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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.05p +0.22% 23.05p 22.60p 23.50p 24.30p 22.70p 23.90p 147,142 16:35:22
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 62.0 -15.1 -9.2 - 39.73

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Date Time Title Posts
22/12/201712:30*** LXB Retail ***2
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 23p.
Lxb Retail has a 4 week average price of 21.25p and a 12 week average price of 19p.
The 1 year high share price is 42p 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 69,384 shares. The market capitalisation of Lxb Retail is £39,726,761.21.
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: 'Unidentified and unquantifiable' cost exposure re Highways England at Rushden. No wonder the share price is tanking every day. Why didn't the Board get to the bottom of the situation before releasing a rns that basically says 'we don't know what the f_ck is going on, but we'll update shareholders when we have an idea.' Frankly, the whole situation is farcical.
npt: The way things are going there will be nothing left to transfer to Newco. Severe lack of oversight by the Board coupled with an overconfident IM have led to the current situation. 4 Months ago the Chairman said there was no reason to believe that an end NAV of more than 38.7p is not achievable. Now the projected end NAV is as low as 30p, but could be much lower if there are more 'unexpected' events. The Board is now scrambling to get a grip on things, but it is way too late. The damage is done. The market and shareholders have zero trust and confidence in the Board and IM and this is clearly reflected in the current share price. The LXB brand is dead. Who will ever trust LXB to manage their money again?Thinking about the extra £900k the Board awarded the IM recently, which the IM was not entitled to under the fund management agreement, makes me feel sick. The IM gorged on £5m management fees per annum and are the only winners in this sad affair. Shareholders should have replaced the Board 3 years ago with a less incestious one. Shareholders should put pressure on the Board to rescind the £900k 'bonus'.
npt: I actually see the deferral of the vote until the end of Feb. 2018 as a positive. It gives the fund manager additional time to get more tenants signed up (Sutton, Stafford, Rushden) and the delay will hopefully also avoid them having to accept low offers for units and ultimately the sale of the remaining assets. It think it is bs that the fund manager is going to require more resources as a result of the delay. Nothing really changed. the Board is aware that shareholders are livid because they agreed to an increase in fund management fees and then the NAV and share price tanked shortly after. They need shareholders to vote for the extension, so they're saying that the fund manager is giving us something without charging for it. The only rational decision is to vote for the extension. The increase in fund management fees is now water under the bridge. If the planning permission is not opposed during the next 6 weeks today's share price will prove to be cheap. My only concern now is that funds will be held back for the Living Villages concept, which could have been used to buy back shares or returned to shareholders. I think shareholders need greater transparency regarding Living Villages and the funding of it going forward.
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.
npt: My communications with the Chairman. Newest at the top, so start from the bottom. You're right, they are not interested. I may have been too harsh in my tone, but I'm just fed up with the lot of them. Dear Chairman, The share price is now 32p. Down 7.2% today alone. I regret that you don’t think it is worth getting emotional about. Regards, x From: Phil Wrigley [] Sent: 06 June 2017 11:46 To: x Cc: Subject: Re: Share price down 15% from close on Friday Dear Mr x, I respectfully cautioned you in our last correspondence that I would not continue to communicate with you if you persisted in emotive and personal challenges, you acknowledged my assertion but unfortunuately persist and I will not therefore engage in further communication with you. Yours sincerely, Phil Wrigley, Chairman LXB Properties. From: x Date: Tuesday, 6 June 2017 at 11:28 To: Phil Wrigley Cc: "" Subject: Share price down 15% from close on Friday Dear Mr. Chairman, The share price has declined 15% from its close on Friday. In my previous email I already made my frustration clear about the increase in management fees being agreed for the fund manager and then announcing a big fall in the NAV for the period to 31 March 2017. The overheads of the fund (NED fees, fund manager fees, fund secretary fees etc) are extremely high for a fund that has a market cap of £55m. This is the result of being based in Jersey and the complex corporate structure. Could you please tell me what the Board is currently doing to ensure that the overheads are reduced as much as possible in the coming months? Could you please clarify why the Higher Newham Farm asset has not been marketed for sale and what the plan is with this asset. Finally, could you please explain what each member of the NED contributes to the success of LXB and the value they add. How many hours are