London & Associated Prop... Share Discussion Threads

[ntv] 18/5/2018 08:16

topvest
yes you would have thought being knighted and being fair to all your shareholders would be in the same breath
it appears not
i am voting today against most of the resolutions except obviously the one put forward by Mr Perloff
i was not sure about number 13 about 14 days notice for a general meeting
i think that should be the normal 28 days
i would appreciate your thoughts
tia

[topvest] 14/5/2018 20:47

NTV - yes. I saw that as well. To be fair to Sir Michael Heller, I think he’s probably a reasonable sort of guy. I therefore think he will probably respond to criticism properly in the fullness of time. He must see that minority shareholders are getting a very poor deal versus the Heller family and the status quo is unsustainable. This has been especially the case since the property crash when they got caught out with too much debt and the wrong assets. He’s either worthy of his Knighthood or not! Philanthropy does extend to treating minority shareholders appropriately. If you can’t do that then then you don’t deserve your knighthood.

[ntv] 14/5/2018 17:36

Directors
London & Associated Properties PLC provides office premises, property management, general management, accounting and administration
services for a number of private property companies in which Sir Michael Heller and J A Heller have an interest. Under an agreement with Sir
Michael Heller no charge is made for these services on the basis that he reduces by an equivalent amount the charge for his services to
London & Associated Properties PLC. The board estimates that the value of these services, if supplied to a third party, would have been
£300,000 for the year (2016: £300,000).
The companies for which services are provided are: Barmik Properties Limited, Cawgate Limited, Clerewell Limited, Cloathgate Limited,
Ken–Crav Investments Limited, London & South Yorkshire Securities Limited, Metroc Limited, Penrith Retail Limited, Shop.com Limited, South
Yorkshire Property Trust Limited, Wasdon Investments Limited, Wasdon (Dover) Limited, and Wasdon (Leeds) Limited.
In addition the Company receives management fees of £10,000 (2016: £10,000) for work done for two charitable foundations, the Michael
& Morven Heller Charitable Foundation and the Simon Heller Charitable Trust.
The Simon Heller Trust has placed on deposit with LAP £700,000 at an interest rate of 9% which is refundable on demand.
Delmore Holdings Limited (Delmore) is a Company in which H D Goldring is a majority shareholder and director. Delmore provides
consultancy services to the Company on an invoiced fee basis.
R Priest provided consultancy services to the Company on an invoiced fee basis.
In 2012 a loan of £116,000 was made by Bisichi to one of the Bisichi directors - A R Heller. The loan amount outstanding at the year end was
£56,000 (2016: £71,000) and a repayment of £15,000 (2016: £15,000) was made during the year. Interest is payable on the loan at a rate of
6.14 percent. There is no fixed repayment date for the loan.
The directors are considered to be the only key management personnel and their remuneration including employer's national insurance for
the year were £949,000 (2016: £1,103,000). All other disclosures required including interest in share options in respect of those directors are
included within the remuneration report.

[ntv] 14/5/2018 16:58

topvest
we haven't voted yet, i am getting organised to do so
though our votes won't change anything as we don't hold many

copied this from the annual report

Although Sir Michael Heller receives reduced remuneration in
respect of his services to LAP, the Company does supply office
premises, property management, general management, accounting
and administration services for a number of companies in which Sir
Michael Heller has an interest. The board estimates that the annual
value of these services, if supplied to a third party, would have been
£300,000 (2016: £300,000). Further details of these services are set
out in Note 28 to the financial statements “Related party
transactions”.

surely this should be listed with his remuneration really and not as a foot note and he should pay tax properly
he should pay £300k per annum for the servies and then take it out as wages surely?
or i am i barking up the wrong tree?

[topvest] 14/5/2018 11:17

Have you voted NTV?

[topvest] 14/5/2018 11:16

To put this in context. EPS for the year of 9p.

"Special one-off dividend of 0.125p also recommended following completion of Brixton Markets sale"

Ooooh thanks - really nice of you to give shareholders 1% of the reward!

Should have been at least 10 fold this amount to truly reward shareholders.

Directors emoluments still about £0.9m.

