Share Name Share Symbol Market Type Share ISIN Share Description
Lennox Holdings LSE:LNX London Ordinary Share GB00B04X3056 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% 0.75p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 0.21

Lennox (LNX) Latest News

Real-Time news about Lennox Hldgs (London Stock Exchange): 0 recent articles
More Lennox News
Lennox Takeover Rumours

Lennox (LNX) Share Charts

1 Year Lennox Chart

1 Year Lennox Chart

1 Month Lennox Chart

1 Month Lennox Chart

Intraday Lennox Chart

Intraday Lennox Chart

Lennox (LNX) Discussions and Chat

Lennox (LNX) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type
View all Lennox trades in real-time

Lennox (LNX) Top Chat Posts

DateSubject
26/2/2008
18:23
chancer6: Can't believe everyone is still ignoring Mr Sehgal's buying! About him living in Spain is v.significant news. He will have checked out the distribution centre set-up there and how business is done there imo! Moss Bros got their bid yesterday after Baugher had accumulated to a 28.50% stake. That's what happens and a takeover will come in LNX with Mr Sehgal sitting on a 27.84% stake. If he only wanted to profit from any recovery in the business then he would not have got as high as the mandatory takeover limit of 29.90%. He's paid up to 6p for some stock which sets a level of any price for a takeover. He's spent 200K so far and could may as well spend another few hundred thousand settling with the convertible stock holders for their warrants. If he brings in new business et al textiles along with the existing business he will greatly profit and get all his outlay back from recovery on the share price.
21/2/2008
09:26
dell314: waxman - So, the market cap would more than double when they all exercise and they can buy at only 1p per share. Can't you see the implications of that? Also, assuming they behave like rational people, if the LNX share price shows any sign of sustaining significantly above 1p, it is in their interests to start converting and selling into the market to make a profit.... Hope that helps your understanding. Rgds dell All IMHO, DYOR etc.
25/1/2008
09:51
alibongo6l2: chocman you would be putting yourself in a false sense of security just because you think an investor has ploud money to acquire a stake, believing the company must ok or he must know something etc. Remember, a quoted publishing company's share price crashed around 2 years ago....a multi millionaire ploud millions and millions in acquiring a stake. Everyone thought wow, there must be a reason why he is buying.. and the share did bounce - but in the end it went bust. The millionaire also lost out along with countless PIs. Cant remember the company name.. happened around 2 years ago. Dont let an investor buying stock (whether it be an individual or institution) fool you into a sense of security, thinking all will be fine. Ask smiler, she ramped CLY, some years back... on the same premise that just because Ramsden was buying..... he will take it over.. and all was going to be fine. Take a look at the share price now.
13/8/2007
12:01
red dog: Most investors do NOT buy at the bottom of a share's price range; they wait until good news is out or see others buying into a stock as the price moves up. Well with Lennox Holdings the price has stabilized at the bottom of a new price range. Remember the share price was 1.5p some weeks ago and then moved up to 7.5p when David L. Read purchased over 15% of the company. Mr. Read has not been back into the market and the share price has drifted lower, but as I said above the price has stabilized at the current level. Should you have time and can phone the CEO, you should be told that the Company is still cutting out unneeded overheads and that turnover is on the increase. Putting both of these facts together the CEO will tell you that the Company will be trading at breakeven during the second half of this financial year and into profit next year which is only 6 months away. This makes the current share price extremely low and a re-rating is on the cards. Furthermore, there will be a RNS out before the next results confirming what I have posted. WATCH THE SHARE PRICE MOVE PAST 10P over the next few months and BUY NOW is the current tip for this share.
03/7/2007
17:24
red dog: So all those know-alls who said the share price would crash today have egg on their faces. I did say that the share had found a new support level of 3p and I did not think the share price would breach the 3p level. Will the share price move up this week to 5p plus. We shall see.
30/6/2007
13:52
lex1000: Red Dog - 28 Jun'07 - 07:50 - 556 of 643 Well I like the results. The Company is defiantly on the recovery trail and the next set of results will result in a share price of 15p to 20p for those holding. The Company is not on its knees and is not going to fold. That is why David L. Read brought into the Company at a give-a-way price. The Directors have their finger on the button and in 2 years we could see the share price back to 50p or so. STRONG RECOMMENDATION TO HOLD AND ADD ON ANY WEEKNESS Red Dog - 28 Jun'07 - 09:02 - 564 of 643 After reading the results again, I think all who have invested in the Company since David L. Read took a 14.45% stake in Lennox Holdings, are on a winner. I strongly believe the share price will reach 50p within the next to years, as the new Directors are doing all the right things and the Company is definatly on the road to recovery. SO TELL ME, which bank of building society will pay 500% per annum for the next two years? Red Dog - 28 Jun'07 - 10:44 - 580 of 643 Mispiruxi - 28 Jun'07 - 10:22 - 579: You know from my past record on tipping shares, that most of them become multi-baggers in due course. I like Lennox Holdings as a recovery stock. Since I invested in this Company the share price became a 3 bagger. So those who followed me from the beginning are still in the money. I sincerely believe that Lennox Holdings will be a 10 multi-bagger on today's share price within 2 years. TAKE NOTICE, Somebody is in the Market buying all the shares that are being sold today. Will we see a RNS. We shall see. Is the stock worth buying at current levels, the answer is YES. Red Dog - 28 Jun'07 - 12:24 - 585 of 643 There is a buyer in the market. They just purchased 600,000 shares at 3p. TAKE MY WORD FOR THIS PURCHASE. Red Dog - 28 Jun'07 - 12:29 - 589 of 643 THE SHARE PRICE WOULD HAVE COLLAPSED if there was not a buyer. I believe we will have a RNS some time this week and further good news next week We shall see. Red Dog - 28 Jun'07 - 12:34 - 593 of 643 gearstick5 fusebox - 