Lxb Retail Properties Share Discussion Threads

[asmodeus] 06/6/2017 12:33

Have you communicated your feelings to The Board, ntp? Edited - I'm sure The Bard would not be interested !

[badtime] 06/6/2017 12:30

Oh deary me ...glad I currently don't hold

[shaker44] 06/6/2017 11:07

Don't apologise for your rant. It is entirely justified. For sure the board meetings are shorter than the subsequent lunches (+golf/dinners maybe).The cost per hour actually spent on lxb business is extortionate. They just feel totally immune from the justified wrath of small shareholders.

[bbking1] 05/6/2017 15:24

After all the shenanigans by the fund manager it will be interesting to see who will invest in their Living Villages concept when/if they do a fund raising. I for one will not touch it with a barge pole. The fund manager can't be trusted. Negotiating an increase in the fund management fees without shareholders' consent and then reporting a 13% reduction in NAV. They definitely deserve the increase. The worse they perform the more management fees they receive. The longer projects are delayed, the more management fees they receive. It is absolutely ridiculous. There would have been a shareholder revolt if they announced an increase in management fees today considering the drop in NAV.

[shaker44] 05/6/2017 14:11

Or it shows they know exactly what is going on and they are complicit

[bbking1] 05/6/2017 13:16

The Board agreed to an increase in the fund management fees for the fund manager in April and today they announce a 13% fall in NAV. It just shows the Board doesn't have a clue what is going on and the fund manager is taking them and all shareholders for a ride.

[shaker44] 05/6/2017 11:34

I entirely agree but I am at a loss to see what pi's can do to change it. BoD know that which is why they are so cavalier. I have experience of channel island boards. When newco is set up it will be simple to stuff the new BoD with rent-an-ned folk, acquiescent for the usual fee.

[bbking1] 05/6/2017 11:19

The Fund Manager and NED also need to give shareholders a better idea what the Newco will entail and how the Fund Manager will be compensated for managing the run-off of Newco.
I'm fed constant bad results while the Fund Manager keeps draining the fund with managements fees. The longer this whole affairs drags on the more management fees they receive. They have zero incentive to wrap this up as soon as possible.

[shaker44] 05/6/2017 11:13

Good luck with writing to the chairman. I tried that. He is predictably evasive and defensive as he attempts to justify the unjustifiable. If you really want to rattle the cage best to right to the regulator.

[bbking1] 05/6/2017 11:07

Given the decline in NAV, which the Fund Manager and NED must have anticipated, why was the increase in fund management fees agreed before the release of the results? I guess there would have been a shareholder revolt if they announced an increase in fund management fees today. 5 Senior members of the fund management team have already left and only 5 remain.
The fund manager says there is a lot left to do, but with only 5 of the original 10 left that is no wonder.

Given the reduced size of the management team I don't think shareholders are getting good value, especially from the increased management fees.

Shareholders should write to the Chairman and ask him to justify the increase in management fees in light of the latest results. As a long term shareholder I'm livid at how sneaky the fund manager was in obtaining an increase in management fees while they were aware that the NAV tanked. The Board is absolutely useless in protecting shareholder interest.

[shaker44] 05/6/2017 11:02

Really? Is there that much potential left in Rushden? Surprised

[shaker44] 05/6/2017 11:02

Really? Is there that much potential left in Rushden? Surprised

[shaker44] 05/6/2017 09:55

When I said results I included their commentary on expectations. I would love to share your confidence that they are sand bagging. They have demonstrated that they are not to be trusted. If they do realise more than expected I doubt much of that excess will finish up with shareholders.

[tricky1000] 05/6/2017 09:38

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!

[shaker44] 05/6/2017 09:31

Why would you think that in the face of these results? Don't you think newco will be another exercise in moving cash from shareholders to BoD/advisers??

[tricky1000] 05/6/2017 09:13

Still expecting a good result here buying opportunity I think

[shaker44] 05/6/2017 08:41

But if you did that, how could they justify their fees!! Gravy train

[shaker44] 05/6/2017 08:41

But if you did that, how could they justify their fees!! Gravy train