London Scottish Bank Share Discussion Threads

[ihavenoclue] 29/5/2008 00:08

M4P .... nope LOL ... Peter Cordrey has a VERY slow broker or they want to remind people what the share price used to be !!

[m4p] 28/5/2008 23:30

LONDON SCOTTISH BANK PLC (the "Company")
can anybody shed any light on why this rns was issued on 15/5/08 ?

DIRECTOR SHAREHOLDINGS

The Company was notified on 13th May 2008, that Peter Cordrey, Chairman, had, on 8th November 2005, purchased 7,078 shares in the Company through a Corporate ISA (ex PEP) at a price of 78.85p per share.

The number of shares held by Mr Cordrey on appointment as Chairman of the Company, on 17th April 2007, was 7,078 shares (percentage of issued share capital .005) and the total number of shares held by Mr Cordrey is currently 67,078 shares (percentage of issued share capital .047).

15th May 2008

vendor

[sa0705] 28/5/2008 22:43

interest being generated here, may be worth a dabble.

[ihavenoclue] 28/5/2008 22:42

grlz ... very good summing up ... showed risk and reward perfectly IMHO

Regards
IHNC

[m4p] 28/5/2008 21:47

thanks for that lagos40

may buy a few in the morning then try and keep my hand off the sell button

[m4p] 28/5/2008 21:23

grlz takes the credit not me

I am just wondering whether its a share to hold or just to trade on the spikes?

I would prefer to buy and hold but hate it when a share spikes and then continually drip drips back to where it started from (example MSS)

[lagos40] 28/5/2008 21:17

M4P

Interesting post cheers, 3rd paragraph couldn't agree more.

[sa0705] 28/5/2008 21:16

grlz

thanks alot, good history and opinion mate.

[m4p] 28/5/2008 21:15

thanks for that grlz

are you saying these are a buy and hold for recovery or a share to trade?

[grlz] 28/5/2008 20:57

M4P

downside risk:

At this level, I would say every negative is in the price and the market awaits news from management regarding turnaround actions. The fall to 5p was pushed on by BT/Hermes unwinding an 18% equity position and the MMs pricing accordingly - chances Royal London, Axa or Barclays dumping is remote as they would have done so already imho / in fact Barclays clients were the ones buying when it ran back up to 17/18.

Worse case scenario: remote but the Banks could end all LSB's credit or warehouse lines (currently in negotiation) which would finish the business! Doubtful as LSB has always been a specialist in the gutter unsecured markets so has always priced credit sharply above the high street. Unfortunately it's a hefty sized business relative to loan size so now carries significant costs to run off. Halfway actions have already been initiated by consolidating internal divisions (LSF and Morses), but there is someway to go imho –

If push came to shove the FSA will imho extend the time required to make up the capital shortfall based upon an orderly management plan being forwarded. I can't see the FSA pushing a 2nd tier bank to bankruptcy, not in this current climate as it would not assist market confidence.

Managements goal is to reduce LSB down to the Robinson Way collection arm which in itself is worth £50/80m and where previous takeover interest has focused. The rest of the business will be sold, closed or run off as is now happening, its a case of waiting on news and then riding the trades.

DYOR

[ihavenoclue] 28/5/2008 19:41

M4P ... i dunno .. ask Wirral ... he does seem to be in the know.

Regards
IHNC

[sa0705] 28/5/2008 18:25

is wirral in the know?

[m4p] 28/5/2008 18:01

thanks INHC

what do they think the liklehood of that is?

[ihavenoclue] 28/5/2008 17:55

The only downside is if it went bust which it has been stated by sources independant to LSB.

Lago .. wirral says the deal is imminent.

Regards
IHNC

[sa0705] 28/5/2008 16:43

grlz

thanks you very much.

[m4p] 28/5/2008 16:41

grlz

Whats the downside in this company?

Is it a basket case?

or anybody else's comments would be appreciated

thanks

[grlz] 28/5/2008 13:53

SA

The last reliable numbers were from 31/10/07 LSB had £3.8m cash + £26.2 advanced to banks etc - Total net assets £60m - further impairment, if it comes will walk that down hence the current low MK

Upside: The company is securing new lend facilities probably reflecting a run-off of the lending book and is negotiating to solve it's regulatory capital shortfall.

Any announcements regarding business sales, financial settlements or a more positive outlook towards the quality of the £317m loan book will lift the share price sharply imho

Shareholders:
Royal London Asset Mgmt Ltd 17,432,000 - 12.24%
AXA Group 15,502,650 - 10.89%
Barclays PLC 14,177,256 - 9.96%
Aviva PLC 5,745,463 - 4.04%

DYOR

[lagos40] 28/5/2008 13:31

ihavenoclue

7 - 10 pence fingers crossed then, news before 30th June perhaps??

[sa0705] 28/5/2008 12:15

u gave me a huge tongue lashing bud, but it was called for.

[ihavenoclue] 28/5/2008 12:08

SA0705 ...


Welcome.

[sa0705] 28/5/2008 12:00

IHNC

thanks.

[sa0705] 28/5/2008 11:26

so in other words you havent got a clue...lol nice handle