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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Latitude | LSE:LTR | London | Ordinary Share | GB0009587568 | ORD 1P |
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| 0.00 | 0.00% | 3.00 | 0.00 | 01:00:00 |
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| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
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| - | O | 0 | 3.00 | GBX |
Latitude Resources (LTR) Share Charts1 Year Latitude Resources Chart |
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1 Month Latitude Resources Chart |
Intraday Latitude Resources Chart |
| Date | Time | Title | Posts |
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| 05/5/2023 | 12:44 | LionTown Resources | - |
| 19/1/2021 | 16:35 | Latitude Resources (formerly Latin American Copper on OFEX) | 973 |
| 27/7/2005 | 07:23 | Latitude Resourses - Formerly Latin America One to watch | 1 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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Posted at 30/1/2011 22:41 by melton john "I lost more than i ever made there "I'll drink to that! The city spivs were queueing up back then to part people from any money they had made from privatisations etc by floating useless companies run by people either useless or bent. Jabadaba, LTR still seem to be registered in UK. Worth a couple of quid to get a report from Companies House. Maybe a shareholder list and see if you can find a buyer. Edit Had a look this morning and it looks like LTR been liquidated. Maybe something for you if the greedy ones didn't empty the trough first. |
Posted at 01/12/2008 23:45 by johnmc Hello allA random musing. Something I have been doing this evening is reorganising my LTR filing system. The following is copied from the LTR AIM Prospectus 2005 Conflicts of interest Certain of the directors and officers of the companies in the Group also serve as directors and/or officers of other companies involved in natural exploration and development and consequently there exists the possibility for such directors and officers to be in a position of conflict. The Group expects that any decision made by any of such directors and officers involving the Group will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Group and its Shareholders. I draw your attention to the second half of this para. Cheers JMc |
Posted at 21/11/2008 21:07 by rickus Late RNS - JohnMc buys 250k CFDs (I assume for a technical or tactical reason)....Rule 8.3- Latitude Resources Plc RNS Number : 7236I Mr John McIntyre 21 November 2008 FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the City Code on Takeovers and Mergers) 1. KEY INFORMATION Name of person dealing (Note 1) JOHN MCINTYRE Company dealt in LATITUDE RESOURCES PLC Class of relevant security to which the dealings ORDINARY SHARES OF 1P being disclosed relate (Note 2) Date of dealing 21ST NOVEMBER 2008 2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE (a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3) Long Short Number (%) Number (%) (1) Relevant securities 8,180,000 3.03% (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total 8,180,000 3.03% (b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3) Class of relevant security: Long Short Number (%) Number (%) (1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total (c) Rights to subscribe (Note 3) Class of relevant security: Details 3. DEALINGS (Note 4) (a) Purchases and sales Purchase/sale Number of securities Price per unit (Note 5) 250,000 4P PURCHASE (b) Derivatives transactions (other than options) Product name, Long/short (Note 6) Number of securities Price per unit (Note 5) e.g. CFD (Note 7) (c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying Product Writing, Number of Exercise Type, e.g. Expiry Option name, e.g. selling, securities to price American, date money call option purchasing, which the European paid/received varying etc. option etc. per unit (Note relates 5) (Note 7) (ii) Exercising Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5) 4. OTHER INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated. Is a Supplemental Form 8 attached? (Note 9) NO Date of disclosure 21ST NOVEMBER 2008 Contact name JOHN MCINTYRE Telephone number +56 9 8501 3857 If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection (Note 10) |
Posted at 18/11/2008 13:26 by rickus "As the Offer has now become unconditional and CdM holds over 50 per cent. of the issued share capital of the Company, in addition to their own individual investment requirements and objectives, Latitude Shareholders and Optionholders are encouraged to reconsider the issues set out in paragraph 5 of the letter from the Independent Director contained in the circular to shareholder dated 13 November 2008 (the 'Circular') when evaluating whether or not to accept the Offer and the proposals put forward to Optionholders respectively. A copy of the Circular is available on the Company's website at www.latituderesourcePARAGRAPH 5 as referred to above: 5. Factors for consideration by Latitude Shareholders and Optionholders in evaluating the Offer Introduction Under the Code, the Independent Directors are required to circulate their advice on the Offer to the Latitude Shareholders and Optionholders. Latitude Shareholders and Optionholders are encouraged to consider a number of issues set out below when evaluating whether or not to accept the Offer and the proposals put forward to Optionholders respectively. Your decision as to whether to accept the Offer will depend on your individual circumstances. If you are in any doubt as to the action you should take, you should consult an independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if you are outside the United Kingdom, an appropriately authorised independent financial adviser, without delay. Share price performance and current equity market conditions The Offer represents an opportunity for Latitude Shareholders to realise their investment in Latitude for cash at a price of 4 pence per Latitude Share. This represents a premium of 33.3 per cent. to the Closing Price on 29 August 2008 (being the last business day prior to the suspension of Latitude Shares from trading on AIM). Latitude Shares have not traded at a premium to the Offer Price since 26 October 2007. In addition, you should be aware that as a result of the current economic crisis equity markets have fallen significantly over recent months. The FTSE All Share and FTSE AIM All Share indices have fallen by over 30 per cent. and 40 per cent. respectively since Latitude was suspended on 1 September 2008 and by over 50 per cent. and 60 per cent., respectively since Latitude last traded above the Offer Price on 26 October 2007. Given the severity of the current economic crisis there can be no certainty over how long it will take equity markets to recover. Financial position As set out in paragraph 4 above, the Offer Price of 4 pence per Latitude Share represents a discount of 