Share Name Share Symbol Market Type Share ISIN Share Description
Leadcom Integrated Solutions LSE:LEAD London Ordinary Share IL0010924368 ORD ILS0.001
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 2.93p 0.00p 0.00p - - - 0 06:30:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Technology Hardware & Equipment - - - - 3.53

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Date Time Title Posts
29/7/201015:33Leadcom 2008 - The recovery starts......252
14/11/200918:54The Lead Thread25
15/12/200823:49LEADCOM, a real growth company231
26/11/200815:04Worst Stock on LSE- The Perfect Short "Leadcom"226
07/9/200810:49LEADCOM, a real growth company.7,156

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stewpot2: To be honest egoi I just watch the price out of curiosity now. This board has just been used to slag off 'you know who', but the share did look promising for a while despite the alleged ramping. Whether they can survive now I just don't know (or care for that matter), but the share price suggests not.
masurenguy: Good recap from AiW on TMF. I have deleted the content on PDR since it is not relevant to LEAD. I can empathize with his views here. I was long and strong on the Leadcom rollercoaster for a couple of years from circa 35p after their initial IPO in 2005, up to 90p in the Spring of 2006, back down to the low 40s during the Lebanon war in the summer of that year, back up to the mid 60's that autumn, back down to the low 40's in Dec 2006 and then the gradual climb back up into the low 70's by October last year. The unexpected profit warning in November was the last straw for me and I sold out at an average price of circa 47p during November and December taking a 20% hit overall. Fortunately my overall loss on Lead was covered six times by my profits from Tanfield last year (happily sold out there with much better timing over the second half of last year too). Sad to see the share price now in the teens and I agree with Alice that management credibility is an issue here now. ............................................................................. Author: AliceinWonder1 Subject: Bruised Date: 29/7/08 21:01 Arik's Dream Leadcom Integrated (LEAD) LEAD is still trading on AiM – market cap of £21m, listed in April 2005. LEAD is one of the many unhappy companies that have attempted to grow fast but slipped badly. I have written about LEAD on a number of occasions. I think the last time I wrote about LEAD was in July 2007: I was still in the honeymoon period at that time. Arik was always willing to talk, the same goes for the rest of the board. That honeymoon period came to an abrupt end on 1 November 2007. World domination just around the corner LEAD's management had positioned the company to be a 'leading international provider of innovative telecommunication solutions', mainly outside the US although there was talk of gaining a US footprint. In 2006 & 2007 there was also an expectation of landing several very big contracts in India, in the meantime LEAD was growing quickly. Turnover: 2005 - $66m 2006 – $97m 2007 - $138m Operating profits: 2005 - $4.4m 2006 - $10.1m 2007 - $13.9m EPS was dragging its feet: 2005 – 6c 2006 – 9c 2007 – 8c Operating cash was really dragging its feet: 2005 - $2.6m 2006 - $4.7m 2007 - $(10.8m) Arik Alcalay, CEO on 2006: "2006 was an extremely important year for Leadcom. During the year we established Leadcom in India, as we have continued to build our competencies in this region of strategic importance. This entry into the Indian market represents a substantial long term opportunity for Leadcom and we are both pleased with the progress made so far and excited by the potential for our business this coming year and beyond. Already, our investment has led to orders in excess of US$20 million, which will be recognized in 2007, with the potential to grow significantly. On December 1st, 2006, our order book for 2007 stood at over US$100 million. Since then, we have already announced additional wins of over US$30 million." Arik Alcalay, CEO on 2007: "It is important to be conservative when looking forward. However, Leadcom is entering another exciting phase in its development and the outlook for 2007 is positive. We expect the organic growth pattern experienced in 2006 to continue, and will complement our existing growth with the ongoing search for further earnings-enhancing opportunities. Leadcom expects revenues of at least US$180 million in 2007, with gross and operating margins in line with those of 2006. I look forward to reporting further progress throughout the year." 2007 is looking good 1H FY 2007 results are announced in August 2007, they look impressive, plus further information on the acquisition of Ytelcom announced in June 