Lxb Retail Properties Share Discussion Threads

[tabhair] 04/4/2017 14:42

A few questions from me.

If you're holding shares through nominee, how are you going to receive the "near cash" part of the distribution? You'd think a nominee broker is only set up to distribute cash and shares?

The increase in the management fee just seems unconscionable. They earned £4.7M last year and now off a much smaller asset base (~£65M in net assets) and they want to increase that to £5.3M? I feel like there is probably hidden value based on Rushden phase 2/3, but I am thinking that the leakage due to management fees is going to gobble that up.

[actofwill] 04/4/2017 12:15

BTW keeping the cash against the Crown bond obligation might be a negotiating point with the Crown to finalise the monetisation for P2+3.

Nothing wrong here. Don't think a fire sale would help. So losing some to management fees seems OK in broader context.

Still upside in P2+3 of Rushden which is not reflected in share price

[mad foetus] 04/4/2017 11:49

I still hold some just wish the board had some balls. GLA

[tricky1000] 04/4/2017 11:47

Thanks Mad had a few of yours this morning! Fundamentally nothings changed share price reflects excellent value compared to total assets to be returned. Time scale for closing up shop and giving back proceeds unchanged.

[mad foetus] 04/4/2017 10:11

I sold a chunk on that news. Last year they were granted a bonus fee if they performed well. Looks like they didn't so they get a payment anyway. I'm not sure that can be right. I'm sure the Corporate governance board's such as PIRC will recommend a vote against that.

[mrx001] 04/4/2017 10:08

I agree with NPT this fund doesn't appear to be run for the share owners but for the benefit of the board and the fund manager.

From the chairmans letter today "The Board has agreed, in light of the extended timescales and increased workload involved and after a detailed budget review, to increase the Investment Manager's fee for the year to 31 March 2018 by £0.7m and for the year ended 31 March 2019 by £0.1m. The Board is very pleased with the job being done by the Investment Manager in challenging circumstances and considers that this modest increase is necessary and in the best interest of the shareholders. "

If only I could get such modest increases for work that a payment had already been agreed for. I will be glad to be out of this fund and won't be investing in any more!

[mortimer7] 04/4/2017 10:05

Update on website today: Detail in chairmans letter.

[badtime] 29/3/2017 12:58

Any news on the directors meeting anybody

[badtime] 21/3/2017 15:06

Fair bit of volume today

[badtime] 21/3/2017 11:49

Ten more days for the board to meet

[badtime] 16/3/2017 08:07

I'd say good news

[eeza] 16/3/2017 07:08

RNS - Ayr land disposal

"Sale proceeds of GBP3.356m have been received by the Company which, after accounting for expenditure since the last balance sheet date and accruing for disposal fees and contracted costs, will have a minimal impact on NAV."

[actofwill] 09/3/2017 18:45

npt - I think the cost of a capital return could be in the range of £65k so in the grand scheme of things I think its better to club it together after the economics of the extended approval are re-struck with the Crown - which I suspect is happening now. I believe the cash lump should come in before the end of Q2.

[daneswooddynamo] 01/3/2017 15:09

personally i would have thought that is going to worry him less than the furore over business rate changes and keeping his job!

[badtime] 24/2/2017 11:40

Seems like 40p is support