25.7 per cent. of the NAV per Latitude Share of 5.38 pence as at 30 June 2008. Controlling shareholder CdM currently owns approximately 46.1 per cent. of the existing issued ordinary share capital of Latitude, giving it significant influence over the future strategic direction of the Company. CdM currently has the capability to exercise effective control over Latitude and, if it obtains a sufficient number of valid acceptances under the Offer (or otherwise makes further market purchases) to take its interest in Latitude Shares to over 50 per cent., then CdM will have actual control over Latitude. In order to achieve this level of acceptances CdM needs to acquire, whether under the Offer or through market purchases, a further 10,437,689 Latitude Shares, representing just 3.9 per cent. of the existing issued ordinary share capital of Latitude. Latitude Shareholders and Optionholders should be aware of certain protections that Latitude Shareholders will no longer possess if CdM acquires over 50 per cent. of the voting rights in Latitude Shares. CdM will hold sufficient voting rights to ensure the approval or rejection, if it so wishes, of ordinary resolutions of Latitude including, for example, to determine the appointment and removal of executive and non-executive directors of the Company. Loss of Code protections In the event that CdM holds over 50 per cent. of the voting rights in Latitude and, pursuant to Rule 35.3 of the Code, following a period of six months after the closure of the Offer, CdM may increase its aggregate shareholding in Latitude without restriction and without incurring a further obligation under Rule 9 of the Code to make another offer for the remaining Latitude Shares it does not then own or control. Loss of AIM quotation If CdM acquires Latitude Shares representing 75 per cent. or more of the existing issued ordinary share capital of Latitude, it would have the ability to pass the necessary resolutions to cancel Latitude's AIM quotation. The Independent Directors anticipate that CdM will exercise that right if it has acquired or agreed to acquire sufficient of the voting rights attached to Latitude Shares to enable it to do so. Latitude Shareholders who have not accepted the Offer at that time would then be left with shares in an unquoted company with significantly reduced liquidity and marketability and with a dominant shareholder. Even in the event that CdM acquires Latitude Shares representing less than 75 per cent., but more than 50 per cent. of the existing issued ordinary share capital of Latitude, there is still a risk that Latitude will cease to satisfy the requirements of the London Stock Exchange for its shares to remain suitable for trading on AIM if, for example, the Company's nominated adviser ceased to be satisfied that Latitude would be able to maintain sufficient systems, procedures and controls in order to comply with the AIM Rules. Compulsory acquisition If CdM receives acceptances of the Offer in respect of, and/or otherwise acquires, 90 per cent. or more of the Latitude Shares to which the Offer relates, i.e. the Latitude Shares that CdM does not already own, and in the case where the Latitude Shares to which the Offer relates are voting shares, not less than 90 per cent of the voting rights carried by those Latitude Shares, CdM stated in its Offer Document that it may exercise its rights pursuant to the provisions of Chapter 3 of Part 28 of the 2006 Act to acquire compulsorily the remaining Latitude Shares in respect of which the Offer has not been accepted i.e. as stated in paragraph 2 above if CdM has acquired or contracted to acquire approximately 94.6 per cent. of the issued share capital of Latitude. The Independent Directors anticipate that CdM will exercise that right if it has acquired or agreed to acquire sufficient of the voting rights attached to Latitude Shares to enable it to do so. Liquidity of Latitude Shares The presence of a controlling shareholder, as in the case of CdM, and assuming the Company remains a publicly quoted company and that the suspension in trading on Latitude Shares is lifted, could lead to a lack of a liquid market in Latitude Shares which could determine a lower value for your Latitude Shares should you wish to sell them in the future. Directors and Employees Save for confirming that following the Offer becoming unconditional, the existing employment rights, including pension rights, of the management and employees of Latitude will be safeguarded, CdM has stated that it may make changes to the Board as appropriate upon the Offer becoming wholly unconditional. However, Latitude Shareholders and Optionholders should note that, should the Offer become or be declared unconditional, then CdM will have the ability to appoint new individuals to Latitude's board of directors and that, in the event of the Offer being declared unconditional and CdM having received valid acceptances in respect of 75 per cent. of the Latitude Shares, it is the Independent Directors current intention to resign upon the cancellation of the trading of Latitude Shares on AIM. Even without the Offer becoming or being unconditional, CdM would have a strong, if not determining, influence over any such appointments. The Independent Directors believe that the factors set out above are those to which considerable weight should be given by Latitude Shareholders and the Optionholders in determining their own intentions in respect of the Offer. There may be other factors relevant to your personal circumstances which you need to consider. If a Latitude Shareholder is in doubt about the Offer or the action which he should take, he should consult his own independent financial adviser duly authorised under the Financial Services and Markets Act 2000. |
Posted at 17/11/2008 19:15 by rickus After hours RNS, apologies for the formattingOffer Update RNS Number : 3344I Clos Du Mesnil Ltd 17 November 2008 17 November 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER RESTRICTED JURISDICTION WHERE IT IS UNLAWFUL TO DO SO CASH OFFER BY CLOS DU MESNIL FOR THE ENTIRE ISSUED SHARE CAPITAL OF LATITUDE RESOURCES PLC Offer Declared Unconditional in all Respects Introduction On 20 October 2008, Clos du Mesnil Limited ("CdM") made a cash offer to acquire the entire issued and to be issued ordinary share capital of Latitude Resources plc ("Latitude") (the "Offer"). Under the terms of the Offer, Latitude Shareholders will receive, for each Latitude Share held, 4 pence in cash. The document setting out the full terms of the Offer (the "Offer Document") was posted to Latitude Shareholders on 6 November 2008. CdM announces that as at 1.00pm (London time) on 17 November 2008 all the conditions of the Offer have now been satisfied. Accordingly, the Offer is hereby declared unconditional in all respects and will remain open for acceptance until 11 December 2008. Any further extensions of the Offer will be publicly announced by 8.00am (London time) on the Business Day following the day on which the Offer was otherwise