Work Service Share Discussion Threads

[topvest] 04/10/2020 11:00

David Marshall is 76 though so maybe he's planning to tidy some of his holdings up before he retires!

[topvest] 04/10/2020 10:58

Agreed from a shareholder perspective. Unfortunately from management's perspective it has a few attractions: historical attachment, director fees, something to do and a vehicle to continue to hide the City Group cost base.

[russman] 04/10/2020 10:02

WSE has no raison d'etre anymore.

[topvest] 03/10/2020 12:53

I would be happy with a merger first of all, so that we just hold shares in the LSE listed Lonfin. We are all trapped in WSE where the bid / offer spread is ludicrous. Why they ever moved onto Ofex (then Plus and now Aquis exchange) is anyone's guess. Maybe it was to cause an intentional trap! I have noticed though that a few disaster shell companies (held for over a decade) have recently jumped in price. I have actually sold a few duff companies at what I consider to be a fair price on Aquis in the last week which is odd. Nice to tidy up the bottom end of my portfolio from a more speculative style 20 years ago! I still hold lots of Gledhow Investments and Western Selection though, and will patiently await an exit opportunity. The unfortunate thing about Lonfin or WSE is that whenever they have a strategic investment, I am convinced that this has a negative impact on the share price of the strategic investment. I would guess that Brand Architekts starts flying now that WSE have exited!

[russman] 01/10/2020 20:19

Marshall has lost the investment plot. The overheads have been excessive for decades with mediocre performance. Fold LFI & WSE together; retire the dead wood; chop overheads or relate to performance.

[topvest] 29/9/2020 18:10

This is a disposal at a very poor price. Peter Gyllenhammer has got a bargain, as usual. Let's hope that this is the beginning of the end for their investment strategy, rather than raising some cash for another strategic investment. This strategy has been going for 20 years or so now and it hasn't worked. Investment returns have been poor to middling before excessive costs. Even I have lost my patience with this one! Let's hope that they finally either return cash or get taken out by Lonfin to avoid the double costs! They had some reasonable initial investments, to be fair to them, but they have executed poorly and never made a sizeable profit on any. Always too interested in taking the director fees which must have clouded their objectivity & judgement. In my view, they should have learned by now that average companies are not hold forever investments. Fantastic companies may well be, but none of their investments have ever fallen into this category. Creston, Doctor's Direct, The Sanctuary Group, Northbridge, Hartim, Bilby, Finsbury Foods. None of these were awful, but The Sanctuary Group, Hartim and Doctor's Direct were total 100% losses in the end. Bilby was a mistake from day one. Awful sector to be getting into for anyone that has experience of construction contracts in the social housing sector. Creston, Northbridge and Finsbury Foods were all reasonable businesses but again they didn't get out at a good price and profit despite ample opportunity. Surely, as a Board there has to be a realisation that performance has been mediocre (at best). It's time to return cash and use the vehicles as a shell or something!

[topvest] 29/9/2020 18:02

The Company announces that on 28 September 2020, it sold 1,300,000 ordinary shares of 5 pence each in the capital of Brand Architekts at £1.0978 pence per share. Following the transaction, the Company no longer holds any ordinary shares in Brand Architekts. Edward Beale, a non-executive director of the Company, is a non-executive director of Brand Architekts. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR). The directors of the Company accept responsibility for the contents of this announcement.

[russman] 22/11/2019 09:20

Marshall empire is not that well connected to get first choice on good investments.

[topvest] 21/11/2019 21:27

No they have added at 11p in the placing. No surprise there in throwing good money after bad. I am on record on this BB saying it was a rubbish investment...the sector is a nightmare for anyone that has a reasonable handle on business. Getting their customers to pay a bill is always a big problem and they will hold up a £1m payment for some gripe over something or other for £100. Anyway, the placing may not be a bad move as long as they sell a stake on recovery. Doesn't get you away from the fact that they shouldn't have invested in such a low return competitive business in the first place though!!

[russman] 20/11/2019 17:59

WSE is a sub of LFI so more complicated. Just roll it into one. And for the record I don't rate Bilby as a good investment opportunity.

