London Finance & Investm... Share Discussion Threads

[robin_of_loxley] 15/11/2005 10:02

nice, as the man said, nice

[jimbob] 14/11/2005 17:31

CWA1 it was given a buy rec on friday by the IC.Said NAV under IFRS at end-September was almost 54p. Might be why.

[cwa1] 14/11/2005 17:09

Nice rise today. Any news of why?

[poacher45] 14/11/2005 09:41

That is correct but there has been no announcement from the company yet as to what was the final quantity taken up.

[jhan66] 13/11/2005 19:29

Not sure about the Warrants situation.

310,000 were exercised this year leaving 3.75M outstanding, (available @25p ea.)

These lapsed 28 days after the AGM which was on 28th September, according to info in this pdf-


If I read correctly they're now lapsed. is that right?

[mw8156] 13/11/2005 15:39

Would be a buy but loads of warrants about to be exercized at 25p

[jhan66] 02/11/2005 08:37

big top-up of Western Selection by Lonfin. Now over 44%

They must be well placed to see the value. maybe I should buy WSE too?

[robin_of_loxley] 05/10/2005 15:46

Hi all, charts updated and improved,

regards,
RoL
>>>>---------------------->

[robin_of_loxley] 28/9/2005 16:05

Knowing - you are so funny - he doesnt like the fact that when I research his tips spamming other threads and they turn out to be dogs that I warn people about them.

I am consistent and honest Knowing - I dont like rampers - even clocktower asked you to stop ramping BKE. He is currently spamming threads about IDN - which may or may not be one to look at - I havent researched it - when I picked him up on the IDN thread about his spamming, this is what I get - LOL

The posters on LFI know me over a period of time - have a look back at the posts Knowing - you will see no ramping there. People will judge you on what you say. Liars never prosper.

RoL
>>>>--------------->

[knowing] 28/9/2005 15:53

Watch out for Robin the ramper.

Pump and Dump merchant

[robin_of_loxley] 28/9/2005 13:25

included, and some better charts put into this thread

[cwa1] 28/9/2005 13:25

Has anyone seen the recent chart for their number one general holding Nestle?:-



Impressive stuff to say the least.

[robin_of_loxley] 28/9/2005 13:21

I have just set up a new WSE thread with charts for those who are interested - I will include a link in header

[cwa1] 28/9/2005 13:20

For the record:-

The Annual General Meeting of the Company was held today and all resolutions
were passed.

At the meeting the Chairman informed shareholders present that the net asset
value of the Company's shares, including investments at market value, had risen
from 44.05p per share at the Company's year-end, 30th June 2005, to 53.55p per
share at 26th September 2005.

The value of the Group's holding in Marylebone Warwick Balfour Group Plc has
risen substantially since 30th June and your Directors remain extremely
optimistic on the prospects for this investment as all MWB Group divisions
anticipate continued growth and will therefore gain incremental value during
the year ahead.

Our other strategic investment, Finsbury Food Group plc, announced improved
results for its year to 30th June 2005 and an increased dividend. With a debt
free balance sheet, they are now well placed for future growth and anticipated
acquisitions.

[robin_of_loxley] 28/9/2005 13:13

Interesting

[jhan66] 28/9/2005 13:12

AGM says nav=53.55p
Western Selection investment up £198,000 this morning.
that must be a 35% discount

[cwa1] 22/9/2005 11:30

No problem RoL. Happy to try and keep the thread alive on this interesting, and apparently, undervalued little company.

[robin_of_loxley] 22/9/2005 11:28

Thanks CWA1

[cwa1] 22/9/2005 10:12

Just wanted to check that everyone had seen this thread, with up to date comment, over on TMF...

[jhan66] 14/9/2005 08:23

1p ex-div today

[robin_of_loxley] 12/9/2005 10:48

if you controlled the company would you do a divi (and get 62% of it), or would you buy more shares in the general portfolio to create a bigger income stream to cover any potential increases in admin expenses, directors emols, etc....

[cwa1] 12/9/2005 10:44

Thanks for the thoughts RoL. I keep quite a close eye on it as I have a moderate, though not big holding in it.

I suppose one thing that MIGHT have an effect on the situation would be the realisation of the MWB stake at a sensiblke price. After all LFI said this about it in the recent results:-

"MWB is in the process of maturing and realising its assets for the benefit of
all stakeholders through an orderly disposal programme, which is under constant
review."

Then the cash could be used for a special dividend, or a share buyback, etc? That might put a small bit of oomph behind the share price with a little bit of luck.

Hope springs eternal anyway.

[robin_of_loxley] 12/9/2005 09:17

Hi CWA1 - held this from a long while back - only have a few. To be honest, Im not really sure who has large shareholdings, and I have always got the feeling that this is run almost like a private portfolio for the benefit of a minority of large investors - I have no idea how many directors there are, and what they take out, and whether they are good value for shareholders,or whether they are the large shareholders and that is how they release value. I have held over time because of the large discount to NAV - in case it ever closed, but as you say, it is probably the ownership structure and way it is run that we have the discount to NAV in the first place. Maybe they need to pay a higher dividend. I havent looked at the portfolio to see to what extent their portfolio generates income that can be paid out, but perhaps much of the income they receive goes on 'overheads', but havent looked at the accounts to find out.

As you can see I have had a pretty laissez faire attitude to this one as I havent got that many shares in it

Having a quick look at the accounts now I see that all of the operating income is absorbed by administrative expenses - rather neatly, leaving the only profit attributable to members being that consolidated from the share of the result of the associated undertaking.

I also see that 4 shareholders own 62.3% of the shares. If you look at the beneficial and non beneficial holdings of the directors, it adds up to approx 16 million shares which is approx 61% of the shares.

The vast majority of admin expenses are salaries - not to directors, but whether any of these staff are in any way related to directors I have no idea.

Also look at the related party transaction note 4 on page 13, and income from management services, and some directors also being directors of companies in which LFI invest. I havent checked what emols they get from these companies...

Thus the discount to NAV is presumably because the directors could muster enough votes to vote through any resolution they fancied, which puts minorities at more risk, thus the discount.

I suppose if approx 0.5m of income generated and 2.3 m of growth, then approx 18% of the increase in value is being eaten up by administrative expenses.

With year end Net assets per share at 44.05, if you take todays share price of 36p approx, and divide (44-36)/44 you get a discount of around 18% .....

a coincidence? you decide....

The question is more, why would a private investor buy shares in LFI - probably because every now and then some tipster points it out on the basis that there is a large NAV discount, caveats it with a comment controlling interests are narrowly held, and people buy and find the gap doesnt close.

On the plus side, if there was ever break up or takeover, then more value may(!) be realised, and the discount to NAV will probably remain reasonably static proportionately, so if the underlying investments increase in value, then so should the share price.

When I get round to it I will probably flog these and buy more FIF which have does rather better for me, and was why I noticed LFI in the first place.

No advice intended!

RoL
>>>>------------------->

[jhan66] 09/9/2005 08:18

too lazy to figure out the whole value but managed to work this out for the Finsbury holding:
4.8M shares @34.5p +3M warrants @69.5p= £3,741,000
in the last accounts, LFI quoted worth of FIF holding was £3.2M. 17% increase in 2 months