2007, which has a strong presence in Africa. Financial highlights include: - Revenues up 37% to US$84.6m (H1 2006: US$61.8m) - Gross profit up 33% to US$23.4m (H1 2006: US$17.6m) - Normalized profit before tax up 26% to US$8.2m (H1 2006: US$6.6m) - Net profit increased by 25% to US$5.1m (H1 2006: US$4.1m) - Basic EPS improved 10% to 4.3 US cents per share (H1 2006: 3.9 US cents per share) Arik is excited about the future: "The acquisition of Ytelcom and continued momentum in most regions, combined with strong financial performance, means Leadcom continues to be well positioned to take advantage of the upcoming opportunities." Blinded by the light Focusing on the highlights in the interim statements for 2007 rather than the notes to the accounts, I made a big mistake, I did not see that LEAD was having problems in CALA (Central America and Latin America): Although revenues had remained constant: 1H 2006 - $24m 1H 2007 - $23m Margins had fallen sharply. Operating profits: 1H 2006 - $3.7m 1H 2007 - $1.7m Arik said: "The CALA region recorded revenues of US$23.4m, approximately the same as in H1 2006, with growth impacted by the selective choice of projects and the strategic redeployment of resources from basic telecom implementation to high-end services. Management expects this region to renew its growth in H2 2007." Oh no On 1 November 2007, LEAD announces its first profit warning, two problems: - CALA region - Big increase in financial expenses With regard to CALA: "In the year to date, the engagements with a major customer in the CALA region, a leading telecommunications equipment vendor have contributed extremely low profitability levels (compared to other engagements in the region and to the company's standard). Nearly 40% of the region's revenues originate from engagements with such vendor. In Leadcom's results for the six months ended 30 June 2007, which were announced on 9 August 2007, it reported flat sales in this region, compared to sales in H1 2006. Management and Board of Directors have decided not to take up any new engagements with this vendor in the CALA region." Another profit warning in early February 2008, margins have fallen in Q4 2007 (why did it take so long to inform the market?). In late February 2008, LEAD announces that operating profits fell in FY 2007 for continuing operations but an overall loss when discontinued activities are taken into consideration. LEAD generates a little bit of cash from its operations. The share price which had been trading between 50p and 70p before the first profit warning, falls to below 30p on the announcement of the second profit warning and below 20p after the announcement of the 2007 prelims. Talking but not consummating Just prior to the announcement of the 2007 prelims at the end of February, the LEAD Board announces on 21 February 2008 the possibility of a placing with Electra, an Israeli company – 28m shares at 28p each which will give Electra an 18% stake in LEAD, a further option will allow Electra to purchase up to 40m shares at 40p each within 30 months, this combined with Electra's current holding would take its stake up to 40%. On 12 March 2008, LEAD receives an approach from a company called Old Lane on similar terms to the potential deal with Electra. On 31 March 2008, LEAD announces that the talks with Electra have been terminated. On 30 May 2008, LEAD announces that the talks with Old Lane have been terminated. Management credibility is now close to zero. Margins still falling Amongst all the excitement about potential new shareholders, LEAD announces its Q1 2008 results on 27 May 2008: gross margins have fallen sharply: Q1 2007 – 29.6% Q1 2008 – 21.2% A loss after tax is recorded - $1.3m (Q1 2007 – a profit after tax of $2.0m was recorded). Arik remains optimistic about the future: "The first quarter of 2008 was a busy one for Leadcom, with turnover growing over 70%. This quarter was dedicated to the implementation of curative measures throughout the Company in order to restore profitability. Although much has already been done, the full effect of such actions is cumulative, and will become fully evident as the year progresses, as we continue to implement further measures as necessary. We are confident in our strategy and vision and in our ability to significantly improve profitability and margins." Management credibility remains close to zero. LEAD needs an angel. As part of the Q1 2008 announcement, LEAD announces the non-exec Chairman, Stewart Millman is retiring, and that Mr. Isaac Angel has been appointed as executive Chairman. 