[ntv] 14/5/2018 10:26

i see a muppet has arrived
nobody else is entitled to an opinion on a stock especially if it is not the one that person wants hear

[topvest] 12/5/2018 10:17

Annual Report is printed cheaply this year, following the Perloff challenge. Bonuses also nudged down despite a good year. That doesn't make any sense, unless the challenge is starting to work. A dividend in specie of Bisichi shares would deliver some value to holders, albeit that would maybe hammer the Bisichi share price if holders tried to exit them. I suppose this won't happen if the tax treatment is not good for the Heller family.

One gets the feeling that something will happen. 17% of shareholders rejected the LAS remuneration policy last year and 25% in Bisichi. Minority shareholders are not happy. I've voted against the Board, because I think they have been too greedy. The dividends are pathetic when compared with the Heller remuneration, and they know it!

[ntv] 30/4/2018 09:05

as Bisichi Mining is effectively a subsidiary of LAS for accountancy rules,i will never understand how they can really justify taking what really amounts to two lots of wages from the companies

[ntv] 30/4/2018 07:38

if the Bisichi Mining wage packets are included where would it be now?
add those wage packets back on Bisichi's balance sheet it would have nearly doubled it's nett assets

[ntv] 30/4/2018 07:31

take a look at the 10 year record for the management
then take a look at the the 10 year record on pay
then take look at the 10 year share price performance
then take a look at the 10 year dividend performance

then just think how much less debt the company would have if THEY DIDN'T TAKE VAST REMUNERATION PACKAGES FOR THEMSELVES
OR HOW MUCH DIVIDEND COULD HAVE BEEN DISTRIBUTED TO ALL SHAREHOLDERS, YES ALL SHAREHOLDERS

[ntv] 29/4/2018 19:26

-SUNDAY TELEGRAPH

A fresh wave of pay revolts is set to hit the City in the coming weeks as the annual general meeting season begins.

At least three shareholders are ­expected to demand change at London & Associated Properties (LAP), which sold London's popular Brixton Market for £37.25m on Friday and is run by property mogul Sir Michael Heller and his son.
IT SHOULD READ SUNDAY TELEGRAPH

[ntv] 27/4/2018 08:37

looking at the profit from Bixton sale it seem to me that nett assets must be around 56p excluding this years accounts from BISI
how all this will remain a mystery until they publish their full accounts
OBVIOUSLY THIS WILL EXCLUDE THE ENORMOUS BONUSES THAT WILL BE PAID TO THE DIRECTORS !!!

[ntv] 23/4/2018 20:14

i hope he does take them
they need taking on by someone
for too long this lot have taken the mickey out of shareholders and more at BISI and paid themselves far to much
my brother was CEO of a listed company multiples by market value of this one and he didn't get paid this much
they bleed it like it is their own and no other shareholder matters
if they don't want the nuisance of minority shareholders then they should take it private and then they can fleece all they like

topvest
take a look at RTC, the directors are doing the same there
company looked good then you discover what the directors do
i am thinking of starting a thread so the companies can be named and shamed and then past onto Thersea May as it was one her pet projects
the daily mail have started naming and shaming the big boys recently , maybe they will do an article on the small fry

[topvest] 23/4/2018 18:43

What about a dividend en specie of the BISI shareholding as a minimum. Totally stupid to consolidate Bisichi into LAS?

They will probably do something to make Perloff go away. Perloff has deep pockets and will take them on.

[ntv] 23/4/2018 12:38

maybe the BOD should take a look at the recent 5 year chart to see how they have performed

[ntv] 23/4/2018 12:32

mine too!!

i only just bought a few on the back of his involvement and bisi results
i had worked the discount at about 45% so am pleased he has moved to stir the party up
i see in the annual report they claim their holding is not a concert party but now claiming they control that 56%!!!
DARE ANYONE STEP OUT LINE?

[topvest] 23/4/2018 11:33

Good old Perloff. He has my vote!

[topvest] 26/2/2018 20:49

Yes, well that definitely positive. Its a controlled company though so not sure why he's entered the fray?

[ntv] 26/2/2018 17:39

hhhmmm interesting
maybe Mr Perloff will change things here
i don't think he takes a wage from Panther. the opposite to this lot!!!

[topvest] 22/2/2018 21:52

Absolutely. That's what I thought exactly. At least this will sort out their expensive debt maturities and they live to fight another day. No doubt, a big bonus for management and a derisory dividend for shareholders though. Anyway, at least they are not going bust so the share price should rally.

[coolen] 22/2/2018 21:26

Read okay, until they spoke about re-investment.

[spob] 22/2/2018 14:03

might start flying after the current directors pass away :)