Lakehouse Share Discussion Threads

[masurenguy] 04/4/2016 13:19

Thanks vfast. I have also spoken to Barclays SB today and asked them to enter my vote in favour of the resolutions too. Any shareholder whose holding is in a nominee account can contact their broker and get them to vote on their behalf. You need to do this at least 7 days prior to an EGM/AGM for them to have sufficient time to process your request.

[jlo10] 04/4/2016 12:38

Not only mailing they are now telephoning shareholders - I've just listened to a long call on the answering machine telling to vote against the requisitioners.

[battlebus2] 04/4/2016 11:33

Shares mag.

[battlebus2] 03/4/2016 14:23

Lol ginger, it's just plain childish behaviour all round, I've heard about those naughty boys in the boardroom before.

[gingerplant] 03/4/2016 09:17

“He’s got previous. I’ve spoken to Bob Holt ... he had to come back and sort it out. Stuart knows what’s coming to him. I’m coming back to tell him he’s been a naughty boy.”

What is this - part of the script from "Lock Stock ..." or sommink!?

[nurdin] 02/4/2016 17:53

That £20m pretax looks quite safe based on the company statement.That translates to eps of around 9p and a PE of 5.5x at 50p.Risks well discounted methinks.

Thanks for posting penpont.

[nurdin] 02/4/2016 12:34

One would argue that,trading at 4x likely earnings, the price already reflects the risk

[pugugly] 02/4/2016 12:02

Very interesting article in the Times today -"Rawlings blames Black for Lakehouse's woes and is critical of Black's record at Mears, that he left under a cloud in 2007"

Well worth reading - especially the reference to Rawlings conversation with Holt (Chairman of Mears)[I have a lot of time for Holt]

However once a service coy in this area has lost contracts/clients very much harder to get them back.

With the current tightening of Goverment funded expenditure in some of LAKE,s business areas one (imo) to do very detailed DD before investing at this level (52p)

[igoe104] 02/4/2016 07:53

The question is why should the current CEO stay in his role ?

How can you go from a positive outlook to a negative one in weeks, especially when large buys were eaten away with large sells.

Dodgy.

[masurenguy] 01/4/2016 15:01

Rawlings was the founder of the business and remains the largest shareholder with a 15.5% stake.
As such he is perfectly entitled to a place on the Board as an NXD particularly following the disconnect between the outlook statement in the final results issued in December and the sudden and totally unexpected profit warning issued only 2 months later at the beginning of February.

If Roger Lawsons conclusion is correct "It looks like they simply do not want Steve Rawlings, a company founder, back on the board. So now we know what it is really about which we did not before!" then perhaps shareholders should now be seriously considering whether they want the existing CEO to continue in his present role!

[davidosh] 01/4/2016 14:42

The situation as reviewed in the ShareSoc blog...

[specuvestor] 01/4/2016 13:20

Hi All

Will the Letter of Instruction I received from Lakehouse be sufficient ID to allow me to attend the EGM? I have a holding in a nominee account via IWeb and requested a letter of representation from them over a week ago but I have heard nothing. I would like to attend the EGM as I have been following events as a member of ShareSoc.

[battlebus2] 01/4/2016 12:47

Seems a sensible solution davidosh, hopefully the board see sense.

[davidosh] 01/4/2016 12:44

In summary I have requested that one NED be chosen by the institutions including Slaters, one NED retained and one NED independently selected. Steve Rawlings should be given a place automatically and as I have spoken to him about this I know he would not even want any fees whatsoever. That would be four NEDs in total and hopefully everyone happy so we can get on with the day jobs...


Please tell the company that there needs to be change and compromise.

[davidosh] 01/4/2016 12:39

With regards to Lakehouse and the Agm which I attended and asked many questions alongside at least 30 other shareholders. The facts and my thoughts are....

1. Steve Rawlings attended and voted all his shareholdings against various resolutions. The votes were very significant and there were some members of the board with only just over half of those eligible to vote actually in favour of their re election. The votes are here....



2. Institutions do not attend Agms and usually vote well in advance of AGMs. It is likely that Slaters were unaware of the feelings of Steve Rawlings at that stage.

3. I am passionate about shareholders taking responsibility for their share ownership rights and that includes larger shareholders attending Agms so that all parties will be aware of the views of the other owners. It is the Annual meeting but institutions rarely attend or send representatives. This could have been averted with institutions attending and supporting each other to gain sensible agreed changes after the meeting rather than in public airing like this.

4. I think there should be compromise with regards the NED appointments and that at least one should be retained and a totally independent NED appointed to represent the mass of private shareholders who currently feel disappointed that this is causing distraction and unnecessary cost.

5. Steve Rawlings did not previously want a place on the board and was happy to let the executives look after his very significant investment of previous time and wealth. That has changed and with over 25% within his and family holdings i see no reason why he should not be entitled to a non executive position. That is the case at hundreds of companies where shareholdings are over just 15%.

[battlebus2] 01/4/2016 11:44

Certainly makes it easier A0148009....

[vfast] 01/4/2016 11:41

I’m in favour of the Slater & Rawlings intervention and IMO they will create shareholder value and restore integrity to the LAKE board.

We could see a nice raise in the share price with the proposed changes.

DYOR etc

[a0148009] 01/4/2016 11:31

No doubt this altercation and disruption will be used by current board as a get out of jail free card if the results this year fall short of expectation.

AO

[napoleon 14th] 01/4/2016 10:59

Bloody shambles.
Sorely tempted to sell the few I have.

[vfast] 01/4/2016 10:48

Article on Investegate

[nurdin] 01/4/2016 10:23

No,they reckon 5x forward earnings is too low and the stock deserves a better rating....imo

[pj 1] 01/4/2016 10:19

Well, I'm in a big learning curve with this one, and admit I am baffled.

The fact the RNS uses the words 'get the Co back on track' implies to me Rawlings and Slater do not believe the forward P/E of x5 is achievable or is going to happen.

If that is the case,and, after recent Mello presentation and comments, then should not all the Board go?

[sspurt] 01/4/2016 09:36

Robert Legget is a good man - am happy he gets on board.