Share Name Share Symbol Market Type Share ISIN Share Description
Langley Park Investment Trust LSE:LPI London Ordinary Share GB00B02VD566 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 18.50p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 16.48

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Date Time Title Posts
11/3/200817:26Langley Park claws it way back upwards.186.00
01/8/200515:22What is LPI all about?56.00

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DateSubject
16/11/2006
15:39
erstwhile2: Quite right too....thanks for that. very useful reminder indeed....eagle eyed stuff etc. LPIs only major asset went from 1.40 to 2.65 in the same timeframe, so I would expect the share price to have moved from 11p.....still I seem to recall saying if you wanted the NTRZ exposure (which was all you got from LPI), you could have bought NTRZ directly for a 90% gain in a liquid stock. Anyway, thats now by the by as I think all of the NTRZ will have been sold, leaving LPI with £6m of net cash (about 8p/share which they will keep subject to the legal action against it). I do however think there is a decent bid for LPI stock at present levels which I simply can't fathom. If I have got something wrong with the value of some of the underlying assets, would one of the perma bulls on the stock let me know what it is instead of just pointing out information which I can readily see on a price screen.
30/10/2006
13:23
erstwhile2: Perhaps also because NTRZ has now moved to $2.02 which implies 12.4p per LPI share.....if you like LPI, just buy NTRZ! More liquid, smaller spread, no stamp, no management fees
12/10/2006
14:36
erstwhile2: Well, if you weren't aware of it you might think so, but this is simply the putting into effect the actual clawback mechanism. this is obviously well known (given they put a NAV release showing the post clawback impact out every month for the last 2 years), and ought to be in the share price. If some people think it is "new" news and want to buy on the strength, good luck to them. My figures in my previous email are based on the post clawback number of shares outstanding.
12/10/2006
14:18
donemyhomework2: Surely if they are buying back their own shares at 1p for cancellation this will improve the share price.
10/10/2006
17:59
erstwhile2: It has nothing to do with SVA. SVAs valuation is, like most of the valuations of the portfolio companies, an illusion of puffery. At todays price (not that you could sell more than 100 shares there), SVA only accounts for about 1.3p of NAV. There is now only one "real" company in the portfolio, that is to say, one company which is not simply either already a boiler room stock or a boiler room stock candidate. this is Nutracea. This company's price has doubled in the last couple of months and today, after the exercise of the clawback option, its holding by LPI is worth approximately 10p per LPI share. Of course, the other 23p or so of "NAV" quoted by the company are simply the puffed up valuatios of the other portfolio companies based on their present stock prices, prices which would of course be unavailable to LPI were they to try and sell those positions. What is real in the NAV of LPI is now I estimate to be about 3p/share of debt. So I summarise the NAV as follows: Nutracea NAV value 10p.......Real value 10p Other shares NAV value 25p.......Real value NIL (or trivial) Debt NAV Value -3p.......Real value -3p TOTAL: NAV quoted 32p.........Real value 7p So I doubt I would be paying any more than 7p for LPI. In fact, I would probably simply go and buy Nutracea, if I liked it. I would only buy LPI at 12p based on a 32p NAV if I were a blithering idiot unaware of the make up of the portfolio.
10/3/2006
09:49
erstwhile2: We of course suspect that the larger hedge fund shareholders, already short of the portfolio stocks via a naked shorts using the foreign stock exchange (Berlin Bremen) loophole to reg SHO, will press for an inspecie liquidation of the portfolio to enable them to close their shorts. Nevertheless, I took a look at the current portfolio of LPI in a different way, namely how many "trading days" of volume is represented by the slugs of stock they own in their portfolio. Its a horrific outcome - and shows just how much destruction an attempt at cash liquidation of the LPI portfolio would likely wreak on its value. Stock.......Est of shares owned....Avg 3m vol...Trading days to sell Aberdene...9.9m after conv(1).....200k............50 Nutracea....7m..........................193k............36 Newport.....5.8m........................82k..............71 Human Bio.7m...........................87k..............80 Sev.Arts....12m?........................3k................sixteen years Imedia.......4m...........................30k..............135 SWII..........7.8m(2)....................8k................four years Matech......8.6m........................200k.............43 Cons En....4m...........................1.3k..............twelve years (1) they actually own a convertible pref giving them $5m worth of Aberdene at 80% of the present stock price, so the number of shares varies (between 55m if the aberdene stock price is 9 cents or less and 3.6m if the price is 1.35 or more) (2) my estimate based on the latest quarterly "informative factsheet" Despite clocktower's notable hots for KAIR and QTEK, even if LPI were to sell 100% of their stakes in these companies at the current mid market price, they would only raise the equivalent of less than 1p of NAV value in cash. Similarly for APHG, OMHI, CRLU, VTLV, ARFR, DRVW GDVI - all effectively gonners in terms of LPI. Lets say that all of these (including KAIR and QTEK) were liquidated at 50% of the current value, that would provide about 2.1p of NAV AFTER the clawback. But I think a liquidation of these dead shells might actually only generate 2-5% of current share price, based on history (less than half a penny in NAV terms).
