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LAN Land OF Leather

2.95
0.00 (0.00%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Land OF Leather LSE:LAN London Ordinary Share GB00B39TSN74 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 2.95 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 2.95 GBX

Land Of Leather (LAN) Latest News

Real-Time news about Land OF Leather (London Stock Exchange): 0 recent articles

Land Of Leather (LAN) Discussions and Chat

Land Of Leather Forums and Chat

Date Time Title Posts
20/1/200911:27Land of Leather1,468
15/1/200815:56Land Of Leather Recovery Play21

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Land Of Leather (LAN) Most Recent Trades

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Land Of Leather (LAN) Top Chat Posts

Top Posts
Posted at 14/1/2009 09:13 by trojan
LOL, Not Harveys matey, well backed by Stienhoff now and could well be in the running to take on some of LAN sites imo!!

The owners of SCS were also in the running to take on LAN with the last take over talks that LAN rejected so they may also be looking for some sites as well.

Pets at home were doing very well before xmas so can't comment further on that one and I have never been a fan of Homebase, but they seem to hold their own and at times have B&Q on the back foot!!

We shall see how it pans out, but there are better candidates out there than that selection I feel.
Posted at 19/12/2008 00:55 by westcoastrich
Land of Leather, the stricken furniture retailer, said that early stage discussions with a third party about a possible bid for the chain have been terminated on the grounds that the talks would have given insufficient value to shareholders.

By James Hall
Last Updated: 1:03PM GMT 09 Dec 2008

At the start of this month, Land of Leather said that it had received a number of unsolicited expressions of interest in the company. Talks were thought to have included Sun Capital, which owns rival chain ScS Upholstery, and Hilco, the turnaround specialist. Shares fell by over 30pc to 6p on the news that the talks had been terminated.

The collapse of the talks, which comes as furniture retailers such as Land of Leather have been hit by a dramatic slowdown in furniture sales, raises questions over the company's long-term future.

In the summer the chain said that like-for-like sales fell by 35pc and the company predicted that the dire economic climate would continue "well into 2009".

At the time the retailer unveiled plans to raise £15m through a new share issue to shore up its financial position in the sharply declining furniture market. The retailer, which has 109 stores, placed almost 30m shares at 50p and consolidated its existing equity on a 1 for 10 basis.

Singer Capital Markets said today that pressures in cash flow will begin to alleviate from Boxing Day onwards, once Land of Leather's post-Christmas sale has begun and "once stock begins to be converted into cash".

The broker added: "There have been rumours in the trade that Land of Leather is holding talks with landlords, as has been the case with many other high profile names, in order to negotiate quarter end rents due at the end of December."
Posted at 10/12/2008 11:27 by loganair
LAN has been burning cash at a rate of at least £1m a month. If in November it had just £2.4m spare cash, by the time the rent is due LAN may have as little as £1.4m cash to pay its £6m rent bill.

As I look at it, I'm afraid to say - LAN is a Goner
Posted at 02/12/2008 14:57 by csmwssk1
would not be opportunistic, stupid would be more appropiate, if anyone thinks next year will be easier they are in cloud cuckoo land, look to the states, they are nearly a year ahead, when they start to see a upturn, we will follow apx 9 months later, at the mo they have 16% house price falls in a quarter, car sales down 45%, we have not seen anything like as hard as it is going to get, if I remember last year lan said sales were down apx 20%, now they are down 47% on that, so how down on 2 years ago and how will they do in another year if sales half from here, if any one offers them a £1 for the lot they will need very deep pockets to keep going, as stated earlier in the year, you need circa £100m to keep lan going till late 2010. dyor.
Posted at 02/12/2008 11:48 by loganair
LAN only has £2.4m spare cash, not enough ot pay for the next 3 months rent and why has asked to pay rents on a monthly basis.

"The company is debt-free but £4.5m of its capital of £6.9m is held by its banker, Barclays, as insurance against having to repay credit card payments if goes bust.

A company insider said any attempt to buy Land of Leather at its current share price would be "opportunistic".
Posted at 12/7/2008 09:09 by judgement
LoL successful in finding a new revenue stream. Now an even stronger, well funded company.


Land of Leather Holdings plc (LSE: LAN) ('Land of Leather' or the 'Company') announces that by 11.00 a.m. on 11 July 2008 (today), being the latest time for receipt of Application Forms and payment in full or settlement of CREST instructions under the Open Offer announced on 19 June 2008, valid applications had been received from Qualifying Shareholders in respect of 8,504,527 New Ordinary Shares, representing 28.4 per cent. of the 29,945,226 New Ordinary Shares available under the Open Offer. Therefore the balance of 21,440,699 New Ordinary Shares not applied for by Qualifying Shareholders in the Open Offer will be taken up by the investors who applied for shares in the Placing.


