London & Associated Prop... Share Discussion Threads

[ntv] 22/2/2018 10:14

taken from prospectus in 2006

Two adjacent established freehold markets in the centre of Brixton. Market Row
has 40 self contained units and is fully let. Brixton Village has 113 units and
backs on to Atlantic Road. Both markets are principally single storey, although
Brixton Village has six residential units at the Coldharbour Lane end. In
addition, a small area (approximately 20 square metres) of Brixton Village is
held on a long lease from Railtrack at �1,500 per annum. There are also 4
separate shops included on Coldharbour Lane and the adjacent Electric Lane. The
total rental income is approximately �1,100,000 per annum.

[ntv] 22/2/2018 10:06

i wonder what the board bonuses will be this year and next year
have to admit it a good exit price on Brixton
next half years will probably look good but the problems will probably show as extra costs and the expensive debt has still got to be paid down

[coolen] 01/2/2018 21:29

Good spot NTV.

From the Accounts, this may link to the "non-beneficial" holding of director, J A Heller which, in turn, is reported as a "duplication" of the Chairman's non-beneficial holding.

Which suggests a family trust, perhaps administered until now by RBS.

These new TR1 Transparency rules can be a nonsense given that they apply both to beneficial owners and whoever holds the proxy vote for a particular period, such as the period covering the AGM.

I agree with you NTV, it is nonsense that you have a seller of 16% without either the original or new buyer being announced.

My guess is that:
RBS held the 16% as trustee long before TR1 came into existence;
RBS felt it did not need to disclose its original non-beneficial holding;
RBS has now re-registered the shares into the trust's own name.
Or something similar !

[ntv] 01/2/2018 11:07

hhmm interesting
a large shareholder sells out. saying it has sold 16% but it never announced to the market in the first place it had a holding above 3%
and who did it sell to ?
all sounds a little bit dodgy to me but i am sure it will be investigated by financial watchdog!!!

[ntv] 03/12/2017 23:27

maybe another £1m bonus !!

[bisiboy] 03/12/2017 18:45

no doubt mr heller will receive a well deserved bonus following the sale of brixton
say 20% of the value uplift.

[topvest] 03/12/2017 12:24

Yes, hopefully not this time around but you never know. The valuation in the 2016 accounts looks like it was £25.7m and its up for sale for £30m or so. Been a bit of a value trap this company. Selling everything and retuning cash along with a distribution of the Bisichi shares is the way to go, but can't see it happening.

[ntv] 02/12/2017 12:42

it is the only way they can pay down debt but a warning to shareholders
the last time they sold an asset it all sounded great until they produced the next lot of accounts. £m's of extra costs showed up, SO YOU HAVE BE WARNED

[skyship] 02/12/2017 12:35

LAS jumped on confirmation of the marketing for sale of Brixton Market. Good opportunity for holders stuck here to get out NOW...make that Monday!

[ntv] 14/10/2017 13:59

agree with you skyship
Bisichi is now propping up the company
lenders are getting nervous as well calling for an interim valuation
Heller family cream over £1m here and £1m at Bisichi
thought Mrs May was going to stop greedy directors taking the cash at shareholders expense LOL!
reminds me of SIR from RBS

[skyship] 22/6/2017 07:41

The controlling family here will continue to rip you all off until someone (Sorry - I don't hold & live abroad) is prepared to go to the AGM and disrupt sufficiently vehemently so as to create a response. Did that back in 2003/4 with LNT as the Directors were seeking to hijack the company for their own ends rather than repay capital to shareholders as approved. Take a pre-briefed financial journalist with you.

Look below - 2 weeks ago the family given a green pass to continue doing as they please:

==============================================================

7 JUNE 2017 - London & Associated Properties PLC ("LAP")

LAP is pleased to announce that at the Company's Annual General Meeting held on
6 June 2017 at 24 Bruton Place, London W1J 6NE all ordinary and special
resolutions were duly passed.


etcetcetc

[topvest] 21/6/2017 20:59

Yes, that's the issue. Need to cut salaries here and at Bisichi. The level of director remuneration versus the dividend is absolutely ridiculous.