23/1/2006
16:22
gardenboy: share price looks too low to me edit : but reading erstwhile's posts I'm not so sure !
29/11/2005
11:33
erstwhile2: LPI CRUCIFIED. If you're reading this thread, you are interested in the peculiar nature of Langley Park Investments. I seriously hope you dont own it. I saw the discount, bought some, got excited, then did some research. A few starters: 1) All but 2 of the portfolio companies have fallen by 70%-99.9% since the original stock swaps. 2) In relation to the "stockgate" OTC isse in the US and its links to the Berlin-Bremen stock exchange, a substantial number of the original companies in LPIs portfolio found themselves listed without their consent. This permits hedge funds to get around Reg SHO. This primer website contains some of the details http://www.faulkingtruth.com/Articles/Investing101/1001.html or you might like to try here http://www.rgm.com/shortselling.html 3) All the portfolio companies are or have been sellers of their stakes in LPI at any price, for they are generally cash strapped, perennial loss making companies. These companies have sold something like 22m of their initial non escrowed LPI shares, with some 12-14m still to go. None of them are likely to have any shares released from escrow back to them, of course. 4) About 79m shares are in issue. When clawback is exercised, some 34m shares are likely to come back (Company will have to pay £340k by the way) by my calculations, and assuming the two companies which havent already been attacked by the short sellers will be. So the net share outstanding are 45m. I can identify Milton (6.25m) QVT (10.5m) Carrousel (6.75) and whats left of the portfolio companies holdings (14m according to latest SEC filings). That leaves a free float of 7.5m shares The portfolio companies (in order of purported contribution to LPI NAV as at 30 Sep 2005: Consolidated Energy and Technology Group. Purportedly 22.9% of LPI assets Currently representing the most significant portion of LPIs NAV. Material Technologies Purportedly 14.7% of assets. Well, not any more. The demise of Material Technologies is upon us. The share price was reently $2.50 (and counted at $2.50 in the LPI NAV) when I heard that it had executed another LPI like stock swap deal (Birchington), but at the same time a boiler room operation was pumping the stock. See the following guardian article http://money.guardian.co.uk/weekly/story/0,16520,1602788,00.html. The stock now languishes at $0.16, a spectacular decline of 94% in a month or so. Its obviously a worthless company so its contribution to the LPI NAV is effectively nil. Nutracea: 12% of assets. Surprisingly, seems almost to be a real company. Might be worth 4-5p of LPI NAV. Scarily, has recently issued a convertible financing and the company is refusing to acknowledge if there are any death spiral "strike reset" terms embedded in it. Newport International: 8.4% of assets. This almost looks like a real company with a remote backup server facility for small businesses. Nevertheless it has recently issued a "death spiral" convertible to Robinson Reed, and is in dispute with them about it. If you don't know what a death spiral convertible is, you probably need to investigate what is most likely to happen based on experience of past death spiral convertibles. Nevertheless, might be a couple of pence of LPI NAV in this company if it is not shorted out of existence. Aberdene. 7.6% of assets. LPI owns 500k $10 convertible prefs. Under the conversion terms, this presently entitles them to 21.5m shares, rising to a maximum of 73m shares if Aberdene falls to 8.5 cents...this represents 50% of the enlarged share capital. However Aberdene do not include this potential issue in their diluted eps calculations for some reason, possibly as it may alert investors to the massive dilution. Aberdene was 1.75 at the time of LPIs launch. Its most recent fund raising was at 25 cents. LPI is probably going to own 50% of this Cpompany, but nonetheless its mining claims seem to be worthless. Human Biosystems 6% of assets. Stock is one of two which has actually gone up since the LPI launch date. (Nutracea is the other one). Prominent in the SEC filings is that their CEO was put under investigation for securities fraud in 2000 and as far as I believe remains so as the litigation appears to be pending. US Canadian Minerals. 