Litcomp Share Discussion Threads

[glennborthwick] 06/11/2009 15:56

AGrreed , no aholder now but was, what a starnge affair. take it out and put it into plastics captal (PLA) - trading update 19th november

[egoi] 06/11/2009 12:31

When they said in September:

'The Board of Litcomp notes the recent rise in the Company's share price and announces that the Company is in advanced discussions with a potential offeror regarding a possible offer for the Company at 33 pence per share in cash.....

This anouncement is being made without the approval of the potential offeror.'

Nige's phone number busy was it lol?

[johndee] 06/11/2009 12:21

I took the money now and put it into RRR..............

[abc125] 06/11/2009 12:04

What are the chances of a counter offer? Not holding out much hope though.

[knowsleyman] 06/11/2009 11:51

Not a holder, but have been a watcher.

YET ANOTHER AIM STITCHUP!!!!!!!!!!!!!

[egoi] 06/11/2009 10:01

Well I could have held out for the extra couple of hundred quid or so, but I'm in a way pleased I didn't. I can put the money I raised to good use elsewhere and hopefully make that on trading in the time it takes for this to be finalised.

It all goes to show many things imho, including that taking cash on a balance sheet at face value is not the slam dunk it might appear.

I could express my personal opinions about what I perceive to be Mr Wray's attitude to fellow investors in this company, but I won't, suffice to say I never supported a team like Saracens anyway. They might be top of the league at the moment but like every other season, they'll blow it sooner or later imho. -:)

PS: Is the rumour true Nigel goes to the games wearing a fleece? -;)

[the big fella] 06/11/2009 08:59

Lots of disgruntled noises here. I didn't invest for 35p, but judging by the last announcement this could have turned out a whole lot worse. 35P equates to about a 15% return for me. I shall happily move on. I can live with getting screwed and making a 15% return in 6 months (having been on the sharp end of far worse LGB springing to mind!)

[lbo] 06/11/2009 08:05

Unless someone else wants to bid more then 35p then that its all its worth!

[troutisout] 06/11/2009 07:55

Well Wray's the culprit, absolute disgrace especially when you look at the profit warning (that wasn't needed), kept the price down and put off anyone else. This is the really distasteful thing about this market and it continues as the culprits are above any control and don't seem to have any morals at all. Wray is not all to blame, the Directors that have been employed and have now decided to take the 30 pieces of silver have just shown greed and contempt to the shareholders.
Good Luck to all.

Trout.

[philjeans] 06/11/2009 07:45

Yes, as I suggested earlier, we've been sold down the river by Wray.

No surprise there then.

[stegrego] 05/11/2009 22:26

An open offer 1 for 1 would do it too probably.

But clearly the management is being bought and dont give a monkeys.

Ditto the 'independent' directors.

I think they only need 75% to delist.

[bozzy_s] 05/11/2009 21:45

1 for 1 rights issue at 35p should do it.

Mind you, the current shareholders would need to get the management back on their side, as they have obviously been lured by Wray's incentives to shaft the existing holders.

[bozzy_s] 05/11/2009 21:38

Reading the RNS in full seems to confirm that Wray has indeed shafted the current shareholders, and has 'bribed' the management by allowing them to transfer their shares into the new company, and offering them incentives to continue to make money for him, rather than the existing shareholders.

If I were a significant private / institutional holder, I'd be giving him and 'his' new company some serious grief.

P.S only 42% of current shareholders have committed to a 'yes' decision so far, needs 90%. Is there an institution amongst them who can offer a better solution for the current shareholders?

[glasshalfull] 05/11/2009 21:15

Steg - just saw your post. I think I summed it up succinctly.

Regards,
GHF

[glasshalfull] 05/11/2009 21:13

Egoi - today's statement explains my earlier remark.

My opinnion on the statement can be summed up by saying, "greed is good - the rich get richer".
Make of that what you will.

A disgusted,
GHF

[abc125] 05/11/2009 19:46

Offer declared. 35p. Daylight robbery comes to mind!

[egoi] 03/11/2009 09:07

GHF you said:

'The CEO explained to me why the cash pile cannot be utilized for redemption...'

Can you elaborate? my guess is it must be something to do with timespan of creditor/debtor situation, but might be wrong!

[glasshalfull] 02/11/2009 19:02

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

[foodcritic] 02/11/2009 18:03

Good on Adrian, every little helps!



Holds a good total though.

[the big fella] 02/11/2009 17:04

I also share both of your concerns, but have a relatively small exposure (20k) so have decided to see this through. I must admit to not liking todays announcement, but will hang in there.

[glasshalfull] 02/11/2009 17:00

Egoi - I share your concerns. Have done so since results and my corespondence with the CEO. I sold out weeks ago but keep a watching brief as depending on outcome this could be stonking value.
Something didn't smell right and I failed to understand why loan note holders wouldn't even partially convert. They hold the strings IMHO.

The CEO explained to me why the cash pile cannot be utilized for redemption ,as most of us assumed months ago, and I also agree that surely some back up could / should have been in place in the eventuality the company now
find themselves in.

Best of luck holders.

Regards,
GHF

[egoi] 02/11/2009 13:44

Not much help - two directors but no sign of a website.