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On further considerations we are holding fire while they are still selling the stock
Very few appear appear to have any interests in EPE. The NAV has dropped 10% in a month mainly due to Luce, which hopefully should start to rise from these lows. We also own LUCE which we paid 70p for ( we really can select them) We are going to sell Luce at a loss and invest the money in EPE.in the near future if things get a little btighter. You can make a good return buying firms at their lows, providing you do buy at the low. Also the NAV at EPE gives you a little to play with. So selling Luce and reinvesting here means we are buying Luce at an even lower price or so we think!!! Although we are losing at the last investment we did make money earlier when we sold out, so overall it is worth taking a chance. Investors have a different idea as they seem to be selling far more than they are buying,but the price hardly alters. What that means is anyone's guess.
Out of these today.at an awful price. Good riddance!
Should have listened to my inner voice when I posted last. Now I am down quite a bit and at the mercy of Luceco. Only consolation is that the management here are miles more at risk than li'l ol' me (but are much richer!) They have started buying back shares on the cheap which can ironically send the SP down (see NG) I will reluctantly wait and see. The TV programme today about Boots might worry this lot with their Pharmacy2you subsid. Still hoping there will be a hint later this year about a sale/flotation for that.
I blame this management for not watching closely the management of its 25% owned piggy bank, Luceco, which is still falling on fears of the maxim 'Profit warnings come in THREES!' So they have at last found another candidate to invest in. I'm not sure I want to stick around. I am cutting even here at the 250p range and if it moves back soon, I am tempted to cut and run in case Luceco goes even worse.
Like the RNS today states from EPE...Should the Luceco plc share price close today at 145.0 pence per ordinary share, the estimated ESO plc fully diluted Net Asset Value will be 315.57 pence per ordinary share. Worth buying a few at this price.....maybe even a few Luceco too....I made a fortune buying Provident the day it crashed....often the time to buy...when everyone else is selling
OK until things go wrong! Ditto for PIs having over 50% of their PF in one share - I've just suffered my worst week since November 2015 thanks to things not going according to plan with my Top Dog. But my smallest holding was # 4 Top Riser today! How to make a small fortune on the Stock Market? Start with a large one!
Sorry - should have said 'first post since 2013' !
I rarely post on BBs of any sort and I think this might be my Maiden post on LSE - but thought this might be of interest to other PIs invested in ESO. All two of you! Last month sold out my modest ESO holding at 318p for small loss. Noticed sharp drop this morning but no news items or RNS to explain reason for fall, so tel MHP Communications and spoke to Sam Modlin who is Account Exec for Luceco. He sent me the following email. Bought 1,000 at 239p and will probably buy again on Monday. QUOTE "Luceco plc, the manufacturer and distributor of high quality and innovative LED lighting products, wiring accessories and portable power products, is today issuing the following trading update for the year to 31 December 2017. The Group has seen gross margins weaken during the second half of the year and will now deliver gross margin of approximately 33%, leading to a £3.5m reduction in profit after tax to £13.2m, versus current market expectations of £16.7m. Regrettably, the gross margin weakness was not identified sooner due to an incorrect assessment of the value of the Group's stock. The Group's Financial Controller has resigned as a result of this error. System improvements are being put in place to make sure this issue does not recur. The principal reasons for the gross margin weakness have been the strengthening of the Chinese RMB versus the US Dollar, alongside the ongoing weakness in GBP and increased commodity costs. The Group will be able to mitigate some of these headwinds through internal efficiency savings and overhead reductions, with margins expected to recover to long term expectations in H2 2018 as a result of these actions. The Group also intends to increase its foreign exchange and commodity price hedging activities with particular focus on the Chinese RMB versus the US Dollar. Luceco's revenue forecasts for 2017 and 2018 remain in line with market expectations. We continue to expand the Group's product ranges and our geographic reach. Luceco's balance sheet remains strong and the Board continues to assess opportunities to invest in the future growth of the business." ENDQUOTE Suspect the two 'regular' posters here may be familiar with the above, but thought it might be of interest to anyone passing through. BTW my portfolio is split between O&G AIM & Mid Cap producers + as a counterbalance a broad range of Investment Trusts incl several 'High Conviction Activist Funds' where the Mngt Team/BOD have substantial equity in the business (RII, IIT, NAS, CRS, ESO & RIT) DEM
Just to clarify I should have said EPEs NAV has lost £40m not its share price.
I know it’s NAV was at a big discount but the loss in Luceco sp today has wiped over £40 million from EPEs share price. I’m sure it will recover in time. It had been doing fantastic but that was based on EPEs holding. We hold 25% of Luceco A few weeks back it was worth as mush as £400m. Now just over £200m. EPEs has lost over £40 million this morning. That’s what happens when they have over 60% of their holding in that share. I’m invested heavy in here and know it will recover. Luceco looks oversold.
Must be very few private share owners here. Stingy with RNS so we have to rely on ESO's incredible past record and sweat it out. Also when the big jump comes, be ready to cash chips before it sinks back IMHO.
Real sleeper this,but you wait. Intrinsic value buried in this.
a few guys have wisely had a nibble at this. I don't expect the price to rise a lot more now until they announce developments.
David Stevenson on P17 of his 'Money' column discussing overlooked Private Equity groups: "First up is EPE Special Opportunities, which trades at a chunky 19.6% discount, but has lots of cash and a single massive holding in a London-Listed lighting business [Luceco] that has shot up in price. The real discount on trading assets once cash is excluded is closer to 40%" Of course this does not mention the other big attraction: a vast amount of stock is held by the Directors and top managers whose fortunes are therefore closely aligned to yours and mine!
identical buy. See my post 22 Sept.
Previous years have seen it creeping up through to end Sept. Should be coming soon. They don't have many of us privateers so please themselves. Figures here seem to be pretty meaningless so they no doubt wait until they have a nice morsel of news to release with it!
25000 at 328p. Has to be a director or senior manager, or even an institution. Price very firm in a squidgy market. Great things expected here bur patience needed to unlock value.
That;s a chunk for this stock.
Pleased to see there are a few more small investors nibbling at this shrewd outfit. Someone today paid a shade under 340p and still a bargain.
Had a small top up today. Even the small rise in Luceco today has added a couple of million to the NAV.
You forgot to throw in process components as well. Looks good to me
Yes the figures seem about right. Bargain. I'm holding a few and intend to add more real soon
Very small free float, so when a few institutions want to lay their hands on them by the five noughts, the price can be expected to spike!
Not easy but they say that they are sitting on £30M cash, have invested £2.7M in a fund they know well, Luceco holding now worth £100M plus and Whittards (perhaps £10M) and P2U (say £5M). I make that £152.7M divided by 28.3 M shares. Lousy at maths but feels like about £5.50. And management skills, knowhow and contacts chucked in for nowt. OK, its not for everyone - the quote is on AIM at present and you should appreciate they have not backed a dud yet - but looks a snip at £3.27. OK. I'm guilty of ramping but I have filled up my tiny boots!