Lxb Retail Properties Share Discussion Threads

[tabhair] 11/6/2018 15:24

Agreed. Progress here has been ridiculously slow. The discussion to get the release of the performance bond was first discussed in the Chairman's letter from LAST YEAR. With 9 months left, how can we expect this thing with a lot of complex assets to be liquidated in time?

[tabhair] 11/6/2018 14:23

No return of cash until after June. No other trading update. There is now 9 months until this company has to be wrapped up. Anyone having doubts that the remaining assets will have to be fire sold?

[mrx001] 07/6/2018 10:40

Had FD ring me back today after having left a voicemail. No mind blowing news but did advise that we can expect an RNS within a week, maybe even a few days giving an update on the performance bond/6p payout. It wasn't possible to determine whether it was good or bad news which we would be updated with :0(. I did try to discuss some of the ongoing difficulties which he surmised as the problems we are all aware of with the retail sector in decline due the rise of online shopping, so no great news there.

[danieldanj] 03/6/2018 19:23

LXB Retail (LXB) Earnings-Reaction to Keep an Eye

[ianbrewster] 18/5/2018 13:30

Rushden Lakes link road to open next week

www.northantstelegraph.co.uk/news/update-opening-of-rushden-lakes-link-road-delayed-until-next-week-1-8502928

[mrx001] 11/5/2018 09:49

Tried getting in touch with the company today to see what is happening about the return of cash. Rang the Jersey number but it is just an answering service (company called Intertrust), got a number for the London rep a guy called Stewart McNeil (02074327900 if anyone else interested), it rings a few times and then there is a recorded message advising the number called is not accepting calls. So far this company has been one big disappointment.

[mrx001] 27/4/2018 17:13

Thanks for that Molrey. Always seems to be some reason why they aren't giving the cash back sometimes.

[molrey] 27/4/2018 13:22

Should hear by the end of May based on the below....

'On 22 December 2017, the Company reported the exchange of contracts for the sale of the Riverside investment at Stafford for a headline price of £36.8m and I am pleased to say that the sale completed on 23 January 2018 releasing cash of £10.2m after repayment of the bank funding on Riverside. Following completion of the Riverside sale, the Board currently intends to make a Return of Cash of approximately £10 million (approximately 6 pence per Ordinary Share), although this will not be undertaken until we have agreed a reduction in the performance bond relating to Rushden Lakes which we expect to finalise in April or May 2018'

[mrx001] 27/4/2018 13:08

Should point out my understanding was that there would be a 6p return of cash on completion of Riverside (Stafford). According to RNS's contracts were exchanged on 21/12/17 and completion was expected 23/1/18. However no update and no cash.

[tabhair] 04/4/2018 11:08

No thoughts on the most recent update?

"and in relation to the release of the Phase 1 performance bond held in favour of The Crown Estate. These discussions are expected to be concluded shortly and should lead to the release of the bond and a further return of cash to shareholders. "

It sounds like a return of cash in excess of the already committed to 6p is planned. The performance bond is £15M, equivalent to nearly 9p a share.

"The Board still believes there is a reasonable prospect that the previous NAV guidance of between 30p and 35p in cash over the period to 31 March 2019 can be met; however with the continuing difficulties in the occupier markets, in particular the Group's exposure to the occupational leisure market, the expectation is that it will be at the lower end of this range."

Hmm, how much lower should we expect?

[tabhair] 27/2/2018 17:06

All management proposals approved, this company will be wrapped up in just over a year. For shareholders to realise the maximum benefit, then we're going to need to see the completion of pre-letting for Phases 3 and 4 of Rushden Lakes and the remaining restaurants at Stafford cinema development let before the company wraps up. We had some good updates in November and December since the final results. It seems reasonable given that progress, that substantially all the remaining units can be let between now and the winding up of this company.

Interestingly, the contractor for Rushden Lakes Phases 2+3 has a live web camera set up. Everything looks to be going well so far. The large steel frame structure in the background is for the leisure/restaurants with the construction in the foreground going to be retail units.

hxxp://winvic-live.co.uk/rushden-lakes-phase-2/

[mrx001] 10/2/2018 19:48

I'm still left with the feeling the BOD here are not of any value to the share holders and are only lining their own and the fund management team's pockets. Very tempted to abandon this investment despite the NAV being advised as 30-35p.

[jlo10] 09/2/2018 13:20

So - is it a vote against.
Or are we stuffed every which way

[mrx001] 05/2/2018 11:34

I always struggle to understand why the BOD is so keen to ensure that the investment advisor is well/overpaid. In this case my reading is that one of them will also be running the remaining assets:0( Nice work if one can get it. Also why are there no dates of when the remaining funds are likely to be repaid and indications of how much that is likely to be. I'm left thinking repeatedly the BOD are all lining their own pockets.

[glawsiain] 05/2/2018 08:56

Yep, in theory there is value here. But I wouldn't trust this BOD, having observed them over the last couple of years.