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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Litcomp | LIN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 35.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 35.00 |
| Top Posts |
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Posted at 20/12/2009 00:34 by abc125 IG I see you feel quite strongly about this. How many LIN shares do you have? (you don't have to say if you don't want). |
Posted at 02/11/2009 19:02 by glasshalfull I held 15k so didn't think it worth the hassle. The party who have proposed 33p have LIN over a barrel. They do not need to offer any more as the company have little choice and appear backed into a corner (at face value). Options, * Accept the offer as they are currently in technical breach on the loan notes * Roll it over. Unsatisfactory as already been done and costs then substantial amount of interest. * Finance - not obtainable from Bank, so would need to come from private equity or placing. My preferred option. I'm certain this route must have been investigated. Some dilution envitable but they would hopefully then realize some of their potential. Too messy for me at the moment but Elite appears to be an excellent cash generative business and I was surprised that no other bidder has appeared. Regards, GHF |
Posted at 02/11/2009 07:11 by masurenguy And here it is - with takeover talks still ongoing !.................... RNS Number : 7325B LitComp Plc 02 November 2009 Loan Stock Redemption The Board of LitComp (AIM: LIN), a provider of After the Event Insurance and a national supplier of medico-legal reports, notes that it's £3,605,000 10% convertible secured loan stock 2008 ("Loan Stock") was due for redemption on 31 October 2009. £2,501,200 of the Loan Stock is currently in issue and the Company is now in technical default, albeit that it is still in advanced discussions regarding a potential offer. In the event that the offer and/or a further extension of the repayment deadline is not forthcoming, the Company will need to consider alternative funding options. As announced on 24 September 2009, the Company is in advanced discussions with a potential offeror regarding a possible offer for the Company. No final agreement has been reached and so there can be no certainty as to whether an offer for the Company will or will not be made. As announced on 30 September 2009 and as disclosed in the Company's Annual Report and Accounts, for the year ended 31 March 2009 the potential offer includes arrangements for the potential funding of the redemption of the Loan Stock and a further announcement is expected to be made shortly. |
Posted at 24/9/2009 21:14 by glasshalfull Have to say I'm as confused & the multiple posts on this thread suggest that I'm not alone.First thoughts are that the bid was derisory....unless trading has deteriorated or some other mitigating factor. The fact that the company have failed to clarify why the delay in results between trading update on 23rd June and 24th September...a whole 3 months does muddy the waters somewhat. I had high hopes with an investment in LIN but extremely disappointed that the bid "appears" to be low ball and that we have yet to receive satisfactory clarification. On change of advisors. Perhaps conflict of interest with the advisors of bidder? Who knows? Certainly not me. Regards, GHF |
Posted at 24/9/2009 19:09 by sham71 Something fishy going on here. LIN did not release results on time because the share price would have galloped away. The 33p offer would have then looked derisory. Now they have successfully put an effective cap on the share price. The question is, are they working in shareholder interests? It would appear NO! Whose behind the offer? That will reveal all. |
Posted at 24/9/2009 14:04 by abc125 Changed Nomad straight after RNS re share price movement, is that usual? Maybe LIN were reluctantly forced to put out a statement by the previous nomad. As regards to Wray being behind the offer, I just don't see it. I don't know a great deal about him, but doesn't he normally invest in listed companies? edit: he bought a shedload - 440k odd - at above 60p in 2007. |
Posted at 04/7/2009 17:26 by glasshalfull Sifting through a multitude of emails received while away & came across the GE&CR monthly review dated 1st July.My estimates following the trading update and which I posted over a week ago are bang in line with the commentary from GE&CR. LitComp* The company provided a trading update on 23rd June stating that although sales revenues were in line with expectations, a decision has been taken to increase provision reserves. As a result pre-tax profit expectations are running behind our earlier forecast and we have edged back our expectations by some £0.2 million ahead of the preliminary announcement due in August. However, we continue to believe that the share price fails to reflect the profitability and cash generation of this business and our stance remains buy. LitComp* EPIC: LIN Share Price: 29p Market: AIM Market Cap: £1.80 million Estimate Year to 31st Mar 2009 Sales (£ million) £32.5m Pre-tax Profit (£ million) £1.6m Earnings Per Share (p) [fully diluted] 7.64p Price Earnings Ratio 3.8 Dividend Per Share (p) 0.0 Dividend Yield (%) 0.0 Reiteration of my earlier post; Glasshalfull - 24 Jun'09 - 07:52 - 204 of 220 edit Year to 31st March Sales 2007A - £6.23m 2008A - £11.29m 2009E - £25m Pre-tax Profit 2007A - £0.83m 2008A - £1.11m 2009E - £1.8m (alter this by 10%-15% to account for "slightly comment) = £1.53m - £1.62m ie. 38% - 46% growth over 2008. So, looks like we will be close to 45% growth y-o-y. Not bad considering the current macro climate. Also, now had a chance to reflect on your post above abc. I think I'm coming round more to your line of thinking and scenario you paint in Option 2. Maintains a high cash balance and allows for a decent EPS progression. As egoi has mentioned in previous posts, I think that each of the scenarios is potentially a win-win for the shareholders and company and, as you say, if resolution of the bond issue materilises in August then I would anticipate that its resolution will provide a fillip to the share price with cessation of uncertainty over the issue. Regards, GHF |
