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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lamprell Plc | LAM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 8.88 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 8.88 | 8.88 |
| Top Posts |
|---|
Posted at 24/4/2023 14:21 by andymunchkin andymunchkin24 Jun '22 - 16:41 - 16615 of 16775 Edit0 0 0 Leeson314 Feb '07 - 10:24 - 46 of 16611 0 0 0 what sort of MCAP figure are people here envisaging in due course ? about a billion ?? cheers; Leeson ------- awise355 8 Jan '17 - 10:04 - 97 of 102 0 0 0 Why did the company drop in 2012 and never recover since? -------- shipSSinkin wiTh theRiG ------ dealy27 Jun '22 - 13:38 - 16633 of 16775 0 0 0 Premier Milton dumped their 5% holding on Friday. That alone could trash a stock price. Smart or just frustrated ? ------ PWhite7327 Jun '22 - 00:31 - 16630 of 16775 0 1 0 There are two threats to suspension. The first is tomorrow when they default on a loan the second is 30/06/2022. If a company defaults on a loan by reason of not being able to pay then it is technically insolvent. It is a criminal offence to trade whilst insolvent so a suspension RNS could come as early as 07:00 tomorrow. Main listed companies have four months until the year end to publish the results. Under Covid rules another two month extension was granted. The year end for LAM is 31/12/21 which means the results would normally have to be out by 30/04/222. An extension to 30/06/22 has been utilised. There can be no further extensions beyond 30/06/22 unless the company opts to change its year end date. --- --- |
Posted at 12/7/2022 09:37 by tomboyb 2 July 2022LAMPRELL PLC ("Lamprell" or the "Company" and with its subsidiaries the "Group") UPDATE REGARDING POTENTIAL OFFER Further to the announcement made on 24 June, the Board of Lamprell PLC announces that it has received a combined non-binding indicative all cash offer to acquire the entire issued and to be issued share capital of Lamprell (the "Possible Offer") from Blofeld Investment Management ("Blofeld") and Al Gihaz Holding Company ("Al Gihaz") (together, the "Joint Bidders"). The Joint Bidders have a combined shareholding of 44.24 per cent in Lamprell. The Joint Bidders are working as fast as possible to put forward the Possible Offer for the entire issued and to-be-issued share capital of Lamprell at a price of 9 pence per ordinary share which also includes a proposed secured bridging loan with a peak aggregate amount of USD 145 million. The Board of Lamprell has carefully evaluated the Possible Offer together with its financial adviser, Investec Bank plc, with regard to the Company's current liquidity needs as set out in the Company's announcement on 24 June. The Board has concluded that should a firm offer be made on the same financial terms as the Possible Offer it would be minded to recommend it to Lamprell shareholders, subject to the agreement of other customary terms and conditions and subject to agreement of the proposed bridging loan. Pursuant to Rule 2.5 of the Code the Joint Bidders reserve the right to amend the terms of any offer if Lamprell announces, declares or pays any dividend or any other distribution or return of value to shareholders after the date of this announcement, in which case the Joint Bidders reserves the right to make an equivalent adjustment to the terms of the Possible Offer. There can be no certainty that any offer for the Company will be forthcoming, nor any certainty as to agreement on the interim financing solution with the Joint Bidders. In accordance with Rule 2.6(a) of the Code, the Joint Bidders must, by not later than 5.00 p.m. (London time) on 22 July 2022, either announce a firm intention to make an offer for Lamprell in accordance with Rule 2.7 of the Code or announce that they do not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code. This announcement has been made with the consent of the Joint Bidders. A further update will be made as and when appropriate. - Ends - |
Posted at 02/7/2022 11:03 by pwhite73 I too am certain the accounts were and still are in the final stages however they cannot be signed off as a going concern or a going concern with qualifications if the company is in default of a $26 million loan.I also totally agree these are terrible times for markets. The recovery from Covid, the war in Ukraine, the rising cost of energy, raw materials and food, the rise in interest rates, the new recession and the total collapse in the value of bitcoin. Its nigh impossible for companies in dire straits like LAM to raise fresh capital from anywhere. If it does happen it comes at the ultimate price administration. |
Posted at 02/7/2022 10:45 by pwhite73 dealy - Again you are right about the markets. The market cap of LAM is completely out of step with its order book. The problem is if you inject $75 million into LAM this is not reflected in the market cap and the company is still owned by those who defaulted in the first place. If the Plc is kicked out of the way (administration) then serious discussions can start regarding a rescue and liquidity package for the operations. |