The New Ordinary Shares to be issued pursuant to the Placing and Open Offer will be credited as fully paid, will rank in full for all dividends and other distributions declared, made or paid after Admission and will otherwise be identical to and rank pari passu with the existing Ordinary Shares in all respects.


The Placing and Open Offer, undertaken to raise £15.0 million (before expenses), remains conditional upon, inter alia, the passing of the Resolutions at the EGM of the Company at 10.00 a.m. on 14 July 2008, and admission of the New Ordinary Shares to the Official List and to trading on the London Stock Exchange's market for listed securities. Application has been made to the FSA for the New Ordinary Shares to be admitted to the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's market for listed securities. It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence at 8.00 a.m. on 15 July 2008.
Posted at 26/6/2008 21:23 by bethany3
If funding goes according to plan no reason why Lan can't trade out of trouble. Companies like Ashstead,Atkins and Invensy to name 3 with huge debts and a declining market managed to be nurse back to good health. Lan,no debt still making a profit with loyal long term backers will do so. Banks thro' their herd mentality suffered huge losses in America are now being over cautious with their business strategy evidently demonstrated in their mortgage lending. Introducing fabric to their range can only be a positive move to bring in more potential customers. Lan's share price has been over done and the probable demise of of its main rival gives Lan a better chance.
Posted at 23/6/2008 14:46 by judgement
Situation: OPEN OFFER AND CONSOLIDATION

The Board have announced that it proposed, subject to approval by Shareholders, to raise approximately GBP13.5 million (net of expenses) by way of a Placing and Open Offer to Qualifying Shareholders.

It also proposed a 1 for 10 Consolidation of existing ordinary shares. The Placing and Open Offer will take place on a post consolidation basis.
Issue Name: LAND OF LEATHER HLDGS PLC
Security: ORD GBP0.01
Terms: Consolidation in which every 10 shares will contract into 1 New share. The ISIN for New Shares will be GB00B39TSN74.

6 Open Offer Shares for every 10 existing Ordinary Shares at an issue price of 50 pence per share.

Titles Settlement Type:
GB00B099P682 LAND OF LEATHER HLDGS PLC ORD GBP0.01 (B099P68) CREST
GB00B39TSN74 LAND OF LEATHER HLDGS PLC ORD GBP0(POST CONSOLIDATION) (B39TSN7) Unspecified

Relative Details and Dates:
An Extraordinary General Meeting will be convened to be held on or around 14 July 2008.

A further CAB will be released upon receipt of additional information.
11 Jul 2008 Latest time for acceptance and payment in full under the Issue (Expected) (11:00)
15 Jul 2008 Expected Admission Date
15 Jul 2008 Dealings for normal settlement in new ordinary shares commence

Offer Consideration:
FRACTIONAL ENTITLEMENTS: The Consolidation will give rise to fractional entitlements to Ordinary Shares where Shareholders hold a number of existing Ordinary Shares which is not exactly divisible by 10. Subject to the Resolutions being approved by the Shareholders at the EGM, Shareholders with a holding of existing Ordinary Shares which is not exactly divisible by 10 will, pursuant to the Consolidation, have their holding rounded down to the nearest whole number of New Ordinary Shares. As at 18 June 2008, the latest practicable date prior to the date of this announcement, a shareholding of 10 existing Ordinary Shares was worth 97 pence and any fractional entitlements arising pursuant to the Consolidation as if carried out on 18 June 2008 would therefore be less than this. One effect of the Consolidation will be that any Shareholder holding fewer than 10 existing Ordinary Shares at the close of business on the record date for the Consolidation will not hold any New Ordinary Shares in the Company following the Consolidation becoming effective.

Additional Information:
ISSUE PRICE: The Issue Price of 50 pence per New Ordinary Share is equivalent to a price of 5 pence per Ordinary Share prior to the Consolidation. This represents a 48 per cent. discount to the middle market price of 9.7 pence per Ordinary Share on 18 June 2008, the last Business Day prior to this announcement.

UNDERWRITER: The Issue has been fully underwritten by Investec and Kaupthing. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares when taking into account the effect of the Consolidation. Investec is acting as sponsor, joint underwriter and joint broker to the Company. Kaupthing is acting as joint broker and joint underwriter to the Company.

RIGHTS OF NEW SHARES: The New Ordinary Shares, when issued, will rank pari passu in all respects with the New Ordinary Shares arising pursuant to the Consolidation and will rank for all dividends or other distributions declared, made or paid after the date of issue of the New Ordinary Shares.

ADMISSION TO TRADING: Application will be made for the New Ordinary Shares to be admitted to the Official List and to trading on the London Stock Exchange`s main market for listed securities. It is expected that Admission will become effective on 15 July 2008 and that dealings for normal settlement in the New Ordinary Shares will commence at 8.00 a.m. on 15 July 2008. The New Ordinary Shares will be admitted following the Consolidation with the ISIN GB00B39TSN74.

