Share Name Share Symbol Market Type Share ISIN Share Description
Low & Bonar LSE:LWB London Ordinary Share GB0005363014 ORD 5P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.55p +3.24% 17.55p 372,727 13:36:04
Bid Price Offer Price High Price Low Price Open Price
16.95p 17.55p 17.55p 17.55p 17.55p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 431.90 -42.20 -14.25 122.6

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25/3/201912:31Low & Bonar Plc1,701
09/7/200716:36...i have followed this donkey from lowlands of still can double...8
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Low & Bonar Daily Update: Low & Bonar is listed in the Construction & Materials sector of the London Stock Exchange with ticker LWB. The last closing price for Low & Bonar was 17p.
Low & Bonar has a 4 week average price of 16.40p and a 12 week average price of 13.75p.
The 1 year high share price is 59.80p while the 1 year low share price is currently 13p.
There are currently 698,756,295 shares in issue and the average daily traded volume is 251,388 shares. The market capitalisation of Low & Bonar is £122,631,729.77.
cc2014: I have sold my shares but taken up the OO. Which means I've got diluted albeit the company has an extra £50m cash. The timing of my sale wasn't great with some at 16.15, more at 16.4 and the rest at 18.2p but I was so fed up at the time. To take up the OO I would have had to sell something else and that I didn't want to do. My portfolio is up 25% this year so that proved to be the right decision The shares seem to be comfortably trading above the OO price now presumably as information on the take up rate has become more clear. Imho the shares will trade above 15p once they get admitted and even if they only trade at 16p I will make 6.5%. I assume they will open around 18p as that is where they are trading now and why buy at 18p today if you think you can buy in a few days lower. I'm not sure what I will do next. I have no level or commitment now or conviction left in this trade. The commitment is an emotional response which I should ignore, the conviction is that I still don't see LWB turning this around any time fast. I think the share price is low enough that I'm happy to stay in for a while. On the other hand if an opportunity came along elsewhere I would now have no hesitation selling this share. Overall this has been my worst trade for a while. It happens. I have other losers of course but this one has been rather annoying.
cc2014: I've closed 85% of my position just after 9:30 in three trades for a sizeable loss. The rest I'm keeping only to set off against capital gains at a future date as I have significant un-crystallised gains on other stocks. My reasons are: 1. I read the update this morning and was very concerned that having spend zillions on capital investment over the last 5 years the plant requires far more to make it something which is efficient. I was previously of the view that invested so much they could sweat the assets significantly and thus the EBITDA would follow. I didn't like the average debt figure either which after £50m makes the gearing look high. 2. I really didn't want to put any more money in. I've lost enough on this stock and one of the reasons I'm still around is that in general I don't keep adding and adding to a losing position once it hits my risk limit. 3. For a while I did toy with the idea of not taking up the open offer and just getting diluted. Given the company are getting £50m there will be far more assets on the balance sheet to support the share price. But then I returned to item 1 and what they are going to do with it which seems to be that it won't be just to pay down debt and that going forward capex is still required to fix the business. 4. I think until the new FD arrived the directors have failed to understand the extent of the problem. I'm afraid the recent director purchase at 40p (and was it 49p as well) lent me to believe things couldn't be this bad. I also assumed Sterling would have better understood the business. 5. The update didn't seem to include any positive statement about future raw material pricing which I would have expected given the price of oil. I've lost a bundle of this and this sort of investment no longer suits my risk profile. Lots of lessons learnt (again). There may be value here but I'm not sure or certain about and tbh I've had enough. Toughing it out really isn't my investment style and I'd rather move and be find something where I'm reasonably certain of making a profit even if it's a small one than where I feel I am now which is close to tossing a coin. I wish you all well and I'll call in from time to time as I still hold a tiny quantity.
cc2014: I've spent years studying, learning and making a living off the stock market and the actions of some parties never fail to astonish me. I could propose several reasons for the odd price action over the last month but we will never know. I'll offer three though: 1. Portfolio clearing for year end as already discussed. 2. Some of the bank trading desks allow their traders to hold positions in excess of their trading limits. Yes really. The trading limit tests are only applied on certain dates and the traders know when the dates are so they have to get back within the limit by then or they are sacked. 3. Someone was shorting LWB on the basis of the rights issue going ahead. 1 is very likely 2 is not very likely 3 I'm not sure but could be explosive if someone has done that. There was a case recently on a company I forget, where the rights got cancelled as they found another source of funding and the share price rose about 40% in a couple of sessions
time_traveller: If you put yourself in Sterling's shoes, what's the best way of extracting return on their investment? - waiting for the share price to rise above their entry price will take a very long time while it is weighed down by the debt. Assuming sterling are cash rich, if I were them, I would buy out remaining share holders at this very low price (and sterling are in a position to get the remainder at as low as 25-30p - not so; another bidder) - and with LWB freed from the debt millstone, it can finally prosper, at Sterling's hands, or with the component parts sold on at a tidy profit. They could have bought up the stock on the market during the drop from 40p, but actually the volume has been very low all the way down, and it probably suits them well to allow the share price to drift down to 14p, if that is indeed, their strategy.
