Lxb Retail Properties Share Discussion Threads

[loobrush] 05/2/2016 16:59

npt-So according to your calcs what will the final asset value be per share ?

[loobrush] 05/2/2016 16:30

Managers incentive- the Investment Manager (IM) bonus is being rebased from 1 Jan 16 . They have big incentive to take an aggressive approach to valuation and then 'do a good job' increasing NAV on completions and getting 20% of everything above 118p.
What you should also note is that they have a big shareholding in the shares and a large amount bought recently in their pension fund so they will want to achieve a big increase in assets for all reasons.
They could not be more incentivised which is good for all shareholders.

[flyfisher] 05/2/2016 16:21

Nav at year end of 101p, after some writedowns.

[tiltonboy] 05/2/2016 16:06

speedsgh,

You will get about half of it back in about four months.

[speedsgh] 05/2/2016 15:36

Joined you guys at 97.5p earlier. Seems like a good place to park some cash for the next 12 months or so while markets decide what direction they want to take.

[badtime] 05/2/2016 15:21

Tilts!!!!!!! Best I go lay down :)Added earlier at the same ..slightly overloaded

[tiltonboy] 05/2/2016 15:02

I've had a cheeky bid on the board for a few days, but had to bite the bullet and paid 97.75p today.

[loobrush] 05/2/2016 14:52

Price starting to move already, crumbs hang on a bit as I want to buy some more monday. Dont get to a £!.00 please.

[speedsgh] 05/2/2016 11:46

From today's circular...

"We expect to complete the sale of Rushden Lakes to The Crown Estate in the next three months. This is likely to give rise to a realisation of cash in the order of £75 million..."

[loobrush] 05/2/2016 11:43

We believe there is potential for significant additional returns."

[mad foetus] 05/2/2016 11:30

This was from 12 May last year, the last time I think a solid figure was put to Rushden:

", in early 2016 we also expect to have satisfied all the conditionality to allow the completion of the sale of the Rushden Lakes investment to The Crown Estate. That would have a major influence on NAV. We expect, conservatively, to receive cash of approximately GBP70m at completion at which point we would expect to recognise increased NAV of at least GBP19.5m compared with the 31 March 2015 balance sheet value. The Rushden Lakes announcement on 7 April 2015 referred to potential additional value from the second and third phases of Rushden Lakes. It is still too early to provide a meaningful view on the potential value of that, but we would expect to be able to offer much greater clarity by the time the sale to The Crown Estate completes. We believe there is potential for significant additional returns."

[loobrush] 05/2/2016 11:17

But when will the anticipated final asset value be released. Before AGM ?

[redhill9] 05/2/2016 11:02

A quick read looks good to me, with the £75m of cash acquired within 3 months a considerable comfort.

I remember reading that Stifel have an NAV target of 120-130p - I'd say anything over 120p on a (say) 15 month view looks very acceptable, especially with so much short term cash expected. I have a 6% exposure and may increase when funds allow assuming the share price doesn't run away too much.

[molrey] 05/2/2016 10:58

Sounds like buybacks will continue for small amounts and that they will aim to make 3 larger cash returns this year.

1. £75m by May 16 (46% of current market cap)
2. Summer 16 (Cash from Sheppey and Greenwich but no value given)
3. By December 16 (Cash from Stafford and Sutton but no value given)

[mad foetus] 05/2/2016 10:42

thanks molrey. I've had a quick read and I guess the main point is they are expecting the sale of Rushden to generate £75m in the next 3 months for distribution, and that will be by either dividend or the issue and buyback of B shares, at the choice of investors, creating either an income or capital gain.

I will read more fully later, as I am sure will others. The chances are that I will attend the EGM, so if anybody has any thoughts or questions they want raised, I may be able to assist.

[martincc] 05/2/2016 10:42

'Your Board is now satisfied that any substantive remaining issue that would prevent an orderly realisation of the Group’s investments can be overcome with substantially the whole of the value being returned in cash by 31March 2017 Accordingly the Directors have convened the Extraordinary General Meeting, which will commence at 11.00 a.m.on 29February 2016 (or as soon as possible thereafter upon the conclusion or adjournment of the Annual General Meeting)'

[fozzie] 02/2/2016 17:04

Thanks Madf

[mad foetus] 02/2/2016 16:34

dcc and Vitec were the other 2 fozzie