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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Leadcom | LEAD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.93 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.93 | 2.93 |
| Top Posts |
|---|
Posted at 15/12/2008 23:49 by lqs The shrewd investors knew to avoid this because of the size of the debt. Poor PapalPower (Proselenes) just didn't get it. Out of his depth. What a disaster. |
Posted at 11/12/2008 15:02 by egoi Proselenes perhaps now you see why I warned you about the dangers here over a year ago about banking covenants; oh and I even posited weeks ago;egoi - 21 Nov'08 - 14:03 - 209 of 220 edit Stewpot I see they are planning to list in Israel. My guess is that this is an attempt to raise funds from Israeli investors having failed elsewhere (I'm not sure if they are still in breach of banking covenants - I haven't seen anything to suggest otherwise, and if they are it could explain why imho) and a precursor to them quitting the London market altogether. |
Posted at 21/11/2008 14:03 by egoi Stewpot I see they are planning to list in Israel. My guess is that this is an attempt to raise funds from Israeli investors having failed elsewhere (I'm not sure if they are still in breach of banking covenants - I haven't seen anything to suggest otherwise, and if they are it could explain why imho) and a precursor to them quitting the London market altogether. |
Posted at 30/7/2008 12:30 by masurenguy Good recap from AiW on TMF. I have deleted the content on PDR since it is not relevant to LEAD. I can empathize with his views here. I was long and strong on the Leadcom rollercoaster for a couple of years from circa 35p after their initial IPO in 2005, up to 90p in the Spring of 2006, back down to the low 40s during the Lebanon war in the summer of that year, back up to the mid 60's that autumn, back down to the low 40's in Dec 2006 and then the gradual climb back up into the low 70's by October last year. The unexpected profit warning in November was the last straw for me and I sold out at an average price of circa 47p during November and December taking a 20% hit overall. Fortunately my overall loss on Lead was covered six times by my profits from Tanfield last year (happily sold out there with much better timing over the second half of last year too). Sad to see the share price now in the teens and I agree with Alice that management credibility is an issue here now. .................... Author: AliceinWonder1 Subject: Bruised Date: 29/7/08 21:01 Arik's Dream Leadcom Integrated (LEAD) LEAD is still trading on AiM market cap of £21m, listed in April 2005. LEAD is one of the many unhappy companies that have attempted to grow fast but slipped badly. I have written about LEAD on a number of occasions. I think the last time I wrote about LEAD was in July 2007: I was still in the honeymoon period at that time. Arik was always willing to talk, the same goes for the rest of the board. That honeymoon period came to an abrupt end on 1 November 2007. World domination just around the corner LEAD's management had positioned the company to be a 'leading international provider of innovative telecommunication solutions', mainly outside the US although there was talk of gaining a US footprint. In 2006 & 2007 there was also an expectation of landing several very big contracts in India, in the meantime LEAD was growing quickly. Turnover: 2005 - $66m 2006 $97m 2007 - $138m Operating profits: 2005 - $4.4m 2006 - $10.1m 2007 - $13.9m EPS was dragging its feet: 2005 6c 2006 9c 2007 8c Operating cash was really dragging its feet: 2005 - $2.6m 2006 - $4.7m 2007 - $(10.8m) Arik Alcalay, CEO on 2006: "2006 was an extremely important year for Leadcom. During the year we established Leadcom in India, as we have continued to build our competencies in this region of strategic importance. This entry into the Indian market represents a substantial long term opportunity for Leadcom and we are both pleased with the progress made so far and excited by the potential for our business this coming year and beyond. Already, our investment has led to orders in excess of US$20 million, which will be recognized in 2007, with the potential to grow significantly. On December 1st, 2006, our order book for 2007 stood at over US$100 million. Since then, we have already announced additional wins of over US$30 million." Arik Alcalay, CEO on 2007: "It is important to be conservative when looking forward. However, Leadcom is entering another exciting phase in its development and the outlook for 2007 is positive. We expect the organic growth pattern experienced in 2006 to continue, and will complement our existing growth with the ongoing search for further earnings-enhancing opportunities. Leadcom expects revenues of at least US$180 million in 2007, with gross and operating margins in line with those of 2006. I look forward to reporting further progress throughout the year." 2007 is looking good 1H FY 2007 results are announced in August 2007, they look impressive, plus further information on the acquisition of Ytelcom announced in June 2007, which has a strong presence in Africa. Financial highlights include: - Revenues up 37% to US$84.6m (H1 2006: US$61.8m) - Gross profit up 33% to US$23.4m (H1 2006: US$17.6m) - Normalized profit before tax up 26% to US$8.2m (H1 2006: US$6.6m) - Net profit increased by 25% to US$5.1m (H1 2006: US$4.1m) - Basic EPS improved 10% to 4.3 US cents per share (H1 2006: 3.9 US cents per share) Arik is excited about the future: "The acquisition