28 Jun'07 - 12:26 - 588 of 589. You can't read the market very well. I said the 600,000 trade at 3p was a buy. So take my word for it. If not, see if you can sell 600,000 shares at 2.5p like someone did. This was a matched buy and sell with the MMs taking 0.5p for them selves. By the way however purchased believes that the results have a hidden upside. I have said today that the share price in 2 years will be back to 50p or so. Watch this space. Red Dog - 28 Jun'07 - 12:43 - 596 of 643 gearstick5 fusebox - 28 Jun'07 - 12:31 - 590 of 594. This post of yours is totally correct. There was a matched buy and sell. I have said all morning that there was a buyer in the market. Watch for a RNS this week and good news next week. I believe now is a good tome to BUY and ADD. Red Dog - 28 Jun'07 - 12:46 - 599 of 643 Look out The Buyer just came into the marker for a further 250,000 shares at 4p. Will the share price move back to last night's price? We shall see. Red Dog - 28 Jun'07 - 18:14 - 613 of 643 chocman - 28 Jun'07 - 15:19 - 607 of 611: You are correct. The price has held up extremely well. Sells 1,059,735 BUYS 850,361 so not all gloom and doom. A lot of those holding for a long time have now sold out, but they will regret selling as the share price will move much higher in the next 6 months or so. I still have a 50p price tag on this share over a two year period. Red Dog - 28 Jun'07 - 18:18 - 615 of 643 rochford6 - 28 Jun'07 - 18:04 - 612 of 613: Nobody is happy with a 50% loss over night, but investors do not buy a share to hold for 24hrs. They look at the longer term as David Read has done. The Company will become stronger over the next 6 months and then where will the share price be. Small buying will push the share back to 6p or so. Red Dog - 29 Jun'07 - 09:26 - 624 of 643 There are currently only 20,000,000 shares in play and most of them are held by large long term investors. Any buying will again push the share price above 6p. The Company is on the road to recovery and the new Directors are doing a fine job of turning the Company around. Lennox Holdings is a classic recovery stock with a 10 bagger future. My advice is to buy a few and get exited as many of us have done in the last 3 weeks. Good investing to all. Red Dog - 29 Jun'07 - 10:18 - 629 of 643 gearstick5 fusebox - 29 Jun'07 - 09:30 - 625 of 628: What may or may not happen is in the future. Investors may or may not exercise their options and if they do they must pay the company for that exercise, which is 1p which will add to the company's coffers. What I said is that currently there are only 20,000,000 shares which are active. Lennox is a good investment at current prices and if you do not have a holding why post on this BB and if you do, I suggest you sell and let other investors get on with the recovery. lex1000 - 30 Jun'07 - 14:43 - 645 of 646 edit Red Dog - 5 Jun'07 - 08:49 - 525 of 543 Guys, I did say somebody was dumping shares in this Company and JUST before the results are out. Who do you think they were? None other than the previous Directors. They live in Spain and know what is going on. Does not bode well for all who are holding. Lennox Holding(s) in Company Lennox Holdings PLC (the 'Company') HOLDING IN COMPANY 4 June 2007 The Company has today been informed that Sage Holdings Limited and Farm Holdings (Spain) Ltd., no longer hold notifiable interests in the Company. Enquiries:Nicholas Nelson 020 7451 7068 Nexus Financial Limited END Red Dog - 11 Jun'07 - 15:07 - 535 of 543 I expect the share price to top 10p this week. We shall see. In the case of Lennox Holdings (LNX) the new board of Directors have put out a very positive RNS as follows:- Lennox gets banking facilities with Bank Popular; sees '07 as 'year of recovery' LONDON (AFX) - Lennox Holdings PLC said it has secured new banking facilities with Bank Popular, which will initially advance up to 500,000 euro to the company in respect of certain debtors. Lennox, a distributor of UK branded products to Spain's British ex-pat community, said it currently has a debtor book in excess of 2.0 mln euro and it is proposed that a wider invoice discounting facility will be available over time. The funds will allow the company to meet customer demand for goods over the important spring season, it added. "I believe we are now making inroads. I anticipate 2007 as being a year of recovery and hope to be able to report further progress later in the year," Chairman Nigel Terry said. newsdesk@afxnews.com GUYS by the way, Lennox has been the top riser for 8 strait days, so that must tell you something is going on. Gainers for 8 days EPIC Name Price Today Price Then Change Change % LNX LENNOX HLDGS 6 1.5 +4.50 300.00% CMGP COMM. PROP. 193.5 148.5 +45.00 30.30% CNKS CENKOS SEC 226 194.5 +31.50 16.20%
30/6/2007
13:41
lex1000: Red Dog - 28 Jun'07 - 07:50 - 556 of 643 Well I like the results. The Company is defiantly on the recovery trail and the next set of results will result in a share price of 15p to 20p for those holding. The Company is not on its knees and is not going to fold. That is why David L. Read brought into the Company at a give-a-way price. The Directors have their finger on the button and in 2 years we could see the share price back to 50p or so. STRONG RECOMMENDATION TO HOLD AND ADD ON ANY WEEKNESS Red Dog - 28 Jun'07 - 09:02 - 564 of 643 After reading the results again, I think all who have invested in the Company since David L. Read took a 14.45% stake in Lennox Holdings, are on a winner. I strongly believe the share price will reach 50p within the next to years, as the new Directors are doing all the right things and the Company is definatly on the road to recovery. SO TELL ME, which bank of building society will pay 500% per annum for the next two years? Red Dog - 28 Jun'07 - 10:44 - 580 of 643 Mispiruxi - 28 Jun'07 - 10:22 - 579: You know from my past record on tipping shares, that most of them become multi-baggers in due course. I like Lennox Holdings as a recovery stock. Since I invested in this Company the share price became a 3 bagger. So those who followed me from the beginning are still in the money. I sincerely believe that Lennox Holdings will be a 10 multi-bagger on today's share price within 2 years. TAKE NOTICE, Somebody is in the Market buying all the shares that are being sold today. Will we see a RNS. We shall see. Is the stock worth buying at current levels, the answer is YES. Red Dog - 28 Jun'07 - 12:24 - 585 of 643 There is a buyer in the market. They just purchased 600,000 shares at 3p. TAKE MY WORD FOR THIS PURCHASE. Red Dog - 28 Jun'07 - 12:29 - 589 of 643 THE SHARE