London & Associated Prop... Share Discussion Threads

[coolen] 20/4/2016 00:23

I agree with all your points.

The old rules, aggregated "control" by counting all associated parties (including all family members) which seemed to make much more sense.

Ridiculously, the rules have changed whereas "control" is now judged by whoever holds, on a day to day basis, the voting rights on each block of shares.

So you no longer have to aggregate family members if they each pretend independence.

It's called "increased transparency" !

[ntv] 19/4/2016 23:52

SUBSTANTIAL SHAREHOLDINGS
At 31 December 2014 Sir Michael Heller and his family had an interest in 47.6
million shares of the Company, representing 56.3 per cent of the issued share
capital net of treasury shares (2013: 47.6 million shares representing 56.5 per
cent). Cavendish Asset Management Limited had an interest in 7,705,611
shares representing 9.12 per cent of the issued share capital of the Company
(2013: 7,717,314 shares representing 9.16 per cent). James Hyslop had an
interest in 3,856,258 shares representing 4.56 per cent of the issued share
capital of the Company (2013: 3,856,258 shares representing 4.58 per cent).
The Company does not consider that the Heller family have a controlling share
interest irrespective of the number of shares held as no individual party holds a
majority and there is no legal obligation for shareholders to act in concert.
Therefore the Directors deem no party to have control.

if no individual holdings are listed so how come it is not a concert party?
hyslop won't change anything unless he breaks up the concert party and brings cavendish on board
i am more likely to win the euro millions jackpot even though i don't even buy a ticket!

[coolen] 19/4/2016 23:46

As I understand it, Hyslop was a much-respected property analyst at the equally respected stockbroker Phillips & Drew.

He clearly recognises the large nav discount.

Taking LAS and Bisichi private seems the more obvious option, giving present day regulatory costs of running a listed plc.

But selling out to a larger group would give CGT rollover relief.

It would be fascinating to know what, if any, discussions Mr Hyslop has had with the Heller family.

[jbarcroftr] 18/4/2016 11:41

Let's hope James Hyslop can fire the board up

[my retirement fund] 14/4/2016 21:30

Market makers need to make hay whilst the sun shines. The mugs buying are well mugs!

[topvest] 14/4/2016 20:55

Surprised it had this impact. Simon Thompson is not exactly the best stock picker of all time!

[tromso1] 14/4/2016 12:07

Just been tipped in the IC by Simon Thompson-

[coolen] 15/2/2016 21:17

You could be buying the FD's stock (!)

[bisiboy] 15/2/2016 19:25

i think topvest is correct in the definition i have read from the fca, however
if the results are poor this would without doubt be insider dealing as the fd
2 months after the year end would know morte than anyone how the company has performed which is why i have made a note.
i am sure that nobody would be so stupid though to sell in such circumstance so
i take it that the results will be fine and perhaps therefore by some strange
reverse logic it may be a buying opportunity!

[coolen] 14/2/2016 20:09

Strict definition (cribbed from a leading PLC):

"The Company will enter a close period on 1 January 2016 in respect of the Results for the period ending 31 December 2015. The close period will continue until the release of the announcement of the Half Year Results to the Stock Exchange.

Purchases of the Company's shares are not permitted during the close period. Directors are only permitted to sell shares of the Company during the period if there are exceptional circumstances requiring them to do so. In such case, the permission of the Chairman (or other Director) should be sought and the reasons for dealing should be submitted in writing immediately, to the Secretary, together with confirmation of all details of the transaction."

[topvest] 14/2/2016 18:56

Haven't looked, but think they go into a close period 2 months before the results in April.

[coolen] 14/2/2016 15:00

Bisiboy: If year end was Dec 31 and results are not yet out, is the company not in a "Close Period" when directors cannot deal ?

Definition of Close Period: "Between the end of an accounting period and the day a company announces its results for that period. During this time, directors are not able to buy or sell their shares."

[jbarcroftr] 13/2/2016 15:28

The chief exec is paid 880 k a year
Thanks Dad comes to mind
It can't be for the company's performance

[bisiboy] 13/2/2016 15:02

if these results are poor i will be reporting this trade.

the year end was 31st december and results are usually announced end april

i am sure everything is above board though otherwise they would have made a statement but it is in the dairy just in case.

[bisiboy] 12/2/2016 22:47

This is a lazy post without checking but I thought we were close to results and surprised not in a closed period
But I might well be wrong

[jbarcroftr] 12/2/2016 20:10

An awful vote of no confidence
Selling at a 50% discount to likely net assets
It seems to me that the UK assets are ok
No idea about the mad Coal mining venture
The only hope is for a predator/ activist investor to climb on board
The institutional shareholders might also wake up

[coolen] 12/2/2016 18:51

Finance Director halves his shareholding -or have I got it wrong ?

[skyship] 07/1/2016 16:47

Hi Hybrasil - appalling misgovernance here - don't touch with the proverbial. They should be delisted.

[hybrasil] 07/1/2016 15:57

nearly back to 1993 levels. How come no director buying when trading at half NAV?

[bisiboy] 19/12/2015 18:27

am tempted to add at these levels
cant see anything obvious for the price fall other than lack of buyers.

[topvest] 16/12/2015 18:36

Dismal - the problem is a lack of trust. The family takes too much out for poor performance.

[jbarcroftr] 16/12/2015 13:55

Now at a 50% discount to net asset

[topvest] 06/11/2015 20:29

Yes, agreed - dismal performance.

[jbarcroftr] 06/11/2015 08:18

Share price continues to drift
No news that I can find
And with the financing sorted and the assets fully let
Time for an activist investor group or predator to emerge
Perhaps the institutional investors will ask the board to wake up
The share price must be almost at a 50% discount to net assets