3.3% of assets. Although this stock is a goner and its officers under SEC investigation, LPI officers do not appear aware of its genesis. It is explained at some lentgh in this link (you might have to cut and paste both bits) http://forum.webfin.com/dcboard.php?az=show_mesg&forum=102&topic_id=5990&mesg_id=7273&page= Fortunately for me, there are no other companies whose share price has remained high enough for the real value of those companies to count for more than .5p of LPIs NAV. Quite frankly, all you would see is a repeat of the disaster stories above. eg Quintek - death spiral convert and boiler room scam, Cirilium down 94%, Galaxy down 97% Visijet down 98%, all from the initial price transacted with LPI. I am sure you get the picture. In my opinion, LPI will never return much cash to shareholders. It may wind up and carry out an in-specie distribution to its shareholders. If they arent already short, those shareholders will of course look desperately to dispose of their positions. So for a stock trading at 5% of its August 2004 price, somewhere between 10 and 50% of the market capitalisation is going to come on the market....but this will require registration rights to be filed for with the SEC by these companies. So that the selling shareholders can sell. Do you fancy getting any cash back? Its not great reading. However, it does not seem that anything illegal in the UK is happening. Its quite all right for these companies to exist, of course (risk is risk). But for the AITC to allow LPI to be a member, the LSE to allow LPI to be listed shows to me their level of blind ignorance of what is actually going on.
27/7/2005
08:24
clocktower: first RNS: RNS Number:9052D Langley Park Investment Trust PLC 08 October 2004 LANGLEY PARK INVESTMENT TRUST PLC ("Langley or the Company") Net Asset Value Langley Park Investment Trust Plc announces that its unaudited Net Asset Value as at close of business on the 7th October 2004 was #75,594,388. Assuming that the Downside Protection "clawback rights" had been exercised, this would represent a Net Asset Value per share of 115p. Description of Downside Protection Downside Protection requires portfolio companies to agree either: to issue convertible preference shares with a floating conversion price that may be lowered in the event of negative share price performance; or common stock with " clawback rights" over their Langley shares. Clawback Rights Clawback rights require the portfolio company to sell back up to 50% of the ordinary shares that they received in Langley Park Investment Trust Plc in accordance with the following procedure. Two years after Listing Langley will determine if the share price of the portfolio company has decreased from the purchase price. If there is such a decrease, then for each one percent (1%) that their share price has decreased, a total of one percent of the ordinary shares received by the portfolio company at Listing shall be sold back to Langley at par (being 1p per ordinary share). The maximum number of ordinary shares that any portfolio company shall be required to sell back to Langley will be 50% of the ordinary shares received at Listing. (These shares are currently being held in escrow.) For further information please contact: Alastair Rae Financial Director 0207 569 0044 8th October 2004 end: It would seem that a low has been reached as net asset value is on the increase and the major institutions have gained all the stock they require. A few small buys are sending this back towards its former levels.
24/11/2004
15:27
rambutan2: pearl are behind jit, which has some similarities, this looks a bit like a sort of mk2 jit. in any case, i was alerted to it by the buying from qvt fund who ive been following... for the record... 22 November 2004 Langley Park Investment Trust Plc ("Langley") Net Asset Value Langley announces that its unaudited Net Asset Value as at close of business on the 19th November 2004 was 96p per share. Without Downside Protection "clawback rights" it would have been 77p per share. Description of Downside Protection Downside Protection requires portfolio companies to agree either: to issue convertible preference shares with a floating conversion price that may be lowered in the event of negative share price performance; or common stock with " clawback rights" over their Langley shares. Clawback Rights Clawback rights require the portfolio company to sell back up to 50% of the ordinary shares that they received in Langley Park Investment Trust Plc in accordance with the following procedure. Two years after Listing Langley will determine if the share price of the portfolio company has decreased from their market value at Listing. If there is such a decrease, then for each one percent (1%) that their share price has decreased, a total of one percent of the ordinary shares received by the portfolio company at Listing shall be sold back to Langley at par (being 1p per ordinary share). The maximum number of ordinary shares that any portfolio company shall be required to sell back to Langley will be 50% of the ordinary shares received at Listing. This will be the case if the market value of their shares has decreased by 50% or more.
Langley Park Investment Trust share price data is direct from the London Stock Exchange
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