of Ytelcom and continued momentum in most regions, combined with strong financial performance, means Leadcom continues to be well positioned to take advantage of the upcoming opportunities." Blinded by the light Focusing on the highlights in the interim statements for 2007 rather than the notes to the accounts, I made a big mistake, I did not see that LEAD was having problems in CALA (Central America and Latin America): Although revenues had remained constant: 1H 2006 - $24m 1H 2007 - $23m Margins had fallen sharply. Operating profits: 1H 2006 - $3.7m 1H 2007 - $1.7m Arik said: "The CALA region recorded revenues of US$23.4m, approximately the same as in H1 2006, with growth impacted by the selective choice of projects and the strategic redeployment of resources from basic telecom implementation to high-end services. Management expects this region to renew its growth in H2 2007." Oh no On 1 November 2007, LEAD announces its first profit warning, two problems: - CALA region - Big increase in financial expenses With regard to CALA: "In the year to date, the engagements with a major customer in the CALA region, a leading telecommunications equipment vendor have contributed extremely low profitability levels (compared to other engagements in the region and to the company's standard). Nearly 40% of the region's revenues originate from engagements with such vendor. In Leadcom's results for the six months ended 30 June 2007, which were announced on 9 August 2007, it reported flat sales in this region, compared to sales in H1 2006. Management and Board of Directors have decided not to take up any new engagements with this vendor in the CALA region." Another profit warning in early February 2008, margins have fallen in Q4 2007 (why did it take so long to inform the market?). In late February 2008, LEAD announces that operating profits fell in FY 2007 for continuing operations but an overall loss when discontinued activities are taken into consideration. LEAD generates a little bit of cash from its operations. The share price which had been trading between 50p and 70p before the first profit warning, falls to below 30p on the announcement of the second profit warning and below 20p after the announcement of the 2007 prelims. Talking but not consummating Just prior to the announcement of the 2007 prelims at the end of February, the LEAD Board announces on 21 February 2008 the possibility of a placing with Electra, an Israeli company 28m shares at 28p each which will give Electra an 18% stake in LEAD, a further option will allow Electra to purchase up to 40m shares at 40p each within 30 months, this combined with Electra's current holding would take its stake up to 40%. On 12 March 2008, LEAD receives an approach from a company called Old Lane on similar terms to the potential deal with Electra. On 31 March 2008, LEAD announces that the talks with Electra have been terminated. On 30 May 2008, LEAD announces that the talks with Old Lane have been terminated. Management credibility is now close to zero. Margins still falling Amongst all the excitement about potential new shareholders, LEAD announces its Q1 2008 results on 27 May 2008: gross margins have fallen sharply: Q1 2007 29.6% Q1 2008 21.2% A loss after tax is recorded - $1.3m (Q1 2007 a profit after tax of $2.0m was recorded). Arik remains optimistic about the future: "The first quarter of 2008 was a busy one for Leadcom, with turnover growing over 70%. This quarter was dedicated to the implementation of curative measures throughout the Company in order to restore profitability. Although much has already been done, the full effect of such actions is cumulative, and will become fully evident as the year progresses, as we continue to implement further measures as necessary. We are confident in our strategy and vision and in our ability to significantly improve profitability and margins." Management credibility remains close to zero. LEAD needs an angel. As part of the Q1 2008 announcement, LEAD announces the non-exec Chairman, Stewart Millman is retiring, and that Mr. Isaac Angel has been appointed as executive Chairman. 2008 AGM should be short. LEAD's 2008 AGM will be held in central London on Monday 4 August. Perhaps that will be the date on which the interim results will be announced. Resolutions 3, 4, 5, 8 and 10 were withdrawn on 15 July 2008. Resolution 3 issue up to 33% of the issued and outstanding share capital of the company. Resolution 4 issue up to 10% of the issued share capital of the company for cash in relation to the executive equity plan. Resolution 5 - approve the executive incentive scheme. Resolution 8 approve the remuneration package of the CEO. Resolution 10 approve the remuneration package of the CFO. A touch of the TA's Current share price 16.75p/17.5p 12 month high/low 71.5p/15.5p The share price has drifted between 16p and 20p for the last three months as no one outside the company, and possibly also within the company, has any idea what the gross and operating margins will be going forward. Management have a hell of lot of work to do in order to restore any confidence in the company. Thoughts on Arik's dream Going forward I am extremely nervous about Israeli companies, LEAD had a complicated birth, with both management and shareholders changing at the time of the listing on AiM. Finding out who owns the shares of Israeli companies is also very difficult. The potential offers in early 2008 leaves one wondering what the hell is going on at Leadcom. As for the disappearing margins, one has to question the competence of