Activist investor Worsley Investors Limited (WINV.L) has taken a 3.37% stake today. |
William Black has fallen off his perch. Got a huge holding in MVI as well, amongst others |
RNS this morning regarding shareholding of First Equity/Armstrong/William Black and selling down a few shares. 175k sold which is neither here not there but if it's an indication of things to come the share price will be stuck here forever.
Threshold crossed on 13th Feb which is the day the company update took place last week, implying there was something in it they did not like or they've been wanting out for a while and found some liquidity to sell into. |
If they return £10m to shareholders from the c£13.5m available; that would be a return of 12p/share. A good start! |
From July:
The leasehold interest in the 15 units unsold at the time of acquisition, those units having an estimated sale value of £8.3 million.
Sold 3, 12 left equals estimated sales value of £6.64m
Loan on them is now £5.1m or 76.8%
(assuming the 3 sold are average which may not be the case)
Also one might ask how much interest they are paying. The loan has reduced from £5.9m to £5.1m equals £800k, but if the properties sold were worth £550k each, then the interest is excessive. Which implies the properties sold are the cheaper ones and therefore the LTV will be lower than the 76.8% I've calculated. |
How do you get to 77% LTV on Castle View? |
I have used the liquidity opportunity to exit this morning.
On the update:
Good news on the strategic review. With £12.7m cash they could return £10m to shareholders, you get the rest for free and either they wind it down or carry on.
Bad news on the rest.
Dacian they have cratered the production from 1800 barrels at point of the bid to 650 now.
Castle View. 3 apartments shifted more slowly than expected. LTV on the loan rises from 71% to 77%. Somehow that results in a NAV gain?
The share price is now supported by a possible liquidity event from the Strategic Review. Apart from the cash, I see any asset sale at a mighty discount to NAV if indeed they can be sold at all. |
I'm assuming they have already spoken to the major shareholders who have given them the same message at every meeting for the last 2 years, so I guess the Strategic review is just to "be inclusive"
It's pretty easy. Either 1. wind it up or 2. return 15p of cash, run it as it is and aggressively chop the cost base. |
Yes interesting. At least hope now for a return. NAV 44.8p. Cash 16.2p
...Strategic Review
The Board is mindful of the challenges facing the Company in terms of its size, limited secondary market liquidity and the discount to NAV at which the Ordinary Shares have been trading and has determined to carry out a strategic review of the Company's future direction. It will also review the Company's cost base with the objective of reducing the ongoing costs.
The review may lead to a change in the Company's investment policy in conjunction with asset realisations with a return of capital to shareholders in due course.
The review process will cover the Company's investment mandate and focus in all areas. In relation to retirement living, the Board continues to see opportunity and may seek external investors into the Company's retirement living subsidiary which could add additional assets to create a retirement living platform and ultimately enhance realisation value. |
A long Strategic Review a waste of time. They should go for an immediate wind-up; and start with a pay-out of most of the cash - currently amounting to 16.2p/share |
This information is provided by RNS, the news service of the London Stock Exchange.
RNS Number : 1276D
LMS Capital PLC
05 September 2024
LMS Capital plc, the LSE-quoted investment company, has been notified of two related transactions in ordinary shares of the Company.
a Name James Wilson
2 Reason for the notification
a Position / status Chair of LMS Capital plc
b Nature of the transaction Purchase of Ordinary Shares
Price(s) and volume(s) Price(s) Volume(s)
0.19 1,000,000
a Name Nicholas Friedlos
2 Reason for the notification
a Position / status Managing Director of LMS Capital plc
b Nature of the transaction Purchase of Ordinary Shares
c Price(s) and volume(s) Price(s) Volume(s)
0.19 500,000
Date of transactions 2 September 2024 |
Yes out their depth. Still it gives them a job which seems to be the whole point.
They should just have bought a FTSE tracker. |
The clowns that took over have only succeeding in driving down shareholder value. Clueless. |
I've just been having another look at these and would like to know what the 4 staff earning over £100k a year actually do?
Also, the Dacian 'investment' doesn't even appear to be able to service its debts, potentially worthless.
As for Castle View, half the apartments were empty 5 years after it was built. I suppose Covid is one excuse, if all the pensioners are dead who is there to buy them?
On reflection I think I'll probably sell and take the hit on the chin. |
I've had a holding on and off here for years, I've been holding for a while and buying a few more as the price falls and It's not impossible to force Robert Rayne to wind up the company if we can convince a Court that it is in all our interests. Please take a look at the below link and let me know what you think. My own feeling is to start with an EGM which will probably get voted down and when it does to try going nuclear. |
Should be wound up but Rayne own 40% |
Could not agree more. Anyone who would want to live in Castle View out of choice needs his or her head examined built as it is on a hugely busy interchange and roundabout. There is just one picture out of the gallery (which features the fountain) which bears no relation to the activity here during the day. |
The oak bloke has looked at this on his substack and sees the huge value on offer. I felt obliged to.post it was ever this and the only thing the company does is pay exorbitant fees to RR. Investors wont get anything from the trough until the pig steps away, and why would he? The LSE and the FCA should step it, but wont. |
Agree on the above. I don't think they have a clue. The retirement living investment doesn't strike me as having great risk/reward. Au contraire. When you think of all the cheap looking listed real estate companies is this the best they could come up with after all the time they spent on it? |
All about Robert Rayne - the man is an absolute investment manager disaster. Always has been. Now we see his first big thing on regaining his hands on the reins, namely Dacia, is having a few "production" problems... |
HP - thnx for that. I'd missed it too... |
Yep some activity and I missed the Medhost sale at end of last month for $8.6M, booking a $1.6M profit. |
I own a few from 21p. The 4% yield and 60% discount worthy of a small punt.
An interesting acquisition announced yesterday. The strategy seems a good one; though this is Robert Rayne, so we most likely overpaid by 25%+
Any vendor's eyes would light up when they see RR approaching with an open chequebook. |
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