due to expire, or such later time or date as the Panel may agree. Level of acceptances CdM announces that as at 1.00 pm (London time) on 17 November 2008, valid acceptances of the Offer had been received in respect of a total of 42,272,572 Latitude Shares, representing approximately 15.68 per cent. of the existing issued share capital of Latitude. Interest in Latitude Shares (a) At the close of business on 17 November 2008 (being the latest practicable date prior to the publication of this Announcement), CdM held 124,325,000 Latitude Shares. CdM acquired 43,750,000 Latitude Shares from Resourceworks plc on 17 October 2008 at a price of 4 pence per Latitude Share and 80,575,000 Latitude Shares from Investec Bank (UK) Limited on 20 October 2008 at a price of 4 pence per Latitude Share, giving it a total aggregate of 124,325,000 Latitude Shares, representing approximately 46.1 per cent. of the issued share capital of Latitude. (b) At the close of business on 17 November 2008 (being the latest practicable date prior to the publication of this Announcement) Jonathan Rowland is deemed to be acting in concert with CdM and held 3,500,000 unexercised options in Latitude Shares under the Share Incentive Scheme. Jonathan Rowland is David John Rowland's son and is a discretionary beneficiary under a trust with an interest in the Rowland Family Trust. Settlement of consideration Settlement of the consideration due under the Offer in respect of acceptances, which have been received and are valid and complete in all respects, will be despatched by first class post (in the case of certificated holders) or credited to the relevant CREST account (in the case of uncertificated holders) as soon as practicable. Settlement of the consideration in respect of further acceptances, which are valid and complete in all respects, will be despatched as soon as practicable and in any event within 14 days of receipt. Compulsory acquisition If CdM receives acceptances under the Offer in respect of, and/or otherwise acquires, 90 per cent. or more in nominal value of the Latitude Shares to which the Offer relates (and 90 per cent. or more of the voting rights carried out by Latitude Shares to which the Offer relates) CdM shall have the right pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act to acquire compulsorily the remaining Latitude Shares in respect of which the Offer has not been accepted. CdM may choose to exercise this right. Assuming the Offer becomes or is declared unconditional in all respects and sufficient acceptances are received, and provided that CdM has acquired or agreed to acquire 75 per cent. of the voting rights attached to the Latitude Shares, CdM may procure the making of an application by Latitude for the cancellation of admission to trading of Latitude Shares on AIM in accordance with the AIM Rules. If that option is exercised, it is anticipated that cancellation of admission to trading on AIM will take effect no earlier than 20 clear Business Days after CdM has acquired or agreed to acquire 75 per cent. of the voting rights attaching to the Latitude Shares. The cancellation would significantly reduce the liquidity and marketability of any Latitude Shares not assented to the Offer at that time. It is also intended that, following such cancellation, Latitude will be re-registered as a private company under the relevant provisions of the Companies Act. If CdM receives acceptances under the Offer and, by virtue of acceptances of the Offer and any other acquisitions, CdM holds not less than 90 per cent. or more in nominal value of the Latitude Shares (and 90 per cent. or more of the voting rights carried out by Latitude Shares), then a minority Latitude Shareholder shall have the right pursuant to the provisions of Chapter 3 of Part 28 of the Companies Act to require CdM to acquire his Latitude Shares. Further acceptance of the Offer The Offer will remain open for acceptance until 11 December 2008. Any further extensions of the Offer will be publicly announced by 8.00am (London time) on the Business Day following the day on which the Offer was otherwise due to expire, or such later time or date as the Panel may agree. Latitude Shareholders who wish to accept the Offer, but who have not yet done so, in respect of Latitude Shares held in certificated form (that is, not in CREST), should complete, sign, have witnessed (as required) and return the Form of Acceptance together with the relevant valid share certificate(s) or other documents of title, in accordance with the instructions set out in the Offer Document and on the Form of Acceptance, by post or (during normal business hours only) by hand to Capita Registrars, Corporate Actions, The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU as soon as possible. Latitude Shareholders who wish to accept the Offer, but who have not yet done so, in respect of Latitude Shares held in uncertificated form (that is, in CREST), should read paragraph 14.2 of the letter from CdM in Part 1 of the Offer Document and Part D of Appendix I to the Offer Document and follow the procedure for electronic acceptance through CREST set out therein so that the TTE instruction settles as soon as possible. Latitude Shareholders who are a CREST sponsored member should refer to their CREST sponsor as only their CREST sponsor will be able to send the necessary TTE instruction to Euroclear. The Offer Document and the Form of Acceptance are available for inspection during usual business hours on any weekday (public holidays excepted) at the offices of Forsters LLP at 31 Hill Street, London W1J 5LS while the Offer remains open for acceptance. Additional Forms of Acceptance are available from Capita Registrars upon request; please contact Capita Registrars by telephone on 0871 664 0321 or +44 20 8639 3399 (if telephoning from outside the UK). Calls to the Capita Registrars 0871 664 0321 number are charged at 10 pence per minute (including VAT) plus any of your service provider's network extras. Calls to the Capita Registrars +44 20 8639 3399 number from outside the UK are charged at applicable international rates. Different charges may apply to calls made from mobile telephones and calls may be recorded and monitored randomly for security and training purposes. Capita Registrars cannot provide advice on the merits of the Offer or give any financial, legal or tax advice. Terms defined in the Offer Document have the same meaning when used in this Announcement unless the context requires otherwise. Enquiries: Clos du Mesnil Limited Tel: +44 207 863 8333 David John Rowland Fax: +44 207 863 8444 Director c/o Forsters LLP ref: JPW/CKW/26418.7 Forsters LLP is acting exclusively for CdM and no-one else in connection with the Offer and other matters described in the Offer Document and will not be responsible to anyone other than CdM who are providing the protections offered to clients of Forsters LLP nor for providing advice in relation to the Offer and other matters described in the Offer Document. This Announcement is