Lxb Retail Properties Share Discussion Threads

[badtime] 26/5/2016 13:03

I'd be content with 72p

[tiltonboy] 26/5/2016 12:28

It will be interesting to see if the directors use the cash return to re-invest; some did last time.

I have also lowered my expectations, and would be content with 72p ex the payment. It would be nice to get a comprehensive update on the portfolio, with timelines for the remaining assets. I would also not be averse to an extension to the wind-up to enable assets to be sold without pressure.

[simonsaid1] 26/5/2016 12:08

Loo do you have any links on that? Wondering whether to reinvest the div when it comes or take another AIM punt somewhere else (this is my 'AIM budget' allocation). Cheers!

[loobrush] 26/5/2016 10:43

Have sold all my holding as some doubt now on values and last time they made a distribution shares dropped significantly afterwards for a few months.

[daneswooddynamo] 26/5/2016 09:57

it would be nice to think 120p total is still on the cards but personally have reset my expectations more for 110-115. Recent sdlt changes are a negative and i expect some value to be lost as tail or difficult assets are sold on to a new vehicle at "reasonable" valuation levels in order to hit the early 2017 wind-up tiemetable. Imo the share price tells you as much

[badtime] 26/5/2016 09:49

Decision time over whether to add ..hmmm

[loglorry1] 26/5/2016 09:45

Papy02 - numbers are from memory. I had it in my head 104 but might have been wrong. I'm hoping/expecting about 120p(-38p) all said and done. I'll most likely be re-investing my dividend.

Log

[papy02] 26/5/2016 09:43

Log,

I would say that pre div, at 100p share price, the cash-to-be-returned would be at zero discount, so the 4p gap to 104p NAV was all off "the remaining 66p" - a discount of 6%. Don't disagree with your premise that the discount (especially to real NAV which I hope is higher) should close, but at current price will wait (already got more than my "max position size").

Where did you see the 104p published NAV btw? I must have missed that - last I saw was 101p?

[fizzypop] 26/5/2016 08:58

Payday 9 Jun Capital Return 38p dps.
Time to consider buying more as we enter the summer doldrums.

[loglorry1] 26/5/2016 08:58

Published NAV pre dividend was 104p trading at 100p so so 3.9% discount to NAV.

Post dividend NAV 104-38p 66p share price 61.26 so new discount to NAV 7.2%

I expect the discount to NAV to close up a bit especially as people re-invest dividends.

Log

[webclick99] 26/5/2016 08:44

Down 39%. Quite a shock until I realised why!

[papy02] 17/5/2016 12:41

Yes, the NOMAD just confirmed the same to me. Apparently the May 15 distribution was OK for same reasons.

[786sunshine] 17/5/2016 12:05

I phoned LXB today and was told that they have been advised that the tax changes referred to in #1013 above do not apply as LXB is a Jersey based company.

As such their circular states "It is expected that the proceeds from the B Share Redemption will be treated as capital for UK tax purposes.".

The document referred to in the link in #1013 does state that the change applies to a distribution by "UK resident companies".

The change came into effect on 6 April 2015 and I was told that LXB's similar distribution of B shares in May 2015 was also not impacted.

[mad foetus] 17/5/2016 09:00

Worth remembering it is a Jersey company - not sure whether that will change the tax treatment in the UK.

[papy02] 17/5/2016 08:59

The Circular says "It is expected that the proceeds from the B Share Redemption will be treated as capital for UK tax purposes."

So looking like LXB/advisers have been asleep
(unless as you say, DWD, there is something special to do with REIT status?).

Mine are in ISA, so of academic interest only for me.

[melody9999] 17/5/2016 08:35

thanks 888....holdings in ISA and SIPP so no tax implications

[daneswooddynamo] 17/5/2016 08:14

maybe its due to its reit status?

[papy02] 17/5/2016 07:44

Just one problem - B-share schemes have been rendered ineffective by recent legislation - so either option is taxed on UK shareholders as income.

See e.g.


(I'm a bit mystified by LXB still offering a B-share scheme. Have they and their advisers been asleep, or is there some class of shareholder who still benefits, or have their lawyers found a loophole in the legislation, or ..?)

[asmodeus] 17/5/2016 07:15

Oh - how I would love to have net capital gains great enough to exceed the allowance !

[888icb] 17/5/2016 00:43

Do you want to any income tax or Capital gains tax. If the shares are in an ISA it makes no difference as there will be no tax.

[melody9999] 17/5/2016 00:13

I can either receive the 38p per share back as income or as capital. Can anyone explain the difference to me pls....

[janvrot] 13/5/2016 21:51

anyone speak english? What the hell is this supposed to mean?

LXB had agreed to sell its interest in Rushden Lakes to The Crown Estate more than a year ago, but completion of the deal was subject to a number of conditions, largely relating to planning, lettings and highways.

The contract is a forward funding arrangement where The Crown Estate will fund the future development costs with LXB retaining responsibility for overseeing the development and lettings.

As a result of costs, the initial completion proceeds have been lowered from £75 million to £65.2 million and The Crown Estate has paid the sum in cash.

Although the initial cash proceeds are lower than originally anticipated, the majority of the reduction relates to timing differences.



Read more: hxxp://www.northamptonchron.co.uk/news/video-another-big-name-signs-up-for-rushden-lakes-scheme-1-7374714#ixzz48ZT7iAhN

[mad foetus] 13/5/2016 08:33

janvrot - can't provide a guide but my understanding (roughly) is that the balance sheet NAV basically quotes the cost of acquisition and doesn't really take much account of the progress that has been made on the site, and so there is the chance of a material uplift upon completion. In previous reports the Chairman has said that the formal valuations become increasingly less accurate the closer you get to completion.

[janvrot] 13/5/2016 04:09

can anyone provide a guide on how to calculate the nav and why that differs from the balance sheet nav. Thanks