Lms Capital Share Discussion Threads

[hugepants] 08/3/2023 11:43

It looks like someone has had enough of this.

[hugepants] 05/3/2023 16:57

These guys are not exactly proactive but the shares are definitely cheap at 28p to buy. Cash per share is 22p and NAV per share is 57.7p. Yield is a whopping 3%

[cjohn] 03/3/2023 21:08

Wrong. It's both.

[hindsight] 08/2/2023 14:15

Trying to decide if this is cheap or a value trap

[hugepants] 08/2/2023 12:52

Not much happening here. NAV of 57.7p at end Dec

[cc2014] 25/8/2022 14:59

No-one sellng at 31p? Good.

They can have mine for 41p.

No, not really. I'm sure if the bid hit 41p, I'd want 51p.


How do I persuade this Trust to crystallise it's assets and distribute the funds at NAV?

[skyship] 02/8/2022 10:36

NAV down 4.2% for H1'22, in spite of the £2.6m currency gain due to the strong $.

Running costs of £0.9m. Spending money is all Robert Rayne is any good at.

The legacy portfolio from Robert Rayne's management 15-20yrs ago still a weight around the LMS neck. He talks of selling all in 1-3yrs - hell, they've been trying to sell all positions since Gresham took over 12 years ago!

[hugepants] 02/8/2022 08:47

Interims out this morning.


NAV down to 58.2p, about 7%, since the final results. Probably to be expected given the general market conditions
Yield is actually 3% (just testing).

[hugepants] 01/8/2022 16:03

Well the yield is 4.3% at the 30.3p buy price now which is pretty decent.

Share price 30.3p
NAV 62.3p which includes cash of 24p

So discount = 51%

Strip out the cash and the investments are almost in for free.

[skyship] 22/7/2022 07:58

Almost 3months sine the last posts on this thread. But then, I suppose not much to say or do until Robert Rayne is once again out of the picture - somehow!

[skyship] 28/4/2022 10:40

"In fairness to the management, the property market continues to be a challenging environment"

Uhh? Commercial property market is booming across all geographies and all sectors!

[westofengland] 28/4/2022 10:29

In fairness to the management, the property market continues to be a challenging environment and we should recognise that. If there are great deals to come in property, it may be a case of waiting several years for something favourable to become available.

Its also possible that Dacian may provide follow on opportunities so keeping cash may be a prudent course of action, although this is boring for us shareholders.

Sometimes boring is best.

[hugepants] 28/4/2022 10:17

They seem to make 1 investment every 18 months if we're lucky so they aren't exactly proactive! Still discount to NAV is 43% and they have £19.5M in cash versus £28.4M market cap. But the cash sitting in the bank is inflating away just now. They probably reckon the success of the Dacian deal has bought them some time.

[cc2014] 27/4/2022 13:44

Not much to say. NAV rising pretty much as expected.

Share price not really doing much with discount staying fairly static.

[hugepants] 27/4/2022 11:22

Q1 update.


NAV up to 62.3p (from 60.8p

[cc2014] 05/4/2022 16:22

OMG. The share price has finally managed to move up a penny

[magic] 11/3/2022 12:40

Sounded like they were looking to invest more in Dacian, which is encouraging.
Also read about reducing admin costs 10-20%.

Some russians and others may be moving out of London, or at least London not as attractive, some jitters about whether some sanctions may extend to chinese.

Maybe look to invest in rebuilding Ukraine, should be lots of money flowing in, once Russia leaves and good longer term growth integrating more with europe.

[cc2014] 10/3/2022 12:27

A slow burned this one.

Final results read ok.

[arthur_lame_stocks] 10/3/2022 07:51

Results are out today, NAV has gone up and so has the dividend. That Dacian investment may prove to be a good one given world events but i'm less happy they're going to invest in property. I think with a squeezed consumer and rising interest rates the property market is finally due to cool (I thought that 20 years ago so what do I know).

[magic] 03/2/2022 23:11

interesting comments, thanks.

I was particularly interested in the Dacian deal and looking out when oilfield equipment investment takes place. Then an increase in production should be reflected in the NAV.
There is some very impressive technology for boosting late stage wells.
Maybe another year ... Im OK to wait, as I believe oil will stay high.

"The Business being acquired is small and has not received investment over recent years. This situation creates the opportunity to significantly increase production levels, at a low cost per unit of increase achieved, through a series of workover and enhancement projects."
hxxps://www.romania-insider.com/dacian-petroleum-omv-petrom-fields

If the object for the cash is to wait for particularly US stock markets to fall and then pick up good value, that doesn't seem a bad idea.
If its to pay Directors, not good.

[cc2014] 01/2/2022 09:52

From yesterday's RNS.

The estimated 31 December 2021 NAV is summarised below:


Preliminary Unaudited Audited
31 December 30 June 2021 31 December 2020
2021
GBP 000s
------------------------------------------------
MATURE ASSET PORTFOLIO 22,979 21,415 22,193
------------- -------------- -----------------
NEW INVESTMENTS - DACIAN 7,958 0 0
------------- -------------- -----------------
Total Investment Portfolio 30,937 21,415 22,193
------------- -------------- -----------------

Cash 20,113 21,372 20,591
------------- -------------- -----------------
Other Net Assets/Liabilities (1,949) 4,805 5,139
------------- -------------- -----------------
Net Asset Value 49,101 47,592 47,923
Pence per Share 60.8p 59.0p 59.4p

Overall for the year as a whole, the Company's NAV, after adding back dividends paid, has increased by GBP1.9 million

[igbertsponk] 01/2/2022 08:56

They lost £4m last year, but the Director got a nice bonus. Rewarding failure.

[skyship] 01/2/2022 07:36

HP - research RR's history. Caveat emptor.

[hugepants] 31/1/2022 20:05

Lol so the manager is 100% incompetent and the £20M will be going into the directors' pockets as fees and severance. Keep these coming guys, it's comedy gold.

[igbertsponk] 31/1/2022 12:51

The cash will soon go on directors fees and severance payments. Some of them have been paid off by the company in various entities many many times. And still come back for more.