not intended to and does not constitute or form any part of, an offer or invitation to sell or subscribe for or purchase any securities or the solicitation of an offer to purchase any securities. The Offer is being made solely by means of the Offer Document, the Approval Form and, in respect of Latitude Shares in certificated form, the Form of Acceptance. Any acceptance or other response to the Offer should be made only on the basis of the information contained or referred to, and the procedures described, in the Offer Document, the Form of Acceptance (if appropriate) and the Approval Form, which contains the full terms and conditions of the Offer including details of how it may be accepted. This Announcement has been prepared for the purposes of complying with English law and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws of jurisdictions outside the UK. Unless otherwise determined by CdM or required by the Code and permitted by applicable law and regulation, the Offer is not being made, directly or indirectly, in or into and will not be capable of acceptance in or from Canada, Australia, Japan or any other Restricted Jurisdiction. In addition, it is not currently intended that the Offer will be made, directly or indirectly, in or into, or by use of the mails of or by any means or instrumentality (including, without limitation, telephone, fax, telex, internet or other forms of electronic communication) of interstate or foreign commerce of, or by any facilities of a securities exchange of the United States, and it is not currently intended that the Offer will be capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, copies of this Announcement, the Offer Document, the Form of Acceptance, the Approval Form and any other related document are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Doing so may render invalid any purported acceptance of the Offer. The availability of the Offer to persons who are not resident in the United Kingdom may be affected by laws of the relevant jurisdiction. Persons who are not resident in the United Kingdom should inform themselves about and observe any applicable requirements. Custodians, nominees and trustees should observe these restrictions and should not send or distribute this Announcement or any accompanying documents in or into the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Further details in relation to overseas shareholders are contained in the Offer Document. The CdM Director accept responsibility for the information contained in this Announcement and to the best of their knowledge and belief (having taken all reasonable care to ensure that such is the case), the information contained in this Announcement is in accordance with the facts and does not omit anything likely to affect the import of such information. This information is provided by RNS The company news service from the London Stock Exchange END |
Posted at 07/11/2008 19:58 by johnmc THEBIGFELLAYou may in deed. Far from happy days, but at least honest ones. Adam The specie dist gets stock in the BVI, and hence on liquidation cash, straight into the hands of the shareholders. If the cash passes into LTR then it is subject to company tax, if it passes into the shareholders hands without entering LTR UK, LTR UK doesn't pay tax. A look at these guy's CVs suggests that they may miss the odd mineral industry trick but they do not miss corporate tricks. They can also afford pretty high quality advice. Cheers JMc |
Posted at 07/11/2008 12:49 by johnmc AdamI have not taken legal advice, but the mechanism is quite common and relatively simple. Obviously if I was making it happen, I would get a tax accountant and lawyer to put the paperwork together. A distribution of specie is, in laymans terms, a dividend in kind. This could be office furniture, but for obvious reasons is usually securities. These are distributed on a one for x basis to shareholders and are not taxed as a dividend. They do count as capital acquired for zero cost so capital gains treatment may be severe. So what LTR does is to split the BVI shares into a reasonable No, distribute them to LTR shareholders on a 1 for X basis, then liquidate the BVI Company - returning the contents of the bank account (10.5M Pounds)to its owners. This could have been done any time from March this year to 15th October, realising approx 3.75p per share. Another approximate 2.25p per share could then have been realised by liquidating LTR. There are ways of finessing this a little, but anyone with an accounting background could give you a more complete answer. Cheers JMc |
Posted at 24/10/2008 16:37 by johnmc ShoggothWhilst I am not a fully paid up member of the directors' fan club, I would suggest that it is important to seperate the three issues: 1. The directors' expertise; 2. The Company's performance; 3. Possible malfeasance on the part of the directors. 1. When Konig and Rowland came on board thay brought a most welcome injection of cash (from memory GBP1M) and the hope of a new page for a company which had lost over 2/3 of its value in the calendar year 2004 - probably the best year EVER for the small cap resources sector. I think they also provided relief for Tony Williams' Dragon group who never intended to have to manage the company; they just got sucked into a management and administrative vacuum. Certainly there was no pretense that the new directors were bringing exploration expertise to the board. Personally, had their expertise been haute couture, as a shareholder my only question would have been "Can they make money for us from it?". 2. Between their arrival and the AIM float, they announced that part of their business would be investment, so anyone who didn't want to stay in a fund could have bailed on that news. I thought that it was quite a sound idea. You could analyse their performance in a number of ways: Share price from Feb 05 to August 08 - not bad; Share price from July 05 to August 08 - pathetic; Cash at bank as above - pretty good; The exploration arm's use of capital and contribution to shareholder value - mediochre; The investment arm's use of capital and contribution to shareholder value - pretty good; The UK cost base and quality of exploration management in Chile - spotty, but generally horrific. However, none of this constitutes any reason for the shareholders to complain to an outside body. Let us face it, there are a great many companies in thios sector trading at a fraction of their value of 4 years ago. 3. Given a final trade of 2.75p and a NAV of ca 6p, the directors had a clear obligation to provide some defence from a smash and grab raid on the company's cash. If that raid had come from outside, the directors could have claimed that they were taken by surprise. However, the raid has come from inside, the basis for complaint is that either the directors were taken by surprise, in which case Mr Rowland should have some explaining to do, or they were not, in which case they have some explaining to do. This third question is quite seperate from the comercial success or failure of the Company and to mix the two merely muddies the waters. Shoggoth, please do not get the impression that I do not recognise the right of the public to discuss managements' competence, it is just that I am trying to clarify the difference between your quite legitimate points and the issue which has arisen to the quite considerable annoyance, and potential cost, of the shareholders. Cheers JMc |