PRICE WOULD HAVE COLLAPSED if there was not a buyer. I believe we will have a RNS some time this week and further good news next week We shall see. Red Dog - 28 Jun'07 - 12:34 - 593 of 643 gearstick5 fusebox - 28 Jun'07 - 12:26 - 588 of 589. You can't read the market very well. I said the 600,000 trade at 3p was a buy. So take my word for it. If not, see if you can sell 600,000 shares at 2.5p like someone did. This was a matched buy and sell with the MMs taking 0.5p for them selves. By the way however purchased believes that the results have a hidden upside. I have said today that the share price in 2 years will be back to 50p or so. Watch this space. Red Dog - 28 Jun'07 - 12:43 - 596 of 643 gearstick5 fusebox - 28 Jun'07 - 12:31 - 590 of 594. This post of yours is totally correct. There was a matched buy and sell. I have said all morning that there was a buyer in the market. Watch for a RNS this week and good news next week. I believe now is a good tome to BUY and ADD. Red Dog - 28 Jun'07 - 12:46 - 599 of 643 Look out The Buyer just came into the marker for a further 250,000 shares at 4p. Will the share price move back to last night's price? We shall see. Red Dog - 28 Jun'07 - 18:14 - 613 of 643 chocman - 28 Jun'07 - 15:19 - 607 of 611: You are correct. The price has held up extremely well. Sells 1,059,735 BUYS 850,361 so not all gloom and doom. A lot of those holding for a long time have now sold out, but they will regret selling as the share price will move much higher in the next 6 months or so. I still have a 50p price tag on this share over a two year period. Red Dog - 28 Jun'07 - 18:18 - 615 of 643 rochford6 - 28 Jun'07 - 18:04 - 612 of 613: Nobody is happy with a 50% loss over night, but investors do not buy a share to hold for 24hrs. They look at the longer term as David Read has done. The Company will become stronger over the next 6 months and then where will the share price be. Small buying will push the share back to 6p or so. Red Dog - 29 Jun'07 - 09:26 - 624 of 643 There are currently only 20,000,000 shares in play and most of them are held by large long term investors. Any buying will again push the share price above 6p. The Company is on the road to recovery and the new Directors are doing a fine job of turning the Company around. Lennox Holdings is a classic recovery stock with a 10 bagger future. My advice is to buy a few and get exited as many of us have done in the last 3 weeks. Good investing to all. Red Dog - 29 Jun'07 - 10:18 - 629 of 643 gearstick5 fusebox - 29 Jun'07 - 09:30 - 625 of 628: What may or may not happen is in the future. Investors may or may not exercise their options and if they do they must pay the company for that exercise, which is 1p which will add to the company's coffers. What I said is that currently there are only 20,000,000 shares which are active. Lennox is a good investment at current prices and if you do not have a holding why post on this BB and if you do, I suggest you sell and let other investors get on with the recovery.
27/6/2007
16:57
sellsell: LENNOX HOLDINGS PLC Results for the Year ended 31 December 2006 Lennox Holdings Plc (the `Company') the distributor of northern European produce to Spain, announces final results for the year ended 31 December 2006. Copies of the full accounts will be posted to shareholders on 29 June 2007. Enquiries: Financial Public Relations: 020 7451 7068 Nexus Financial Ltd nicholas.nelson@nexusgroup.co.uk Nicholas Nelson/Kathy Boate Nominated Advisor: 020 7512 0191 ARM Corporate Finance Ltd Ian Fenn 27 June 2007 CHAIRMAN'S REVIEW In his report to shareholders at the time of the release of the Company's annual figures last June, my predecessor spoke of a period of turmoil for the Company. The Company entered the year to 31st December 2006 saddled with the legacy of this period and the Board's first priority was to focus on strengthening the operating base through a combination of rationalisation measures aimed at bringing costs down, and a review of trading operations aimed at concentrating on a smaller number of higher margin product lines. I am pleased to report that although much remains to be done, we are beginning to see some positive results from this strategy and we believe that the Company is now on a stronger footing than it was a year ago. It is also encouraging to be able to report that these efforts in recent months have seen a stabilisation of sales and improved margins and we are hopeful of continuing improvements FINANCIAL OVERVIEW In the year ended 31st December 2006, revenue declined by approximately 27% to £7,091,000 (2005: £9,779,000) as a result of the retrenchment of activities. The marketplace for the Company's products, however, remains encouraging. The Company's loss before tax increased to £2,435,000 (2005 loss: £1,587,000). Administration expenses remained broadly similar year on year with the benefits of the rationalisation measures, taken in January and February 2007 being felt in the current year. Furthermore, these measures will have no impact on the Company's ability to service its customers. Following the refinancing in July 2006 the working capital position was further strengthened in March when the Company announced that a new banking facility with Bank Popular had been negotiated. Under this facility, Bank Popular will discount up to €500,000 in respect of selected debtors. Lennox currently has a debtor book of approximately €2.0m and it is proposed that a wider invoice discounting facility will be made available over time. THE BOARD On the 26th July 2006 I was appointed as Executive Chairman. I have over 30 years business experience within the food industry and of the procurement distribution and sales process industries, including Brakes Food Service and Fisher Foods Limited. He is currently on the boards of Harpenden Building Society and Pinguin Foods UK. Rolf Silver, ACCA was appointed as Finance Director on the 26th July 2006. Rolf Silver has been an accountant in practice for over ten years. He has worked as a financial consultant for the last eight years for companies such as Computerland plc and Experian Group Limited. On the 17th January 2007 the company announced that Ray Greenwood had decided to retire from the board. I have assumed his responsibilities. STAFF Following the review implemented early in the current year, the Board has undertaken a rationalisation of all aspects of the Company's operations which has included a reduction of the overall headcount, aimed at producing commensurate cost reductions. This has been a difficult period and we thank the staff for their loyalty and