ed 123: Well, if you're looking for an opposing view ..... Global macro economy is one of my concerns. Of the major trading blocks/countries only USA is growing healthily ..... and that is forecast to slow, as Trump's tax cuts annualise and impact of trade tariffs begin to bite. US long and short bond yields are closing in on each other (inversion could herald a recession). Eurozone is virtually stagnant. China's car sales fell for the first time in 6 years recently (important for macro and LWB specific reasons). LWB specifically .... LWB has been suffering from competition from Asia. Asian quality has had issues but will inevitably improve. LWB's CTT division has had its own quality problems for a couple of years. Is it finally now resolved? It had been losing customers. LWB's production second line at Changzhou has added to capacity at an unfortunate time, with China car sales declining. (Note, China sales falling due to the removal of a government subsidy on car purchases.) China's government debt is ballooning, so perhaps little chance of that subsidy coming back? The danger is that EBITDA could fall and the banking covenant ratios would then come into sharp focus. Good, Simpson and De Klerk have all had time wrestling with the issues here. Balance sheet strength and therefore capacity to recover, have gradually be draining away over the past half dozen years. Result? Concerns about viability if things worsen ... expressed as a share price of 20p. Of course I can't see into the future but, having held the shares many times over the past 30 years, I sold my last at 37p and won't be buying back unless I see some big improvement. (No advice intended and apologies to holders for my pessimism.)
cc2014: Baner, I would be most grateful if you can tone down the self-righteousness please. It's not helpful and doesn't contribute to an informed debate No-one has reacted angrily. Yes, people have chosen to disagree with you (mostly on your position that a rights issue is required), but no-one has been impolite. You clearly know a decent amount about the stock market and I for one welcome some balance as I know from other threads holding a contrarian view is not always received well. So, I'mm interested. We've hit your 20p. Have you gone long or are you still waiting? I'm still long regrettably and it's apparent from L2 and the trade flow there is one (maybe two) parties that want out at almost any price. It's hard for me to know right now why this would be. My thoughts are: 1. The low oil price will be helping polymer prices and so the share price should already have found a low and bounced (perhaps not far) 2. The inversion of the yield curve suggests negotiation of banking facilities will be at higher rates and could add say another £5m in interest costs (that's quite a pessimistic view and would imply loan rates going up about 3%). Even this is manageable although unpleasant for LWB 3. The exchange rate continues to decline which should be helping the value of repatriated pounds. 4. No directors buys - ouch Perhaps most importantly the question for me is when the seller(s) finish as clearly they must sometime, are they simply a distressed seller and the share price will bounce. The general market is covered with distressed sellers right now or sellers that whilst perhaps not distressed are selling down large stakes. At an individual stock basis these are slowly working their way through. The decision for me right now is fairly easy as I think 20p decent value. The harder decision is deciding what to do if it bounces to say 30p. I am not one to stubbornly hold onto something forever. 30p would put me in a very indecisive place. Any thoughts?
nick rubens: LWB share price is a good reminder why 'investing' is baloney alot if not most of the time. No comment from the company to reassure investors? Are things going from bad to worse on the trading outlook?
cc2014: tbh the market is starting to look like it's capitulating. FTSE down 180 today and the speed of the fall doesn't match the underlying earnings position. As for LWB someone keeps selling. Looks like one party to me. I have resigned myself that until the market changes I'm stuck in a whole load of trades which aren't going so well. Not sure what to do tbh. Happy to hold as I think this is oversold. The more difficult decision comes if the share price gets back to 30p
nick rubens: Director buying isn't a reliable indicator. I remember the accountancy group Tenon where a director bought in the hundreds of thousands of pounds worth and yet I already decided on the figures, that things were bad financially. It went bust. This company has just warned that "full year profitability is now expected to be significantly lower than previously anticipated." The share price will at some point focus on getting past that and if the cost increases can be applied to customers(though they already said it's difficult because of competition). Margins are being squeezed. Until the results are reported and another trading update, I can't see much happening for a share price recovery, unless someone does a bid for it while it's vulnerable or maybe any activist shareholders take action. Dividend should be cut first and possibly a fund raise. Company bosses are never shy on taking shareholders money to keep themselves in salaries. Am I being too pessimistic?
cc2014: For what it's worth we are now back give or take a point to where we were pre-results which sent the share price down. It seems clear enough that 50 is now holding and if you believe in the wiggly lines the downtrend has been broken. Most of the volume is coming in on the buy side and it looks like someone is trying to acquire stock without disturbing the price. They aren't getting very much though and bit by bit the share price is nudging up.
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