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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Latitude | LTR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| 0.00 | 0.00% | 3.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 3.00 | 3.00 |
| Top Posts |
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Posted at 30/1/2011 22:41 by melton john "I lost more than i ever made there "I'll drink to that! The city spivs were queueing up back then to part people from any money they had made from privatisations etc by floating useless companies run by people either useless or bent. Jabadaba, LTR still seem to be registered in UK. Worth a couple of quid to get a report from Companies House. Maybe a shareholder list and see if you can find a buyer. Edit Had a look this morning and it looks like LTR been liquidated. Maybe something for you if the greedy ones didn't empty the trough first. |
Posted at 01/12/2008 23:45 by johnmc Hello allA random musing. Something I have been doing this evening is reorganising my LTR filing system. The following is copied from the LTR AIM Prospectus 2005 Conflicts of interest Certain of the directors and officers of the companies in the Group also serve as directors and/or officers of other companies involved in natural exploration and development and consequently there exists the possibility for such directors and officers to be in a position of conflict. The Group expects that any decision made by any of such directors and officers involving the Group will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Group and its Shareholders. I draw your attention to the second half of this para. Cheers JMc |
Posted at 01/12/2008 22:28 by johnmc Hello allExcuse my absence, was in the mountains looking for gold. Adam, it seems unlikely to me that legal counsel would be of much use today. If a regulatory body finds against either Rowland or the other directors; any advice that I receive today would need to be re taken in the light of that event. Conversely, if not, any competent legal advisor would tell me that there is no chance of redress. I am aware of at least three MPs who are taking an interest in this. Whilst we may have to agree to disagree on the value of the press, an MP asking questions helps tip the priority scales in our favour. The LTR tax losses have been consumed to offset the trading profits on the plc's share portfolio. From the balance sheet, we can see that net assets are 5.38p per share. Anyone know what dcomd99 had to say? Cheers JMc |
Posted at 26/11/2008 10:00 by adam >The best way to keep the regulator's interest up is publicity and MP pressureI doubt it. My MP R.H Joan Ryan wrote back and noted that I had written to other agencies, and to keep her informed, which I will. She's very pro-consumer I still think you should take legal council. How much are the LTR tax losses worth? |
Posted at 17/11/2008 17:23 by hosede Hi JOhnThanks for all your efforts on behalf of private investors in LTR. I hold 200,000 shares and like Cerrito, will accept the offer (which returns around 85% of my capital) but at the latest date. I have however E-mailed the various bodies with the letters you have suggested and received replies (which I assume are standardized). Lets hope something comes of it |
Posted at 13/11/2008 14:40 by johnmc Hello AllThe word files on the website are corrected, thanks Rickus. I have read today's RNS and I can see your point Cerrito. I think that we all realised that the only thing worse than accepting the offer was becoming minority shareholders in any company, let alone this one. However, I would suggst that the later everyone lodges an acceptance, the more likely the possibility that someone else might lodge a better offer. Whilst anyone who wants to accept would be ill advised leaving matters to the very last minute, immediate acceptance will not hurry matters and will help to stifle anything which might be in the wings. Closure of the offer does not stop the fight. There are aspects of this offer which may result in convictions under the law. Should that happen, there may be future avenues for LTR shareholders to obtain civil redress. I will continue, to the best of my ability to pursue this course even if the offer is succesful, and would urge all interested parties to register their complaints, either in their own words, or using the web page that I have set up for this purpose on: Most of you are shareholders in more than one listed company and there are larger issues here than the difference between 4,5,and 6p. Cheers JMc |
Posted at 07/11/2008 19:58 by johnmc THEBIGFELLAYou may in deed. Far from happy days, but at least honest ones. Adam The specie dist gets stock in the BVI, and hence on liquidation cash, straight into the hands of the shareholders. If the cash passes into LTR then it is subject to company tax, if it passes into the shareholders hands without entering LTR UK, LTR UK doesn't pay tax. A look at these guy's CVs suggests that they may miss the odd mineral industry trick but they do not miss corporate tricks. They can also afford pretty high quality advice. Cheers JMc |
Posted at 07/11/2008 12:49 by johnmc AdamI have not taken legal advice, but the mechanism is quite common and relatively simple. Obviously if I was making it happen, I would get a tax accountant and lawyer to put the paperwork together. A distribution of specie is, in laymans terms, a dividend in kind. This could be office furniture, but for obvious reasons is usually securities. These are distributed on a one for x basis to shareholders and are not taxed as a dividend. They do count as capital acquired for zero cost so capital gains treatment may be severe. So what LTR does is to split the BVI shares into a reasonable No, distribute them to LTR shareholders on a 1 for X basis, then liquidate the BVI Company - returning the contents of the bank account (10.5M Pounds)to its owners. This could have been done any time from March this year to 15th October, realising approx 3.75p per share. Another approximate 2.25p per share could then have been realised by liquidating LTR. There are ways of finessing this a little, but anyone with an accounting background could give you a more complete answer. Cheers JMc |
