LXB as an investment is a special situation in that it was bought on the basis that the company was being wound up and the realisations would exceed the share price and the winding up costs and thereby leave me with a 10 - 20% gain within 12 - 18 months.
My holding was acquired at an average of 100.8p. Currently the company is in the process of returning 38p a share.
Netted this will give me a buy price of 62.8p. In the interim results the Chairman writes that they "remain confident that the end value for shareholders will exceed 64.18p .....by a comfortable margin."
This does not suggest to me that there will be a 20% gain. Which fits in with the fact that the development sold to generate the 38p return was sold at a lower price than hoped. Though it does seem to suggest that the floor is reasonably well set and there should be some profit. The speed of realisation now becomes important for the value earned.
I continue to hold the position but do not intend to add.