support. OUTLOOK The Company is recognised in the food industry as being one of the prime means of distributing northern European produce to Spain. The product range has been proactively rationalised, by removing the low margin, low turnover product lines and a greater emphasis placed on high value, high volume products. In the past year we have concentrated on increasing the range of products in our retail accounts whilst noting the potential to grow into the commercial marketplace, taking in hotels, restaurants and other caterers, which require catering package products. The core strategy remains intact and the Company continues to strengthen alliances with UK food manufacturers seeking to promote and distribute their products into the Spanish domestic market. The board looks forward to building on the opportunities available to the Company. Nigel Terry Chairman LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 CONSOLIDATED INCOME STATEMENT Notes 2006 £ 2005 £ '000 '000 Continuing operations Revenue 2 7,091 9,779 Cost of sales (5,624) (7,650) GROSS PROFIT 1,467 2,129 Administrative expenses (3,860) (3,628) OPERATING (LOSS) 4 (2,393) (1,499) Finance income 5 67 - Finance costs 5 (109) (88) (LOSS)BEFORE TAXATION (2,435) (1,587) Taxation 6 - - (LOSS) ATTRIBUTABLE TO EQUITY SHAREHOLDERS (2,435) (1,587) Basic (loss)per ordinary share 8 (9.4)p (6.6)p Diluted earnings per ordinary share of 1p (2005: 10p)8 (2.5)p (6.6)p The company has elected to take the exemption under section 230 of the Companies Act 1985 to not present the parent company profit and loss account. The loss for the parent company was £ (474,043) (2005: £ (736,000)). LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY GROUP Note Share Share Retained Total £ Capital Premium Earnings '000 £'000 £'000 £'000 Balance as at 31 December 2005 2,420 6,971 (8,525) 866 Prior year adjustment 19 - - 428 428 Restated balance at 31 December 2005 2,420 6,971 (8,097) 1,294 Exchange difference - - 47 47 Costs incurred on share issue 23 - (156) - (156) Issue of shares during the year 21 245 - - 245 Net expense recognised directly in 2,665 6,815 (8,050) 1,430 Equity Loss for the year - - (2,435) (2,435) Dividends - - - - Balance at 31 December 2006 2,665 6,815 (10,485) (1,005) COMPANY Share Share Retained Total £ Capital Premium Earnings '000 £'000 £'000 £'000 Balance as at 1 January 2006 2,420 6,971 (8,317) 1,074 Costs incurred on share issue 23 - (156) - (156) Issue of shares during the year 21 245 - - 245 Net expense recognised directly in 2,665 6,815 (8,317) 1,163 equity Loss for the year - - (474) (474) Balance at 31 December 2006 2,665 6,815 (8,791) 689 LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2006 Notes 2006 £ 2005 £ '000 '000 Restated NON-CURRENT ASSETS Property, plant and equipment 10 1,985 1,952 Intangible assets 9 1 1 1,986 1,953 CURRENT ASSETS Inventories 12 1,156 1,546 Trade and other receivables 13 1,990 2,515 Cash and cash equivalents 299 269 3,445 4,330 TOTAL ASSETS 5,431 6,283 CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY Ordinary shares 21 2,665 2,420 Share premium 23 6,815 6,971 Retained earnings 24 (10,485) (8,097) (1,005) 1,294 Minority interest in equity - - TOTAL EQUITY (1,005) 1,294 NON-CURRENT LIABILITIES Tax liabilities 15 606 - Borrowings 16 937 1,010 Convertible loan stock 18 2,717 - 4,260 1,010 CURRENT LIABILITIES Trade and other payables 14 1,929 2,252 Current tax liabilities 157 131 Borrowings 16 90 120 Provisions for other liabilities and charges 19 - 1,476 2,176 3,979 TOTAL LIABILITIES 6,436 4,989 TOTAL EQUITY AND LIABILITIES 5,431 6,283 The financial statements were approved by the board of directors and authorised for issue on 27th June 2007. They were signed on its behalf by: Rolf Silver Finance Director LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2006 Notes 2006 2005 £'000 £'000 NON CURRENT ASSETS Property, plant and equipment 10 38 - Investments in subsidiaries 11 1,500 1,500 1,538 1,500 CURRENT ASSETS Trade and other receivables 13 2,130 24 Cash and cash equivalents 46 7 2,176 31 TOTAL ASSETS 3,714 1,531 CAPITAL AND RESERVES ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY Ordinary shares 21 2,665 2,420 Share premium 23 6,815 6,971 Retained earnings (8,791) (8,317) 689 1,074 Minority interest - - TOTAL EQUITY 689 1,074 NON-CURRENT LIABILITIES Borrowings 16 22 - Convertible loan stock 18 2,717 - 2,739 - CURRENT LIABILITIES Trade and other payables 14 276 430 Current tax liabilities - 27 Borrowings 16 10 - 286 457 TOTAL LIABILITIES 3,025 457 TOTAL EQUITY AND LIABILITIES 3,714 1,531 The financial statements were approved by the board of directors and authorised for issue on 27th June 2007. They were signed on its behalf by: Rolf Silver Finance Director LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMEBER 2006 CONSOLIDATED CASH FLOW STATEMENT Notes 2006 2005 £'000 £'000 NET CASH FROM OPERATING ACTIVITIES 27 (2,512) 28 CASH FLOWS FROM INVESTING ACTIVITIES Proceeds on disposal of fixed assets 10 - 3 Purchases of property plant and equipment 10 (161) (433) NET CASH USED IN INVESTING ACTIVITIES (161) (430) CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid - (154) New borrowings 2,770 305 Repayment of borrowings (156) (50) Costs incurred on share issue (156) - Proceeds on issue of shares 245 - (Decrease) in bank overdrafts - (201) NET CASH USED IN FINANCING ACTIVITIES 2,703 (100) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 30 (502) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 269 771 Effect of foreign exchange rate charges - - CASH AND CASH EQUIVALENTS AT END OF YEAR 299 269 LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES The principle accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The financial statements have been prepared under the going concern concept. The continuation of the group's activities is dependent upon the continued support of the bank, its creditors and the group's improving trading performance. 1.1 Basis of Preparation The consolidated financial statements of Lennox Holdings plc have been prepared in accordance with EU Endorsed International Financial Reporting Standards (IFRS), IFRIC interpretations and the Companies Act 1985 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain properties. IFRS, as adopted by the EU, differs in certain respects from IFRS as issued by the IASB. However, the consolidated financial statements for the periods presented would be no different had the group applied IFRS as issued by the IASB. References to IFRS hereafter should be construed as references to IFRS as adopted by the EU. