||EPS - Basic
||Market Cap (m)
Real-Time news about Lees Foods (London Stock Exchange): 0 recent articles
|rubstic: I am a long time holder of Lees, and I was guided to this site by my broker earlier this week.
The Lees board was restructured in 2009, at a time when the share price had fallen below £1.00 per share. The share price has more than doubled since then. I have read the recent documents and make the following observation.
If the bid is rejected, what exactly are we, as shareholders, left with?
A management team that is likely to be de-motivated and who may well have enough shareholder support to de-list anyway, offering us no route to achieve certain value in the shares. The Shore Capital letter alludes to this as a risk - they could easily have the support of over 70% already to pursue this option. I, for one, have no interest in a holding in a private company, and no wish to be caught trying to offload shares in that scenario.|
|davidosh: Beattie1....so you do not prefer a 100% return over two years or even holding longer term as this company is clearly on the growth and improving profit and dividend trend !
What about an investor who bought a few weeks after you at £2.50 as it got to that price too ? He loses and has held nearly as long
The fact is you saw the purchase as a punt ! I prefer to call all my holdings investments and I like to take a close interest in them and build them over a number of years. LEE is being stolen from me at far too low a price and many other private investors agree, as do external valuers, market commentators and even the advisors. The share price is even higher than £2.30 currently.
If we allow this to happen here then it will move through the Aim small caps like a disease where other boards will see the low valuations as an excuse to jump the market at as low a premium as possible....A 2.7% premuium is LOW is it not ?
Interesting headline today in the Herald...
And so say all of us !
|davidosh: Joe Say....Difficult to judge every company by its broker or Nomad ! The only comment I would make is that David Cicurel at JDG is exceptionally driven to do good deals and shareholder friendly. He has attended four presentations to investors and most of us who bought into JDG have had an absolute dream of an investment over four years where the share price has multiplied by seven and is still exceptionally good value in my eyes. That has not been the case at LEE but it could have been much better !|
|davidosh: Joe Say...You did not have to bail so quick ! The share price is not going to collapse and will probably remain at this level for weeks unless of course there is a counter bid.
I am afraid directors can get away with this only if shareholders allow them. If folks think their individual holdings are too small to fight it or just sell on the news then it will happen not just here but at every company where slimy directors see an opportunistic point to take 'our' hard earned investment money away on the cheap thinking nobody will stand in their way.
I do wish long term investors would stand up and be counted. Although you say... 'it irks me that shareholders always seem to pick up the tab for director greed' I am afraid that in a small but measurable way you are aiding and abetting them by selling out at the price as if to say it is acceptable !!|
|masurenguy: Looks like another BoD with an eye on the main chance !
Lees Foods Plc
29 June 2005
Admission to AIM
Group Nominated Adviser is Shore Capital & Corporate Limited and Broker is Shore Capital Stockbrokers Limited. The issued share capital on Admission is 2,011,751 Ordinary Shares capitalising the Group at £4.02m based on an indicative share price of £2 per share. Raymond Miquel CBE, Executive Chairman and Managing Director of Lees, said: "The admission to AIM marks a new phase in the growth and development of the Group and will enable us to access capital for growth as and when opportunities arise. It will raise the Company's profile, with customers, suppliers and potential candidates for acquisition and will create an objective market value for the business, potentially broadening the shareholder base and providing liquidity for the shares."
So what has changed Raymond ?
Incidentally, on listing the market cap reflected a PER of 12 and annual sales were circa £13m. They haven't published any full year accounts for 2011 yet (Hmmm..I wonder why !) but one might extrapolate sales of circa £20m and PAT of circa £550,000 from the interims. With net assets of £4.9m at the interims supplemented by the £500,000 tax rebate, the shareholders equity should now be circa £5.4m.
So what is the MBO offer currently worth ? With circa 2,475,000 shares in issue the MBO offer of 230p per share is worth £5.7m, a premium of around £300,000 to existing shareholders equity.
So what makes the BoD think that shareholders would be interested in that price ? Looks like a hostile bid might result in a much better deal for the external shareholders but would there still be jobs for the boys
if any such bid was successful ?|
|simon gordon: Just topped up with 1,000. Hope to get as sickly sweet with the share price rising as I did when I ate their snowballs as a kid :-)|
Lees Foods share price data is direct from the London Stock Exchange