Work Service Share Discussion Threads

[topvest] 27/2/2015 20:39

Yes, nothing very positive. Selling equities is good unless they blow the proceeds on something that's a poor investment. Hopefully they will sit on it for a while. On balance, cash is a better investment than equities at the moment if you wait for a market fall. Hartim is disappointing, but they still sound optimistic. Costs are too high as well all know.

[smithie6] 27/2/2015 14:30

so
running costs up in 1 yr for H1 from 134k to 166k.

32k increase

and what have they done to justify it ?
nothing ?

pay rises ?
more expenses ?
Xmas parties ?

tieving ..stewards !

[smithie6] 27/2/2015 14:19

"Our share of Hartim's estimated results for the period ended 31st December 2014
is a profit after tax of GBP23,000 "


and as per usual....opaque accounts

dirs. refusing....yet again to tell shareholders anything !!

BIG drop in performance.....
after prev. accounts said 'we have big hopes for this co'

WSE dirs. COMPLETELY INCOMPETENT ....or just repeatedly unlucky ...or ...asleep !?

(many LFI/Western dirs. are at the age were one wonders if they take an afternoon nap !)

====

and these accounts as well !!!

"We are optimistic about the prospects for Hartim "

yet profit has CRASHED !
and NO EXPLANATION

anyone got a Kleenex, director number 3 is dribbling on to his shoulder again, needs wiping up...

[smithie6] 27/2/2015 14:16

imho
nice to see that enough blue chips have been sold to wipe out the debt....

agree with that...

(although if they sold at start of period...would then have missed the jump of mkts over last few months....ah well)

[smithie6] 27/2/2015 14:13

"At the close of business on
25th February 2015, our net asset value was 94.55p per share. "

maybe they could get of their bums at least once a month and tell shareholders what the NAV is !!

they managed to report on 26th what the NAV was on 25th...without any problems

MM spread is too big...imo only way to trade is to leave an order and assume that a spead of say 5-6 % is more fair....as prev. trades show for buys around 54p when spread was 52-57p

===

with NAV of 94.5p the price to sell of 52p is too low imo..discount looks too big imo..so hopefully will rise ..

[oooff] 27/2/2015 12:14

New half yearly report.

[smithie6] 29/1/2015 17:18

someone sees some value....

recent buys in 1 go of
- 20000 shares
- 10000 shares

big buys for little Western....most PI trades are under 5000 shares....and often for only 1-3000 shares per go

[smithie6] 11/1/2015 19:11

new tweet gone out about Northbridge

@fulltimeinvest

[smithie6] 02/1/2015 12:59

"To acquire these stakes in new core investment holdings, we need to be able to
react quickly, and therefore to have readily available funds to invest. To
achieve this we will maintain a treasury operation consisting of cash, debt
facilities and liquid investments. We have ceased to have a general portfolio
of investments under our new business model. "

Be interesting to see what news is released in the future....

and what 'new core investment holdings' have been invested in....

----

Update
hopefully not in a banana grower !!....(recalling people posting about banana skins !)

[smithie6] 24/12/2014 10:38

Merry Xmas.

NBI. have to doff the hat to you on that one !

[topvest] 23/12/2014 19:38

Yes, happy Christmas.

Northbridge has taken a bit of a beating of late, given it's exposure to oil and gas. As I suggested, they should have top-sliced once more when they had the chance!

[smithie6] 23/12/2014 18:17

& Merry Xmas to you as well.

2014 was kind to Western shareholders.....fingers crossed for 2015.
(Gen. Portfolio has been moved to be called current assets
so....something could well happen )

[russman] 22/12/2014 22:08

Happy Christmas.

[smithie6] 22/12/2014 14:40

Anyone think that Western will use all/most of the money from Gen. Portfolio (now moved to current assets) to buy say 1/4 of Hartim...to make it a subsidiary ?

or phaps to do some other corp. deal ...phaps for Hartim

the prev. Auz. adventure fell over, badly.
but the logic is easy to see for Hartim to have a sister company somewhere, overseas

----

or even to back Hartim in to a shell or a listing ...combined with an acquisition at same moment ?

and recalling that accounts mentioned that had spent some money on prof. advisors

[smithie6] 08/12/2014 19:46

interesting SWL news

"All of the 225,119 new Options granted have a performance condition attached to them, linked to certain stretching share price targets ranging from a threshold at GBP1.80 to the full award at a share price of GBP2.20; and to the extent that the performance condition is met, have an exercise price of GBP0.95."