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group's accounting policies. 1.2 Consolidation The consolidated financial statements incorporate the financial statements of the company and enterprises controlled by the company made up to 31st December each year. Control is achieved where the company has the power to govern the financial and operating policies of an investee enterprise so as to obtain benefits from its activities. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The results of the subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to financial statements of subsidiaries to bring the accounting policies used in line with those used by other members of the group. All significant inter company transactions and balances between group enterprises are eliminated on consolidation. 1.3 Segment reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular environment that are subject to risks and returns which are different from those segments operating in other economic environments. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES - continued 1.4 Foreign Currency translation Items included in the financial statements of each group's entities are measured using the currency of the primary economic environment in which the entity operates (`the functional currency'). The consolidated financial statements are presented in Sterling (£), which is the company's functional and presentational currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange profit and losses relating from the settlement of such transactions and from the translation at the year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. The results and financial position of all the group entities that have a functional currency different from the presentation currency are translated into the presentation currency. Assets and liabilities for each balance sheet are translated at the closing rate at the date of the balance sheet. Income and expenses for each income statement are translated at the average exchange rate. All resulting exchange differences are recognised as a separate component of equity. 1.5 Property, plant and equipment Land and buildings held for use in the production or supply of goods and services, or for administration purposes, are shown at fair value, based on periodic, but at least triennial, valuations by external independent valuers, less subsequent depreciation for buildings. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset, and the net amount is restated to the revalued amount of the asset. All other property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Increases in the carrying amount arising on revaluation of land and buildings are credited to other reserves in shareholders' equity. Decreases that offset previous increases of the same asset are charged against other reserves directly in equity; all other decreases are charged to the income statement. Each year the difference between depreciation based on the revalued carrying amount of the asset charged to the income statement and depreciation based on the asset's original cost is transferred from `other reserves' to `retained earnings'. Depreciation on assets is charged so as to write off the cost or valuation or assets, over their estimated useful life, using the straight line method, on the following basis: Freehold property : 50 years Vehicles : 3 - 5 years Fixtures, fittings and equipment : 3 - 5 years Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets. The gain or loss arising on disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. 1.6 Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill is recognised as an asset and is tested for impairment annually, or on such other occasions that events or changes in circumstances indicate that it might be impaired. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES - continued 1.6 Goodwill - continued Goodwill arising on the acquisition of an associate is included within the carrying value of an associate. Goodwill arising on the acquisition of subsidiaries and jointly controlled entities is presented separately in the balance sheet. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of unamortised goodwill which has not been subject to impairment is included in the determination of the profit and loss on disposal. 1.7 Impairment of non-financial assets The entity assesses at each reporting date whether an asset may be impaired. If any such indicator exists the entity tests for impairment by estimating the recoverable amount. If the recoverable amount is less than the carrying value of an asset an impairment loss is required. In addition to this, assets with indefinite lives and goodwill are tested for impairment at least annually. 1.8 Inventories Inventories are valued at the lower of cost and net realisable value. Cost is determined on a first in, first out basis. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. 1.9 Financial Instruments Financial assets and financial liabilities are recognised on the group's balance sheet when the group has become a party to the contractual provisions of the instrument. 1.10 Trade receivables Trade receivables are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. 1.11 Share capital Ordinary shares are classified as equity. Redeemable shares are classified as liabilities. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 1.12 Share Options The share option programme allows certain directors to acquire shares in the company subject to performance criteria. The fair value options are recognised as an employee expense with a corresponding increase in equity. The fair value of the option at the grant date is measured using the market value. The directors consider that no charge should be made in the 31st December 2006 financial statements, as currently they feel the conditions for exercising the options will not be met. 1.13 Trade payables Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES - continued 1.14 Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. 1.15 Finance and Operating Leases Leases in which a significant portion of the risks and rewards of ownership are retained by the leesor are classified as operating leases. Payments made under operating leases are charged to the income statements on a straight line basis over the term of the lease. Leasing agreements, which transfer to the group substantially all the benefits and risks of ownership of an asset, are treated as if the asset had been purchased outright. The assets are included in fixed assets and the capital element is applied to reduce the outstanding obligations and the interest element is charged against profit so as to give a constant periodic rate of charge on the remaining balance outstanding at each accounting period. 