2008 AGM should be short. LEAD's 2008 AGM will be held in central London on Monday 4 August. Perhaps that will be the date on which the interim results will be announced. Resolutions 3, 4, 5, 8 and 10 were withdrawn on 15 July 2008. Resolution 3 – issue up to 33% of the issued and outstanding share capital of the company. Resolution 4 – issue up to 10% of the issued share capital of the company for cash in relation to the executive equity plan. Resolution 5 - approve the executive incentive scheme. Resolution 8 – approve the remuneration package of the CEO. Resolution 10 – approve the remuneration package of the CFO. A touch of the TA's Current share price – 16.75p/17.5p 12 month high/low – 71.5p/15.5p The share price has drifted between 16p and 20p for the last three months as no one outside the company, and possibly also within the company, has any idea what the gross and operating margins will be going forward. Management have a hell of lot of work to do in order to restore any confidence in the company. Thoughts on Arik's dream Going forward I am extremely nervous about Israeli companies, LEAD had a complicated birth, with both management and shareholders changing at the time of the listing on AiM. Finding out who owns the shares of Israeli companies is also very difficult. The potential offers in early 2008 leaves one wondering what the hell is going on at Leadcom. As for the disappearing margins, one has to question the competence of the existing management team. At least Arik continues as CEO at LEAD. The mobile telephone is all around us, Africa and India in particular offers tremendous scope for growth, whether LEAD is in the position to benefit from this potential is the $64 question. LEAD's 2008 AGM should be interesting. Conclusions Both PDR and LEAD have been disasters for private investors because of management incompetence. LEAD is still breathing, partly because they issued long-term debt on the Tel Aviv stock market, so are not so reliant on short-term finance. Having said that, whether the company is still trading in its own name this time next year is debatable. So the punch line is: sometimes CEO's who are nice guys don't make good managers. And as a corollary, don't get excited about a company just because the CEO will answer all your questions in considerable detail. And finally, growth companies have to be watched very very carefully.
papalpower: Pulls Out of Talks 2008-06-02 Independent, The; London (UK) By NICK CLARK Small Talk The tremors from the credit crunch continue to hit companies listed on the Alternative Investment Market. The latest group to feel the after-shocks is a company that was fted last year as the top international group on AIM. Leadcom Integrated Solutions suffered last week as a Citigroup-backed hedge fund walked away from providing a $15m (7.6m) cash injection after two months of talks, blaming the state of the market. The Israeli telecoms company said on Friday that Old Lane, the hedge fund set up by the recently appointed Citigroup chief executive, Vikram Pandit, had pulled out of talks. It was the second time this year the group had lost potential financing partners. In a statement, Leadcom said it and Old Lane had "mutually agreed to terminate the process by Old Lane, due to current market conditions". Old Lane first approached Leadcom in February, and made a "non- binding offer for an investment" in early March. At the time, the hedge fund had a 4.15 per cent holding in the telecoms firm. The initial plan was to subscribe to a further 24.6 million shares at 31p each, to raise its stake to 18.9 per cent. The reasons for Leadcom to encourage the investment were clear. "The injection of funds into Leadcom will improve the company's balance sheet," the group said. The investment would allow it to fund "additional opportunities in the Indian market," a particular focus for the group in the past year. Old Lane was also to provide two directors to the board. The collapse of the talks will be a blow; especially given Old Lane's approach helped to kill a rival offer of a cash injection. In February, Leadcom signed an agreement with the Israeli group Electra. Leadcom was to issue 28 million shares for 7.8m, which would bring Electra's holding to 18 per cent of the share register. The talks collapsed at the end of March, with Electra blaming the fall in Leadcom's share price, its belief that Leadcom's shareholders would not approve the deal, and the emergence of Old Lane. Leadcom was set up in Hod Hasharon in 1982, and was listed on AIM in 2005. It provides fixed mobile and transmission networks and has working agreements with brands including Nokia-Siemens and Ericsson. It enjoyed a strong 2007, including signing a $9m five-year agreement with an Indian mobile phone operator, culminating in being named the AIM International Company of the Year in October, an award presented by AIM to companies incorporated outside the UK.
