Latitude Resources Share Discussion Threads

[allini245] 07/7/2008 19:40

Is this the start of something good, price rise with very little dealings.

[energiser01] 03/7/2008 14:02

There must be companies crying out for capital injection in this market, if Latitude can't get it sorted and do a decent deal now, best they return the cash to shareholders, clocks ticking.

[energiser01] 23/6/2008 11:50

End of year report due 30th June, maybe some update on proposals or return of cash to shareholder ?

[cerrito] 15/6/2008 18:34

Just caught up with the fact that western goldmines price has fallen to 2.12 following some smallish production delays so good for LTR that they exited at a good price

[allini245] 03/6/2008 15:59

Good amount of trades today, maybe some news about to leak. How we hope. Good luck to all.

[allini245] 08/5/2008 10:18

Steady decline in share price, still lack of news, lets hope something better in the pipeline. Good luck to all.

[ammons] 21/4/2008 06:55

Thanks Cerrito. Nice summary. Not satisfactory situation I agree. Fingers crossed that the board dont do anything daft with the money in order to keep thier paycheques coming in.

[cerrito] 20/4/2008 20:48

Was at the AGM.
Only one other investor there the 3%+ holder Bruce Rowan.
Learnt the following
The options they had in Tamaya have been cancelled as a quid pro quo for Tamaya relieving LTR of any associated contingent liability with the sale of the Chilean Assets..ie LTR is now a clean company.
Confirmed that the amount of tax they are in discussions with the UK authorities of just under £1.1m as disclosed in the interims as at 12.07 is included within the 1207 tax payable figure of £1.9m odd..ie this £1.9m odd figure may be reduced but no discussion of the tax implications of the last post 1207sale of Western.
The company has a clean slate and looking at new opportunities; this could be outside the resources industry. Obviously many situations being looked at but the sense was that nothing was imminent.
If nothing is done by September the regulations concerning cash shells on AIM would kick in.

Recognized that liquidity in the shares has dried up; indeed the fact that since 607 Investec have gone up from 14%+ to just under 30% and Gartmore have come into the 3% club with none of the 3% holders having reduced their shares show that Investec basically hoovered those with less than 3%.
Told of the complications of winding the company up/paying a special dividend but did recognize the possibility of doing a corporate transaction which would allow the small investors to exit.
No discussion on the desires of Investec and did not get any feel of what has happened/is happening behind the scenes. They did however approve all the resolutions at the AGM.
Not a very satisfactory situation; one cannot sell given the low price and lack of liquidity and one is almost in the situation of having to hope for the best. One continues to hope that Gartmore and more especially Investec remain focused on non management shareholders' interests being looked after.

[loinerscum] 16/4/2008 20:27

Did anyone go to the AGM?

[allini245] 16/4/2008 19:17

Take advantage of future investment opportunities, lets hope the future a brings better future for investers than in the past. Good luck to all.

[ammons] 13/4/2008 07:44

Had a browse through Inv Chron in my local library yesterday and they marked LTR as a buy. Cash minus tax and any expences amount to more than the current share price. The magazine argued that there'll be many attractive mining companies unable to raise neccessary funds due to credit squeeze who'll give an outfit like LTR who has cash very favourable terms to climb aboard. It was a very positive write up.

Personally I'd rather have the cash back.

[allini245] 12/4/2008 16:04

Lots of money, no news for the shareholder again.

[ammons] 02/4/2008 06:34

Dont agree with the "story to tell" bit as its run its course as of the last RNS. Theres only cash left. Given the current credit squeeze they might find some outfit with good prospects struggling for cash to take over or reverse into but, frankly, I'd rather have the cash and decide for myself where I want to spend it. Lets hope that the institutions make the board see sense.

[cerrito] 01/4/2008 18:34

Yes the whole thing is not very satisfactory and one can only assume there was a big tussle between management and Investec on the deployment of cash..I have slimmed down a bit but still in for more than I want without much enthusiasm.
The odd thing is that they do not have a bad story to tell and the fact that they are in cash at this stage of the market must give them good opportunities..indeed I just have to look at the prices if UGY and VML not to mention the recent collapse in MNA.The price that one pays for this is the high ongoing operating expenses.
They sold their holding in Western Goldfields comfortably in excess of today's price of US$3.09 and also sold the bulk of their Tamaya at a very good price compared to today's 11.25.
I have been tracking the RNS's announcing changes in the holders of their shares; the strange thing is that since June 30 2007 Investec has gone up from 14.8% to 29+% and Gartmore has appeared with 4.69% but there have been no notices of sales.
The spooky thing would be if Investec was to sell down their holdings.

[stemis] 01/4/2008 10:59

Yes. I've also sold all my holding over the last couple of days. I made a 0.3% loss overall. No doubt LTR is sitting at an attractive discount to nav, but the reason I bought was because I thought it would return cash to shareholders not to invest in 'other opportunities'.

