Lamprell Share Discussion Threads

[volsung] 30/6/2014 16:59

More smelly skinny :)

[skinny] 30/6/2014 16:54

Is that like a damp squib? :-)

[volsung] 30/6/2014 16:51

Bit of a 'dank squid' ending to the day

[tom111] 30/6/2014 14:27

Profit taking I would think probably selling their RI

[mad foetus] 30/6/2014 14:25

Not for the first time LAM announces it is ahead of expectations and the market response is muted.

[mad foetus] 30/6/2014 09:25

FWIW I have done the maths and believe that the share price is now at 1.83 in old money (i.e. if the rights issue hadn't happened) and based on todays share price of 1.60. Which is a nice thought.

[mad foetus] 30/6/2014 09:12

The big thing missing is institutional buy in. I never see LAM on the top 10 holding list of any funds. Given the turnaround in the business this is surprising. If it changes the share price will truly motor. Until then, keep the good news coming!

[owenski] 30/6/2014 08:43

Very encouraging and positive statement, the turnaround here has credibility and I believe the order book will contribute to growing revenues as time progresses.

[addison17] 30/6/2014 08:33

That's what we want on a Monday morning !

[tipjunkie] 30/6/2014 08:18

come on LAMMERS!

wake up and smell the coffee!!

Blue Mountain naturally!

[adp] 30/6/2014 08:18

Expecting a swift move up

[scottishfield] 30/6/2014 08:01

Yes it does read well tj :)

[skinny] 30/6/2014 08:00

Lamprell (ticker: LAM), a leading provider of diversified engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, issues the following pre-close trading update for the six months to 30 June 2014.

The Group has seen strong operational and financial performance since the start of 2014 with the delivery of four major projects in H1. The Company has also been successful in converting its bid pipeline with two rig orders from Ensco and Shelf Drilling respectively and the recent contract award from Petrofac for modules to be deployed in Abu Dhabi.

Operational performance is being driven by a number of factors, notably the strong project execution in all four of the major projects delivered in H1 2014, which has resulted in those projects being delivered ahead of budgeted margins. This has also been supported by some early savings from productivity improvements being implemented across the Group. As announced previously, we expect to start seeing the benefits from these initiatives during the course of 2014 although the full run rate is not anticipated to be achieved until late 2015. We have also seen improved performance in 1H 2014 in our land rig services business.

In addition to this strong operational performance, we have taken steps to reduce our overheads following the delivery of the four major projects earlier this year and we continue to look for opportunities to reduce them further.

During the period, the Group has successfully completed the Rights Issue announced on 16 May 2014, and expects to complete the associated debt refinancing during the course of July.

As a result of the above, the Company now expects earnings for the year as a whole to be ahead of expectations although this will be heavily weighted towards the first half of the year. Our bid pipeline remains strong and we remain focused on the conversion of our pipeline of opportunities into further contract wins.


- Ends -

[tipjunkie] 30/6/2014 07:36

nice trading statement
back to the 170's?

[plunger2] 29/6/2014 13:24

Very happy also. Keep those contracts coming Jim!
The turnaround in sentiment by Nomura is just a further encouraging sign.
LAM has the fire power now to go for it even more.
With KENZ now a gonner I'm expecting a switch into LAM. The Pru can see all that coming. They know we're still a bit too cheap.
As the price marches towards the 190s we could get ever closer to a FTSE250 re-entry - so expect a firework or two should a couple more big orders be announced.

re Glavey msg 13362
You're right that I'm in here at a low price. You're right that I've been legged over by BODs in other places. The protest here had more legs than I expected so I agree that Kennedy is going to have to sort it out - and I expect he will. Personally I'd be content to follow Steve Lamprell's position, whatever it is. He owns so much of the company and should be in a far better position than self to know what the appropriate incentives for this new management should be.

GLA JMHO

[sefton1] 29/6/2014 13:04

Happy with progress here so far this year

[rjd1233] 27/6/2014 22:05

Mine are sat in TD Direct Investing as Lamprellsr14 LAMF.

[adp] 27/6/2014 21:55

Mine turned into LAM today I expect yours will also sort themselves out in due course

[mach100] 27/6/2014 20:52

Once the rights are in your account and your nominee broker has debited you for the money, is there any more you have to do? Or will they convert automatically into LAM shares? TIA!

[adp] 27/6/2014 08:52

Been a long time since Ive felt positive about LAM and I dont want to speak to soon but it is looking good from here at the moment

[broadwood] 27/6/2014 07:03

Yep, just noticed that. Should help today.

[skinny] 27/6/2014 07:02

Nomura Buy 153.50 153.50 135.00 185.00 Upgrades

[skinny] 26/6/2014 13:26

Lamprell, a leading provider of specialist engineering services to the international oil & gas and renewable industry, is pleased to announce that the 5 for 16 Rights Issue of 81,363,469 New Ordinary Shares at 88 pence per New Ordinary Share announced on 16 May 2014 closed for acceptances at 11.00 a.m. (UK time) on 25 June 2014. The Company received valid acceptances in respect of 78,528,325 New Ordinary Shares, representing approximately 96.52 per cent. of the total number of New Ordinary Shares to be issued pursuant to the fully underwritten Rights Issue.

Following the announcement earlier today by Lamprell regarding valid acceptances in respect of 78,528,325 New Ordinary Shares, representing approximately 96.52 per cent. of the total number of New Ordinary Shares offered to Qualifying Shareholders pursuant to the 5 for 16 fully underwritten Rights Issue, the Company announces that J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) and HSBC Bank plc, in their capacity as Joint Bookrunners and Underwriters, have procured subscribers for the remaining 2,835,144 New Ordinary Shares not validly taken up in the Rights Issue, representing 3.48 per cent. of the New Ordinary Shares, at a price of 146 pence per New Ordinary Share.

The net proceeds from the placing of such New Ordinary Shares (after the deduction of the Rights Issue Price of 88 pence per New Ordinary Share and the expenses of procuring subscribers) will be paid to those persons whose rights have lapsed in accordance with the terms of the Rights Issue, pro rata to their lapsed provisional allotments, save that individual amounts of less than £5.00 will not be paid to such persons but will be paid to the Company.

Accordingly, neither the Underwriters nor the sub-underwriters will be required to subscribe for any New Ordinary Shares.

For full details of the Rights Issue, please refer to the prospectus relating to the Company dated 16 May 2014 (the "Prospectus") which is available for inspection on the Company's website at www.lamprell.com and at the Company's registered office at Fort Anne, Douglas, IM1 5PD, Isle of Man, save that the Prospectus is not available, whether through the website or otherwise, subject to certain exceptions, to person located in the Excluded Territories.

Unless otherwise defined herein, capitalised terms used in this announcement shall have the meanings given to such terms in the Prospectus.

[srpactive] 26/6/2014 13:23

directors buying