I would suggest that at most this company demands 2-3 hours a week of reviewing paperwork and 6-8 board meetings a year. The current directors' remuneration and costs of running the company are outrageous. It is run as a private fiefdom, which brings shame upon the LSE.

I suggest we all write separately to Liberum, the FCA and the LSE expressing our concern at such outright thievery. The City has spent a decade trying to improve corporate governance: these people bring shame upon it.

[zho] 28/7/2016 07:15

>>Robert Rayne will be provided by a fully expensed car and chauffeur>>

Perhaps overstating the case. The circular says that "The Company will also provide a car, driver and secretary if required in the future by Mr Rayne, but does not currently do so".

But if any of you feels that you have a grievance I would suggest that you write to City Slicker at Private Eye. On the basis of a quick look it does sound like the kind of story he'd be interested in.

[swiftnick] 28/7/2016 07:02

From GHE's perspective the shares cost nothing to issue but the £1.5 million + fees will be received in cash.From LMS's perspective it's something to dangle in front of the shareholders to get the deal approved (although it's a done deal now anyway).

[spectoacc] 28/7/2016 06:50

Lol seriously? Missed that. Incidentally - why the LMS cross-holdings in GHE? GHE grant LMS 1m shares, then another £1.25m's worth in 2yrs, but LMS also committing to paying £1.5m for more GHE.

[skyship] 28/7/2016 06:38

One of the most contemptible pieces of “pig troughery” in that Circular is that henceforth Robert Rayne will be provided by a fully expensed car and chauffeur. Need to find it again to see whether LMS or GHE are paying for that…

[spectoacc] 28/7/2016 06:32

No fan of Tipsheet Thommo myself, but will doubtless move it a few p either way.

[skyship] 27/7/2016 17:15

Yes, thnx Strath...

Now, interesting news....we must read this tomorrow:

skyship

I have been working all day on LMS and Gresham and will be publishing an indepth 2,000 word article tomorrow morning.

Regards

Simon

(Simon Thompson at the IC)

[strathroyal] 27/7/2016 17:03

In case the last post got in the way!

13. No significant change

Save as disclosed in the annual general meeting statement of the Company dated 19 May 2016,there has been no significant change in the financial or trading position of the Group since 31 December 2015, being the date to which the last audited financial statements were prepared. Since the date of the annual general meeting statement of the Company, there have been notable changes in market conditions, in particular the weakness of sterling versus the US dollar following the result of the UK referendum vote in favour of leaving the European Union. The resulting unrealised currency gains on the US dollar portion of the Company’s investment portfolio have offset any downward valuation adjustments, including those in relation to the Company’s exposure to UK property.

[big bull billy] 27/7/2016 15:17

Guys

FJET has reversed, buying increasing


Placement at 50p, price 28.5. Placement at 123% premium

current mcap 4.9m and yet they have raised £19.2m at 50p






News UPDATE: Fastjet Raises GBP19.2 Million In Placing At Premium (ALLISS) LONDON (Alliance News) - Low-cost African airline Fastjet PLC on Thursday said it raised GBP19.2 ...
Alliance News21 July, 2016 | 5:09PM Email Form
LONDON (Alliance News) - Low-cost African airline Fastjet PLC on Thursday said it raised GBP19.2 million via a placing and open offer, with the latter at a significant premium.
Fastjet said it raised GBP15.0 million via the placing, conducted via an accelerated bookbuild by investment bank Liberum Capital Ltd. In addition it will raise GBP4.2 million via an open offer.
Executive Chairman Colin Child agreed to subscribe for 140,000 shares at the issue price as part of the placing, his only holding in the company.
The shares were placed at 50.00 pence per share, a significant premium to the company's closing price of 23.13p on Wednesday. Shares in Fastjet closed up 43% to 33.00p after the news.
The funds will be used for working capital purposes and to back Fastjet's revised business plan, which includes the introduction of a new type of aircraft to its fleet and the relocation of its head office in the UK to Africa.
Fastjet said despite the ongoing cost reduction programme at the company, plus a recent reduction in routes and fleet size, the company continues to be cash flow negative. The funds raised will therefore provide essential working capital for Fastjet to pursue its strategy.

[eeza] 27/7/2016 15:15

Not as important as the ' exciting' new Investment strategy.

[strathroyal] 27/7/2016 15:15

skyship - page 43, item 13 titled No significant change

[skyship] 27/7/2016 15:09

Been in touch with the Company regarding the NAV; they confirm "We are currently finalising our half year report which we expect to issue shortly."