USE OF PROCEEDS: The Company intends to apply GBP1 million of the net proceeds of the Issue towards providing cash collateral to its credit and debit card clearing bank and place the remaining net proceeds of the Issue on deposit to be used to satisfy working capital requirements as they arise.
Posted at 19/6/2008 12:31 by loganair
Trojan - Possibly:

Another story. Artisan UK: share price at around 3p, a 1 for 40 share consolidation giving a new share price of 180p. Just had a quick look current share price 38p.

Glad I was out of them a long time ago at about break-even.
Posted at 19/6/2008 06:51 by warrenc
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS IN THAT JURISDICTION
19 June 2008
LAND OF LEATHER HOLDINGS PLC

('Land of Leather' or the 'Company')
Proposed Placing and Open Offer to raise £15 million
1 for 10 Consolidation of existing Ordinary Shares
The Board today announces that it proposes, subject to approval by Shareholders, to raise approximately £13.5 million (net of expenses) by way of the issue of 29,945,226 New Ordinary Shares. The issue is being made by way of a Placing and Open Offer to Qualifying Shareholders. The Board is proposing this course of action as additional funds are required to strengthen the Company's balance sheet and working capital position.
Highlights
The Company has successfully secured, subject to Shareholder approval, a financing package to provide additional working capital appropriate for the challenging market conditions which the Directors believe are likely to continue well into 2009.
Despite extremely difficult market conditions, forecast profit before tax and exceptional items is not less than £2 million for the year ended 3 August 2008.
At 25 May 2008, the Company had no debt and cash balances of £5.2 million.
The expected cash balances for July 2008, post receipt of the additional equity funds, are circa £14.8 million, which should provide the necessary working capital to trade through the current difficult retail environment.
Management are focused on reducing operating costs and conserving cash, in line with lower activity levels, in order to minimise the cash burn of the business.
The Company has received expressions of support from two existing key trade insurers.
The Company intends to utilise concession space released by The Sleep Depot and not taken up by the Homestyle Group to display a new range of fabric sofas. The Group will remain focussed on its leather offering, which will not be reduced by this new line.
The trading results in the six weeks ending 6 June 2008 show a like for like sales decline of 35 per cent.. The Company anticipates like for like sales for the remainder of the financial year to be particularly difficult in light of strong comparatives from the previous year.


• The Issue is being made by way of a Placing and Open Offer of 29,945,226 New Ordinary Shares to Qualifying Shareholders at an Issue Price of 50 pence per New Ordinary Share (equivalent to 5 pence per Ordinary Share pre-Consolidation) to raise approximately £15 million gross of expenses. In the absence of the Issue completing the Company is unlikely to be able to continue to trade in its current form.

A 1 for 10 share consolidation is being proposed so that for every 10 existing Ordinary Shares of 1 penny each, a Shareholder will hold one Ordinary Share of 10 pence each. The Placing and Open Offer will take place on a post consolidation basis.
Directors and their associated persons have committed to take up to 5,976,715 New Ordinary Shares under the Issue equivalent to £3.0 million.
Barclays Bank plc, the Group's credit and debit card clearing bank, has agreed to continue to provide its existing credit and debit card clearing facilities to the Group following Admission for a minimum period of 12 months, in consideration for which the Group has agreed to provide some cash collateral over the period of the agreement.
The Issue and the Share Consolidation are subject to Shareholders' approval at an Extraordinary General Meeting ('EGM').
Investec is acting as sponsor, joint broker, and joint underwriter to the Company. Kaupthing is acting as joint broker and joint underwriter.
A circular will shortly be posted to Shareholders comprising a prospectus containing details of the Placing and Open Offer and notice of an EGM of the Company (the 'Circular').
Once published, copies of the Circular will be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:
The Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS
Roger Matthews, Chairman of Land of Leather Holdings PLC, commented:
'This fundraising package will support our continued trading through the toughest environment for furniture retailing and other big ticket retailers for many years. Whilst our value orientated business model and product focus gives Land of Leather a number of important competitive advantages, we have taken a very cautious view of the outlook for our sales throughout 2009.
We have also reviewed all elements of our business and have been quick to make a series of significant cost and capital expenditure reductions to conserve cash. We will continue to seek to reduce operating costs in line with activity levels.
Whilst the short term outlook for the market is very challenging, longer term prospects are positive as key market drivers improve. The high operational gearing of the Group should enable it to significantly increase profitability when sales recover to historic levels.
As a result of the new financing package, the Board believes the Company should be able to trade through this very difficult period and exploit its strong market position into the longer term.'

- ends -
For further information please contact:

Land of Leather Holdings plc

Clive Hatchard 0147 432 2277

Investec

James Grace / Patrick Robb 0207 597 5180

Kaupthing

Nicholas How / Paul Wedge 0203 205 5000

Hudson Sandler

James White / Andrew Hayes 0207 796 4133
Land Of Leather share price data is direct from the London Stock Exchange

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