1.16 Convertible loan stock Convertible loan stock is regarded as a compound instrument, consisting of a liability component and an equity component. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for similar non-convertible debt. The difference between the proceeds of the issue and the convertible loan stock and the fair value assigned to the liability component, representing the embedded option to convert the liability into equity of the group, is included in capital reserves (equity). The interest expense of the liability component is calculated by applying the prevailing market rate similar non-convertible debt to the instrument. The difference between this amount and the interest paid is added to the carrying value of the convertible debt. 1.17 Deferred Taxation The charge for current tax based on the results for the year as adjusted for items which are non-assessable or disallowed. It is calculated using the rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for using the balance sheet liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from initial recognition of other assets and liabilities in a transaction which affects neither the tax profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 1. PRINCIPAL ACCOUNTING POLICIES - continued 1.17 Deferred Taxation - continued Deferred tax is calculated at the rates that are expected to apply when the asset or liability is settled. Deferred tax is charged or credited to the income statement, except when it relates to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. 1.18 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of the group's activities. Revenue is shown net of value added tax, returns, rebates and discounts after eliminating sales within the group. 2. SEGMENTAL INFORMATION Geographical segments The groups' main business segments operate in two main geographical areas. The home country of the company is the UK. The areas of operation are principally the distribution of branded and own label British food and drink products. The groups' revenue is mainly within the UK and Spain. Revenue 2006 £ 2005 £ '000 '000 UK 11 - Europe 7,080 9,779 Other - - 7,091 9,779 Revenue is allocated based on the country in which the customer is located Total assets 2006 £ 2005 £ '000 '000 UK 34 - Europe 1,951 1,952 Other - - 1,985 1,952 Total assets are allocated based on where the assets are located Capital expenditure 2006 £ 2005 £ '000 '000 UK 39 - Europe 122 433 Other - - 161 433 Capital expenditure is allocated based on where the assets are located. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 3. EMPLOYEE INFORMATION Group Company Group Company £'000 £'000 £'000 £'000 2006 2006 2005 2005 Staff Costs Wages and salaries 1,610 98 851 55 Social security costs 393 12 231 7 Pension costs - - - - 2,003 110 1,082 62 Average number of employees 2006 2005 Administration 33 23 Sales 19 16 Warehouse 19 18 Distribution 18 17 89 74 4. OPERATING PROFIT 2006 2005 £'000 £'000 Operating profit is stated after charging: Depreciation charge for period 107 128 Staff costs 2,003 1,082 Auditors' remuneration 27 60 Rentals under operating leases: Land and buildings 80 58 5. FINANCE INCOME AND COSTS 2006 2005 £'000 £'000 Interest expense: Bank borrowings (109) (88) (109) (88) Finance income - interest income on 67 - short-term bank deposits (42) (88) LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 6. TAX ON PROFIT ON ORDINARY ACTIVITIES 2006 2005 £'000 £'000 Operating profit is stated after charging: United Kingdom corporation tax at 30% - - - - No taxation is due on the results for the year due to the availability of tax losses in the current year. 7. DIVIDENDS Group and company 2006 £ 2005 £ '000 '000 Interim paid: 1.35p per 10p share - 154 - 154 8. EARNINGS PER ORDINARY SHARE Basic earnings per share are calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year. 2006 2005 (Loss) attributable to equity holders of the company (2,434,736) (1,587,000) Weighted average number of ordinary shares in issue Shares in issue for full year 24,201,652 24,201,652 Issued on 2 May 2006 (2,450,000 x 243/365) 1,631,096 - Number of shares 25,832,748 24,201,652 Earnings per ordinary share of 1p (2005: 10p) (9.4)p (6.6)p 2006 2005 (Loss) attributable to equity holders of the company (2,434,736) (1,587,000) Weighted average number of ordinary shares in issue 25,832,748 24,201,652 Adjustments for: - assumed conversion of convertible loan stock 27,166,000 - - share options 12,000,000 - - warrants 31,278,617 - Weighted average number of ordinary shares for 96,277,365 24,201,652 diluted earning per share Diluted earnings per ordinary share of 1p (2005: (2.5)p (6.6)p 10p) LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 9. GOODWILL The company has no intangible fixed assets. Details of those relating to the group are as follows:- Goodwill £'000 Cost At 31 December 2005 and 31 December 2006 1 Net Book Value At 31 December 2005 and 31 December 2006 1 10. PROPERTY PLANT AND EQUIPMENT Group Freehold Vehicles Fixtures, Total £ Property £'000 Fittings '000 £'000 and Equipment £'000 Cost As at 1 January 2006 1,692 181 211 2,084 Exchange adjustments (21) - - (21) Additions - 99 62 161 Disposals - - (4) (4) At 31 December 2006 1,671 280 269 2,220 Accumulated Depreciation As at 1 January 2006 30 45 57 132 Charge for the year 23 30 54 107 Eliminated on disposals - - (4) (4)- At 31 December 2006 53 75 107 235 Net Book Value At 31 December 2006 1,618 205 162 1,985 At 31 December 2005 1,662 136 154 1,952 The net book value of tangible fixed assets includes an amount of £108,295 (2005: £92,220) in respect of assets held under finance leases and hire purchase contracts. The freehold property figure of £1,618,000 relates to the property at Benissa, Spain, an asset of European Supplies S.L. This was valued at £2,498,205 by Alia Tasaciones on 18th May 2006. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 10. PROPERTY PLANT AND EQUIPMENT - Continued Company Vehicles Total £ £'000 '000 Cost As at 1 January 2006 - - Additions 47 47 Disposals - - At 31 December 2006 47 47 Accumulated Depreciation As at 1 January 2006 - - Charge for the year 9 9 Eliminated on disposals - - At 31 December 2006 9 9 Net Book Value At 31 December 2006 38 38 At 31 December 2005 - - 11. INVESTMENTS IN SUBSIDIARIES Company: Interests in group undertakings 2006 £ 2005 £ '000 '000 As at 1 January 1,500 9,241 Impairment provision made in year - (7,741) At 31 December 1,500 1,500 In the previous year an impairment provision was calculated to reduce the value of investment in subsidiaries to £1.5 million. