Lxb Retail Properties Share Discussion Threads

[catsick] 05/2/2018 07:16

Haha so the investment advisor advises to sell him the assets of the company after receiving huge inflated payments for advice, I would vote against irrespective of the price offered as clearly he has not been acting in the shareholders interests for a while now with his fingers in tge pie ....

[mrx001] 22/12/2017 12:30

things seem to be picking up. :0)

[mrx001] 15/12/2017 22:05

Going cheep?

[mrx001] 12/12/2017 10:01

npt - good idea in hindsight but I'm not a big fan of ponzi schemes.

[mrx001] 11/12/2017 17:38

Bought some more today, am feeling quite confident of a good gain in March despite the track record of the current board. I wouldn't be surprised for there to be a slow tick up in the run up to March.

[mrx001] 07/12/2017 12:30

Have just bought back into these after having given up in disgust a year or so back. Hopefully they will be able to deliver in March this time. :0)

[shaker44] 06/12/2017 10:41

You are correct of course but on past form they will be sold of cheap to related parties. Be nice if the BoD acted in shareholders interests though- and pigs may fly.

[actofwill] 06/12/2017 10:00

LXB should open up the assets to be transferred to an outside bidding / appraisal process to crystallise the meaning of "arm's length".

[actofwill] 05/12/2017 09:22

Does anyone have any sense how much capex they still need to spend?

[actofwill] 05/12/2017 09:16

Looks indeed like a positive NAV and strategic update

The best thing here is that the NewCo has been abandoned - so we are not exposed anymore to the abysmal capital allocation "skills" of management (leaving aside from the fees charged for it). The reference to management as "shareholders" suffering pain is a new one. It's good to see that alignment of interest (once management fees fade) ultimately works.

This seems now to converge to a pure liquidation play - obv still with risks

The only "fee" I can see is the "arms length" transfer of something that is claimed to be worth < 1p.

We collectively need to make sure that its really < 1p and nothing more...

[partner] 05/12/2017 08:52

Am i missing something here , buy today at 22p up to march 2019 return anticipated of between 30 - 35 p per share .

[tabhair] 21/11/2017 14:36

I would be shocked if Sutton is sold anytime soon. The planning application for the amalgamation of units B3, B4, and B5 for the gym has not yet been approved, so I imagine this property would be very difficult to sell at present.

The same goes for Neats Court. I see another planning application for it from LXB that is awaiting approval. I am guessing the two remaining units are proving difficult to let, that is why they are requesting a loosening of restrictions.

Stafford retail should be at full occupancy, but as you've stated the lack of communication (other than the warning of an undisclosed write-down) regarding this must be concerning. Stafford is fully, or almost fully let though, so you would think that at this point it's the most likely to be sold.

[shaker44] 21/11/2017 14:11

Any new financials, based on history, will include additional payments to the Investment Manager, spuriously justified.
But I will be very happy to be proved wrong, not to say, very surprised.

[tabhair] 21/11/2017 13:39

A 15p distribution? In our dreams I think.

In the best case scenario (assuming that no money is due to Highways England) - I estimate that the company holds about £25M in cash (about 15p). This is adding the £8.6M that was/will be received from Rushden to the current cash balance, also including £1.3M from Greenwich, then taking out £2.5M for expenses and £2.5M for committed to Rushden costs. I am guessing that in reality, things are worse than that, as there always seems to be mishaps and cost overruns with this company. I am thinking if we include a Highways England claim and overruns, maybe there should be another £5M deduction to the cash balance. Assuming the company would want to keep some sort of a cushion, maybe they could afford to pay out £10M (which would be about 6p). If Stafford or Sutton was almost close to a sale, perhaps, they could pay out £20M (about 9p).

[tabhair] 09/11/2017 10:13

Yes, the we were promised end of year results in the second half of November, perhaps they will kitchen sink the good and the bad news then.

It seems like a lot of disposals (Stafford Riverside, Sutton, plus a few other bits and bobs) that were promised prior to Newco will need to happen between now and end of February 2018. Very little has been heard on this front, bar the teaser that Stafford Riverside is being actively marketed. No progress.

I wonder is there a possibility that Newco gets pushed back even further.