GBP 1.80 threshold and 2.2 GBP for full award of options !
when the SWL share price is currently around 90p !

[smithie6] 08/12/2014 16:15

NAV estimate

It was 102p at end of June, ref. the accounts.

Since then
Creston value up 540k
NBI value up 240k
SWL value down 240k

General or current portfolio, little change.

Nett change is around 540k, = 3p/share

so
I make the NAV = 102p +3p = 105p

(if value Hartim based on P/E rather than just its assets then that could add say 15p, depending what value is used for P/E. If so then NAV moves to around 120p)

At 65.5p mid price....the shares are at a large discount to NAV...too large imo...
especially when also consider that Creston has been tipped by various magazines etc...so that could well move the NAV up a bit.

[smithie6] 04/12/2014 17:09

With all due respect ...you didnt give a statement of 2 facts.
...you gave 2 opinions which in your opinion are true.

they are not....but not important.

-----

Returning to the main subject

Do you agree that
- competing investing entities have performed MUCH MUCH better than LFI/Western over last 5,10, 15 and 20 year periods ?

- this is because the inv. strategy is different ?

- hence, that shareholders should consider to push the bod to make changes to the inv. strategy

- Western/LFI have always traded on a large discount to NAV (sp around 60% of NAV), showing that the companies and directors are not highly regarded by the market and/or the low past pref. puts off investors from wanting to be shareholders

- the co. does not follow the spirit of the Good Governance rules and other rules. (employing sons, secret options schemes, co. adviser is in a conflict of interest situation, the chairman uses a controlled employee as chairman at another listed co !, chairman has filled board at other listed co. with ppl linked to him with no knowledge of the business of that co. ! (ie. yes men)


The above are the key pts. ...imho.
If you do not like the messenger (me !) or you think he speaks with a lisp, or takes too long for his morning coffee, or has opened the message and read it.....is imho ....irrelevant !


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In case of interest , reported today that Bankia accounts at time of its big IPO were false. The MD was an ex-boss of the int. mon. fund I think, Mr R.Rato.
ie. the financial sector stinks and will do whatever it wants imo unless shareholders try to keep it in line.
(Bankia preferentes is another big financial scandal....Spanish Govt. does nothing since it would have to pick up a lot of the bill ! so it controls judges and the prosecution dept. to suit its own desires....its a twisted world out there...+ Libor scandal + Quindell + many more)

[russman] 03/12/2014 17:32

I made a statement of two facts.
You are entitled to your opinions.

[smithie6] 03/12/2014 17:08

Russman
btw...in case of interest

if you have followed my Tweets in 2014..@Fulltimeinvest...you will see that most of my 'calls' have turned out to be good
so, imho I reckon that a high % of my opinions/decisions turn out to be right.
...not all of course....

[russman] 02/12/2014 18:59

I deduce:
- that you own 33,710 shares.
- that at least 3 other shareholders voted against at least 1 resolution.
Only you know if it is worth your effort.

[smithie6] 02/12/2014 13:28

AGM

amazing
resolution to allow 12M new shares...when currently there are 18M
without any mention of what the 12M would be for...and stated that no current plan to use

ie. a big resolution

and yet almost no one bothers to vote !!...not even the big holders !

looks like the 9M shares voted may be only the votes from LFI and arguably their sleeping partner WH Lamb Ltd. (that gives the Marshalls over 50% in both LFI and Western, co-incidence ?, I dont think so )


Not surprising perhaps the fraudulent or dubious dir. or subsidiary dir. actions at companies like Mobile Streams, Cupid, Quindell, Tesco, Speedy and many more

if shareholders take no interest in what they have invested in and do not bother to vote.

[smithie6] 23/11/2014 19:19

Perf. of Liontrust UK SMaller COs. Fund

Cumulative perf. since 1998
Liontrust UK Sm. Cos. 560 %
Montanero Uk Sm cos. MTU X4 -X5
Athelney Trust. ATY. share price is X3 since 1998
IMA Smllr UK co. sector av 349 %
Western. only perhaps 50% up from 1998 !.



hxxp://www.liontrust.co.uk/Portals/0/Factsheets/Liontrust%20UK%20Smaller%20Companies%20Fund.pdf

MTU


Athelney Trust


(and the long market chat is always fun to read, often a few jibes thrown in here and there !


hence imo the inv. strategy used by Western Selection

does NOT work well compared to funds that buy/sell shares in small UK cos, without having board representation...!!

and shareholders should consider to vote no to resolutions allowing to issue more shares....the poor perf. does not need to be expanded !