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 11. INVESTMENTS IN SUBSIDIARIES - continued Name of Undertaking Country of Description of Proportion Principal Incorporation Shares Held of Nominal Activity Value of Shares Held Farm Holdings Guernsey 1,000 shares of £1 100% Holding Limited each company European Supplies England 1 shares of £1 100% Freight Logistics Limited each transportation Owned by Farm Holdings Limited: European Supplies Spain 100 shares of 100% Food S.L. 5,000 ptas each distribution Mediterranean Spain 3,006 shares of €1 100% Food Supplies S.L. each distribution Milenio Foods S.L. Spain 60 shares of 100% Food 10,000 ptas each distribution 12. INVENTORIES Group Company Group Company 2006 £ 2006 £'000 2005 £ 2005 £'000 '000 '000 Goods held for resale 1,156 - 1,546 - 13.TRADE AND OTHER RECEIVABLES Group Company Group Company 2006 £ 2006 £'000 2005 £ 2005 £'000 '000 '000 Trade debtors 1,837 - 2,448 - Amount owed by group - 2,113 - - undertakings Other debtors 104 10 58 15 Prepayments and accrued income 49 7 9 9 1,990 2,130 2,515 24 LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 14. TRADE AND OTHER PAYABLES Group Company Group Company 2006 £ 2006 £'000 2005 £ 2005 £'000 '000 '000 Amounts owed to group - - - 162 undertakings Trade creditors 1,227 124 1,989 123 Accruals and deferred income 491 104 248 130 Other creditors 211 48 15 15 1,929 276 2,252 430 15. OTHER NON-CURRENT LIABILITIES Group Company Group Company 2006 £ 2006 £'000 2005 £ 2005 £'000 '000 '000 Tax liabilities 606 - - - 606 - - - The tax liability is secured by a fixed charge on the freehold property. 16. BORROWINGS Group Company Group Company 2006 £ 2006 £'000 2005 £ 2005 £'000 '000 '000 Non Current Bank loans 899 - 990 - Finance lease obligations 38 22 20 - 937 22 1,010 - Current Bank overdraft - - - - Bank borrowings 51 - 67 - 51 - 67 - Finance lease obligations 39 10 53 - 90 10 120 - Total borrowings 1,027 32 1,130 - LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 16. BORROWINGS - Continued Group Company Group Company 2006 £ 2006 £ 2005 £ 2005 £'000 '000 '000 '000 On demand or written one 90 10 120 - year notice 1 - 2 years 138 10 96 - 3 - 5 years 212 12 229 - After five years 587 - 685 - 1,027 32 1,130 - Group - Analysis of borrowings by currency 2006 £ 2005 £ '000 '000 Pounds - - Euros 950 1,057 950 1,057 The loan is payable in 162 monthly instalments starting 1st March 2006. The total facility available is €1,500,000 (£1,032,000 at Balance Sheet exchange rate) of which all has been drawn down at 31st December 2005. Interest is payable at 0.75% above EURIBOND rate. The first 18 months repayments are interest only. The loan is secured by a fixed charge on the freehold property. 17. OBLIGATIONS UNDER FINANCE LEASES Minimum lease Present value of payments minimum lease payments 2006 £ 2005 £ 2006 £ 2005 £ '000 '000 '000 '000 Amounts payable under finance leases Within one year 45 55 39 53 In second to fifth years 44 21 38 20 89 76 77 73 Less: future finance charges (12) (3) Present value of lease obligations 77 73 Less: Amounts due for settlement within (39) (53) 12 months Amounts due for settlement after 12 38 20 months LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 18. CONVERTIBLE LOAN STOCK Group Company Group Company 2006 £ 2006 £'000 2005 £ 2005 £'000 '000 '000 Convertible loan stock 2,717 2,717 - - 2,717 2,717 - - On the 2nd May 2006 and 27th July 2006 the company issued £2,695,000 of convertible loan stock. The loan stock is convertible at the holder's option at any time until 31st July 2011 at the rate of one ordinary share for every 10p nominal value of stock. In addition, subscribers of stock received one warrant for every 10p nominal of stock subscribed, which entitled the holder to subscribe for one ordinary share at a price of 1p per share for each warrant held, at any time in the three years commencing 1st August 2006. The subscribers to the new shares issued during the year also received one warrant for every share subscribed with similar rights to the subscribers of stock. Interest will accrue from May 2007 at a fixed rate of 8% per annum, payable quarterly in arrears. The company will repay the loan stock to holders on the earlier of the liquidation of the company or 31st July 2011 at 15p per 10p nominal stock plus outstanding interest unless previously converted or repaid. £21,600 of the convertible redeemable secured loan stock was issued during the year in lien of £15,200 of salary sacrificed by Ray Greenwood and Rolf Silver, and £6,400 of fees sacrificed by Nigel Terry. This management loan stock has 216,000 warrants attached to subscribe for ordinary shares, on the same basis as the loan stock. The values of the liability component as equity conversion component were calculated at the issue of the stock. The fair liability of the liability component was calculated using a market interest rate of 10%. The directors consider the equity element to be worthless, as all the proceeds have been classed as a liability component. No charge has been made in the 31st December 2006 financial statements but in future years there will be a considerable charge for the interest element and the uplift in the agreement of 15p per 10p raised, unless stock holders convert to equity. The loan stock is secured by a debenture over the assets of the company, and a charge over the group's freehold property in Benissa, Spain. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 19. PROVISIONS 2006 £ 2005 £ '000 '000 Restated At 1 January 1,476 1,514 Prior year adjustment - (428) Restated 1 January 1,476 1,086 Additional provision - 390 Provision utilised (1,476) - At 31 December - 1,476 The provisions relate to potential Spanish tax liabilities identified in the previous year. The amount payable has now been agreed with the Spanish tax authorities, and the prior year adjustment relates to a reduction in this amount. 20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The group is exposed to credit, liquidity and currency risks in its normal course of business. There is no significant exposure to interest risk as the group whilst having material borrowings has tied these borrowings to the Euribor. Based upon the composition of the borrowings at 31 December 2006, an increase in interest rates of 0.5% would increase costs by circa £5,000. Currencyrisk Exchange risk is not currently hedged with the group, due to the availability of funds, and all exchange transactions are at spot rates. This area will be addressed by the company when it is practically possible. Credit risk Exposure to credit risk associated with trade receivables is monitored on an ongoing basis by the local credit control teams with close involvement of the finance department. The majority of the receivables are held with customers whom have a long standing trading relationship with the company. Provisions are made against doubtful trade receivables, and reviewed on a monthly basis. Liquidity risk Liquidity risk is managed by a review of monthly reports within the group. