London Scottish Bank Share Discussion Threads

[grlz] 07/1/2008 17:54

thought i missed the best of the action but another good day today ;)

Could be a bounce tomorrow from this level?

[papaduke] 04/1/2008 10:59

its not saved yet.

god knows how much the taxpayer owes now, £35b??.oh dear

[hvs] 03/1/2008 19:06

I leave that to THE NEW LABOUR SPIN MASTERS.

Like , Our 5th largest BANK The Northern FROCK saved by THE TAX PAYER.

With £ 25 billion down the plug HOLE.

[gluefactory] 03/1/2008 18:59

Well done.Ever think of taking up Journalism?

[hvs] 03/1/2008 17:15

Soon we will have the following headlines ;

London bank closes.

[optomistic] 02/1/2008 16:15

Well they certainly got this 'minnow'

[hvs] 02/1/2008 16:12

Its the shameless FSA now going for the minnows.

[optomistic] 02/1/2008 15:42

I went at 59.5p, nothing to pull this up short term other than a miracle.

[hvs] 02/1/2008 15:39

Its going going gone.

[montyhedge] 02/1/2008 15:25

Great short, Govn't won't bail this one out.

[techmark] 02/1/2008 09:06

Yes I agree a deeply discounted rights issue must be on the cards here. My target is 30p or less.

[hvs] 01/1/2008 19:42

The "New" C.E.O.'s C.V does not reaed well.

He lost £ 141 mill on a car finance business while at PROVIDENT.

Looks like a deeply discounted RIGHTS issue coming up.

Seems, that after missing the problems at The Northern Frock the FSA is now going after the smaller fish , to get a good press on how well they are policing.

[tiborinvest] 01/1/2008 19:34

all banks are dead 4 a while!

[optomistic] 31/12/2007 20:13

And we HAVE been stuffed here, no indications of this in any past reports!

[hvs] 31/12/2007 20:10

They must be spending their bonuses TONIGHT.

Stuff the shareholders the CITY always says.

[optomistic] 31/12/2007 20:08

Many thanks to the Directors of LSB.
What a bloody good start to the New Year!

[washbrook] 31/12/2007 11:44

Last sold this stock on 2.1.2002@123p
Was a good income earner but alas trouble ahead.

Invested in shares for over 45 years it often happens meetings & announcements on Christmas & New Year eve.
I have known annual meetings at 11.30pm on Christmas eve.

[affc21] 31/12/2007 10:34

INTERVIEW London Scottish Bank marks end of torrid year with profits warning




LONDON (Thomson Financial) - London Scottish Bank PLC, a small debt
collection and finance house, today marked the end of a torrid year for the UK
banking sector with a profits and and dividend warning and the worrying news
that it would undershoot the Financial Services Authority's guidelines on the
required amount of regulatory capital to be held under international banking
rules.
The news prompted echos of this year's Northern Rock PLC crisis as the
group's shares went sharply lower this morning, although the company stressed
that its financial position and gearing ratios were still strong.
"This is a completely different situation to Northern Rock," LSB's new chief
executive Robin Ashton told Thomson Financial News in a telephone interview this
morning. "Three of our four businesses are all trading well... it's just the
unsecured lending arm that is having a difficult time," he added.
In the stock market, the group's shares fell 15 pence to 62 at 9.15 am --
the top faller in the small cap index -- valuing the whole company at just over
88 mln stg.
LSB, which has been undergoing significant rationalisation over the last two
years, said it would have to increase its bad debt impairment charge by an
additional 22 mln stg in the year to end October 2007. Ashton, a former chief
executive at Provident Financial PLC, only joined LSB earlier this month.
"We have taken a fresh look at the unsecured lending portfolio and the
arrears on some customer accounts. We've had to reassess the basis of how these
accounts are valued and have decided to increase the impairment charge," said
Ashton.
LSB's unsecured lending business offers small loans and finance to customers
which are repaid via doorstep agents or by direct payments. Its customers are
largely in the C-D-E socio-economic banding, who are likely to be feeling the
impact of this year's higher interest rates and utility bills.
The impact of the charge is likely to result in a small pretax loss of
around 4.0-5.0 mln stg for the year to end October 2007. Analysts are currently
looking for underlying profits -- pre-goodwill charges -- of about 17 mln stg
for 2006-07.
However, losses for the year could swell to over 17 mln stg if an interim
one-off charge - relating to a goodwill write-down on the group's broking arm --
is also taken into account. This pushed the group into a pretax loss of 4.4 mln
stg at the half-way stage and the likelihood is that the group will go deeper
into the red for the full year.
This, coupled with the 13 mln stg shortfall on the capital requirement, may
mean the group will have to forego the final dividend for the year -- leaving
shareholders with just the 2.05 pence interim payment. Last year, the group paid
a total of 6.1 pence a share.
"We'll be meeting with the FSA this week to discuss the actions we can take
to readdress the shortfall in our regulatory capital. One option would be to
call for fresh equity funding," said Ashton.
However, until the situation is resolved, the company may have to restrict
new lending volumes. "We'll be meeting with our major shareholders over the next
few weeks," said Ashton. "We continue to comply with all our banking covenants
and our balance sheet continues to be strong," he continued.
Asked why the board had decided to alert the market today to these problems
and whether the last day of 2007 was a 'good day to bury bad news', Ashton said
the board had acted swiftly to inform the market.
"As soon as we realised there was a probem we decided to act," said Ashton.
"The board met last Friday afternoon and decided to make an announcement today.
We're not trying to bury the bad news. In fact, it could be argued that as there
is so little news today we are drawing attention to ourselves," he added.
LSB has been restructuring its consumer credit business and has closed a
number of branches this year. It also sold its Mount Street headquarters in
Manchester for 20 mln stg.
By Malcolm Locke: [e-mail]
ml/jlw

[typo56] 31/12/2007 09:40

Asked why the board had decided to alert the market today to these problems and whether the last day of 2007 was a 'good day to bury bad news', Ashton said the board had acted swiftly to inform the market. "As soon as we realised there was a probem we decided to act," said Ashton. "The board met last Friday afternoon and decided to make an announcement today. We're not trying to bury the bad news. In fact, it could be argued that as there is so little news today we are drawing attention to ourselves," he added.

Of course!

[killieboy] 22/12/2007 12:19

Thanks Optomist - look forward to it with trepidation!

[optomistic] 21/12/2007 14:49

23rd Jan killieboy

[killieboy] 21/12/2007 11:41

Any idea of prelims announcement date?

[killieboy] 24/11/2007 11:03

Seems positive to me, may start dipping toes inwater again.