[coolen] 19/6/2017 23:22

SkyShip, I appreciate you keeping us in touch.

[skyship] 19/6/2017 13:25

ST ditches LAS in his IC Online article today:

The failure of the board to reduce operating costs so the company can actually turn a profit and reward shareholders with a decent dividend is the real issue.

For example, the chief executive's take-home pay is more than four times the distribution to shareholders. That's rich considering the company has accumulated pre-tax losses of £5.75m over the past three years, during which time its fully diluted NAV has declined by almost a quarter to 44.8p a share and fell, yet again, this time around.

So, despite the deep share price discount to book value, I see little point holding on. Sell.

[topvest] 31/8/2016 20:41

Think the TK Max re-let will be a revaluation up and not down. It's at a lower rent but over a longer period to a high quality anchor tenant. The letting to Virgin Money also looks positive.

Certainly agree with you though that this is struggling with too much debt. Only hope is to pay down some of the higher cost debt and reduce Heller pay packages. They haven't been profitable for years.

Not a lost cause at all, but definitely not my smartest buy adding a small position in this a few years back as they are invested in a declining sector. Ratio of MD pay to dividend and finance cost today says it all really.

[ntv] 31/8/2016 15:43

NOTICED THEY MADE A LOSS WHICH HAVE BEEN CLOSE TO BREAK EVEN HAD IT NOT BEEN FOR £1M PER YEAR HELLER TAKES OUT. LOSSES TO COME ON ON BIG TENNANT IN SHEFFIELD KNOCKING £150K PER YEAR IN INCOME.THAT WILL KNOCK VALUATION AT YEAR END. PROBLEMS WITH BRIXTON TENNANT NOT MENTIONED AT LAST YEAR END IS CAUSING THEM GRIEF. PROBABLY ANOTHER WRITE DOWN TO COME
STRUGGLING TO PAY ITS HIGH INTEREST DEBTS BUT WITH FALLING INCOME AND VALUATIONS
RUN FOR THE HELLERS BENEFITS AND NO ONE ELSES

[skyship] 05/5/2016 14:42

Not again surely - that Simon Thompson is truly incorrigible - always trying to rally further buyers to support failing tips....

(Do that myself occasionally perhaps!)

[cnx] 05/5/2016 14:32

pushed by inv crh this week

[topvest] 29/4/2016 18:40

Rubbish results yet again and same old derisory dividend relative to directors pay.

[ntv] 20/4/2016 08:21

las figures for directors monies

Executive Directors
Sir Michael Heller* 7 91 40 - 138 n/a 138
J A Heller 333 442 24 36 835 n/a 835
R J Corry 180 - 25 33 238 n/a 238
520 533 89 69 1,211 - 1,211
Non-executive Directors
H D Goldring*+ 43 - 5 - 48 n/a 48
C A Parritt *+ 32 - - - 32 n/a 32
R Priest * 63 - - - 63 n/a 63
138 - 5 - 143 - 143
Total 658 533 94 69 1,354 - 1,354

[ntv] 20/4/2016 08:17

note the total of directions monies =£1.5m for a company with a mkt cap of £4m !!!!!!

[ntv] 20/4/2016 08:17

note the total of directions monies =£1.5m for a company with a mkt cap of £4m !!!!!!

[ntv] 20/4/2016 08:16

Annual remuneration report
The following information has been audited:
Single total figure of remuneration for the year ended 31 December 2014
Salaries
and Fees Bonuses Benefits Pension
Total
before
Share
options
Notional
value
of vesting
Share
options
Total
2014
Executive Directors
Sir Michael Heller 75 - - - 75 - 75
A R Heller 450 300 54 32 836 26 862
G J Casey 124 100 14 16 254 - 254
R Grobler 149 102 15 8 274 - 274
Non–Executive Directors
C A Joll* 25 - - - 25 - 25
J A Sibbald* 2 - 3 - 5 - 5
Total 825 502 86 56 1,469 26 1,495

[ntv] 20/4/2016 08:10

so what properties do las manage for bisi, does any body know? or are they just imaginary?