Work Service Share Discussion Threads

[chrisdgb] 14/12/2022 14:05

NAV seriously undercooked..........

[russman] 10/10/2022 20:03

"cut costs" well I could state the obvious yet again.

[topvest] 28/9/2022 20:02

Yes, no merger with LFI announced. At least they have given up investing in strategic holdings. Even they have realised that their record has been rubbish. Glad I sold out. Still indirectly hold through LFI.

[russman] 28/9/2022 17:06

A busted flush. Marshall is fiddling while core holdings burn.

[russman] 20/8/2022 05:38

Times have changed.
S172, ESG etc have complicated the corporate governance picture.
Can an 80 yr old manage all these conflicts of interest.
Lets hope for "progress" in this years strategic report.

[topvest] 09/5/2022 08:25

Yes, thanks for flagging. What a disaster. Kinovo will most likely fall into administration as they are on the hook for the parent company guarantees. I did say from the start that it was an unwise investment.

That's it with WSE. I have lost patience and sold my shares first thing this morning. Got 35p, which is not too bad versus 37p or 40p before this fiasco. Still hold LFI but at least its on a reputable exchange. I reckon that there's about 50-55p on the table at WSE, but if its LFI shares then the discount will get you back to below the price in the market. At least there are some better opportunities out there to invest the proceeds, all of which generate a dividend return of between 5 and 10%.

[coolen] 06/5/2022 21:57

Shock disclosure from Kinovo today. Do I recall that Marshall has put 25% of your assets into this rubbish ?

[smithie6] 20/4/2022 16:32

"....the Company will continue to reinvest the proceeds from the sale of its investments when opportunities arise to buy shareholdings in good companies at sensible prices."

Maybe they will give up taking large positions in illiquid small caps

Since the benefit/income to the Marshalls via dirs fees at those cos. is generally no longer happening

& because that model has not worked.

-----
I have no position.

I think we all do better with our own portfolios than Western Selectn & LFI.

[topvest] 27/3/2022 14:37

It would make most sense to do a deal on the back of the audited June 2022 accounts.

[topvest] 27/3/2022 14:33

Yes, that would make most sense. I'd forgotten that WSE was originally a mining company. That must cost them a fortune if there are still legacy certificated holdings. Marshall is nearly 78 - maybe he won't want to have as many Board meetings going forward?
The tidying-up of the strategic investments portfolio is starting to show this, with nothing new done since the poor investment in Kinovo and some selling down of existing holdings.
Harwood are a buyer in Northbridge Industrial I think, so there may be an opportunity to exit Northbridge sometime soon.
Even Edward Beale is over 60. Basically, they need to start consolidating some of their activities.

[russman] 24/3/2022 07:40

Both Share registers are a complete mess. Thousands of small shareholders, South African. Consolidation is overdue (approx 10x)
Offer cash incentive for the small shareholders to sell up(say less 1k shares)
Then merge in paper deal.
Save a lot of admin & overhead.
But that would be the end of the Marshall empire.

[topvest] 23/3/2022 19:49

Agreed, but I suspect they will take it step by step. Marshall is getting on a bit and so it looks like they might be exiting strategic investments. They certainly haven't made any new ones for about 3 years or so. He might want to tidy things up a bit before he retires. The obvious deal is for LFI to merge with WSE and the deal to be done at net asset value in shares.

[russman] 23/3/2022 08:18

well if FIN goes; LONFIN will be even more pointless.

[topvest] 17/3/2022 14:00

Well I think the change in tone and language is significant. They certainly haven't, to my knowledge, used such language previously.

Things are also looking more positive at both Northbridge and Kinovo with both companies having refocused on their core businesses and completed disposals.

Maybe now is the time, at long last, to merge this with Lonfin and thereby remove some unecessary costs?

I think this is the best that we can hope for really in the short-term.

[russman] 16/3/2022 20:36

the talk has changed nuance, but no positive action has been taken to date.

[topvest] 18/2/2022 08:07

Well it looks like change is afoot. See text below from the interims. It looks like they have somewhat belatedly realised that the existing strategy isn't working. The talk of establishing shareholder value is definitely a positive sign. I would be happy with a tender offer at book value or a merger with Lonfin. It will be interesting to see what Lonfin says as well when they issue interim results.

"Business Model

The Company’s business model has been to seek to generate growth in value for shareholders over the medium to long term by taking sizeable minority stakes in relatively small companies, maintaining a dialogue through which the Company could provide advice and support to these growing companies until support was no longer required and the stake could be sold.

Companies that were targeted as Core Holdings had an experienced management team, a credible business model and good prospects for growth. Core Holdings were made in any sector where management felt it had specific competence. The Company also maintains a Treasury Operation consisting of a mix of cash and debt facilities as well as the liquid investments in a General Portfolio of shares which consist of investments, primarily in blue-chip companies in the USA, UK and Europe. The Company aspired to pay a progressive dividend.

Much has changed over the last few years and the concentration of the Company's investment into a small number of illiquid companies, all of which stopped paying dividends over the Covid period, and the increasing regulatory costs of maintaining the listing has taken its toll, resulting in the Company needing to pause its dividend in September 2019. The Board is actively considering strategies to reduce the share price discount to net asset value and establish shareholder value."

Outlook

"The Company remains cautious over future investments during these uncertain times. While considering options for providing greater value to shareholders, the Company will continue to reinvest the proceeds from the sale of its investments when opportunities arise to buy shareholdings in good companies at sensible prices."

[coolen] 01/12/2021 17:19

New week, new name. Plus Markets is now called "Aquis Stock Exchange". The link below may take you direct to Western Selection, but there may be a few hoops to go through first:

[ntv] 01/12/2021 10:46

Many thanks for your input coolen
I think I will write to the company secretary and see if they prepared to answer my questions
Where is the company now? Is it still on Plus Markets?
tia

[coolen] 23/11/2021 13:49

A second thought: You could get your stockbroker to ask Winterflood,as they were marketmakers both during the period of AIM and period of PLUS trading, so would have been making a market on the change-over day.

[coolen] 23/11/2021 13:33

As you suggest, the move appears to be 2009 as this was issued on 10/9/2010 "The Board of Western, advises that it has purchased 8,897 Ordinary Shares on
the PLUS Market at 36 pence per share for cancellation."

And still on AIM in April 2008, as this was issued on 16/4/2008 "The Company is pleased to announce the appointment of FinnCap as its Nominated [ie. AIM]
Adviser with immediate effect."

Sorry, does not answer your question re the exact date, but confirms the time zone.

[ntv] 22/11/2021 22:25

Help please if possible? Tia
In September 2009 I think these were suspended pending a move to plus markets I think
Trying to prove the exact dates they were suspended and dates of the move to plus markets for a potential court case or where I can get the info from
Anyone have the details or would I have to write to the company secretary for those?
Tia

[quepassa] 07/10/2021 19:05

what's that bad smell

[topvest] 05/10/2021 21:28

Not surprising given they have no dividend income and no distributable reserves. Their strategy is never looking such a lost cause as now. It's just not worked and never will.

[russman] 25/8/2021 17:50

Kinovo. change the name is easier than change the business.