[coolen] 19/11/2019 20:48

As Russman has identified previously, a merger with Mr Marshall's sister-company LFI would be complicated by LFI's dual-South African Listing. A less costly solution would be to find a new investor/manager. As part of the exit agreement, Mr Marshall's "strategic" investments within WSE be transferred to LFI. Word has it that the former major shareholder and investment manager of El Oro (recently acquired by J P Morgan) is seeking just such a vehicle, should any of you guys be able to make contact.

[russman] 19/11/2019 09:14

Lobby does not work; we will be outvoted. The investment performance of both LFI and WSE has been poor. That is Mr Marshall's responsibility.

[topvest] 17/11/2019 12:47

Yes, but I would say their RNS was positive as Bilby was very close to going bust. It's quite positive that directors supported the fundraise. I guess that we will find out this week, through a holding RNS, whether or not WSE put some more in. WSEs investment strategy isn't working and we need to lobby for LFI to take it out.

[oooff] 16/11/2019 13:17

Another drop for Bilby due to fundraise at 11p per share.

[russman] 02/10/2019 05:34

Their business model is out of date. What value has been created for minorities over the last 20 year. A divi but not anymore. Roll WSE into LFI now please. Nothing WSE offers that we cannot do better.

[topvest] 01/10/2019 09:56

Disastrous results issued yesterday. My thoughts... Northbridge - recovering Brand Arch. - struggling a bit but large cash balance Bilby - disastrous investment as predicted. Could go bust or recover...in the balance! Tudor Rose - wheels fallen off and fully written-down. Brexit casualty. Accounting reference date extended to June which is an error in the announcement. They have converted their £750k facility to preference shares, not that this has ever been announced. Tudor Rose appears to have lost some large accounts and is on the verge of going bust in my view. Hopefully, they will not waste any more funds. This was a very promising initial investment, but has turned out very badly indeed. £3M of cash is the only positive (i.e. they have repaid borrowings and liquidated their portfolio). Final dividend dropped. They make a comment about prudence, but really they have no distributable reserves. Surely now is the time to collapse this into Lonfin? They make comments about investing the £3m, but really....please don't! Maybe it's time to admit that they really are not very good at making strategic investments. Didn't they sell a large stake in Treatt plc 10 years ago, because they couldn't get on the Board....just about sums it up. That would have been a 10 bagger. Tentatively, looked at selling but not worth it at half of book value. Will hang on and see whether they actually rationalise this company after 20 years of relatively poor returns. At the end of the day, they are a relatively trustworthy bunch but have only mediocre ability.

[russman] 19/5/2019 07:25

He is past retirement age. Maybe he cannot keep his Board appts.

[topvest] 17/5/2019 14:19

David Marshall has given notice of his retirement from NBI's board. There doesn't appear to be a replacement WSE board member. Could be indicative of some changes.

[russman] 17/4/2019 06:30

Bilby makes me cringe. WSE share price performance has been unremarkable considering the "overheads". Just merge LFI & WSE; life would be so much easier. Consolidate their share registers. Its a no-brainer.

[russman] 06/3/2019 14:21

WSE is rubbish. The Marshall "empire" does have value. Consolidate the loose ends,

[topvest] 05/3/2019 20:51

Yes, Bilby was very predictable. Its a disastrous sector to get involved with. That's the trouble with WSE - 2 steps forward, 1 step back all the time...not good enough when costs are higher than average. Net result = a poor return for all other than the family members who get paid as well.

[callumross] 05/3/2019 15:14

Another "strategic investment" disaster for the company, I see. Never fails to amaze me, their ability to pick duds.

[russman] 05/3/2019 12:29

NAV is sunk by the Bilbys, Time for change. LFI & WSE consolidate. Wipe out the small historic shareholders.

[topvest] 19/1/2019 17:52

I would suggest the cost is fairly minimal. A few resolutions in a shareholder circular, and you are away. You could even coincide with sending out the annual report. City Group should earn their high salaries and do some value added work.

[russman] 19/1/2019 12:37

Suggested something similar at an AGM. BoD said it would cost too much. It will have to change one day. Not clear what the catalyst would be.