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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lxb Retail Properties Plc | LXB | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.54 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.54 |
| Top Posts |
|---|
Posted at 25/6/2019 20:29 by loglorry1 Redress? Don't be daft good money after bad. I was a bit concerned the way this was set up as a split between management firm and fund. I was reassured that directors had good reputations and skin in the game by another investor. Like a mug I believed that.Not a big deal really but lesson learned avoid these types of structures like the plague. |
Posted at 24/10/2017 20:33 by alan00 Thanks tabhair, much appreciated.I have a few comments / follow up questions if that's okay: 1. Is this documented in an RNS or other company document? The latest I could find, seemed to indicate there may be options to choose from. 2. Thanks - I see that is mentioned in the 31/3/17 interim report, although think I read it slightly differently: £25m equity, therefore calculating assets £31m (100%), debt £6m (20%). So if I understand correctly, if NAV is 32.5p, we could be looking at: £30m / 17.6p cash and near cash £25m / 14.9p NewCo shares Is that how you see it? In this scenario, clearly the value of NewCo is key, I hadn't appreciated that too much previously. Although if they do manage that cash / near cash distribution, the current Offer price isn't too much above it. Is there really no prospectus / detailed documentation on NewCo? Seems rather close to the potential launch of the company, and would have thought investors would want to know the plan. |
Posted at 10/10/2017 12:42 by tabhair I think you are being a little alarmist npt. As disgusted as I am about the increase in fund manager fees, especially after these significant declines in NAV, I still think there is protection here at the current price.The crown jewel of this company is the part of Stafford Riverside that the company retains. It is nearly fully let with tenants on long-term, upwards only contacts. Given the dash for yield for many investors these days, this is going to be a valuable asset for one of the larger British property companies, or maybe even an insurer. The recent interim suggests that the LXB portfolio valuation sits on a blended 5.7% yield. I don't know what the Stafford cap rate is, but if management have cut their valuation, then I imagine that cap rate should increase a bit, and that the asset should be much easier to sell. Remember that Morrisons bought the 70k+ sq/ft portion of this development for £25m just last year. Given that this development consists of 100k sq ft of space and the cash flow that is generated by this asset and the fact that the price has already been cut off a decent yield, I don't have any doubts that the asset can be sold at a price within the quoted NAV that we received in the last trading statement. Sutton currently consists of 27k sq/ft of retail space that is half let with the rest under offer. This is prime London property that has already received a haircut (and probably has been cut in price again if the recent trading update is anything to go by). I imagine the company will be eager to sign on contracts so this can be sold on. It's hard to speculate here, but my guess is that the recent trading statement with NAV decline was brought on by realistic offers that the company has received on their assets. With £50M of complete property on the books that is listed for sale, my best guess (going by the trading update) is that this NAV has taken about a 10% haircut, with the remainder being made up of the extra highways costs. NPT - for your prediction to come through, then I think we'd need to see that £50m of completely property that is up for sale to go down in value by 50%. I don't think this is likely. But we will see in two weeks. |
Posted at 10/10/2017 06:29 by shaker44 I entirely agree but the incompetent board know only too well that shareholders are powerless. I wish I had checked out the chairman's record at majestic before investing here. Made my own incomplete assessment of Simon Thompson's recommendation at investors chronicle.He thought it was a one way bet. It was for the investment manager. I have no expectation that the board can be persuaded to act in the interests of all shareholders now. |
Posted at 13/6/2017 08:32 by mad foetus Just to add, under the Codes of Practice published by the JFSC, the regulators of LXB, the prime principal is that the interests of investors are paramount. If you state that there is a widespread belief that they have been ignored then I would be surprised if the JFSC didn't look at it, especially if there are multiple complaints. |
Posted at 13/4/2017 16:34 by shaker44 I entirely agree with npt and I sense that the Lxb retail properties board is effectively 'managed' by Tim Walton, the leading light at the fund manager. Only by shaking the tree via the Jersey Financial Commission can private investors hope to be just milked through Newco as opposed to being royally shafted. |
Posted at 10/4/2017 20:38 by mrx001 Not sure I agree with your sentiments of making 20% over 6 months, unless I was the fund manager. Sorry but I have come to the opinion that this fund is not being run for the benefit of the investors but that of the boards and fund manager. Therefore I don't have a lot of confidence in them. If you are looking for a better investment I would consider BOO or HUR, they are doing very well for me. Not a recommendation and would need some research. |
Posted at 05/4/2017 09:15 by shaker44 I fully support npt in this. I have written, and encourage others too, as well. A volume of complaints will make far more impact than one or two. Just a few minutes out of your day to support your investment!It is a long time since Simon Thompson at investors chronicle covered lxb. Maybe he will rattle the cage soon.. |
Posted at 04/4/2017 21:12 by mad foetus Write to the JFSC telling them of your concerns. If enough of us do and say that there is a real test here of the island's regime and commitment to protect investors they may lean on the directors, but other than George Baird, who I mentioned earlier, the directors are not Jersey resident. |
Posted at 22/11/2016 16:09 by salchow orinocor - not that weird. Investors have only just found out that the NAV before the 18p dividend was only 56.7p. Last year they made 14p per share so they were not expected to have lost nearly 9p per share this time. Also the directors and investment managers had made sizeable investments that gave some confidence in future realisation prospects. |
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