Posted at 20/10/2008 19:01 by rickus RNS Number : 2765GLatitude Resources plc 20 October 2008 Clos du Mesnil Limited 20 October 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION CASH OFFER CLOS DU MESNIL LIMITED FOR LATITUDE RESOURCES PLC Summary CdM announces the terms of its cash offer for the entire issued and to be issued share capital of Latitude having acquired 80,575,000 Latitude Shares on 20 October 2008 at a price of 4 pence for each Latitude Share. The Offer will be made to acquire the entire issued and to be issued share capital of Latitude which is not already owned or otherwise contracted to be acquired by CdM or any of its Associates. The Offer will, when formally made, be conditional only upon the receipt of acceptances in respect of Latitude Shares which, together with the Latitude Shares acquired or agreed to be acquired before or during the Offer, will result in CdM (and persons acting in concert with it) holding Latitude Shares carrying more than 50 per cent of the voting rights in Latitude. The Offer will be 4 pence in cash for each Latitude Share, valuing the entire issued share capital of Latitude at approximately £10.78 million. The Offer will extend to all Latitude Shares which are not held by CdM or any of its Associates and any further Latitude Shares which are unconditionally allotted or issued and fully paid whilst the Offer remains open for acceptance (or by such earlier date as CdM may, subject to the City Code, decide) pursuant to the exercise of options or the satisfaction of awards under the Share Incentive Schemes or otherwise. The Offer represents a premium of approximately 33.3 per cent over the last closing price of a Latitude Share at the close of business on 1 September 2008 being the last dealing day following the suspension of trading of Latitude Shares pursuant to the AIM rules. Enquiries: Tel: +44 207863 8333 Clos du Mesnil Limited Fax: +44 207863 8444 David John Rowland Director C/o Forsters LLP ref JPW/CKW/26418.7 This summary should be read in conjunction with the full text of the following announcement which sets out further details of the offer. Appendix 1 contains the condition and certain further terms of the Offer. Appendix 2 contains the sources and bases of information used in the announcement. Appendix 3 contains definitions of certain terms used in this announcement. The announcement does not constitute an offer to sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval or an offer to buy or subscribe for any securities pursuant to the Offer or otherwise. The Offer will be made solely by the Offer Document and the form of Acceptance accompanying the Offer Document, which will contain the full terms and conditions of the Offer, including details of how the Offer may be accepted. The Offer Document will be posted to those Latitude Shareholders able to receive it in due course. Those Latitude Shareholders receiving the Offer Document are strongly advised to read it in full, as it will contain important information. The laws of the relevant jurisdiction may affect the availability of the Offer to persons who are not resident in the United Kingdom. Persons who are not resident in the United Kingdom or who are subject to laws of any jurisdiction other than the United Kingdom, should inform themselves about, and observe, any applicable requirements. Any person (including nominees, trustees and custodians) who would, or otherwise intends to, forward this announcement, the Offer Document and/or the form of Acceptance or any accompanying document to any jurisdiction outside the United Kingdom should refrain from doing so and see appropriate professional advice before taking any action. The Offer will not be made, directly or indirectly, in or into, or by use of the mails of, or by any means or instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facility of any securities exchange of, the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and will not be capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, neither this announcement nor the Offer Documentation is being, and must not be, directly or indirectly, mailed or otherwise forwarded, transmitted, distributed or sent in, into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Doing so may render invalid any purported acceptance of the Offer. All Latitude Shareholders or other persons (including nominees, trustees or custodians) who would or otherwise intend to, or may have a contractual or legal obligation to, forward this announcement or the Offer Documentation to any jurisdiction outside the United Kingdom should refrain from doing so and seek appropriate professional advice before taking any action. Dealing Disclosure Requirements Under the provisions of rule 8.3 of the City Code if any person is or becomes 'interested' (directly or indirectly) in one per cent or more of any class of 'relevant securities' of Latitude all 'dealings' in any 'relevant securities' of Latitude (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the Business Day following the date of the relevant transaction. This requirement will continue until the date on which the Offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding (whether formal or informal) to acquire an 'interest' in 'relevant securities' of Latitude, they will be domed to be a single person for the purposes of Rule 8.3. Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant securities' of Latitude by CdM or by any of their respective 'associates' must all be publicly disclosed by no later than 12 noon (London time) on the Business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Panel's website at www.thetakeoverpanel 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the City Code, which can also be found on the Panel's website. If you are in any doubt as to the application of Rule 8 to you, you should consult the Panel's website www.thetakeoverpanel NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION CASH OFFER CLOS DU MESNIL LIMITED FOR LATITUDE RESOURCES PLC 1. Introduction The board of CdM announces the terms of a cash offer to be made by CdM to acquire all of the issued and to be issued Latitude Shares which are not already owned or otherwise contracted to be acquired by CdM or any of its Associates. The Offer values each Latitude Share at 4 pence and the entire issued share capital of Latitude at approximately £10.78 million. CdM is a company incorporated in Guernsey and is 50 per cent owned by Berylstone Limited, a company incorporated in the British Virgin Islands ('Berylstone') and 50 per cent owned by Albany Nominees Limited, a company incorporated in Guernsey ('Albany'). Albany holds the one share in CdM as nominee for Berylstone. Berylstone and Albany are companies controlled by the Rowland Family Trust. Jonathan Rowland, a non-executive director of Latitude, is a discretionary beneficiary under a trust which has an interest in the Rowland Family Trust. Jonathan Rowland is also the son of David Rowland, a director of CdM. This relationship deems Jonathan Rowland as a concert party under the City Code. The Offer will, when formally made, be conditional only upon the receipt of acceptances in respect of Latitude Shares, which together with the Latitude Shares acquired or agreed to be acquired before or during the Offer, will result in CdM (and persons acting in concert with it) holding Latitude Shares carrying more than 50 per cent. of the voting rights in Latitude. 