London Scottish Bank Share Discussion Threads

[davius] 31/10/2008 10:05

The rocket fuel is loaded, it just that we can't quite see the number on the side of the rocket. Is that Apollo 11? Or Apollo 1?

[city girl] 31/10/2008 08:37

Someone forgot to load the rocket fuel...

[cyclingnut] 31/10/2008 08:28

a rocket with reverse thrust on?

[m4p] 30/10/2008 20:49

expect to see it rocket tomorrow

[m4p] 30/10/2008 20:49

expect to see it rocket tomorrow

[poppadomonlinedotcom] 30/10/2008 20:44

Sir Alan loves bargain, we should be the apprentices

[sat69] 30/10/2008 20:39

...anoter 4p bargain for Sir Alan?!

[poppadomonlinedotcom] 30/10/2008 20:39

what is happening tomorrow?

[city girl] 30/10/2008 20:36

Kerrr
....plunk

[davius] 30/10/2008 19:22

It doesn't really reveal anything new, just confirms that they couldn't raise the regulatory capital and therefore RW or the whole business must be sold by next June...



30 October 2008
London Scottish Bank plc
Update on regulatory capital position

London Scottish Bank plc (the 'Group' or 'Company'), the specialist provider of
financial services, provides the following update on the Group's regulatory
capital position.

Further to the Company's Interim Management Statement released on 17 September
2008, the Board of London Scottish Bank plc announces that, in light of the
prevailing market conditions, the Company has been unable to raise the new
regulatory capital as required by the medium term revolving credit facility
entered into by the Company's debt purchase and debt collection subsidiary,
Robinson Way & Company Limited, details of which were announced on 29 May 2008.

As a result, the term of that medium term revolving credit facility will be
reduced by one year to 28 May 2010. In addition, the Company is required to
effect the sale of the London Scottish Bank Group or Robinson Way & Company
Limited by 30 June 2009. As previously announced, the Company continues talks
regarding the possible sale of the Group as a whole. There can be no guarantee
that such discussions will lead to an offer being made.

[grlz] 30/10/2008 19:08

post market release points that the FSA had accepted the revised regulatory capital requirement, but the banking syndicate is holding to it's terms as issued - The sale of RW should provide a large chunk of cash

[cyclingnut] 30/10/2008 12:55

safe to say tomorrow will be TRICK or TREAT

[davius] 30/10/2008 11:47

Hope you haven't put your shirt on this one cn. It's a risky play for any significant sum I'd have thought. But who knows, you could be having a very good Christmas on the back of it, with new shirts all round...

[cyclingnut] 30/10/2008 11:21

so is tomorrow the day we lose our shirts?

[cyclingnut] 30/10/2008 08:34

the new shorting decree is that disclosure has to be made daily.

[johnspain] 30/10/2008 01:26

any idea why they KEEP reporting the same short position every day or so?
surely not required to do so.
p.s. abroad, not up in the middle of the night

[city girl] 29/10/2008 16:13

cyclingnut - I think we're on the same wavelength. Sadly.

[cyclingnut] 29/10/2008 16:07

two key points to consider.....



1) major holder has a short position of over 5%

2)no news denying the recent press article or indeed any volume to speak of

My personal conclusion......= shafting for shareholders

[city girl] 29/10/2008 15:57

So what do you reckon the trading losses will be this year?

[grlz] 29/10/2008 13:23

cg - it's the proposed trading losses and the £52m UCC loss estimated by the Board which sunk the shares - it's unrealistic that the remaining £49m owed to UCC is worth zero when they have successfully collected out in the past.

[city girl] 29/10/2008 12:36

My shares are in the group as a whole and not in specific bits of the group.
I'm delighted that the pension fund has a surplus and ecstatic that LSB has collected more than 52% of the outstanding book...meanwhile if the group has made very large trading losses (which it has) and incurred huge "reorganization costs" (which it has) then these and other bits of bad news more than offset the good.
What matters is not isolated bits of good news / bad news but the overall financial position as shown by the P&L and Balance Sheet.
When these are released to the market (which will be soon) we can then see just how bad things are and I repeat my own expectation that it will be much worse than comments here suggest.

[grlz] 29/10/2008 11:57

mean - exactly my point how can UCC now cost £52m it's not even owed that in outstanding Receivables which even if they were sold to an outfit like Robinson Way would get "worst case" 70% of face value. However the main point I was making is the company's doom and gloom about UCC is not reflected in the facts and the fact is they successfully collected out £69.3m in the 12mths reported, more than 52% of the outstanding book!

City Girl - as a LSB holder you own the deferred tax credit and pension surplus all of which will be realised should the company be run off after the sale of RW - with effect it all ready is over as they stopped lending back in June, so closure is imho already priced in to the shares

DYOR

[meanm] 29/10/2008 11:17

Davius, it is telling that the short position has not been closed yet. Clearly Fortelus does not forsee the stock being suspended.

Citygirl, grlz is not being selective, he/she is simply getting to the pertinent facts to consider. The outstanding loans & recievables were £49 million as last reported, nowhere near the "worst case" (scaremongering) and deceptive figure of a write-off of £52 million given by the board.

It is getting interesting.

[davius] 29/10/2008 10:21

Well with the spread at 3-4p and only a couple of days until they hit their deadline, it isn't attracting much attention.

Wonder if we might see a spike up before the weekend on short closing? You don't want to get caught with a heavy short position if they suspend.