Posted at 22/10/2008 10:58 by varies JohnMcThank you for taking up your cudgel on behalf of individual shareholders. I have about 500,000 LTR and would incur a modest loss if I had to accept 4p each. In these markets cash would be very welcome but, like you, I object in principle to our being asked to sell out to a director on terms that give him about 6p for every 4p spent. I too was surprised that LTR could not find a promising project or mining company to reverse into when cash is so hard to come by. The directors should certainly be looking for alternatives to Mr. R's offer and I expect they are. I note that you may for the reasons stated go silent for a period soon but I hope you can persuade the directors to tell us what steps they are taking to axhieve a better outcome. |
Posted at 19/1/2008 09:08 by stemis I posted a review of LTR on Motley Fool:--------------------- As a result of recent transactions Latitude Resources (LTR) has effectively become a pure mining investment house. Despite initially rising on the back of some strongly positive transactions it has fallen back with the general weakness in the markets. As a result I think it now offers a very attractive upside, with good downside protection (if such a thing exists in the current climate). Key statistics:-Share in issues 269.5m Share price 3.75p Market capitalisation £10.11mThere are 20m warrants/options in issue. All are out of the money [5.25m of them, exercisable, at 4.0p expire at the end of January leaving 14.75m exercisable at 5.0p]. On 13 August LTR announced it had sold its Chilean mining operations to Tamaya Resources for £9.4m in shares. In the same announcement it revealed that, as a result of the transaction, its remaining assets comprised:- £m Cash 2.9 Shares in Western Goldfields 3.2 Shares in Tamaya Resources 9.4 Shares in Tanami 0.5 Total 16.0Since then LTR has sold its shares in Tanami for book value and sold 54m of its 85m shares in Tamaya for £7.2m. The sale of shares in Tamaya Resources looks a pretty astute deal in light of subsequent weakness in the share price. As a result of these transactions (and revaluing its remaining assets to market value) and assuming they have not made any other investments, I calculate that the balance sheet of LTR looks like this:- £m Cash 10.6 Shares in Western Goldfields 4.4 [2.5m shares at Can$3.54] Shares in Tamaya Resources 3.0 [31m shares at Aus$0.215] Total 18.0This equates to around 6.7p a share (or 6.6p fully diluted). LTR also hold 5 million options in Tamaya Resources at Aus$0.3 and 5 million at Aus$0.4 to which I have attributed no value. So the balance sheet suggests that not only is LTR's net asset value 78% higher than its market capitalisation, but that its market capitalisation is more than covered by its cash balance. There is one potential fly in the ointment; tax. LTR does not mention tax in its announcements and implies that the figures are net of any tax. However lets suppose as a super prudent worse case scenario that tax is/will be payable at 30% on the whole of the shares in Western Goldfields, shares in Tamaya Resources, and proceeds from sales of shares in Tamaya Resources and Tanami. That would come to £4.5m. Even under those circumstances, which I don't believe, it would leave the net asset value at £13.5m or 5.00p per share; still a pretty good deal. I don't know much about Tamaya Resources [ which is TSX listed, although beans4tea posted briefly on them a while ago I suspect LTR will offload the rest of the shares when they are able. Western Goldfields, which is ASX listed, however looks an attractive investment. The company is an emerging gold producer expecting to commence production very shortly in USA. The company expects to achieve 160,000 oz production at $360/0z in 2008. I make that an ebitda of around £40m for a £254m valued company. In 2009 it seems to me that they could be doing as much as 200,000 oz at $290/oz; an ebida of around £60m. The company is fully funded and debt is low. The share price has been rising pretty steadily and I could see another 50% in the next 12 months (= an additional 0.6 0.9p per LTR share). Just my opinions obviously. Total gold reserve is 2.8m oz with a further 1.1m measured and indicated resource. There appears plenty more to go at however. In conclusion we have a share price trading at a big discount to underlying cash and quoted investments, with the current price probably underwritten by cash, and an exposure to an emerging gold producer. Management look astute deal makers and in the current climate there may be good opportunities for those with cash. However they may not get chance to use the cash. Investec have been quietly (?) building a large stake in the company, increasing from 15.95% to 29.19% since early August. Gartmore also hold 4.69% and, as far as I can tell, Bruce Rowan holds 3.86%. There are other sizeable holders. Although Investec seem to have had no trouble getting the shares (there have been no announcements from other major shareholders of any reduction in holdings) its not an easy company to trade in volume. I suspect there are quite a few stale bulls around; the company floated on AIM in July 2005 at 5p. Nevertheless I have gradually managed to get what I wanted without disturbing the price too much. There was an article on proactive investors some months ago As ever DYOR, no guarantees given! |
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