spent each month by NEDs on LXB? The fund is currently spending £305,000 on remunerating NEDs and this excludes paying for flight, hotels and meals when attending Jersey meetings. Please justify to me why shareholders are paying £305,000 per annum for a Board that doesn’t seem to have a proper handle on things. You mentioned that LXB still has 68 legal entities. How is it possible that that number of entities are still in existence so late in the funds’ life? If senior members of the Fund Management team bothered to show up more than twice a week the massive amount of work could be done in a timely manner. There seems to be a complete lack of urgency in reducing the overheads and wrapping up the fund. The shareholders are being bled dry by the bloated overheads and fund management fees. I for one is sick of the constant stream of bad news and have lost faith in the Board and Fund Manager completely. The increase in the fund management fees makes the drop in NAV so much more difficult to swallow. Total NED fees - £305,000 Phil Wrigley £85,000 Steve Webb £50,000 Danny Kitchen £60,000 Alastair Irvine £50,000 George Baird £60,000 I do not mean any disrespect to the Board or the Fund Manager, but I think you much appreciate how frustrated shareholders are. I’m already starting to worry what the management/profit sharing agreement will be when it comes to Newco. For some reason I don’t think shareholders will get a fair deal, but I’ll keep an open mind an keep up to date with developments. Regards, x Apologies Chairman, I forgot to ask a last question. The Fund Manager has a mandate to buy back shares. Apart from the cash they need to keep back for the bond at Rushden etc., why are excess funds not used to buy back shares, especially at current prices? The cost associated with buying shares back on the open market and cancelling them is minimal. Regards, x From: x Sent: 05 June 2017 13:00 To: 'Phil Wrigley' Subject: LXB Retail Properties Ltd - March 2017 results Dear Chairman, I read with disappointment today that the NAV dropped by 5.07p to 33.63p for the period ending on the 31st of March 2017. During your talks with the Fund Manager relating to the increase of fund management fees they must have been aware/anticipated the reduction in NAV. I don’t want to keep banging the same drum, but if management fee increase negotiations took place today shareholders would not have been very open to it. In today’s results mention is made of transferring Higher Newham Farm to Newco. I remember that this asset was bought by LXB Retail Properties Plc from Regenco, a previous LXB fund. The fund manager has been in control of this particular asset for more than 10 years and still there is no clarity as to how any value is going to be crystallised for shareholders. The decision was made during the AGM to sell all assets in a timely manner to maximise shareholder value. Has any attempt been made to market Higher Newham Farm or was it always going to be transferred to Newco? Once in Newco, will Higher Newham Farm be sold or will it be a seed asset for the Living Villages concept? What is the end goal of Newco, to enable to orderly sale of remaining assets or the start of the Living Villages business? You mentioned that a lot still has to be done in order to bring the fund and eventually Newco to a close. I want to draw your attention to the following, which I think you must be aware of. The Fund Manager only has 5 of the 10 original members left. The members who left: Andy Cordiner – Ayr Harry Sadleir – Brocklebank Nick Alford – Truro/Higher Newham Farm Carl Barrand – Stafford Richard Margree – Interal legal council These members have not been replaced and it is no wonder that problems were/are encountered with Ayr, Brocklebank, Truro/Higher Newham Farm, Stafford and the fund is struggling to resolve them. In light of the dramatic reduction in the fund management team I sincerely doubt shareholders are receiving good value for the fund management fees they pay. Without adequate in-house resources it means more work needs to be outsourced with increased costs for the fund. Again, I find it extremely hard to comprehend how the increase in fund management fees could on any level be justified when looking at the drop in NAV and the dramatic reduction in the members of the Fund Manager. I understand that you can’t disclose details about specific assets because it could be commercially sensitive, but I would really appreciate it if you could provide more details surrounding Higher Newham Farm specifically in your next communication with shareholders. I don’t think shareholders agreed to retain this asset indefinitely. Please clarify what the plan is with Higher Newham Farm after it has been transferred to Newco. I sincerely hope everything goes well with Rushden phase 2 & 3 as at the moment I feel very negative about LXB and some good news after a whole raft of bad news will be much welcomed. Lastly, the fund manager is always surprised when build cost is more than anticipated or when a contractor goes bust. Are shareholders not paying the fund manager very handsomely to be on top of these things? Regards, x
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%
888icb: Good News on the planning front should give a boost to LXB share price.
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