London & Associated Prop... Share Discussion Threads

[bozzy_s] 30/4/2024 11:59

Why pay to buy out minority shareholders, when you can ride the gravy train for free, in perpetuity?

[pdosullivan] 27/3/2024 12:05

Hard to see the point in this being publicly quoted. The controlling shareholder should offer to buy everyone else out.

[callumross] 27/3/2024 11:12

Have they sold Orchard Square as no longer on Savills or Loopnet? If so, written down to loan value so any surplus would be positive as it was on at £16m.

[red army] 02/12/2023 19:09

The AIM market shares have been smacked down on the slightest negative news but likewise low volumes move these shares quite a bit.

[pdosullivan] 02/12/2023 14:02

I would be disinclined to read anything into price moves when only a few hundred pounds worth of shares were traded.

[cameronm] 02/12/2023 09:57

anyone know why the sharp rise?

[tigerbythetail] 25/8/2023 07:51

And dreadful results from LAS this morning as well...

[bozzy_s] 02/8/2023 13:01

It's worth zero. Literally 0p per share, if shareholders get zero return while the directors take tens of millions of pounds over the years.

Doesn't matter what the properties are worth. Doesn't matter what cash they have. No takeover is possible due to director's holdings. And they're not going to accept any takeover as it'll be the end of their gravy train.

[chrisdgb] 02/8/2023 09:31

sub 10p on the bid.........

[robizm] 28/4/2023 15:28

It has been the same for years so when will it change. Run by crooks and nothing has changed.

[red army] 28/4/2023 15:11

This is stupidity and only encourages the business to go private which is not good news for the PI. Whatever you feel about directors greed the valuation is far too low.

[tigerbythetail] 28/4/2023 08:28

Sorry, my mistake!
At least I took my own advice and didn't put too much in!

[tigerbythetail] 04/4/2023 16:42

Yes, I see value in both. More LAS than Bisichi, because of the valuation mismatch I indicated in my previous post.
There are concerns here - liquidity (you really shouldn't invest too much here, even though the numbers are appealing, simply because of this consideration), and board remuneration is too high and communications are basic. But Bisichi will likely report a P/E of less than 1 (!) when it releases its annual results. Where else can you find a number like that?
And $140/t for coal might not match the profits of last year, but it is still plenty good for Bisichi looking forwards.
I do wonder if the Hellers won't try to take both companies private sooner or later.

[1jbrisky] 04/4/2023 15:14

TBTT
I'm aware of Bisichi having held Thungela for the last 18 months or so. Would you now consider investing in either LAS or Bisichi or indeed both?
Noting of course that as with all small market caps, trading even a few thousand pounds at a time can be challenging.
Best
JB

[tigerbythetail] 04/4/2023 12:13

Market cap of Bischi = £25.03m
LAS own 41% of Bisichi
Value of LAS stake in Bisichi = £10.26m
Market Cap of LAS = £12.3m
(And I'd argue that Bisichi is rated very cheaply as well, considering the bumper profits it is about to report, and the fact that forward Richard's Bay coal prices are looking good at $140/t. (They're way off the peak prices of last year, of course, but $140/t equals a lot of profit for Bisichi)).
So, all those UK property assets are worth only about £2m quid?!? Really?!?

[tigerbythetail] 29/3/2023 08:43

BISI RNS - John Heller appointed to board over there.
Since LAS own 41% of Bisichi, and they should shortly announce bumper profits, I presume he should be an advocate for a bigger dividend from them.

[red army] 07/2/2023 11:56

Perhaps they should pay down the loans and get the balance sheet even healthier or pay a special divi or combo.

Looking at the accounts J Heller wont want to rock the boat as this is a nice little earner for him and his family.

[red army] 07/2/2023 11:48

Perhaps they should pay down the loans and get the balance sheet even healthier or pay a special divi or combo.

[my retirement fund] 31/1/2023 23:59

Yes does it mean a few changes ahead?

[topvest] 31/1/2023 21:38

A sad announcement today with Sir Michael Heller passing away. Rest in peace.

[robizm] 08/9/2022 22:51

Go back to 2018 when they sold the Brixton assets and see how shareholders were rewarded. Bisi will be worth a lot more come final results but they earned £1 a share and paid 10p. The directors took cash instead of shares in the company and that (Bisi) should tell you how they intend to treat shareholders.

Technically Bisi should do £45 million profit maybe £50 million and 2023 should be similar but the directors never stop disappointing.

[tim000] 25/8/2022 10:36

mrf, you asked about my largest holdings. Another highish risk/higher reward share that's one of my largest holdings is MIN. News is due fairly soon, I've met the Directors and they're confident of a good outcome. Book value of their property assets is multiples of their mkt cap. Worth a flutter if nothing else.

You make an interesting point about BISI's deferred tax assets. Doesn't it depend in which country these assets reside? All the profits will be taxable in SA and I'm not sure that's where they have unused losses. My projections don't allow for any tax reliefs, if they have any it would be an enormous bonus.

BISI was a lifestyle company, it's not now. I'm hopeful it will be run more professionally as it grows into a much larger entity. I think the Directors appreciate this, it's in their own interests to attract investors.