2. The Offer The Offer, which is subject to the condition and further terms set out below (and in Appendix 1) and to be set out in the formal Offer Document and the Form of Acceptance when issued, will be made on the following basis: For each Latitude share 4 pence in cash The Offer will extend to all Latitude Shares which are not held by CdM or any of its Associates and any further Latitude Shares which are unconditionally allotted or issued and fully paid whilst the Offer remains open for acceptance (or by such earlier date as CdM may, subject to the City Code, decide) pursuant to the exercise of options or the satisfaction of awards under the Share Incentive Schemes or otherwise. The Offer represents a premium of approximately 33.3 per cent over the last closing price of a Latitude Share at the close of business on 1 September 2008 being the last dealing day following the suspension of trading of Latitude Shares pursuant to the AIM rules. The Offer values the entire issued share capital of Latitude at approximately £10.78 million. The Latitude Shares will be acquired by CdM fully paid and free from all liens, equities, charges, encumbrances and other interests and together with all rights now or hereafter attaching thereto, including the right to receive and retain all dividends and other distributions declared, made or paid after the date of this announcement. The condition and certain further terms of the Offer are set out or referred to in Appendix 1. 3. Background to and reasons for the Offer CdM is making the Offer solely because it is required to do so under the rules of the City Code. 4. Information on Latitude Latitude is a mining investment company focussed on producing and near production assets. On 5th September 2007, it announced the disposal of it's copper exploration assets in the Chilean coastal cordillera to Tamaya Resources Limited, an Australian junior mining company. On the 29th February 2008 Latitude announced it had liquidated all investments, consequently Latitudes Shares were suspended from trading on 1st September 2008 pursuant to AIM rules. 5. Information on CdM CdM was incorporated on 8 August 2008 under Guernsey Law. CdM is a special purpose vehicle to be used specifically for the Offer. Its sole director is Mr David Rowland. 6. Financing the Offer The Offer will be financed from existing cash resources made available to CdM by its shareholders. Forsters LLP, the legal adviser to CdM is satisfied that sufficient financial resources are available to CdM to satisfy the cash consideration payable to Latitude Shareholders in the event of full acceptance of the Offer. 7. Management and Employees CdM confirms that following the Offer becoming unconditional, the existing employment rights, including pension rights, of the management and employees of Latitude will be safeguarded. 8. Compulsory acquisition, cancellation of trading and re-registration If CdM receives acceptances under the Offer in respect of, and/or otherwise acquires, 90 per cent. or more in nominal value of the Latitude Shares to which the Offer relates (and 90 per cent. or more of the voting rights carried out by Latitude Shares to which the Offer relates) CdM shall have the right pursuant to the provisions of Chapter 3 of Part 28 of the 2006 Act to acquire compulsorily the remaining Latitude Shares in respect of which the Offer has been accepted. CdM may choose to exercise this right. Assuming the Offer becomes or is declared unconditional in all respects and sufficient acceptances are received, and provided that CdM has acquired or agreed to acquire 75 per cent. of the voting rights attached to the Latitude Shares, CdM may procure the making of an application by Latitude for the cancellation of admission to trading of Latitude Shares on AIM in accordance with the AIM rules. If that option is exercised, it is anticipated that cancellation of admission to trading on AIM will take effect no earlier than 20 clear Business Days after CdM has acquired or agreed to acquire 75 per cent. of the voting rights attaching to the Latitude Shares. The cancellation would significantly reduce the liquidity and marketability of any Latitude Shares not assented to the Offer at that time. It is also intended that, following such cancellation, Latitude will be re-registered as a private company under the relevant provisions of the 2006 Act. 9. Disclosure of interests in Latitude Shares As at the date of this announcement CdM owns 124,325,000 Latitude Shares representing approximately 46.1 per cent. of the issued share capital of Latitude. Jonathan Rowland has 3,500,000 unexercised options in Latitude Shares under the Share Incentive Scheme. Save as set out above, as at 17 October 2008, being the last practicable date prior to this announcement, CdM is not aware that any person acting in concert with CdM had an interest in or right to subscribe for relevant securities of Latitude or had any short position in relation to relevant securities of Latitude (whether conditional or absolute and whether in the money or otherwise), including any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery of any relevant securities of Latitude. 