masurenguy: This is a solid company with considerable prospects BUT it could take some time for profits and the share price to recover. One of the other problems that Leadcom has also encountered is ongoing negative market sentiment and considerable volatility, with large numbers of shares changing hands at pivotal moments in May 06, December 06 & November 07. Their new strategy of focusing on operators rather than vendors should improve margins but it will also increase competition and they will not be fed business by the partners in the future. This has also clearly resulted in them not getting any sub contract work from the BSNL contract which everyone was expecting both last year and then more recently after the tenders were finally revised and resolved. Future upsides are a strong and transparent sales pipeline with improving margins emanating from direct trading with operators rather than indirect trading via vendors. Also there is always the possibility of large, unforecasted contracts materializing to provide further incremental revenues. A move to the main market and a dual listing on TASE next year should also help to improve sentiment particularly since they are operating in such a dynamic growth sector. Downside risks are clearly increased competition, rising inflation and the declining dollar. Also increased expenditure arising out of territorial expansion into new markets such as the USA & Europe. I've now taken a much more clinical and sanguine view of what was my largest individual holding. I sold one third of my shares today in three separate tranches at an average price of 45p. These were shares that I purchased at prices above 65p in 2006 and I took a five figure hit on this. Fortunately I am currently running good profits in a number of other stocks so this hit has just reduced my current year crystallised and paper returns from over 40% to over 30% so far this year. I have retained two thirds of my holding, which were shares that I originally bought in 2005 and these are now averaged at under 50p and I'm very comfortable holding these over the longer term. A 25% increase in the current share price of my retained shareholding will recover the hit that I took today and above 58p I will be back into profit. This was a prudent decision to divest myself of the higher cost shares that I had bought last year at a time that I had other profits to more than offset the loss. It also limits any further downside, most of which is already in the price IMO. My shareholding remains in six figures but this is now my third largest holding behind two other stocks where I'm currently running strong profits. I think that PP has done a very good job with this thread and he should ignore the two or three morons who just post attacks on him here - they obviously need to get a life ! Good luck to all shareholders - we could see further volatility here but I believe that the share price could move back into the 60p - 70p range within the next 6 months.
ptolemy: There's a lot of talk about specifics of the metrics but, in my view, the share price is not being driven by specifics. A number of us sold in the 70's citing 'headwinds' and the 'worstening equity market backdrop'. A few notes described what the headwinds are. PP as the possbily the most respected (certainly the most hard working) poster on the board openly acknowledged he thought the price would drop to 65-63p. The head winds are there, the equity backdrop is not favourable and the price has dropped. Perception and sentiment are driving the price. In the absence of more news from LEAD the short term price is now driven by the (deteriorating) market backdrop. Where it stops depends on thre broader equity market. In my view we may have seen the LEAD share price top in 2007.
masurenguy: Came accross this post (93802) from AliceinWonder on TMF. His posts are nearly always interesting and informative. This is what he had to say about Leadcoms trading update last week. The most frustrating company in the world produced a trading update on Thursday, Leadcom (LEAD). All boxes ticked: - Turnover up – 40% growth has been generated year on year for the last two years, 40% growth expected in 2007. - Margins stable. - Cash generated from operations in the first three months of 2007. - Order pipeline strong. The shares hardly moved. The share price continues to trade between 50p and 60p. For those who are patient, LEAD deserves a look. LEAD's AGM is on 10 May, to be held at stone's throw from Cannon Street, come along and meet Arik, the very personable CEO, and the lovely Yael, director of marketing and public relations. Note on Israeli companies in general: bad news from the Far East invariably knocks the share price, good news from the Far East (okay, a rare event) is ignored. A factor to bear in mind when investing in companies located in Israel. And he refers to them again in his weekly review post (93910) Long suffering Leadcom (LEAD) shareholders were pleased to receive in their intray on Sunday night the following email from LEAD "Decks cleared for BSNL to place orders for GSM expansion (New Delhi, April 16, 2007). BSNL will now be able to place orders for it's over Rs 20,000 core mobile telephony expansion plan as Motorola, which had challenged its disqualification in the tendering process in the Delhi High Court, has withdrawn the case. On October 9, Motorola filed a petition in Delhi High Court challenging its disqualification in the 45.5 million lines tender. Due to the court case, BSNL was unable to place any order during the pendency of the petition. Motorola in a statement said "in view of the tremendous growth taking place in the telecom sector in the country and BSNL's petition of capacity constraints to have its share in this expansion, Motorola has decided to withdraw the case filed in the Delhi High Court". The Delhi High Court on Monday dismissed Motorola's application as withdrawn. The award, to add 45 million lines in its GSM network, which had gone to Ericsson and Nokia will now be implemented with the withdrawal of this petition. Ericsson, which was the lowest bidder, would get 60 per cent of the 45.5 million lines, while the second lowest bidder, Nokia, would get the remaining share of the north east and west zone." LEAD is a supplier to both Ericsson and Nokia. It is hoped that sizeable contracts are awarded by both Ericsson and Nokia in the near future.