the existing management team. At least Arik continues as CEO at LEAD. The mobile telephone is all around us, Africa and India in particular offers tremendous scope for growth, whether LEAD is in the position to benefit from this potential is the $64 question. LEAD's 2008 AGM should be interesting. Conclusions Both PDR and LEAD have been disasters for private investors because of management incompetence. LEAD is still breathing, partly because they issued long-term debt on the Tel Aviv stock market, so are not so reliant on short-term finance. Having said that, whether the company is still trading in its own name this time next year is debatable. So the punch line is: sometimes CEO's who are nice guys don't make good managers. And as a corollary, don't get excited about a company just because the CEO will answer all your questions in considerable detail. And finally, growth companies have to be watched very very carefully. |
Posted at 04/7/2008 00:44 by marycurer another comical post from the resident know it all. perhaps its time to post the table again to see how well his investments are doing.PapalPower - 4 Jul'08 - 00:33 - 8802 of 8802 If anyone is looking at buying then yes, wait for 20p levels if its possible, if not say 25p perhaps, imv Looks a good entry point for a speculative punt. Markets should have a hell of a lot more to fall. The job lay off's are only just starting. House prices falling, cost of living rising, people losing their jobs, the little PI loved "AIM" stocks are going to get sold down all summer long and maybe Autumn too....... AIM stocks need private investor money, if the PI's are pulling money out of stocks as times get tough, falls on AIM stocks are always massive compare to main markets, thats the trouble with AIM, and also, they do not rise until the main markets have already risen and becoming stale. Don't get ramped into little AIM stocks, they might be 12 months away from recovering, maybe more.........thats the risk. So there should be lots of downside to come. |
Posted at 28/6/2008 01:03 by papalpower Getting near to 21p bid now (which is lovely when you have a holding at 19p level).Still awaiting news of the TASE listing which is said to be "imminent". That will really drive the buying of LEAD once we get all those potential investors, and of course stock can be moved off of AIM on to TASE - which will no doubt happen should there be sellers in London and buyers in TA. |
Posted at 13/6/2008 07:57 by papalpower As its happening soon, some info.Dual Listing Table of contents Why Should Companies Dual-List? Why is Dual-Listing Good for Israeli Investors? Who can Dual-List? How to Dual-List on the TASE After Listing What are the Reporting Requirements? Private Placements to Employees and Others Delisting - Company's Initiative Listing of Companies not Incorporated in Israel The TASE offers companies traded in the U.S.A. and U.K. an attractive way to dual-list their shares on the TASE. Companies whose shares are traded on the NASDAQ, the New York Stock Exchange (NYSE), the American Stock Exchange (AMEX), or the London Stock Exchange (LSE) Main Market can dual-list on the TASE. Dual-listing is easy and simple, does not impose any additional regulatory burden, and does not entail significant costs. Dual-listing has many advantages for the company and its employees, as well as for investors and for the securities industry in Israel. The advantages of dual-listing have led more than 35 companies to list on the TASE under the terms of the Dual-Listing Law. Why Should Companies Dual-List? · The "home market effect" these companies are renowned in Israel. · More Israeli investors, both institutional and private. · Index linked Notes and Mutual funds invest in companies that are included in all of the TASE's major indices. · For TA-25 companies investors who trade in options on this index. · Capital can be raised on the TASE through convertible securities (convertible bonds, and warrants). The minimum required capital raised is lower than abroad. · Continuous trading from 9:45 AM to 11:00 PM (Israeli time), for companies listed in the U.S. · The Israeli Market can be beneficial during unfavorable sentiments for a specific company in foreign markets. · Exercising options by employees is convenient and at a low-cost. · The dual-listing procedure is easy and simple. Why is Dual-Listing Good for Israeli Investors? · Transaction costs are very low compared to fees in stock markets abroad fewer middlemen, no need for currency conversions. · Convenient trading hours, suited to business hours in Israel (trading in the U.S. only begins at 4:00 PM, Israeli time). Trading on the TASE continues on Sundays and other global stock market holidays. · Diverse investment possibilities on the TASE. Who can Dual-List? · Companies traded on the U.S. stock exchanges NYSE, NASDAQ, or AMEX, or on the LSE Main Market, for at least one year. Companies traded on these markets for less than one year may dual-list, under the Dual-Listing Law, provided their market capitalization is greater than $150 million. Companies on the NASDAQ Small-Cap list that have traded for at least one year are additionally required to have a minimum market capitalization of approx. $30 million at the listing date. · All companies are required to have one type of share in their issued capital. How to Dual-List on the TASE · Publish a registration form, including only technical information about the company and its issued securities. For companies listed on U.S. stock exchanges enclose the most recent periodic