London Scottish Bank Share Discussion Threads

[davius] 01/9/2008 12:54

Dunno, no indication, but it wasn't a huge number.

SP coming back down, in auction again, but this time as it falls, at 7.18p. Would exit at a rather wide spread of 7.11-7.7p if nothing changes during the auction.

[cyclingnut] 01/9/2008 10:50

davius,

were they holding shares in nominee for clients who have been trading?

[johnspain] 01/9/2008 10:44

anyone got some sensible numbers regarding various scenarios?
Cheers, john.

[davius] 01/9/2008 10:39

It looks like they've bought, and then sold at a profit, 640K shares.

[andrbea] 01/9/2008 10:12

rns out

is this numis increasing their stake?

anyone able to see what it means?

[meanm] 01/9/2008 10:05

Cyc,

Lets throw the idea into the mix that an offer may not be for the whole business, or even R.W.!

The question then would be "what is this business worth?" My estimates would seem ridiculous then and that situation may be possible. Watch the buying and see how strong the "confidence" is.

[cyclingnut] 01/9/2008 09:56

mean,

I suppose I am hoping for an offer for the whole biz, question is what would that be worth?

[meanm] 01/9/2008 09:52

Cyc,

Very hard to call. Very hard indeed. I suspect, and I may prove to be wrong, that we shall see 15p-20p. When I say I may be wrong I do mean that my projected top end may be lower than what actually transpires. It's dificult to say how the market will respond at times and there are many investors out there looking to make a quick killing, which can result in over-pricing. Still, think I would be "comfortable" with even 15p. Greed is what kills you!

[cyclingnut] 01/9/2008 09:38

Mean,
If you don't mind me asking, what sort of price action are you expecting top end?

[cyclingnut] 01/9/2008 09:35

mean,

LOL....or er "random" trades slipping thru!

[davius] 01/9/2008 09:10

10.67p, but I don't have many...

[meanm] 01/9/2008 09:08

I'm here Cyc, watching carefully. The next few weeks are going to prove more than interesting. I like the word "coincidental!"

[cyclingnut] 01/9/2008 09:02

davius,

Look at the price in late June when the chariman made his statement about things afoot to deliver shareholder value....15p might be too low...

[cyclingnut] 01/9/2008 08:59

DAVIUS,

If you don't mind me asking what is your average price?

[davius] 01/9/2008 08:56

Nice to see the thread turned optimistic. Can't see much beyond a 10-15p range myself. Top end of that would value them at about £20m, or £60m if they get a £40m cash injection. Based on the projections of their debt collection business that would be about right.

[cyclingnut] 01/9/2008 08:37

TD,

I would hope for at least 20p...not sure about 50p....but that would be monumental....can you imagine!

[llwyd] 01/9/2008 08:28

They never seem to make statements, don't think they said anything back on the april/may spike to 20p. There should be tighter rules on this sort of silence.
I need 50p for'shareholder value'

[td74] 01/9/2008 08:26

What target you guys expecting here?

[cyclingnut] 01/9/2008 08:02

where's mean m?

[m4p] 01/9/2008 08:02

can't buy or sell on Barclays

bid and offer stuck on 8.1

[cyclingnut] 01/9/2008 08:00

well it is a known fact that they are in takeover talks however I think you are right...the FSA will notice this whereas on Friday afternoon it may have slipped under the radar....all LSB can say (unless an offer is almost done for the biz) is simply reiterate that they are in talks which may or may not lead to an offer...they made no statement when the price was getting murdered so let's see if they "have to" make one now?

[m4p] 01/9/2008 07:57

they will surely have to come out with a statement soon

[cyclingnut] 01/9/2008 07:54

For those who missed it....I believe we are nearing "the delivery of shareholder value..." as per below


Just dug out this chairmans statement from results end of June....the first sentence talks of working on shareholder value....could those days be drawing ever nearer as evidenced by the "coincidental" buys of late and the nice price rise yesterday?


Commenting on the results, Peter Cordrey, Chairman of London Scottish Bank plc,
said:

"The Group has made good progress in identifying and implementing its strategy
for the delivery of shareholder value. As announced in February, the Group is
focused on the growth of its successful debt purchase and debt collection
division, Robinson Way, reducing the capital employed in its lending divisions
and, over time, effecting a managed exit from these lending businesses.

Good progress has been made implementing this strategy, with the signing of a
new three year committed revolving credit facility for up to £85.0m to support
the growth of the debt purchase business, the exchange of contracts for the
sale of the Factoring business, the closure of the loss making Loan Broking
business and the start of the integration of the branch networks of the Morses
and London Scottish Finance businesses in order to eliminate duplicated costs.

However, the Group continues to trade at a loss due to the poor performance of
its Unsecured Consumer Credit business and we expect the poor performance to
continue until the restructuring and exit from that business has been effected.

The Group is currently engaged in a process to raise a minimum of £45m of
equity capital and has also commenced discussions with a number of interested
parties, which may or may not lead to an offer for the Group."