Standard Life Share Discussion Threads

[chesty1] 06/6/2016 15:02

It's going up again essential.

[essentialinvestor] 06/6/2016 14:04

Sold at 332 few bought on Friday, gambling on buying back lower,
may not work this time, hey ho.

Markets looking perky atm it has to be said.

[chesty1] 06/6/2016 12:01

Building steam.... Let's get rid of this brexit rubbish and fly.

[essentialinvestor] 06/6/2016 11:15

Nick, that has greater implications for the banks imv,
SL. is being buffeted by the exit concerns, Friday two weeks and that
is resolved one way or another.

[chesty1] 06/6/2016 11:02

Up we go....

[nicksoj] 06/6/2016 09:57

There's no doubt in my mind. We'll revisit those recent lows.Once Yellen comes out with more dovish comments...

[essentialinvestor] 06/6/2016 09:49

Not sure this bounce will last Chinese,
happy to be wrong on that.

[chinese investor] 06/6/2016 08:48

Good Start !

[essentialinvestor] 05/6/2016 12:04

Report in the FT estimating that asset managers earnings could fall
by 30% over the next 3 years with the rise of passive investing,
would think SL. is at less risk than some, but challenges for the wider
industry exist.

[essentialinvestor] 03/6/2016 16:26

Next buy area is around 320, if available, that may be ambitious,
but big moves in either direction may continue imv.

[essentialinvestor] 03/6/2016 15:59

Does not always work chesty in fairness, thanks.

[chesty1] 03/6/2016 15:52

Well done you said below 3.30

[essentialinvestor] 03/6/2016 14:27

Added a few.

[skyship] 03/6/2016 08:05

After the bizarre happening last Summer when the LMS Capital (LMS) BoD tried and failed to usurp shareholders wishes for liquidation, many continue to harbour doubts as to the Board’s probity.

However, there is no escaping the 4 principal facts:

1. Their past performance with the liquidation process has been impeccable, with 63% of the NAV at the start of the process having already been returned – a figure equal to the MCap at the start of the process

2. The liquidation process is again on track with a 28.7% tender at NAV in Dec’15

3. At the AGM last month the BoD again reaffirmed the liquidation process and the continuing return of capital through Tenders; and for the first time they put a timescale to completion of the process – essentially by Dec’17

4. The current NAV = 88p; versus the offer price of 63p; ie the shares are trading at a full 28.4% discount, even though in liquidation mode

These are the basic facts which should justify an element of research. That research will quickly uncover last month’s AGM statement which revealed that already the Company is refilling the cash coffers – now up to £15m, so likely halfway to what will be needed for the next Tender.

So, now one needs to practice a little conjecture. Say the next Tender will be declared again for 28.7% - that would translate to 29.7m shares @, well let’s be conservative and predict an NAV fall from 88p to 85p, so @ 85p would cost £25.25m. Note – we already have £15m in the kitty!

So, buy @ 63p…..sell a minimum of 28.7% @ 85p…..yes, that’s a profit of 35% on that part. But wait, it gets better.

First, there is the official Tender overage – that was an additional 3.4% in the last Tender, the 4th Tender providing these profitable trading opportunities.

Add to that the unofficial overage which arises from having your stock held in a Joint Stock Nominee Account. I got another 7% from Selftrade last time around – a total of 39.4% redeemed at NAV. Many posters on the LMS thread did even better than that. The Nominees overage is a fickle friend paying out better for some than for others – but always more! This aspect will only make sense to the professional investor; but those here are just that, so I won't dwell further.

The final soupcon of information for the time-being. The well-respected IC tipster Simon Thompson has just revisited LMS. He wrote a piece on LMS on Wednesday. I won’t post his entire article as the IC Online is a subscription site; however, I will post his closing remarks:

=======================
“Of course, the fall in LMS's net asset value from 96p last autumn, to 92p at end of December 2015, and to around 88p now will make some investors cautious even though the aforementioned one-off hit on an unlisted investment and the fall in Weatherford's share price account for the vast majority of the decline. However, I believe the discount is simply too deep given the impressive track record of the company in successfully divesting its interests.

I also believe that given the surge in the cash pile, and the fact that LMS's uncalled commitments to funds it has invested in is only £4.1m, then it's only reasonable to expect LMS to make another hefty cash return later this year through a tender offer pitched at net asset value, a factor that is simply not being reflected in the share price. The company is due to report results at the end of July and I would anticipate further news on likely capital distributions then. I would point out too that every time the company has announced a tender offer the share price has bounced back strongly.

Needless to say, I rate LMS Capital's shares a buy on a bid-offer spread of 62p to 63p.”
====================

So, in a difficult year VALUE is hard to find. LMS certainly represents VALUE. And if you are still looking for a hedge against a plunge in CABLE following an unlikely BREXIT vote, the LMS portfolio is 66% $-denominated.

[essentialinvestor] 01/6/2016 09:44

Have these down as a buy under 3.30, if we get to that level.

[nicksoj] 31/5/2016 12:16

Both sterling v dollar and brexit odds (since 27th) look to be offering an in point for those that missed out.Or, is this a return to more pronounced downside? The immigration debate is going to run on...

[chesty1] 27/5/2016 08:09

I have got the Friday blues I can feel it ...

[cockerhoop] 26/5/2016 14:14

JIL has gone xd today for 8p (in addition to the 5p received in December). Once the proceeds from the 2 recent settlements (approx $65m - costs) are received (due by August) I expect a more substantial return.

[sg31] 26/5/2016 14:00

LSR 1/2 year

[chesty1] 26/5/2016 11:05

Buyers coming in @340 come on you beauty turn blue.....

[essentialinvestor] 25/5/2016 10:43

Lovely morning for you Chesty )

Sometimes it is difficult to keep the faith on the world is ending type market days,
if you believe in the business it makes it a little easier.
Looking to add on weaker market days.

[chesty1] 25/5/2016 10:41

Just bubbling away @342 getting ready to move again.

[chesty1] 25/5/2016 08:12

Essential investor ride it....

[rathlindri] 24/5/2016 22:57

Well said that man

[chesty1] 24/5/2016 22:40

You all know my position...Long and strong...

Brexit is now going over 4/1 getting longer and longer....

Stay in, We should have never gone in BUT now we are in the damage has been done. Leaving will only cause so much more damage.

Be lucky to all