Share Name Share Symbol Market Type Share ISIN Share Description
Local Shop. LSE:LSR London Ordinary Share GB00B1VS7G47 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 31.10p 30.80p 31.40p - - - 95,592 12:40:44
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 0.0 -0.9 -1.0 - 25.66

Local Shop. Share Discussion Threads

Showing 2426 to 2450 of 2450 messages
Chat Pages: 98  97  96  95  94  93  92  91  90  89  88  87  Older
DateSubjectAuthorDiscuss
17/1/2018
10:54
I suspect the LSR thinking will be that so long as there is debt outstanding it makes sense from a NAV perspective to use any surplus cash to pay this down rather than make an interim distribution to shareholders. However, with their debt now quite cheap if they have the option I'd rather I had any surplus cash in my bank account under my control rather than it offsetting cheap debt.
redhill9
17/1/2018
10:36
i'm not really sure what to read into it Strath, there was certainly no hint of any properties being bundled off in the FY results, but that was a couple of months ago, and I'm sure there will be industry watchers. Like you I would like to see a capital return prior to the eventual wrap up, but the company has given no indication that that is the plan - I'm not sure why that is, presumably it would only bring forward the first capital repayment by 12 months at best, so is presumed not to be worth the cost, or there is additionally complexity in doing so...?
frazboy
16/1/2018
16:25
frazboy - We agree as i'm counting the part satisfied as therefore outstanding so that's 141. HSBC have released these properties at the director's request as shown in the accounts but that then begs the question what do LSR want them for? The report says to improve liquidity but what does that mean? After all, at the end of the day all of the properties will be disposed of so why not simply pay the bank off from the next £20M of sales?
strathroyal
16/1/2018
16:10
Thanks Strath, I only get 136 oustanding properties (+6 part satisfied), 5@ LSR, 90 @ Nos 4, 40 @ Nos 5, 1 @ Nos 7. Am I missing something? Or has this been updated since you looked yesterday? Could HSBC simply have released some from the loan pool at the company's request, given the relative low overall debt levels?
frazboy
16/1/2018
14:27
frazboy - Companies House register is freely available to view. The path is Companies House>Get information about a company>type in NOS 4 (LSR trading subsidiary)>Filing History. For a summary of the charges outstanding, change Filing History to Charges. LSR's other subsidiaries are Nos 5, 6, 7 and Gilfin Property.
strathroyal
16/1/2018
13:47
Strathroyal,Out of curiosity, could you please tell me where are you getting that information from? Much obliged!
frazboy
16/1/2018
13:25
HoW - Well something appears to be afoot but I can't work out what exactly. Followings a further avalanche of Satisfactions yesterday, LSR and its 5 subsidiaries have 141 charges outstanding. As some of these are assignments of rent, they appear to cover less than that many properties whereas LSR still had 167 properties in the Annual Report. The latest Satisfactions are spread over several of the regions but my rough calculations show that less than 20 Scottish properties still have a Charge registered and Edinburgh (re tilton's previous comment) only 1. Two thoughts come to mind. Firstly as you say a partial sale maybe in the offing. Secondly, referring back to the Annual Report, a number of properties were taken out of the HSBC loan security pool after payment of £6.1M (see last para of the Financing section of the report) and these satisfactions could involve said properties. As you know I'm looking for the sale of these to fund a partial redemption of the share capital!!
strathroyal
16/1/2018
09:32
Strath Could be good news .Maybe they are holding back because they are in discussions to sell a fat portfolio privately?.
hillofwad
15/1/2018
08:27
Likewise - thnx Strath...
skyship
15/1/2018
07:46
Strathroyal thanks for very useful info.
kooba
13/1/2018
17:49
Details of the properties for sale in Allsop's first auction of the year published today. Lots 54/61/63/113/120 & 121 appear to be LSR properties and have a combined reserve of £670-£765k with the biggest lot £220-230k. So that suggests that Internos are still looking to sell the bigger properties via a trade sale despite the comments in the Annual Report.
strathroyal
12/1/2018
18:57
Many thanks.