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 21. SHARE CAPITAL 2006 £ 2005 £ '000 '000 Authorised 200,000,000 ordinary shares of 1p each 2,000 - 800,000,000 deferred shares of 1p each 8,000 - 100,000,000 ordinary shares of 10p each - 10,000 10,000 10,000 Number of 2006 £ 2005 £ shares '000 '000 Allotted, called up and fully paid Ordinary 10p shares As at 1 January 24,201,652 2,420 2,420 Issued during the year 2,450,000 245 - As at 26 July 26,651,652 2,665 2,420 Subdivision of 10p ordinary shares (26,651,652) (2,665) - - 2,420 Ordinary 1p shares 26,651,652 266 - Deferred 1p shares 239,864,868 2,399 - 266,516,520 2,665 2,420 On the 26th July 2006 the company reduced the nominal value of the ordinary shares from the present value of 10p per share. Each ordinary share was subdivided into: * One new ordinary share (with a nominal value of 1p), and * Nine deferred shares (with a nominal value of 1p) The company currently has in issue 26,651,652 ordinary shares of 1p each, with each share carrying the right to vote and 239,864,868 deferred shares of 1p each, which carry no right to receive notice of or to attend or to vote at any general meeting of the company, or to receive any dividends or other distributions. They carry the right to participate in any return of capital on liquidation to the extent of 1p per share but only after each ordinary share has received in aggregate capital repayments totalling £100,000 per share. J.M Finn & Co has warrants to subscribe for 922,975 ordinary shares at 5.5p per share and 922,975 shares at 10p per share taking the closing prices at 2nd May 2006 and 14th June 2006. 266,667 warrants to subscribe for 266,667 ordinary shares at 45p per share are also held by Keith, Bayley, Rogers and Co Limited. LENNOX HOLDINGS PLC YEAR ENDED 31 DECEMBER 2006 NOTES TO THE FINANCIAL STATEMENTS 22. SHARE OPTIONS The group granted share options to certain directors on 26th July 2006. The option price granted is 10p per share, the share options currently in issue vest between three and six years from the date of the grant. The 8,000,000 options that vest from 26th July 2008 are only exercisable after the company has reported fully diluted earnings per share of 1p per share. The 4,000,000 options that vest from 26th July 2009 are only exercisable after the company has reported fully diluted earnings per share of 2p per share. The share price at grant date was 4.5p. No charge has been made in the accounts as the directors consider the conditions for exercising the options will not be met. Average Options exercise (thousands) price in £ per share At 1 January 2006 - - Granted 0.10 12,000 Forfeited - - Exercised - - Expired - - At 31 December 2006 0.10 12,000 23. SHARE PREMIUM ACCOUNT Group and company 2006 £ '000 At 1 January 2006 6,971 Costs incurred on the issue of shares (156) At 31 December 2006 6,815 24. RETAIN
13/6/2007
12:23
hopestaruk: what is worth considering is that yesterday the share price dropped substantially on next to no selling but plenty of buying. I thought it was a tree shake initially, but cannot figure it out as the buy sell limits are heavily in favour of shares for sale rather than the MMs wanting stock. So whats going on? i am not sure, for clarification i hold this stock and am expecting the results to show significant progress, i am also expecting yesterdays 600k buys to be announced in an rns in the next 48 hrs that Mr Read has further upped his stake. Rarely does a share price not trend downwards after such a severe rise, so i expected it. What has been shown over the last week is the speed lnx can climb on no volume, i am expecting the share price to get back in the saddle and move forwards again shortly. Results in less than 2 weeks, news of another purchase from David Read and anyones guess as to LNX Sp in the near future.
12/6/2007
08:09
lex1000: Someone told me that LNX share price was going to be 10p by friday,honest.After such strong rises caution is name of the game.Small illiquid shares whilst get bought share price may rise x 100%to 1000% on low volumes way beyond actual fair to true value.Traders selling into rises optimise profits.mms pull the plug and small private investors get marooned when share price drops again if not caught out by wide spreads.As posted LNX is either cheap cheap OR sheep sheep i.e lambs to the slaughter.I have no idea how much LNX is worth.Is it a pump and dumper is for peeps to research and know.aimvho,DYOR. lex1000 - 10 Jun'07 - 23:20 - 84547 of 84558 edit Buying low and selling high is the best way to maximise profits potentially wealth making beyond the imagination of average man in the street.Timing get in before the sheep and exit immediately before the big boys. Realist am not going to make a million in this game,blew me chances and no longer my strategy. Taken a look at LNX.Isn't one for me anymore though expect some traders in early will make a penny or two.Already a multi-bagger.Either cheap,cheap or due to sheep sheep.lol Penny stock, small NMS, wide spread and lifted this quote from an earlier Lennox thread: "Only 24 million shares in issue..You know what that means..Soon as interest is shown by a few punters this will rocket.." More interestingly this quote!: >Red Dog - 5 Jun'07 - 08:49 - 525 of 534 Guys, I did say somebody was dumping shares in this Company and JUST before the results are out. Who do you think they were? None other than the previous Directors. They live in Spain and know what is going on. Does not bode well for all who are holding. Lennox Holding(s) in Company Lennox Holdings PLC (the 'Company') HOLDING IN COMPANY 4 June 2007 The Company has today been informed that Sage Holdings Limited and Farm Holdings (Spain) Ltd., no longer hold notifiable interests in the Company. Enquiries:Nicholas Nelson 020 7451 7068 Nexus Financial Limited END Source:http://www.advfn.com/cmn/fbb/thread.php3?id=13705058&from=525
Lennox share price data is direct from the London Stock Exchange
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:34 V: D:20161209 03:55:04