Litcomp Share Discussion Threads

[lgpixels] 20/11/2009 13:48

Depends on how much shareholder support they get, if they don't get enough they will have to increase the price. The offer is significantly below what the company is worth!

[the big fella] 20/11/2009 12:56

Lg

You are missing the point, they don't have to pay anymore.

[lgpixels] 20/11/2009 12:53

Profit last year was a 1.94 million and assets 4.6 million!

I am confident that they will come back with a higher offer, but guess we will just have to wait and see!

[johndee] 20/11/2009 11:21

I had enough of waiting..transferred funds into BAO...no brainer now at 6.25 pence or so to buy..market cap ridiculously low and brilliant prospects.

[the big fella] 20/11/2009 11:12

lg somehow I doubt that.

[lgpixels] 20/11/2009 11:11

Looks like the offer is way to low and they are going to have to come back to shareholders with a higher price:)

The asset base is very strong and a fully diluted PE of only 3.5!

[lbo] 19/11/2009 15:20

LSE fines Regal over Aim rule breaches

[lbo] 17/11/2009 13:28

Mr Wray sold £3.24m worth of Dominos Pizza shares yesterday

[the big fella] 17/11/2009 10:32

Jim - yes you are right, highly likely to go through but not in the back of the net just yet.

[egoi] 17/11/2009 08:51

Good spot TBF, missed that one, but with 75% behind them and Wray unlikely to be swayed by an alkternate, it's still likely to go through I think.

[lgpixels] 16/11/2009 22:36

Looks like they are struggling to get enough support for the bid!

Why would any rational investor vote in favour of selling their shares at 35p, when they are worth double maybe treble the offer price.

[the big fella] 16/11/2009 17:25

All irrevocable undertakings received will cease to be binding in the event that
there is either a higher competing offer for LitComp or a higher offer for those LitComp Shares subject to the irrevocable undertaking by the 30 November 2009 or if the Offer lapses or is withdrawn.

[egoi] 16/11/2009 16:16

The undertakings are 'irrevocable', therefore I'm afriad that's end of story.

[abc125] 16/11/2009 15:56

A counter bidder now only has until the 30th of nov to show their hand.....that's if anyone is interested! If not, this is a done deal.

I daresay Litcomp will relist in 3 years time at 10 times the present market cap.


IRREVOCABLE UNDERTAKINGS (Litcomp)





TIDMLIN TIDMLINC

RNS Number : 5619C
LitComp Plc
16 November 2009

?


16 November 2009
LITCOMP PLC


"LitComp" or "the Company"


IRREVOCABLE UNDERTAKINGS


Further to the announcement on 5 November 2009 regarding Torridon Capital
Limited's recommended cash offer for LitComp plc, Torridon is pleased to
announce it has received four further irrevocable undertakings to accept the
Offer in respect of, in aggregate, a further 774,400 LitComp Shares representing
approximately 12.07 per cent. of LitComp's Diluted Share Capital and with
respect to the Resolution approximately 20.17 per cent. held by LitComp
Shareholders entitled to vote on the Resolution.


On 13 November 2009 LitComp received irrevocable undertakings to accept
the Offer and vote in favour of the Resolution from the following shareholders:


+----------------------+---------------+--------------+--------------------+
| Shareholder | Shareholdings | % of Diluted | % of LitComp |
| | | Share | Shareholders |
| | | Capital | entitled to vote |
| | | | on Resolution |
+----------------------+---------------+--------------+--------------------+
| Simon Carter | 367,200 | 5.72 | 9.56 |
+----------------------+---------------+--------------+--------------------+
| Keith Howell-Jones | 177,200 | 2.76 | 4.62 |
+----------------------+---------------+--------------+--------------------+
| Lewetta Investment | 135,000 | 2.10 | 3.52 |
| Ltd | | | |
+----------------------+---------------+--------------+--------------------+
| DM Bunyard | 95,000 | 1.48 | 2.47 |
+----------------------+---------------+--------------+--------------------+
| Total | 774,400 | 12.07 | 20.17 |
+----------------------+---------------+--------------+--------------------+




All irrevocable undertakings received will cease to be binding in the event that
there is either a higher competing offer for LitComp or a higher offer for those
LitComp Shares subject to the irrevocable undertaking by the 30 November 2009 or
if the Offer lapses or is withdrawn.


Following receipt of this irrevocable undertaking, Torridon has now
received irrevocable undertakings to accept the Offer in respect of
3,419,427 LitComp Shares representing approximately 53.29 per cent. of the
LitComp Diluted Share Capital. In addition, irrevocable undertakings to vote in
favour of the Resolution have been received in respect of 842,438 LitComp Shares
representing approximately 21.94 per cent. of LitComp Shares held by
shareholders entitled to vote on the Resolution.


This announcement should be read in conjunction with the Rule 2.5 announcement
dated 5 November 2009. Terms used in this announcement shall have the meaning
given to them in that announcement.

[lbo] 12/11/2009 16:42

Brit Insurance CEO is Dane Douetil





[e-mail]

[abc125] 12/11/2009 10:05

LBO

Do you have an email address for the ceo/fd of brit?

I have dropped an email to the top guys at ABB. Reports suggest they are looking to make an acquisition with their £8m+ of surplus cash:

ceo : [e-mail]

fd : [e-mail]

There is an outside chance a competitor may decide to counter bid. If punters here see outstanding value at the current price, maybe a competitor might also.

No harm in trying.

[lbo] 11/11/2009 23:58

LBO - 23 Oct'09 - 08:23 - 397 of 446 edit




Brit Insurance Holdings Plc is considering making opportunistic acquisitions to ensure growth



Brit positive on UK market
23 October 2009



UK insurer Brit Insurance has reported an increase in sales for the first nine months of the year, driven by rising insurance prices

[lbo] 11/11/2009 23:57

Masurenguy - 3 Oct'09 - 12:02 - 370 of 445


Potential predator could be Abbey Protection (ABB) since Litcomp would be a very synergetic fit. Abbey have plenty of cash to cover the Loan Note Redemptions and can provide a much broader market umbrella for an ATE specialist particularly in view of the various uncertainties surrounding the ATE sub-sector which Litcomp alluded to in their recent results statement.

NB: This is just pure speculation on my part !

LBO - 3 Oct'09 - 13:40 - 371 of 445 edit


Very possible but more likely the bidder is already known and been named!





Current competitors are the likes of Allianz Cornhill Legal Protection, Europ Assistance, Templeton, Brit Insurance, DAS Abbey Legal Protection and RSA Pursuit.

What about Brit Insurance also as a new bidder?

[the big fella] 11/11/2009 11:31

I can't see there is any alternative. This is a done deal. I will wait for the 35p and move on. I can't see the point in giving the mm a 6% turn for nothing.

[abc125] 11/11/2009 10:59

IG

Where did you here that? (apart from punters on this thread of course)

Our only hope is a counter offer imho....i think i will hang on for the 35p.

[lgpixels] 10/11/2009 21:48

I hear there are a number of shareholders who are very unhappy with the proposed takeover and it is unlikely to get approval.

[lgpixels] 08/11/2009 23:34

We will get a better deal if we stick together!

The offer significantly undervalues the company.

[lbo] 07/11/2009 12:16

Jason Smart (Chief Executive Officer)
[e-mail]

Paul Lavender (Finance Director)
[e-mail]

[lgpixels] 07/11/2009 08:56

I hear there is a no campaign starting to get a fair deal for shareholders.
If small shareholders stick together we can stand up to these bully tactics and get a better deal for shareholders.