[loinerscum] 01/4/2008 00:05

Well that was all greeted with a tsunami of apathy. Frankly I'm glad I Ditched most of my holding to Investec over Christmas/New Year. What i raised has made me a decent profit in MDX and latterly CYAN. Good luck to all long termers, I'm only in this for beer money now.

Cheers
Andy

[ammons] 31/3/2008 07:20

Doesnt look to me as though they plan to return the proceeds to shareholders judging by todays results.



".....As announced to the market on 29 February 2008, the Company is pleased to announce that it has now sold its remaining investments. Following the sale, the Company had gross cash of approximately £16,500,000 before expenses and tax. Accordingly,the Company is now in a very good position to take advantage of opportunities as and when they arise.

The Company has continued to explore new investment opportunities in accordance with the Investing Strategy as set out in its Circular dated 13 August 2007. The Investing Strategy is to seek, identify, evaluate and acquire interests in prospective projects and companies in the resource sector with a view to providing expertise, management support and, subject to further fundraising, capital to those projects and companies as appropriate......"

[cerrito] 03/3/2008 16:40

Loinerscum
I am hoping that I will not have to go the AGM because by then we will have had some corporate solution which will have allowed us to exit at around 5p.
Todays' share price action and little volume was to be expected.

[rickus] 02/3/2008 20:38

Sorry - Have not spoken to John for well over a year

[loinerscum] 02/3/2008 20:01

J Mc is I believe still in Chile with a new startup. I believe Rickus keeps in touch perhaps he could add more

[brando69] 02/3/2008 18:07

what ever happened to the big aussie bloke, john mc something? i once paid him a visit out in chile when i was passing through, and he took me on a tour of some of the Latin American Copper (as was) sites.

he had a big thing for preserved papayas.

[loinerscum] 02/3/2008 18:07

Well its been a waiting game since the last AGM and before!! Anyone going to this years AGM?

[cerrito] 02/3/2008 17:21

It is also interesting that they are publishing their interim figures on the last possible day to avoid a delisting...especially as presumably given the simplicity of their operation they could have published their interims in mid january if they had wanted to.

[stemis] 02/3/2008 16:20

Yes indeed, thanks for that. I missed that announcement.

I've tracked the net asset value pretty conscientiously since the announcement on 13th August. According to my analysisCash, at 13 Aug £2.9m
Sale of Tanami 0.5m - see final results
Sale of Tamaya 7.2m - see final results
Sale of Tamaya 2.2m - see Tamaya announcement
Last value of WGI 4.7m
Total 17.5mWe don't know the exact value of the last 2 transactions so clearly I was a bit out. £16.5m is less than I'd hoped but is still 6.06p per share.

Tax will be the hard one to work out. Sales proceeds on selling Tanami, Tamaya and WGI was £13.6m. The 'book cost' of WGI and Tanami was £1,775,000. I don't know the 'tax cost' of the Tamaya shares however the market value of the shares when they were acquired in exchange for LTR's Chilean interests was £9.4m and it created a profit of £3.6m. So the accounting cost of the shares was effectively £5.8m. If cost in the accounts is the same as tax cost then there will be a tax profit of £6.0 million and a tax charge of £1.8m.

That would leave about £14.7m.

Current market value of LTR is £9.43m so 50% upside from here. Its all a bit of a guess.

The key is what LTR do next. They have been progressively liquidating the Group since August ahead of the AGM. I can't see them now just reinvesting the proceeds. Investec aren't going to just allow them to go off and do there own thing with the cash. Surely its just a matter of waiting for the AGM?

If the shares weren't so illiquid (and thus hard to get rid of if it doesn't work out as my plan) I'd buy some more.

[loinerscum] 02/3/2008 13:40

SteMis

I fear you are a little behind the times...




RNS Number:1253P
Latitude Resources plc
29 February 2008


NEWS RELEASE 29-02-08

Latitude Resources plc ("Latitude" or the "Company")

Trading Update

The Company is pleased to announce that it has now sold its remaining investments.
Following this sale, the Company has gross cash of approximately £16.5m cash before
expenses and tax.

The Company also wishes to announce that it will be publishing its interim results
for the six months ending 31
December 2007 on 31 March 2008.


For further information please contact:

Latitude Resources plc
Martyn Konig (Chief Executive Officer) Phone: [phone]
Fax: [phone]
Email: [e-mail]


Evolution Securities Limited
Rob Collins/Neil Elliot Phone: [phone]
Fax: [phone]
Email: [e-mail]





This information is provided by RNS
The company news service from the London Stock Exchange

END
TSTFKCKQABKDNBB





The problem will be extracting the value we see in these shares. Perhaps the AGM will see a plan people will buy into, the only way I can see getting something near NAV is a windup of the company or a bid from Investec. I know are virtually up to 30% as I sold the half a million at 3.5p over Christmas/New Year. They can't buy any more than 30% without having to make a bid.


I'll watch and wait with my remaining shares.

Cheers
Andy