tiltonboy
12/1/2018
17:08
kooba - Companies House >Get information about a Company>Nos 4 (an LSR trading subsidiary)>Filing History. That will give you details o the properties concerned. tiltonboy - they have registered Satisfactions of Charges on 19 of the Scottish portfolio, 7 of which are Edinburgh. Can't be totally accurate but I make it that there are now less than 30 Scottish properties in the portfolio.
strathroyal
12/1/2018
15:28
strath, any signs of the Edinburgh properties moving. I hoped they may get packaged up and sold as one.
tiltonboy
12/1/2018
14:40
How does one see that Info ...not familiar with CH.
kooba
12/1/2018
12:11
I see that LSR have updated Companies House on a number of the sales that have taken place in the latter half of 2017. Obviously those of us following the auctions were aware of the properties sold via that process but these filings do appear to provide the address information on the properties which have been sold by private treaty. A good number of the private treaty sales appear to be in Scotland which is pleasing as I assumed this part of the portfolio may prove difficult to shift due to their location.
strathroyal
15/12/2017
10:03
Those that think 39p is on the cards should be mindful that selling costs are about 4.7% This is of course levied on the gross selling price so lets assume that £55m is achieved ie valuation there is £2.5m going out the door there No doubt there will be some golden goodbyes for directors too Difficult to gauge at what point the number of properties remain after death by a thousand cuts to see the whole show stay open before they parcel a portfolio up Maybe £25m ??? and very likely that a discount of 15% plus will be required there to shift as evidenced by the poor repsonse to 70% of the portfolio hawked around the market Certainly investors would have now had ample opportunity to eye up the individual properties and maybe step up on ones they fancy which should pick off a few Individual ones have being offered around recently by investors looking to buy portfolio on and sub-sell a batch to reduce exposure It didn't happen which unfortunately speaks volumes Danger of fatigue seeping in as investors see the old chestnuts reappearing I think the best chance of achieving a small profit on today's valuation is Thalsassa moving in for the kill They need to do that sooner rather than later
hillofwad
15/12/2017
09:49
Yes,even an almost perfect market it is difficult to sell cheap. Imagine if A. We didn't have mass immigration of low paid workers,who provide punters for local shops,and tenants and purchasers for the flats upstairs. B. No QE C. Higher interest rates. D. No stamp Duty changes which make the purchase of commercial property much more attractive. E. Directors had not skillfully off loaded one portfolio at a small discount to NAV. F. Interest rate swaps had not expired. G. Directors had not negotiated low interest and flexible debt. !
gfrae
14/12/2017
21:09
Well I don't think anyone has done very well here. It's been a massive value trap. You have to question whether it wouldn't be better to hold the portfolio for income and pay a dividend than this relentless selling of the portfolio at a discount. Costs are still way too high. Portfolio highly illiquid with no buyers. What a nightmare. Think its taken us all by surprise just how bad it could be, particularly in a supposedly buoyant commercial property market.
topvest
14/12/2017
11:25
strath, I would be very surprised if that were to happen.
tiltonboy
14/12/2017
09:58
I note that everyone commenting on the end NAV assumes that shareholders will get repaid at the end of the sales process but isn't their a likelihood that there will be a share buyback early in 2018? At least that's my reading of the decision to free £6.1M of property from the HSBC loan security pool. The annual report states that this is not required for working capital and HSBC have no claims on it so, when the properties are sold, the cash could fund a buyback of 15%-20% at presumably NAV less (say)5% for expenses. That's 39-40pps and follows the process adopted by DIL2 amongst others. Ever the optimist!
strathroyal
14/12/2017
09:13
I agree with TV....it woofs. Even if you bought it cheap. It has required an enormous amount of luck and skill to make a modest profit. EG.,....getting the first portfolio away, very low interest rates, "Quantitative Easing",taxation changes,expiring interest rate swaps, high immigration of low skilled workers,record levels of employment. The initial premise of the business was flawed. I would be interested to know how such a rubbish portfolio was assembled eg was it some vehicle into which various property speculators poured their drossy portfolios at inflated prices,perhaps in exchange for shares that they thought they would later be able to dump ?
gfrae
14/12/2017
07:49
Quite right - timing is everything. TV - actually has been quite a good play; and from here through 2018 should continue to be so!
skyship
13/12/2017
21:06
Depends when you bought!
tiltonboy
13/12/2017
20:07
Gosh what a disaster this company has been. A real dog.
topvest
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