Leeds Group- leading to a capital return

For all sorts of reasons, I haven't commented on LDSG for a while now. I suspect that it was simply too small to attract much support for an MBO from the financial institutions - why bother with Leeds, when you can do a deal like New Look instead ?

I think that the fair value must be 30p now, on the basis of Hemmers churning out a decent profit and the cash we hope is in the bank (I wasn't a holder of Langbar but it served to remind me, nothing is certain till the cash is in your personal bank account). But Hemmers doesn't have a 100% reliable record and I would be much happier if they could find a buyer for it at a reasonable price, sooner rather than later. I hope that most of the contingent issues from past disposals are now dropping away through time expiry, and my preferred result would be a liquidation.