|LONDON (AFX) - Leisure Ventures PLC, which formally changed its name to
Capital Ideas PLC at today's annual general meeting, said it expects to report a
profit for the first six months of the current year and is continuing to receive
new investment proposals.
Chairman Renwick Haddow said during the last nine months the company had
transformed itself into an investment firm specialising in providing financial
and management expertise to companies with sound business models but
encountering short-term problems.
Yep......LQQking good here:o)|
|I orginally held 3,000,000 from low levels, but sold most mid 0.2's as I wrongly thought recovery progress would be slow, still holding an original 500k and bought extra 200k just after the RNS|
|How many did you buy duss ??|
|looks like more good news ahead, this company is starting to grow on me...|
|23m shares changes hands @ 0.44p. Any ideas anybody.
According to proquote only shareholder with this many shares is Williams. Is this good or bad news.|
LONDON (AFX) - Leisure Ventures PLC said it has sold 1 mln shares in Eastern
European Ventures PLC for 50,000 stg in cash.
Leisure Ventures said it had bought 8.25 mln shares, or a 15 pct stake, in
EEV on Sept 22 for 100,000 stg.
Chairman Renwick Haddow said the disposal "effectively returns 50 pct of our
investment, reducing our overall exposure to this company whilst retaining a
significant interest in the equity of EEV.
"This further strengthens our balance sheet and increases our cash
The company continues to hold 7.25 mln shares or 13.18 pct in EEV.
|Into the black we go then.......Watch this space:o)|
|Looks like a winner and cheap too...........;o)|
|Glad I'm not alone Dusseldorf, just as it's starting to look interesting...|
|no....though not in as large as I once was, I still have my toe in the water|
|Am I the only holder in LSV....?|
|Of course we will need the trades first.........|
|Half a dozen buy trades should see us up 50%|
|Well Mr Haddow is not going to rest on his laurels. Buying property at below asset value, I didn't think you could do that anymore. Re-rating soon. Hold on to your hat|
Leisure Ventures PLC
26 September 2005
Leisure Ventures plc ("Leisure Ventures" or "the Company")
Completion of new investments
Following the recent announcement of the success of its first investment since
shareholders approved the change of the Company's strategy, Leisure Ventures is
today pleased to announce the completion of two further investments.
Leisure Ventures plc has invested #21,667 in Forknall Limited. The investment
has been structured as a loan for #15,000 with a coupon of 9% per annum and the
remaining #6,667 is consideration for the acquisition of approximately 9.97% of
the issued share capital.
Forknall Limited, based in Leicester, is a manufacturer, supplier and installer
of fencing, balconies, internal balustrades and gates made from timber, steel
and concrete. The company supplies these products and services to the house
building, local authority and other sectors. Among its customers are a number
of blue chip house building firms including Wimpey Homes plc and Bovis Homes
The business, previously known as RK Forknall & Sons Ltd, had been operating
since 1997 and had established itself as one of the leading manufacturers in the
Leicester area. However due to financial difficulties caused by overtrading, it
was placed into administration in August 2005. The business was subsequently
acquired by Forknall Limited, a new company established with a funding package
of #120,000 provided by the new management team and other external investors.
In the year to 31 March 2005 RK Forknall & Sons had sales of #2,448,797 and made
a loss before tax of #68,037. In the four months to 31 July 2005 the management
accounts showed sales of #807,379 and profit before tax of #36,164.
The board believes that with a new, focused management team in place and by
rationalising its operations and improving its purchasing by sourcing products
from China, the company will substantially improve its profitability. The board
will also look to expand by acquiring other businesses in the building sector
and will seek an eventual trade sale or flotation.
Eastern European Ventures plc (EEV)
Leisure Ventures has acquired 15% of the issued share capital of a newly
established company, Eastern European Ventures plc ("EEV"), for a consideration
of #100,000. EEV has been created in order to purchase undervalued properties
in Eastern Europe. EEV will acquire a significant stake, on favourable terms, in
a UK company which owns a portfolio of property investments. Prior to EEV's
investment, the business had been experiencing financial difficulties resulting
from certain management issues. These issues have been addressed with the
introduction of a new management team and some rationalisation of overheads.
The cash injection will provide funding to complete the acquisition of a
portfolio of undervalued properties located in Bulgaria. EEV's investment has
been made at below net asset value of the underlying property interests
acquired. EEV has indicated its intention to float on AIM within the next six
months at which point Leisure Ventures will seek to exit, fully or partially,
from its investment.
Both of these investments in the opinion of the board represent good value.
Forknall should generate both income and dividends to the Company whilst EEV
should provide capital growth in the short term.
Note to Editors
At its EGM in June, Leisure Ventures' shareholders approved a resolution to
change the Company's strategy to focus on the acquisition of equity stakes in
companies with sound, proven business models but which are experiencing
financial or commercial distress.
Its first investment was made in Europol International Limited (Europol), which
rapidly achieved a significant increase in value. An investment of #30,000 was
made in exchange for an equity stake of 15% of the issued share capital,
together with the grant of share options over a further 500,000 ordinary shares
in Europol, exercisable at a price of 5p per share. As part of the Offer for
Sale of shares in Europol, Leisure Ventures disposed of 820,000 ordinary shares
(55% of its equity interest) in Europol for a consideration of #246,000 in cash.
The company retains a 6.8 per cent interest in Europol, together with options
over a further 500,000 ordinary shares, with a combined valuation of #354,000 at
the Offer price of 30p per share.
Renwick Haddow Leisure Ventures plc Tel: 07966 130182
David Youngman WH Ireland Limited Tel: 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
|Should get an announcement today as it's their EGM. Name change, new capital being raised etc.. hopefully exciting times ahead.|
|I've got slightly different figures to you Dusseldorf, but your quite right not a bad effort.
The cash and investment alone nearly warrant the capitalisation with the AIM quote thrown in for about a £100,000. Everybody tells me these cost £250,000. So no accounting for Mr Haddow's acumen.
Hold on tight.|
|Looks like the RNS confirms cash retrieval of around £250k and a further £240k in equity.....with the option to aquire another £200k worth of stock at for a cost of £30k....no bad for their first effort(!)
Should see the price snowball if Renwick focuses his efforts on LSV|
|Could be interesting.|
|glad i got some yesterday|
|Little tree shake at the moment. MM's annoyed they got caught cold yesterday when the price flicked up to 0.06 for about 10 minutes. Shares tightly held, holding on tight...|
|This company was looking to lose its listing only six months ago. If the Standard is to be believed it is well on the way to raising £450,000.(We're still two weeks away from the cut off date)
It will then be a cash shell with the best part of £400,000 in the bank.I know we are not talking about a lot of money but it is only capitalised at £950,000.
If Europol does get floated let's say at 50p LSV will have an investment of £250,000 plus its cash.
About fairly priced at present but serious upside and limited downside.|