Lms Capital Share Discussion Threads

[mad foetus] 14/3/2017 08:17

I sold out a year ago after finding out the chairman had a full time chauffeur and pa for this role. I'm involved in a listed company ten times bigger and more complex than LMS and the chairman gets none of that and his salary is a fraction of that levied here.This is organised robbery and the LSE and brokers should be ashamed. As for why anyone still invests here...

[igbertsponk] 14/3/2017 08:16

What's the betting that the massive redundancy payouts were to the departing directors, Friedlos and Sweet? Who have moved straight to Gresham to continue managing the destruction of shareholder value in the fine way they have been doing for years now? Have to wait for the accounts to see that hidden detail.

[spectoacc] 14/3/2017 07:50

Just realised how bad my maths is above - last years expenses were actually £5.5m, not £4.4m.

[skyship] 14/3/2017 07:42

Indeed; and the bullish interpretation is as below:
===================================================

Performance review:

Net Asset Value per share at the end of 2016 was 71p, slightly higher than announced on 25 January, but a 23% decrease from 92p a year ago.

Conclusion and outlook:

2016 was a transformational year for the Company. The performance of the investment portfolio in the second half of the year was disappointing but following the appointment of GHAM as investment manager, the Board looks forward to improved performance in 2017 and beyond.

[my retirement fund] 14/3/2017 07:37

Nice work if you can get it. Lol.

[spectoacc] 14/3/2017 07:36

Aware I'm something of a perma-bear of LMS, but couldn't not comment on:

"Overhead costs were GBP3.3 million, similar to the previous year (2015: GBP3.2 million). One-off charges (including staff redundancy and surplus property costs) were GBP2.2 million; as a result of these there will be future benefits from annual overhead cost savings targeted at GBP1 million which are expected to start during the first half of 2017."

I guess bulls can point to the last sentence, but I'm left slack-jawed by the £4.4m [Edit - erm, £5.5m] of expenses in 2016.

[shaker44] 08/3/2017 17:06

Thanks for that. I was thinking of selling out (at a significant loss) .Maybe I will hold off for a few days... at least until April 5. Then offset loss to mitigate cgt.

[skyship] 08/3/2017 16:37

Brockton to offload £215m Government-let Victoria trophy - Brockton Capital is preparing to put its 33 Horseferry Road property in Victoria, SW1 up for sale for £215m, having agreed a new 17-year index linked lease to the Department for Transport......CoStar News can reveal"

.....though that is all I can see as not a subscriber.

Not sure how that affects the valuation of BC itself, as it is a manager rather than a pure investment company. Still, LMS may be able to write back some of the savage cut.

The share price has stabilised having hit a low offer at 41.875p. I bought back a very few at that level.....I know, I know,,,but I've always made money buying at a 40% discount, so couldn't resist having a small interest again, having sold out at just over 50p on Update day.

[mad foetus] 22/2/2017 09:58

The chairman could die I suppose, choked on his own greed.

[spectoacc] 20/2/2017 10:59

Lol @CWA1 - indeed, don't think I've ever made money on them, and can't say I've any desire to buy back in again atm. Hard to see where any good news is going to come from, though they may yet surprise us.

[cwa1] 20/2/2017 10:50

Hi SpectoAcc, the only thing I wish I hadn't bought some of was LMS :-(

[spectoacc] 20/2/2017 09:00

What a difference a weekend makes - SpectoAcc 1, Nick Train 1. And knowing him, my guess is he bought more at elevated prices on Friday.

[spectoacc] 17/2/2017 13:21

Re post above & ULVR - Nick Train 1, SpectoAcc 0.

[hugepants] 14/2/2017 21:14

Overheads, net of other income = £1.635M

That's for the 6 months to June 2016. That's nearly 5% of the NAV annually! They are looking to reduce overheads but to what level? Even £1M per annum seems a lot.

[spectoacc] 14/2/2017 13:14

@Skyship you've reminded me of something I read at the weekend from Nick Train, of FGT (& others). I'm not a fan of gurus - on the contrary - but I quite liked this quote, which reminded me of LMS:

"...You should never forget that another way of characterising "value" and "quality" is to use the simpler definitions: bad companies and good companies".

We'd both disagree with that - what matters more is the price you pay. More than one way to make an omelette tho.

So it's an interesting point, followed up with:

"..You make the best stock market returns by holding good companies for the long run, not trading. And you don't want to end up holding a parcel of bad companies when the music stops."

That final point is perhaps the most relevant.

Needless to say, he's topping up the likes of DGE & ULVR. I'll stick with buying things I think are mispriced.

[skyship] 14/2/2017 09:44

Now at 44p-45p. I had originally marked 45p as a possible price to buy back into a few, as the NAV discount now at 35%. However still looks so friendless, perhaps will wait for nearer the 40p level shown in LM's post above.

[luckymouse] 04/2/2017 13:39

The 80% white candles and falling share price on the daily means there's manipulation here - you could also apply a ruler to the TSI on the monthly - again an unnatural systematic press - so I smell a rat - I would wait for it to turn personally. 40 is the old buyzone.
Monthly LT view

[shaker44] 02/2/2017 01:38

Makes you wonder though if Gresham House are behaving like many ceo's.
Throw the kitchen sink at the numbers,play cya,then emerge as hero later. Whatever , I suspect latest valuation is ultra cautious

[cockerhoop] 01/2/2017 20:55

The discount was also good before the last RNS which lopped 20p off the NAV despite currency tailwinds and some sales above NAV. Discounts to NAV are only attractive if you can independently value the assets or trust the management imo.

[rathair] 01/2/2017 14:30

Time to buy then, and the discount to NAV is very good.

[skyship] 01/2/2017 14:07

Sp softening as Simon Thompson calls time on LMS in his IC Online column today.

[mrx001] 27/1/2017 11:35

Not been a shining success this share, am now left wondering what to do with my remaining shares. Realistically I don't think much will be happening with the price for a while. :0(

[mad foetus] 25/1/2017 11:11

Mind you, with all the work the board have done you can see why the chairman needs a full time PA paid for by the company.