London & Associated Prop... Share Discussion Threads

[topvest] 08/9/2007 14:24

No, it's broadly at NAV after debt is taken into account. Sounds sensible to bring under full ownership, with the funds they have at their disposal. LAS are well placed.

[bisiboy] 08/9/2007 13:42

am i reading fridays announcement wrong or have they just mugged hbos.

[sammu] 24/8/2007 15:29

Bisiboy - you're correct. Maybe they don't want to take it private for some reason, or think that they would have to pay a very significant premium to the current price in order to win over shareholders, thus eroding the benefit to them of taking it private.

I doubt there is any 'reason' for the jump today. This is particularly illiquid at the moment. Also other real estate shares have recovered slightly in recent days.

Something of a relief anyway.

Sam

[makingheaps] 24/8/2007 14:45

I agree the fall in recent weeks has been overdone but whats caused the 6% jump today?

[bisiboy] 22/8/2007 17:49

the company dont care what the market thinks about the share price
as it doesnt effect the intrinsic value of their operations.
this has traded at a maasive discount to nav before when it was sub 30p
with assets of 50+

[sammu] 20/8/2007 12:52

Maybe. If I were them I would probably give it a go. The market is saying it's not interested.
I don't know if the recent move of shares into Trust would make this kind of move easier or harder?

Sam

[skyracer] 20/8/2007 11:50

Or an MBO Sammu? Market cap £82m at 108p. Cash circa £45m following recent disposal. Heller family already own 56.5% of company. Lowball bid at say 145p would probably succeed and would be self-financing. Year end NAV under GAAP set to exceed 170p however with plenty more hidden value within LAS on top of this.

[sammu] 14/8/2007 14:11

A 10% uplift for Christchurch in 7 months, on disposal. This is so cheap.

It doesn't say what they are doing with the surplus cash. But I would now expect some kind of corporate action - another tender offer maybe.

Sam

[sper] 09/8/2007 09:38

unprecedented climbs, at least in recent months, for LAS in last couple of days

mmmmmmm, hoping they are not followed by unprecedented falls as we have seen so often :-)

[sammu] 04/7/2007 22:40

Thanks for the link Sky - interesting. Unfortunately we will have little real idea of the NAV situation for 10mths or so unless LAP break with tradition and give us a revaluation at the interims.

Secondardy retail asset values are falling apparently, but I'm not sure how much of LAS prop is 'secondary'. Pound ally sounds secondary, but is probably just an opportunity for redevelopment - (national food retailer?). I think LAS is more of a Waitrose place than a Kwiksave place - thankfully.

Some information about how they have been adding/realising value to the London portfolio would be welcome, which should come before or at the interims.

Good prices to be getting in at NTV.

Sam

[ntv] 04/7/2007 16:57

picked up a few out of that large sale
hopefully it will seem low price to have paid in about 18 months time

[ntv] 04/7/2007 09:28

fall looks overdone

[ntv] 04/7/2007 09:28

cheers skyracer for update
according to lap website a national food retailer has an option and a i guess that is why the council are not supportive of the scheme
sounds like other parties are interested as well

[skyracer] 02/7/2007 10:56

Sam, you are right, some of my ideas are definitely a bit wacky. I blame staring at a trading screen all day and drinking excessive amounts of tea.

Apparently LAS are putting the troublesome "Pound Alleyway" in Christchurch up for sale. Good. And I hope LAS curb their buying and continue to build up the cash because the discount to GAAP nav (165p) is now so large. Retail values a bit flat but, five months in, LAS still seem on track to make a modest capital gain at the year end.

[ntv] 02/7/2007 09:18

skyracer
mr murray and london securities was an interesting deal
he controls the price of the shares so therefore it is irrelevant
though if you hold you don't mind what he does!

sharebuybacks will improve nett assets at las but perhaps with asset prices falling this is not the correct thing to do yet as they could fall further
imho tender offers are pointless except for institutions
no benefit to pi's

[sammu] 29/6/2007 00:12

Agreed sper. I think it's an over-reaction and topped up on both today by chance.

I think some of Sky's ideas are a bit wacky. Maybe a 10% tender offer at 120p would be useful.

Sam

[sper] 28/6/2007 09:20

Irritatingly this seems to be following a similar trend to DTZ

[skyracer] 19/6/2007 15:10

It seems picky to complain when I have done so well from my investment in LAS, but the lack of corporate activity is irritating. IMO there has never been a more appropriate time for LAS to develop and move on, instead of doing the same old thing and missing the corporate boat. There are a wide variety of actions they could take. The size of the family shareholding is a constraint to liquidity and institutional interest, they could relax it (or tighten it as liquidity is a double-edged tool). Then there is the Bisichi shareholding and the BISI property assets. Or how about a timely change of investment direction? They could consider a buyout, a sellout, takeover, reverse takeover. At the very least another tender offer could be made, or a program of buying treasury shares. These ideas are just for starters.

Market perception matters.

Other companies have not sat on their hands. Halladale were recently sold for well in excess of their NAV. HDG were never as good quality as LAS, but their CEO, David Lockart, had entrepreneurial initiative in spades. In non-property shares we currently have ZRL (mining) enhancing the structure, and share price, of their company through corporate activity.

I could go further back, EDG and BTB. In property companies, London Securities (LSC) is an excellent example of enhancing shareholder value through corporate action, their innovative reverse takeover of a fire extinguisher company was responsible for the tenfold increase in their share price. Superb. You have to match up needs; assets and cashflow matched to growth.

What is the point of being a plc if you dont make use of it? Come on LAS show a bit of life.

I hope I will shortly be proved wrong by an RNS.

[sper] 25/4/2007 17:14

Haven't worked out the total holdings from those declarations today but that is one big chunk of shares to use the technical expression!

[sper] 17/4/2007 14:16

Record high and not on too much volume, lets hope we see this push forward

[makingheaps] 06/4/2007 18:12

Nothing very interesting in the article but it is a strong buy recommendation. Surprisingly it doesn't even mention Bisichi.

[sammu] 05/4/2007 13:03

I guess we got some coverage in investors chronicle highlighting this valuation anomoly. I haven't read it though.

Sam

[mw8156] 01/4/2007 14:10

would trade higher if they could give an indication of just how far over 20m the Windsor development will now cost....

[topvest] 30/3/2007 21:44

A demerger of the Bisichi shares would seem sensible to me. Held these from 30p and happy to continue holding.

[sammu] 30/3/2007 13:56

True enough. I think Windsor overrun was unfortunate rather than incompetent.

Sam