London & Associated Prop... Share Discussion Threads

[topvest] 21/8/2014 16:03

Possibly. It does look more promising than for a while with the RBS refinancing completed. Should be able to move ahead now.

[sammu] 21/8/2014 13:57

Simon Thomson presumably been having a chat about this one again.

[sirhedgealot] 20/7/2014 19:15

When I first saw this I thought it was so cheap that even the regrettable renumeration would be compensated for by the intrinsic value. I was bore out on my conclusions, however i didn't invest just because of the poor taste in management. Directors buying themselves cars on balance sheet which were completely unnecessary.Its company's like this who give me fantasy's of going in and actually delivering shareholders value. I would have paid down debt and done a minor buy back. Oh well we can all dream.

[skyship] 02/7/2014 17:54

I'm amazed that Simon Thompson, the highly respected Companies Editor at the IC, should have been seduced by this one. I'm just pleased that his puffs have provided a good exit opportunity for a few holders here.

[topvest] 01/5/2014 18:04

£105k final dividend
directors' emoluments £1,323k including a £552k bonus presumably for avoiding administration...very well done.
This is not run for the benefit of shareholders anymore, if it ever was. It is clearly run for the Heller family and their friends. Very poor!
Shouldn't they have issued an RNS for the £30m swap close out for a cost of £6.4m post year-end, let alone the ones that happened in the year?

[ntv] 29/4/2014 10:25

sold out because of large fees and lack of dividend,growth is slowed by large financial fees, to us there are better ops elsewhere in the sector.good luck to holders

[thomcooper] 29/4/2014 00:02

I'd like to see this soar past 60 again, then it's on my short list.

[thomcooper] 29/4/2014 00:01

IMO, there should be market rules banning major shareholder CEOs taking fat paycheques. There is such a large conflict of interest.

A company that pays 1/7 of its profit to the man at the top! There's your dividend. He aught to work for Lloyds or RBS!

[thomcooper] 28/4/2014 23:55

Surely the long dated IR swaps are going to be more pricey now? Why would they get out to get back in? Like selling shares to buy them again just so you can pay the spread...

[coolen] 28/4/2014 22:46

Mr Heller sold at 50.4p and LAS re-purchased them.
Close tonight appears to be 49-50p.
This begs the question as to whether the market would really have bid 50.4p if the buyer was not there ?

[skyship] 28/4/2014 12:11

ST tips LAS again in today's online IC!!!

[skyship] 26/4/2014 18:41

It will be interesting to read what sort of gloss Simon Thompson manages to put on those stats in an upcoming IC article.

I hate these family-controlled companies; but have to admit there was a very good turn to be made from the 2013 lows. Time to be out now though.

[topvest] 25/4/2014 19:19

Yes, but not a large number. Maybe he's struggling to make ends meet on his very small salary...lol! They are talking about re-financing and then entering into new swaps. Need to sort quickly.

[thomcooper] 25/4/2014 18:29

Also, am I correct in understanding that JH has offloaded his shares onto the company? If so, way to go!

[thomcooper] 25/4/2014 18:28

This is about priced at fair value now IMO. Perhaps still a little cheap but given possible downsides it's fair IMO. I'd suggest that by 2022, interest rates will be a lot higher, so they've ballsed up getting out of the swaps in the same way as the got into them.At the same time the Hellers took a combined £1m in pay at a time when the NAV fell by how much? All this in a booming market. Way to go guys...My property, interest rate & consumer outlook in the long term means that I see no real value here now. It'll be a nice short when the London Property bubble goes pop.

[topvest] 25/4/2014 16:13

Yes, all a bit dubious from a transparency perspective. Further swaps have been cancelled post year end and it's not clear what the financial impact of those are either. Pathetic dividend on offer. Clearly a narrow escape from insolvency in the last 2 years. Does look much better going forward though. Will hold for recovery.

[ntv] 25/4/2014 11:03

they did a share buyback yesterday. with the big discount to net assets it seems a good idea to buy back some more shares as I doubt they can buy property at such a large discount. I think they should have announced the cancelation of financial swaps as they had significant financial implications.

[topvest] 24/4/2014 21:41

Results out - disappointing final dividend. Net assets 59p. Look in a better position going forwards once all the financing is sorted and swaps cleared. Will keep holding for better times.

[topvest] 21/4/2014 17:02

Well results are likely to be this week or next. Be interesting to see how things look post sale.

[thomcooper] 16/4/2014 23:42

Back below where I bailed. I thought I got out early, but you should always leave a little for the next guy!

I'm not getting back in though. Far too much risk for propcos (never mind retail ones) with the outlook for the economy & uk property.

[stopaloss] 27/2/2014 12:10

Looks like the directors think they're still a good buy at 58p. Good set of results coming up in April?

[thomcooper] 23/2/2014 14:57

coolen - I'm not sure I understand what you're saying?

[coolen] 22/2/2014 22:38

Is this the first real life headache for the bureaucrats who devised the present IFRS ?

[thomcooper] 21/2/2014 20:00

I think thats the key & certainly needs clarifying at the agm. I believe that the negative value of the swaps is on the balance sheet in any case. I'd doubt that the bank can walk away & settle at 0.

My understanding of the boards position is that they're not going to get out early as there are fees associated in doing so.

IMO, the swaps will be worth more than the properties in a few years. If the bank doesn't opt out in Jan, then they'd probably get most shareholder return by dumping the properties, clearing the debt & waiting for interest rates to get in the 10-15% range (which is entirely plausible if you look at the history books) & then sell them.

They'd have a heap of cash then to buy distressed assets. I'm pretty confident that the Hellers won't be that savvy mind.

[topvest] 21/2/2014 19:20

Looking at the call option on the swaps. This allows the bank to cancel. It doesn't, I think, allow them to demand the fair value difference. Therefore, it's highly unlikely that the swaps will terminate in my view. It also states:
"It is not the company's intention to crystallise the derivatives."
I'm going to stay a holder here and see what the future holds unless the valuation spikes well into the 60s.