financial report submitted in the U.S., and a copy of disclosures published since the periodic report. (If the company has not yet been required to publish a periodic report, it should attach the prospectus used for the IPO in the U.S.). If a prospectus was published during the year preceding the year of the periodic report, or after the date of the periodic report, it should be enclosed as well. For companies listed on the LSE enclose the most recent periodic report published in the UK and the most recent prospectus approved by the UK Listing Authority (or a later report that includes disclosures that are identical in essence to the disclosures in the prospectus approved by the UK Listing Authority). Also enclose a copy of disclosures published since the publication of the most recent periodic report. · No translation into Hebrew is required for documents submitted abroad. · Open an account with one of the four banks' Nominee Companies. · Trading begins three trading days after publication of the registration document. · Exemption from listing fees and annual fees for the first year. After Listing What are the Reporting Requirements? · Financial statements and all other disclosures submitted abroad are also submitted in Israel, in exactly the same format (no translation into Hebrew required). · Financial statements are submitted according to the schedule that applies abroad. Immediate reports required abroad are submitted in Israel according to the schedule specified in Israeli regulations. · A copy of reports, received by the company, concerning changes in holdings of interested parties must be submitted in Israel as well. Private Placements to Employees and Others · For employees the rules applicable abroad apply. · In other private placements, if a disclosure was published abroad, it must be submitted in Israel as well. · Exemption from TASE requirements regarding private placements. Delisting - Company's Initiative Shares can be delisted from the TASE with a three months notice. Listing of Companies not Incorporated in Israel The Israel Securities Authority (ISA) can allow companies incorporated abroad to list under the dual-listing procedure. |
Posted at 05/6/2008 02:27 by papalpower What will change the chart ? Perhaps the TASE listing will and its due anytime now.If Israeli retail investors like the stock, they will buy it, stock will get transfered over from AIM to TASE to fulfill demand, and demand is what makes stocks rise. The TASE dual listing also means of course LEAD becomes ISA'able. They said "imminent" so hopefully not too many months now until its live on TASE. They have also intimated in the results that Q2 and Q3 will see the benefits of the changes they have made, so getting the TASE listing done before interims is key, as it offers at least 2, if not 3 sets of results (Interims, Q3 and then prelims) where they should be saying good things. That will boost the confidence of investors on the TASE. |
Posted at 16/4/2008 04:58 by papalpower Old Lane LLP are getting very much "into India" and through the official routes as opposed to the backdoor way. They will no doubt see the potential for Leadcom India, and may as yet still be willing to inject those funds at the agreed price.So, you never know..........maybe, maybe not. Hedge funds face India exposure capAds By Google Vyas Mohan, Hindustan Times Mumbai, February 19, 2008 The Securities and Exchange Board of India (SEBI) is expected to come out with guidelines for hedge funds' operations in the domestic markets soon. The market regulator may allow single hedge funds invest only 49 per cent of its investment corpus in India. "We are looking to provide a broad-based, registered and regulated platform to these entities depending on their individual track records," a highly placed official in Sebi told Hindustan Times. Hedge funds are aggressively managed portfolio investments that use strategies like leveraging, taking long or short and derivative positions in the markets in order to make high returns. Several well-known hedge funds have already been granted entry into the Indian stock markets, a few months after the market regulator imposed curbs on participatory note investments. The previous Sebi Chairman M Damodaran used to reiterate it time and again that the regulator was more confortable with hedge funds coming into the domestic market through the front door (as registered entities). According to the source, new hedge fund registrations in the domestic market will be based on the funds' track record. "In case of newly set up hedge funds, they will be given an entry if its fund manager has a good one-year track record," the source said. The recent fast-track registration mode thrown open for foreign investors after they were told to wind up contracts built up with derivatives as underlying through the participatory note route, has already seen a few prominent hedge funds like the Old Lane LLP (a Citigroup fund) register their names with the regulator. "We have registered around 200 foreign institutional investors in the last two months, among which there are at least 20 hedge fund names," the Sebi official said. |
Posted at 12/3/2008 10:38 by february 30th 'Leadcom also announced that in its yearly evaluation, Midroog, an affiliate ofMoody's Investors Service in Israel, announced it retained the 'A3' rating of Leadcom's bonds, issued December 2006. Midroog lowered the rating outlook to 'negative'.' Maybe it was the last sentence that spooked the market? |
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