London & Associated Prop... Share Discussion Threads

[my retirement fund] 24/8/2022 10:47

The Hellers are well connected, they are no different from the rest of us, if selling the stake makes financial sense to the right person and they can benefit they will, it strikes me that could happen.

[topvest] 24/8/2022 10:30

Unfortunately, LAS and BISI are lifestyle PLCs run for the Heller family. Minority shareholders are a secondary matter. I've nothing against the Heller's as their ethics are OK, but foolish to think that change is on the way. I was a shareholder for many years and came to this realisation a few years ago and exited both.

[my retirement fund] 24/8/2022 10:17

From the accounts, the Group had unused losses and reliefs with a potential value of £11,145,000 not yet recognised as a deferred tax asset. As the Group returns to profit, these losses and reliefs can be utilised. The valuation of losses is based
on a 25% tax rate (2020: 19%).

Clearly it would make sense to off load the Bisi stake, Bisi seems to be perking up on a daily basis, I wonder if something is afoot, the 42% stake would need to be sold to someone who can benefit yet fit in with the existing regime.

[tim000] 24/8/2022 09:20

One way to look at LAS is to strip its BISI holding at mkt valuation out of the LAS mkt cap and compare the residual to the book value of LAS’s property assets, net of all debt and cash holdings, as Andy says. On this basis, you’re paying about 13p in the £ for the property assets. A realistic valuation of its BISI shares would imply LAS’s property portfolio has a negative valuation.

[andydaf] 24/8/2022 09:11

Seems to me market is pricing LAS at near enough the value of the shares it holds in Bisichi.Surely the value of the property portfolio must be worth more than a few million?I am not a trader but have taken a couple of batches over the last couple of weeks as in my view there is deep value here.I accept that a certain persons pay seems excessive but if Bisichis profits are going to be what i think they will be theres every chance Las is a bargain.As always GLA

[my retirement fund] 24/8/2022 08:29

Are we going to see a sensible valuation here? 50p may be a start

[tim000] 23/8/2022 16:18

I know the BISI Directors, they're not dishonest. There is a remuneration policy in force, which provides an upper limit to the exec Directors' pay. The independent non-exec Director who is Chairman of the remuneration committee is an honest man of integrity, who has never held BISI shares as he thinks that would be a conflict of interest. I agree the remuneration of the CEO has been excessive, but it's not significant in the current coal pricing environment.

[my retirement fund] 23/8/2022 13:58

Quite possibly, never the less its the same story at Bisi, but the share price (equity) still has to bear some resemblance to the book value of the equity. In a rising tide, that's upwards. Put it another way, directors can choose to take cash out of a business however they like or not at all, but taking away cash is not the same as taking away profitability.

[robizm] 23/8/2022 13:26

Even if they did sell you are being naive if you think shareholders will benefit.

[my retirement fund] 23/8/2022 13:18

LAS currently market caped at 20M, its last reported NAV per share from last year was 48p and is currently trading at 24/25p

Taking into account its 41% ownership of BISI and on going events with BISI's fortunes, its NAV could be well north of 60p!

Las needs to sell its stake now imo.

[topvest] 12/6/2019 20:53

The annual vote...and c30% of holders (i.e. most of the free float) vote again...the Heller family are greedy!

[coolen] 04/6/2019 22:09

Fully agree with you TopVest. And well done on squeezing a turn out of Bisichi.

[topvest] 04/6/2019 09:16

I've sold out my few shares in LAS and BISI. BISI at a good profit, LAS at a loss. Not worth the effort & we are always going to be screwed over by the Heller family. Unfortunately, I think LAS has more bad news on the way and BISI is invested in an unethical activity of coal mining which is in long-term decline. On top of the dismal performance, the directors take most of the reward. Only listed for the prestige value of being such.

[ntv] 28/5/2019 21:24

Easily
US venture capital heavily indebted, reminds you of 2008/09
The break of the management contract could be interesting
They will either get nothing or a big chunk of money
maybe they might even still keep it
My partner voted against all AGM resolutions this year

[callumross] 28/5/2019 18:08

Agree about Sheffield which seemed to be the more pressing concern. But how can we go from this;

"Our Harrogate joint venture with Oaktree Capital Management, which owns three shopping centres in Dunfermline, Kings Lynn and Loughborough, continues to trade satisfactorily. We have been able to negotiate a number of new leases and lease renewals across all three centres and are coming to the completion of a development of a new 15,000 sq. ft. store for H&M at Kings Lynn."


to todays announcement in less than a month!

[topvest] 28/5/2019 17:44

Doesn’t bode well for the Sheffield retail estate. Makes you wonder how much retail space is going to end up on the lenders books. Being contrarian, it’s probably going to be a good time to set up an equity funded REIT to invest in distressed retail assets in about a year’s time. No doubt investors will be reluctant to invest though, but may be some bargains appearing sometime soon. Retail malls are going to be breaching covenants all over the place...they will be sold for a tiny fraction of what they were worth a decade ago.

[callumross] 28/5/2019 17:29

Another disaster!

[topvest] 11/5/2019 10:59

Directors' emoluments £1,909k. Dividends c£150k. Says it all really. Perloff appears to have backed off, with no further purchases. I think that the reality is that de-merging Bisichi would expose that there is no value remaining really in LAS itself.

[coolen] 30/4/2019 22:00

Credit to the finance director: what a nightmare to produce accounts for both a UK property company and a mining company in South Africa, and then having to consolidate under the new complex financial reporting rules !

[topvest] 29/4/2019 20:54

Yes, Bisichi results were good, albeit I'm sure management bonuses were even better! I would like to see Bisichi demerged from LAS. The cross-holding is a nonsense.

[callumross] 29/4/2019 14:39

Bit of a read through from today's BISI results that there is nothing particularly adverse in terms of the retail portfolio likely when LAS announce in the next couple days. Also the joint venture now expanded to seek planning permission for 55 flats.

[ntv] 24/4/2019 06:52

Hopefully Mr Perloff,
He tried to stir the pot up a bit with some press coverage in a National paper
about the excessive wage bill for directors in LAS
Compare it to his wage packet of about £25k
Takes his remuneration through his share holding paid as dividend as per the rest of the shareholders in Pannther Securities PLC

[callumross] 23/4/2019 17:28

A few buyers ahead of results next week?

[topvest] 04/10/2018 18:44

Yes, particularly given they are in a sector being slammed at the moment.Perloff closing in?