10. General It is expected that the Offer Documentation will be despatched to Latitude Shareholders by CdM by 17 November 2008. The Offer will be on the terms and subject to the condition set out herein and in Appendix 1 and to be set out in the Offer Documentation. The Offer will be governed by English law and will be subject to the jurisdiction of the English courts. Details of the sources and bases of certain information set out in this announcement are included in Appendix 2. Appendix 3 contains definitions of certain terms used in this announcement. Enquiries: Clos du Mesnil Limited Tel: +44 20 7863 8333 David John Rowland Fax: +44 20 7863 8444 Director C/o Forsters LLP ref: JPW/CKW/26418.7 This announcement does not constitute an offer to sell or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval or an offer to buy or subscribe for any securities pursuant to the Offer or otherwise. The Offer will be made solely by the Offer Document and the Form of Acceptance accompanying the Offer Document, which will contain the full terms and condition of the Offer, including details of how the Offer may be accepted. The Offer Document will be posted to those Latitude Shareholders able to receive it in due course. Those Latitude Shareholders receiving the Offer Document are strongly advised to read it in full, as it will contain important information. The laws of the relevant jurisdictions may affect the availability of the Offer to persons who are not resident in the United Kingdom. Persons who are not resident in the United Kingdom or who are subject to laws of any jurisdiction other than the United Kingdom, should inform themselves about, and observe, any applicable requirements. Any person (including nominees, trustees and custodians) who would, or otherwise intends to, forward this announcement, the Offer Document and/or the Form of Acceptance or any accompanying document to any jurisdiction outside the United Kingdom should refrain from doing to and seek appropriate professional advice before taking any action. The Offer will not be made, directly or indirectly, in or into, or by use of the mails or, or by any means or instrumentality (including , without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facility of any securities exchange of, the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and will not be capable of acceptance by any such use, means, instrumentality or facility or from within the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Accordingly, neither this announcement nor the Offer Documentation is being, and must not be, directly or indirectly, mailed or otherwise forwarded, transmitted, distributed or sent in, into or from the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Doing so may render invalid any purported acceptance of the Offer. All Latitude Shareholders or other persons (including nominees, trustees or custodians) who would or otherwise intend to, or may have a contractual or legal obligation to, forward this announcement or the Offer Documentation to any jurisdiction outside the United Kingdom should refrain from doing so and seek appropriate professional advice before taking any action. The Offer will be capable of acceptance only by persons outside the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Offering materials with respect to this Offer will not be, and may not be, distributed in or sent to the United States, Canada, Australia, Japan or any other Restricted Jurisdiction and may not be used for the purpose of solicitation of an offer to purchase or sell any securities in the United States, Canada, Australia, Japan or any other Restricted Jurisdiction. Any tenders received from persons resident in the United States, Canada, Australia, Japan or any other Restricted Jurisdiction or with United States, Canadian, Australian or Japanese mailing addresses or from a mailing address in any other Restricted Jurisdiction will be rejected. Dealing Disclosure Requirements Under the provisions of Rile 8.3 of the City Code if any person is or becomes 'interested' (directly or indirectly) in one per cent. or more of any class of 'relevant securities' of Latitude all 'dealings' in any 'relevant securities' of Latitude (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3:30pm (London time) on the Business Day following the date of the relevant transaction. This requirement will continue until the date on which the Offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding (whether formal or informal) to acquire an 'interest' in 'relevant securities' of Latitude, they will be deemed to be a single person for the purposes of Rule 8.3. Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant securities' of Latitude by CdM or Latitude, or by any of their respective 'associates' must also be publicly disclosed by no later than 12.00 noon (London time) on the Business Day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Panel's website at www.thetakeoverpanel 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the City Code, which can also be found on the Panel's website. If you are in any doubt as to the application of Rule 8 to you, you should consult the Panel's website www.thetakeoverpanel APPENDIX 1 Condition and certain further terms of the Offer Condition of the Offer The Offer will comply with the applicable rules and regulations of AIM and the City Code, will be governed by English law and will be subject to the jurisdiction of the courts of England and to the terms and condition set out below, in the Offer Document and in the Form of Acceptance: The Offer will be subject to valid acceptances being received (and not, where permitted, withdrawn) by not later than 1:00pm (London time) on the first closing date of the Offer (or such later time(s) and/or date(s) as CdM may, subject to the rules of the City Code, decide) in respect of such number of Latitude Shares which, together with the Latitude Shares acquired or agreed to be acquired by CdM or parties acting in concert with CdM, before or during the offer period will result in CdM and any party acting in concert with it holding Latitude Shares which together carry more than 50 per cent. of the voting rights then normally exercisable at a general meeting of Latitude. For the purpose of this condition: (i) Latitude Shares which have been unconditionally allotted but not issued before the Offer becomes or is declared unconditional as to acceptances, whether pursuant to the exercise of any outstanding subscription or conversion rights or otherwise, shall be deemed to carry the voting rights they will carry upon issue; and (ii) The expression 'Latitude Shares to which the Offer relates' shall be construed in accordance with Chapter 3 of Part 28 of the 2006 Act. If the Offer lapses, the Offer will cease to be capable of further acceptance and CdM and holders of Latitude Shares shall thereupon cease to be bound by prior acceptances delivered on or before the time when the Offer lapses. APPENDIX 2 Sources and Bases of Information 1. Historic share prices are sourced from the Daily Share performance chart and represent closing middle market prices for Latitude Shares on the relevant dates. 2. The value of the entire issued share capital of Latitude is based upon the number of Latitude Shares in issue, as published on 17 October 2008 (representing the entire issued share capital of Latitude). 3. Unless otherwise stated, the financial information relating to Latitude contained in this announcement is extracted from the audited published consolidated accounts of Latitude for the year ended 31 June 2007. 