Posted at 02/7/2022 10:40 by pwhite73 dealy - "The issue is that much of the cash is restricted and the business has upfront investment associated with contract fulfilment and the JV"That's 100% correct. Now due to Covid-19 the company has not been able to operate to meet its debt and capital expenditure requirements therefore if the Plc is to survive an external party has to immediately inject $75 million into the company to meet its debt obligation, payroll for June/July and working capital expenditure, are you with me so far. Good. Now imagine if you were that external party why would you be stumping up $75 million to rescue LAM if the company remains in the hands of those who defaulted on the loan and failed to meet the capital requirements. Moving on from there LAM has a market cap of just £32 million. If you are going to inject $75 million then its only right and proper the whole company is yours. |
Posted at 02/7/2022 09:56 by pwhite73 dealy - "The route to value here for the shareholders and lenders / jv partners/ suppliers/ customers is to help the company get through the next few months."You need to take one step back and consider if helping the company through its liquidity crisis is the best outcome for everyone how has LAM got into this mess in the first place. In RNS 24/06/2022 LAM told you it has tried to negotiate an equity fund raise with its lenders. It has asked for a one month extension on the $26 million loan from its lenders. It has tried to negotiate a takeover offer with Blofeld that includes addressing the liquidity crisis. To date all the negotiations have failed even the auditors have been put on hold for the next three months. That's because nobody is interested in debt stricken LAM Plc its the contracts, rigs and assets the lenders and shareholders are interested in. Try and separate the shares from the operations. I know its hard and you can't get your head around why major shareholders would damage their own holdings but it happens if there is a bigger pot of gold from administration. |
Posted at 02/7/2022 09:19 by pwhite73 That is exactly what's going on and as I said the biggest shareholders who own in excess of 70% (£26m share value) are prepared to lose the lot for this:-RNS 24/06/2022 - "The project has the potential to double Lamprell's annual renewables revenue capacity from c.$400 - $600 million to c.$800 - $1,200 million while lowering unit production costs and materially improving gross margin contribution by over 2.5x on offshore wind foundations projects." Indeed the major shareholders may use their shares to block any third party rescue package for LAM Plc. |
Posted at 02/7/2022 08:51 by pwhite73 dealy - "But on the other hand talks with the shareholders are proceeding at an urgent pace to solve this issue"I'm not sure where you've got urgent pace from when discussions with Blofeld have being ongoing for two months with no offer formal offer only an indicative offer made at a substantial discount. No talks with Sami's consortium have started yet. Neither Blofeld or Sami are interested in LAM Plc what they're after is the Middle Eastern contracts, rigs and assets. Both are prepared to see LAM go into administration to achieve these because the value of their shareholdings are small compared to the value of the contracts, future contracts, rigs and assets. The suspension will not be lifted until the liquidity crisis is resolved and the accounts filed. |
Posted at 01/7/2022 19:16 by pwhite73 You cannot complete an audit with a going concern qualification when a company is insolvent that would be fraud. LAM defaulted on a $26 million loan on 27/06/2022 and requires an immediate $20 million for payroll in June/July 2022. A cash injection is required before the audit.Speak Later |
Posted at 22/2/2022 17:36 by km18 ...from last year...Lamprell Plc (LAM) is an United Arab Emirates-based oil services company, which provides fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. Current market cap is £143m. LAMP today provided a trading update on its performance for the six months to June 30th 2021. The general message is again of solid progress on multiple fronts. Revenue was $175m in H1, with $295m secured for H2 2021. FY21 revenues of at least $470m would be the strongest since 2016 and a 39% increase on FY20 levels. Full year EBITDA expectations are unchanged at roughly breakeven levels, following a slight negative reading in H1, implying that there will still be a small statutory net loss for FY21, but nowhere near the £53.4m recorded in FY20, let alone £184m recorded in FY19. Management are taking Lamprell steadily in the right direction, but the company will not return to positive EPS until FY22.... ...from WealthOracleAm |
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