february 30th: Are we referring to the Rathbone Special Situation Fund? According to this link, on November 30 2006 they held 1.4% of their fund in Leadcom. The fund size on that date was £231.1m, which suggests around £3,235,400 worth of Leadcom. I think the LEAD share price on November 30 was around 50p, perhaps a bit under, so is it possible, with this latest news item, that the Rathbone Special Situation Fund were just declaring their holding? 'The notification was as a result of the implementation of the Transparency Directive which came into effect on January 20, 2007.'
february 30th: You might take the view that if the Delhi judgement was postponed again, or worse still, when in Motorola's favour, the LEAD share price would go down at least 10%. Maybe people who got in at c.45p might feel it prudent to take profits? On the other hand, is anyone going to want to hold a short position over the weekend, if the judgement goes as expected?
masurenguy: Lots of TWOH (the wisdom of hindsight) here but whilst that might NOW indicate that the share price should never have got to 90p earlier in the year, it did. Just remember that the institutions were very happy at that time to relieve the founders of their residual shareholding at 73p, some 6 weeks before it hit its high of 94p on May 11th. Arthurly makes a very good point when he comments "That's the AIM market for you". The volatility in the LEAD share price this year was primarily between May 11th and July 18th when the price halved from 94p to 47p in less than 10 weeks. This was caused by a combination of 3 things - the big May market correction (AIM down by 20%), the sudden 63p placing at the end of May and the Middle East conflict which blew up at the begining of July. None of these events, let alone this unfortunate trilogy, could really have been forseen or quantified in advance. The recovery was slow and patchy (AIM is still 20% below last May) and the slow climb back to 60p by early November was then overturned by the huge volumes that were suddenly, and again unexpectedly, traded over the past 2 weeks. We still don't know the full story behind that either. The current share price now looks undervalued in relation to the recent trading update, the increasing potential in India and Leadcoms new credit rating. The long term prospects now look really good and have been further enhanced by recent market developments. This is one of my core stocks and I will hold it for the long term in my SIP and continue to trade it through my brokerage a/c. One has to recognise that AIM stocks are much more dependent upon sentiment than larger and more mature stocks that are quoted in the main market. Thats what makes AIM both very attractive (undervalued stocks) and also very risky (one or two institutional holders can wreck the share price short term if their sentiment or circumstances change - as we saw over the past 2 weeks). Hopefully we will now see calmer waters ahead in 2007/2008 and a more solidly based escalation in the share price as the additional potential is actually translated into sales and income.
masurenguy: Looks like it was marked down after that post market 735,500 share sale at 50p. So far there has been a further 16,000 share sales this morning that might have added to the move down. I find this strange. This company has already demonstrated its growth potential since it came to the market last year. This is a company with real sales and profits, cash on the balance sheet and strong forward visibility in terms of future sales and yet the share price continues to languish. We all know that the AIM market has not really recovered from its fall last May and remains 20% below those levels. Just on that basis the Leadcom share price would be circa 70p. OK they then raised more funds, primarily to finance facilities in India at 63p which dragged the share price down further. Now at 51p Leadcom are some 45% below their early May peak and 20% below their May placing. They have consistently delivered on market expectations for both sales and profit growth since their IPO in April last year. This should be reflected in a more stable share price but it is not. The Indian business, as we have all said before is both the icing on the cake and could be transformational in size. We should have some actual news on this shortly, one way or the other, soon after the Delhi Court hearing tomorrow. However the share price is more indicative of a blue sky company that could suddenly make big strides with an important contract rather than an established and profitable growing company. I have a couple of small, speculative hldings in that bracket - like TRT - which are companies that have no sales but huge potential if others will exploit their technology. The share price for those kind of companies is driven purely by news and sentiment because there are no real financials to underpin any share price If the share price in that kind of company suddenly drops then one is philosophical but it is a pure gamble as opposed to a calculated investment. This is not the case here however ! I find this mystifying - is there something that we don't know here that others do which is prompted these shares sales and subsequent declining share price. After recovering back to 60p by mid -October, from the low 40's in the summer, it has now slipped back again by 15% over the past 6 weeks to 51p. Can this just be frustration due to the delays in the resolution of the BSNL tender ? It just seems to be to be a rather illogical explanation to me. Any real views PP, jwe or other longer term holders ?
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