Posted at 30/6/2009 13:01 by abc125 In the prelims last year, directors said the two biggest loan note holders representing 46% (which is about £1.5m out of £3.1m outstanding at the time) were willing to convert. The odds are they will be willing to convert this year also. If there are no other takers, LIN will need to raise £1.1m.Surely that should not be that hard to find? There would only be 12m shares also, instead of 15m. EPS should benefit. Any other views? I'm pretty certain a successful outcome will lead to a quick rerating (I note APG gained 90% yesterday). Litcomp has got to be worth at least 60p, which would put them on a forward PE of 5. |
Posted at 14/6/2009 10:24 by abc125 Just to add, the loan notes have been a drag on the share price. Four years ago, £3.6m was raised, paying a coupon of 10% per annum. It is commendable that LIN have serviced interest payments of £360k a year from cashflow/profits without hiccup. Presently, there is only £2.6m outstanding. £1m of loan stock has been either redeemed or converted.My hunch is that LIN will start paying a divi within the next year, and on this basis, bondholders will most likely convert to shares. The weaker hands were taken out in November last year. £0.5m was repaid. It was a good sign that more bond holders did not ask for their cash back, at the height of the credit crunch. Each £1 loan note converts into 3.3 ordinary shares. If LIN earn 12p EPS (fully diluted) in the FY March 2010, a 3p divi say, would be manageable. Importantly though, a 3p divi would equate to a 10% yield for convertees, the same as they are getting now. So, on that basis, why would they not convert? Even if say 25% don't convert, LIN can quite easily fund any repayments. Indeed, it would be earnings enhancing if there is less dilution. The only fly in the ointment is if trading has fallen off at Elite. But I don't think that is the case. In the last few months, Elite have taken on a divisional MD (who started in April), and new reinssurannce treaties have been signed, which could potentially double turnover, yet again, in FY 2010 You don't do that if things have gone pear shaped. Worth noting that Elite has been growing revenue exponentially: March 2007 - £6m March 2008 - £11m March 2009 - £25m (GE&CR estimate) March 2010 - £50m (my estimate !) |
Posted at 12/1/2009 11:10 by glennborthwick Litcomp Plc* Interim Results: Maintain Buy Recommendation with 165p Target PriceKey Data EPIC LIN Share Price 35.5p Spread 33p 38p Total no of shares 6.0 million (14.6 million fully diluted) Market Cap £2.1 million (£5.2 million fully diluted) 12 Month Range 30.5p 47.5p Net Cash £0.25 million NMS 500 Market AIM Website www.litcompplc Sector Specialty Finance Contact Jason Smart, CEO +44 (0)14 7656 0113 Litcomp, the provider of After the Event (ATE) insurance, medico-legal reports and litigation services, has today announced strong interim results, driven by an impressive performance from its After The Event (ATE) insurance business, Elite. In the 6 months to September 30th 2008 net profit before tax rose by 140% to £0.88 million, earnings per share doubled 100% to 9.2p and at the period end the company had net cash of £250,000. Elite insurance produced further gross premium income and profit before tax growth with the former up 248% £14.5 million and the latter up by 91% to £1.48 million. The results show that the company expanded its business at the cost of margins, but that this was justified by an overall lower claims risk. New reinsurance treaties were negotiated from 1st of April and have increased the percentage of gross premium income retained which had a positive effect on some margins but increased Elite's exposure to claim liabilities. The company intends to use re-insurance and co-insurance to increase its underwriting capacity and cover new lines of business. Tighter capital and credit markets have constrained litigation funding and consequently up front premiums. While Elite's major commercial business pipeline remains robust, claimants are delaying litigation because of a lack of funding. The company expects this situation to ease in the New Year as new litigation funders have entered the market providing the finance to proceed with litigation. The Medico-Legal Reporting business saw revenue grow by 8% over the corresponding 2007 period to £0.87 million, but failed to carry this growth through to the bottom line with the loss before tax up by 41% to £0.6 million. While Medico only comprises 5.7% of the group's turnover, Litcomp's directors are confident new business initiatives will continue to generate revenue growth. Litcomp's remaining convertible note holders agreed at a special general meeting held on the 10th of December to extend their redemption until the 31st of October 2009. £2,615,700 worth of 10% Secured Convertible Loan Notes remain on issue and the extension provides more time for the company to refinance the notes in the new year. With each £1 in loan notes convertible into 3.3 ordinary shares, there is a potential dilution of 8,631,810 ordinary shares. The increased revenue and profit in a difficult market shows that Litcomp has a robust and growing business. While the margins at profit driver Elite have contracted, the fact that profitable new business continues to be written is commendable. We are mindful of the potential dilution effect the conversion of the loan notes will bring, but were this to occur the majority of the company's debt would be wiped out and net cash would benefit at the expense of earnings per share. Despite this the company maintains a net cash position and a strong earnings base and with our 2009 and 2010 forecasts unchanged we continue to recommend the stock a buy with a target price of 165p. Forecast Table Year to 31st March Sales (£ Million) Pre-tax Profit (£ Million) Earnings Per Share (p) Fully Diluted EPS (p) Price Earnings Ratio Dividends Per Share (p) Dividend Yield (%) 2007A 6.23 0.83 9.9 4.1 3.6 0 0.0 2008A 11.29 1.11 13.2 5.4 2.7 0 0.0 2009E 25.0 1.80 21.6 8.9 1.6 0 0.0 2010E 30.0 3.35 40.1 16.5 0.9 0 0.0 *Litcomp Plc is a corporate client of Bishopsgate Communications which is owned by RSH, the ultimate owner of GE&CR. This research note cannot be regarded as impartial as GE&CR has been commissioned to produce it by Litcomp Plc* The information in this document has been obtained from sources believed to be reliable, but cannot be guaranteed. Growth Equities & Company Research is owned by t1ps.com Ltd which is commissioned by companies to produce research material under the Growth Equities & Company Research label. However the estimates and content of the reports are, in all cases, those of t1ps.com Ltd not of the companies concerned. |
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