1985 Act: the Companies Act 1985, as amended 2006 Act: the Companies Act 2006 AIM: the AIM market of the London Stock Exchange Associates: shall be construed as 'associates' is construed in sections 974 to 991 of the 2006 Act Australia: the Commonwealth of Australia, its states, territories and possessions Business Day: means a day on which the London Stock Exchange is open for transaction of business Canada: Canada, its provinces and territories and all areas subject to its jurisdiction City Code: the City Code on Takeovers and Mergers Form of Acceptance: the form of acceptance and authority relating to the Offer which will in the case of Latitude Shareholders who hold their Latitude Shares in certificated form, accompany the Offer Document Latitude: Latitude Resolution plc, a company incorporated in England and Wales under company number 3971059 Latitude Group: Latitude and its subsidiaries, as defined in the 1985 Act Latitude Shares: shares of 1 pence each in the capital of Latitude Latitude Shareholders: holders of Latitude Shares Japan: Japan, its cities and prefectures, territories and possessions London Stock Exchange: London Stock Exchange plc Offer: the proposed cash offer to be made by CdM to acquire the entire issued and to be issued share capital of Latitude not already owned or otherwise contracted to be acquired by CdM or any of its Associates on the terms and subject to the condition to be set out in the Offer Document and, where the context admits, any subsequent revision, variation, extension or renewal thereof Offer Document: the document proposed to be sent to holders of Latitude Shares containing, amongst other things, the terms and condition of the Offer and where appropriate, any other document(s) containing terms and condition of the Offer Panel: The Panel on Takeovers and Mergers CdM: Clos du Mesnil Limited, a company incorporated in Guernsey under company number 49297 Restricted Jurisdiction: any jurisdiction where local law or regulations may result in risk of civil, regulatory or criminal exposure or prosecution if information concerning the Offer is sent or made available to any Latitude Shareholders in that jurisdiction Rowland Family Trust: The Rowland Purpose Trust 2001 and any entity that is controlled by the Rowland Purpose Trust 2001 Share Incentive Schemes: the latitude share option plan adopted by Latitude United States or US: the United States of America, its territories and possessions, any state of the United States of America and the District of Columbia and all other areas subject to its jurisdiction £: UK pounds sterling (and references to 'pence' shall be construed accordingly) This information is provided by RNS The company news service from the London Stock Exchange END OFBFKKKPABDDBKB |
Posted at 19/1/2008 09:08 by stemis I posted a review of LTR on Motley Fool:--------------------- As a result of recent transactions Latitude Resources (LTR) has effectively become a pure mining investment house. Despite initially rising on the back of some strongly positive transactions it has fallen back with the general weakness in the markets. As a result I think it now offers a very attractive upside, with good downside protection (if such a thing exists in the current climate). Key statistics:-Share in issues 269.5m Share price 3.75p Market capitalisation £10.11mThere are 20m warrants/options in issue. All are out of the money [5.25m of them, exercisable, at 4.0p expire at the end of January leaving 14.75m exercisable at 5.0p]. On 13 August LTR announced it had sold its Chilean mining operations to Tamaya Resources for £9.4m in shares. In the same announcement it revealed that, as a result of the transaction, its remaining assets comprised:- £m Cash 2.9 Shares in Western Goldfields 3.2 Shares in Tamaya Resources 9.4 Shares in Tanami 0.5 Total 16.0Since then LTR has sold its shares in Tanami for book value and sold 54m of its 85m shares in Tamaya for £7.2m. The sale of shares in Tamaya Resources looks a pretty astute deal in light of subsequent weakness in the share price. As a result of these transactions (and revaluing its remaining assets to market value) and assuming they have not made any other investments, I calculate that the balance sheet of LTR looks like this:- £m Cash 10.6 Shares in Western Goldfields 4.4 [2.5m shares at Can$3.54] Shares in Tamaya Resources 3.0 [31m shares at Aus$0.215] Total 18.0This equates to around 6.7p a share (or 6.6p fully diluted). LTR also hold 5 million options in Tamaya Resources at Aus$0.3 and 5 million at Aus$0.4 to which I have attributed no value. So the balance sheet suggests that not only is LTR's net asset value 78% higher than its market capitalisation, but that its market capitalisation is more than covered by its cash balance. There is one potential fly in the ointment; tax. LTR does not mention tax in its announcements and implies that the figures are net of any tax. However lets suppose as a super prudent worse case scenario that tax is/will be payable at 30% on the whole of the shares in Western Goldfields, shares in Tamaya Resources, and proceeds from sales of shares in Tamaya Resources and Tanami. That would come to £4.5m. Even under those circumstances, which I don't believe, it would leave the net asset value at £13.5m or 5.00p per share; still a pretty good deal. I don't know much about Tamaya Resources [ which is TSX listed, although beans4tea posted briefly on them a while ago I suspect LTR will offload the rest of the shares when they are able. Western Goldfields, which is ASX listed, however looks an attractive investment. The company is an emerging gold producer expecting to commence production very shortly in USA. The company expects to achieve 160,000 oz production at $360/0z in 2008. I make that an ebitda of around £40m for a £254m valued company. In 2009 it seems to me that they could be doing as much as 200,000 oz at $290/oz; an ebida of around £60m. The company is fully funded and debt is low. The share price has been rising pretty steadily and I could see another 50% in the next 12 months (= an additional 0.6 0.9p per LTR share). Just my opinions obviously. Total gold reserve is 2.8m oz with a further 1.1m measured and indicated resource. There appears plenty more to go at however. In conclusion we have a share price trading at a big discount to underlying cash and quoted investments, with the current price probably underwritten by cash, and an exposure to an emerging gold producer. Management look astute deal makers and in the current climate there may be good opportunities for those with cash. However they may not get chance to use the cash. Investec have been quietly (?) building a large stake in the company, increasing from 15.95% to 29.19% since early August. Gartmore also hold 4.69% and, as far as I can tell, Bruce Rowan holds 3.86%. There are other sizeable holders. Although Investec seem to have had no trouble getting the shares (there have been no announcements from other major shareholders of any reduction in holdings) its not an easy company to trade in volume. I suspect there are quite a few stale bulls around; the company floated on AIM in July 2005 at 5p. Nevertheless I have gradually managed to get what I wanted without disturbing the price too much. There was an article on proactive investors some months ago As ever DYOR, no guarantees given! |
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