Share Name Share Symbol Market Type Share ISIN Share Description
Lxb Retail LSE:LXB London Ordinary Share JE00B4MFKH73 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  +0.20p +0.90% 22.35p 20,000 16:35:19
Bid Price Offer Price High Price Low Price Open Price
21.60p 23.10p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 62.0 -15.1 -9.2 - 38.52

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Date Time Title Posts
07/3/201814:28*** LXB Retail ***14
12/12/201710:01Led by veteran property entrepreneur1,648

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Lxb Retail Daily Update: Lxb Retail is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker LXB. The last closing price for Lxb Retail was 22.15p.
Lxb Retail has a 4 week average price of 21p and a 12 week average price of 21p.
The 1 year high share price is 41.13p while the 1 year low share price is currently 18p.
There are currently 172,350,374 shares in issue and the average daily traded volume is 117,879 shares. The market capitalisation of Lxb Retail is £38,520,308.59.
npt: New extension at Rushden Lakes announced. The applicant is LXB3 Partners LLP, which is the fund manager of LXB Retail Properties Plc. The shareholders of LXB RP Retail Properties Plc will have no part in this development. It's sad to see that the shareholders of LXB RP Retail Properties Plc had to suffer massive cost over-runs, delays and a 50% share price drop only for the fund manager to buy the land next to the existing site and will now develop it themselves. The fund manager made more than £30m in fund management fees during the life of the fund and now they will benefit financially from a site associated with an asset owned by LXB Retail Properties Plc. The fund manager is laughing all the way to the bank and shareholders in LXB Retail Properies Plc are being screwed. I wonder how ethical this is. Shareholders have every right to be livid. The information about the site purchase by the fund manager was only announced after the recent shareholder vote to bring the fund to and end. These guys are so duplicitous. This land purchase represents a clear conflict of interest and who will be checking that the fund manager's own interests do not trump the fund's in negotiations with the Crown Estate? The Board of Directors? Surely not.....those guys are just puppets on a string. The big infrastructure costs have been paid by current shareholders and the fund manager is now piggy-backing on this to make a quick buck. And the fund manager is still being paid a management fee until March 2019 and then a run-off fee for another 4 years. How the hell did the Board of Directors agree to this? Shocking!
tabhair: I think the company has committed to providing an update on November 6th (the point at which cash from the performance bond is received), so they may just decide to provide a "big bang" update at that point. We will find out shortly enough. With regard to a potential distribution at that point. We can speculate a little on what we might be able to receive. We know the company currently holds £19.7M of cash, we also know that the performance bond should bump that up by £15M, giving us £34.7M. They have said that £2.5M will need to be spent on Rushden, and if the previous interim was anything to go by, we might get about £800K in rent with £3M in costs going out the door. Subbing that out those two items, we get to just under £30M. I am guessing based on the 30-35p range of guidance that was previously given by management, that the differential relates to the unknown liability to Highways England. Best case, the liability is nothing, worst case it's £8M. If we then assume that maybe £15M of cash will be held back to fund Higher Newham, Stafford Cinema and Newco company costs for two years, then we're looking at a potential distribution of between 4p and 9p. Clearly, the outstanding Highways England claim is highly material in relation to any coming distribution. Also, my assumptions ignore any other cost overruns. The last 6 months of trading have not gone well, so I could easily see another 2p knocked off here. Maybe in a nightmare scenario, there is no money to distribute? Naturally, that analysis just focuses on the currently portion of cash on hand that can be distributed. There is of course the value of Stafford and Sutton retail developments that the company hold, as well as other smaller assets (total value of property that will not go into Newco is about £50M as of most recent interims) which are expected to be sold prior to the incorporation of Newco in February next year. That's now just 4 months away, so the clock is clearly ticking on the disposal of these assets. If we take a 20% impairment on the total (leaves £40M) and then sub out the £25M in borrowings, that leaves us with another £15M of net cash (about 9p) that could be distributed, albeit at some point later. This is juts a guess, but given that only 4 months are left to the incorporation of Newco, I am expecting that the company will announce the sale of the Stafford retail development within the next month or two. The clock is ticking. Just as a final aside, having done the sums on best case/worst case scenario's for the year end results. I have fully braced myself for what I expect to be very nasty NAV as of year end September 2017. If the Highways England claim has merit and the assets of properties held is marked down sharply, I could see NAV of 24p. In that scenario, I think the share price is likely to take another battering, even off of the current price of 20p.
npt: 10p on top of the 34p NAV last reported? The Chairman said that he was confident about reaching the 38.67 NAV reported in Sept. 2016 (I think). The 38.67 NAV number excluded any uplift from Rushden phase 2 & 3. I'd be extremely happy if we get 45p plus return in total. I would have expected the share price to react more strongly to the good news.
npt: Maybe one of you guys can write to him in a more soothing tone and try to get answers. The share price has plummeted almost 20% in two days and the Chairman thinks it is not worth me getting emotional about.
tricky1000: This isn't about results, in fact if I wanted share price to fall i would issue such resultsI would expect management to buy at this price, a year from now with assets sold and cash returned should be sitting pretty!
loobrush: Well what to do. I am of the view that LXB is a firm hold for me. The final results last year stated assets were 56p and also stated that at the report date(nov) the chairman expected that asset value be in excess of that at wind up despite challenging markets. Since then disposals,it seems to me, have not made any material change to asset values.Whilst the recent planning permission may well have increased the asset value. So if we get the asset value at the minimum of 56p it would give a 40% gain from todays share price. I would be happy with a 20% gain,let alone 40% so I am holding on as I think that with the substantial Directors and their pension fund holdings they will be looking to get the highest value possible over the next few months. So downside limited -upside possibility +40%
tricky1000: 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.
mortimer7: Update on website today: Detail in chairmans letter.
npt: Lol.... The share price will open sharply up tomorrow and I don't think you would have had an opportunity to buy at today's price.
888icb: Good News on the planning front should give a boost to LXB share price.
Lxb Retail share price data is direct from the London Stock Exchange
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