Lms Capital Share Discussion Threads

[budsman] 23/8/2017 16:55

I'm with HL and still waiting to hear. Usually fairly quick. I too tendered for basic and excess.

[alter ego] 23/8/2017 16:32

I tendered more than the basic entitlement and got 31.66%. Happy with that. I'm with H Lansdown FWIW.

[keit4h] 23/8/2017 16:27

@MidHerts Based on the numbers that TD gave me for the size of their total holding and shares tendered those who tendered in full should be getting around 32%.

It's odd as TD got the last LMS tender right as far as I can remember.

[midherts] 23/8/2017 16:11

I too have complained to TD and am pressing the case. Anyone else involved please do so also.

MH

[keit4h] 23/8/2017 13:32

@CWA1, who is your nominee?

The incompetents at TD Direct have only taken 19.6% of my holding. I have complained!

[cwa1] 21/8/2017 17:18

Well, got 30.5% tendered, bit better than the minimum. Ho hum.

[cwa1] 15/8/2017 17:17

Being greedy and hoping for a bit more than that from those not tendering through their broker for whatever reason.

[swiftnick] 15/8/2017 16:53

Yes, as you say, it works out as a 29.4% return of capital for those who tendered their entire holding.16.29% + (15.65% x 0.8371)

[tiltonboy] 15/8/2017 15:15

Happy with 29.4%. Maybe a little bonus on top from those not tendering internally.

[swiftnick] 15/8/2017 09:20

RNS out.All valid tenders will be satisfied in full up to the Basic Entitlement, and, following application of the scale-back mechanism (as set out in the Circular), approximately 15.65% of the Ordinary Shares validly tendered in excess of the Basic Entitlement will also be satisfied.

[cwa1] 15/8/2017 08:48

So today's the day we hear the results of the tender offer. I'm predicting 2.15PM.....

[topvest] 28/7/2017 18:50

My strategy is to tender as much as possible. I've already more than covered off my 41p purchase price many years ago, albeit not a great return given no dividends. Plan to reinvest when and if it drops to 40p ish. Think the discount will open up after the tender offer.

[skyship] 27/7/2017 18:32

CWA1 - well done - I made a bit of a hash of it this time around!!

[swiftnick] 27/7/2017 09:18

Once the tender process is out of the way the company has stated that new investments will be in direct private equity opportunities at the smaller end of the market and alternative, specialist asset classes targeting long term, illiquid strategies, "leveraging the expertise, experience and network of the GHAM investment team in asset management, private equity and public markets".There aren't that many opportunities for private investors who want some exposure to private equity as part of a balanced portfolio and if the company is successful going forward the returns could be very good. However the size of the market cap will limit their ability to diversify and spread risk so one or two bad investment decisions could hit investors hard.So the question is, given this risk profile, what would be an appropriate discount to NAV going forward? We're on 27.5% or so at the moment - is this too high or too low?

[cwa1] 27/7/2017 08:52

LOL Sky, fortunately The Acolytes Of Skyship(TM) followed the master-but didn't do the selling bit :-)

[skyship] 27/7/2017 08:28

Hybrasil.....rather shame-faced as only bought back a few and decided too small a holding to worry about so took a very small turn BEFORE the jump in June! DOH!

[swiftnick] 26/7/2017 10:27

Hi Pavey Ark, agreed.And actually, refining your NAV discount calculation to reflect the tender process puts the current NAV discount at around 27.5%.Say you bought 4000 shares at 57.75p, costing £2,310. Then tender all of them at 70p with a 25% acceptance. You would get 3,000 shares back together with a cheque for £700. Those 3000 shares will effectively have cost you £1,610 or 53.7p each which is a 27.5% discount to the NAV of 74p.Obviously a lot depends on your view of the Gresham House management and it must be remembered that a large proportion of the underlying holdings are illiquid. Nevertheless these still look cheap even after today's 10% rise.

[pavey ark] 26/7/2017 09:28

Swiftnick, what it should show you,if you didn't know already, is that most PIs can't work a calculator or make individual decisions.
The share price has just moved to where it should have been and still a very comfortable 23% discount to NAV.

[swiftnick] 26/7/2017 09:15

Not complaining that the share price is up 10% this morning, but all that has happened is that they've announced what they said they were going to announce at a price that people were expecting.

[pavey ark] 26/7/2017 09:05

In my post 1273 I predicted a distribution of 70p but with the concert party not participating I thought that we would see c.25% of holding taken at this price.
I must get the old calculator out again and check my figures.
Edit : didn't even have to get the old calculator out ,16% of total shares and no concert party participation private investors should see 25% of their holdings bought for 70p so with all the false modesty I can muster my prediction was absolutely spot on.

[tiltonboy] 26/7/2017 08:29

Only a penny out on my NAV prediction, so no complaints.

[hybrasil] 26/7/2017 07:13

Sky ship does it yet again

Well done

[tiltonboy] 27/6/2017 08:02

Pleased to see the distribution from SFEP, and the increased Tender Offer, although I suspect that this will be delayed to incorporate the NAV at the interim date. Cynically, I also suspect that they will use the uplift on YesTo, to writedown other assets, so we may not see 75p which would appear to be the NAV following this receipt.

I am pleased to see that distributions will be made from profits made on investments in future, which should keep them "honest".

[cwa1] 27/6/2017 07:33

Increase in tender offer:-



The Board now announces:

· The Company has received the distribution from SFEP, the final amount of which was $11.6 million;

· In light of this significant increase in liquid resources, the Board considered whether it was able to increase the amount of the tender previously announced on 6 June 2017. The Board determined that the tender should be increased to £11 million, thereby satisfying in full the proposals in the July 2016 Circular to return this amount to shareholders.



It is the Company's intention that the tender offer be launched at the same time as, or shortly after, the Company announces its 30 June 2017 results. In accordance with the July 2016 Circular, the tender offer price will be determined by reference to a 5 per cent discount to the 30 June 2017 net asset value reported in those results.



The tender offer, once completed, will bring to £17 million the amount returned to shareholders since the Company's July 2016 Circular when Gresham House Asset Management was appointed to manage the Company's portfolio. This final tender offer will bring the total amount returned to shareholders to £172 million since the Company commenced its realisation policy in January 2012, at which time the market capitalisation was approximately £153 million.