Leeds Share Discussion Threads

[hugepants] 19/12/2007 09:06

I think the results are great. I think theyve used average shares in issue. Using 31.4M shares and stripping out the goodwill I get earnings of 1.85p. 15p of cash as well so there is hardly any value attached to the business.

15.1p cash
31.1p net liquid assets
34.4p NAV


They are using some of the cash to expand:

"We face the future with confidence. In the fourth quarter of the year a
competitor company ceased operations and Hemmers-Itex moved quickly to recruit several senior salespeople and to appoint several former sales agents of that competitor. In total, the headcount at Hemmers-Itex grew in the year by 21 to 93 people. To handle the increased volumes now anticipated for 2008 and beyond, the Directors have approved an increase in the size of the Nordhorn facility, a
project that we expect to be completed in 2008 at a cost of approximately £1.85
million."

[deswalker] 19/12/2007 08:51

The numbers read very well. Why are there no tangible assets within the Holding Co ? What about the offices in Leeds ?

Whilst I would have preferred the cash, I'm not unhappy that they're investing in Hemmers instead of a new venture. With the demise of the competitor, hopefully they'll grow this business to a critical size and then look to float it in Germany in a few years time. Maybe even relisting LDSG over there. They clearly feel they're seizing an opportunity.

Dividends are off the agenda for quite a while but the buybacks will no doubt start again after the AGM.

[jhan66] 19/12/2007 08:08

Share price would have responded well to a dividend. But clearly some other agenda here

[cg1953] 17/12/2007 14:42

imagine.
a company with less than 100 employees and it takes them so long to prepare and publish there annual accounts.
its a disgrace !!!!

[hugepants] 17/12/2007 12:28

Sorry tiredoldbroker. I was just trying (unsuccessfully!) to be funny.

Incidentally earnings are stated after goodwill writeoff. Good-will on the Hemmers acquisition is being written off over 15 years and is about £0.1M per annum. Thats worth approx 10% onto eps for H1 (and thats before the 10% or so reduction in shares in issue)

[tiredoldbroker] 17/12/2007 09:05

Good grief, what on earth is the advantage in completely glossing over any bad news ? I'd have thought that you should try to be aware of anything relevant, good or bad, and to alter your position accordingly.

[hugepants] 14/12/2007 12:44

Arthur,
I do prefer to completely gloss over any negative news in the stocks I hold.
I note that Leeds said in the last results they expect to benefit from weaker players leaving the market. And the German economy is still forecast to keep growing, albeit at a slower rate than than previously expected, so Im not too worried about a monthly drop in consumer spending.

[arthur_lame_stocks] 10/12/2007 18:34

German consumer spending dropped sharply last month. That might not bode well for Hemmers.

Hopefully they'll have the results out soon.

[hugepants] 10/12/2007 13:09

Ive bought some again the last week or so. They spent £650,000 on share buybacks since last results and there are 31.4M shares now in issue. So my estimates (assuming H2 profits = H1 profits = 0.6p).

Cash = 13.5p
Net liquid assets = 30.4p
NAV = 33.5p

I think there should be some decent upside here with little risk

[arthur_lame_stocks] 25/11/2007 21:01

The price is daft, surely?

[cg1953] 10/11/2007 06:33

poacher.
i did indeed write to bill cran [chairman at the time] on the subject and recieved if not an evasive response, then certainly an inadequate one.
perhaps i shouldnt mention the words collusion/self interest/compromised/lack of integrity, but i will now anyway !!! as opposed to vigourously defending the interests of all shareholders and abiding strictly to the rules of the lse.

arthur.
they were terribly late last year january 31st and the year before in february!! should we expect the same this year ?
strange, since the company now employs less than 100 people !!!

price continues to slip.
probably bad news from hemmers in the offing !!!!

[arthur_lame_stocks] 09/11/2007 18:31

jonak

He's a Gyllenhammar man too.

Results should be out soon.

[jonak] 09/11/2007 17:04

It may be worth a complaint - I expect DTI has bigger subjects to focus on, but at least a shot across the bows.
Otherwise there's not much else we can do without representation on the LDSG board. What about the remaining director ? what's their pedigree ?

[poacher45] 09/11/2007 11:12

You have a firm floor but they cannot buy back during the close period so now we have to wait for the results. The previous previous directors looked at the concert party and it could not be proved so you have no chance.

[cg1953] 09/11/2007 08:02

something fishy going on with this stock AGAIN !!!
naively imagined we had a firm floor at .21 with share buybacks/cancellations !!!
also looking at the bio of gyllenhammar and claesson on ldsg web site.
itsself evident that they have been a concert party since 1999 and should have been compelled to make a general and mandatory offer at that time.
anyone want to join me to push for a dti/fsa/sfo investigation ?

[jonak] 08/11/2007 20:13

a big drop for such a small trade....15k trade knocks 10% (600k) off the market cap ?

[deswalker] 08/11/2007 12:05

Someone desperate to sell 77.5k shares is the reason for the drop. If they'd sold before the close period they'd have got 21p from the company instead of 17.5p today.

[cg1953] 26/10/2007 08:41

cheapest share ?
thats as maybe, but unlikely given a board of directors with a controlling shareholding who are unresponsive/unconcerned as to its undervaluation !!!
LDSG should have been compelled to a MBO years ago.

[sunworshipper] 24/10/2007 13:40

Leeds Group PLC
06 July 2007


Leeds Group Plc ('Leeds Group')

Buy back of Own Shares

Leeds Group announces that on 5 July 2007 it purchased 1,800,000 of its own
Ordinary Shares. The shares were purchased at 22p each.

Company law restricts the number of shares that a company may hold in Treasury
to no more that 10% of the issued share capital. As a result, 1,240,000 of the
purchased shares will be held in Treasury and 560,000 will be cancelled.

As a result of the above purchase and cancellation, Leeds Group will have a
total of 36,038,603 Ordinary Shares, of which 3,595,000 will be held in Treasury
and 32,443,603 will be in issue.

[sunworshipper] 24/10/2007 13:38

share buybacks happenning all the time

Date Source Company Announcement
15 Oct, 2007 Leeds Group PLC (LDSG) Director/PDMR Shareholding
28 Sep, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
21 Sep, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
20 Sep, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
11 Sep, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
03 Sep, 2007 Leeds Group PLC (LDSG) Total Voting Rights
23 Aug, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
17 Aug, 2007 Leeds Group PLC (LDSG) AIM Rule 26
31 Jul, 2007 Leeds Group PLC (LDSG) Total Voting Rights
10 Jul, 2007 Leeds Group PLC (LDSG) Holding(s) in Company
06 Jul, 2007 Leeds Group PLC (LDSG) Buy back of Own Shares
10 May, 2007 Leeds Group PLC (LDSG) Interim Results
30 Mar, 2007 Leeds Group PLC (LDSG) Total Voting Rights
08 Mar, 2007 Leeds Group PLC (LDSG) Directorate Change
07 Mar, 2007 Leeds Group PLC (LDSG) Share Buy-Back
28 Feb, 2007 Leeds Group PLC (LDSG) Total Voting Rights
27 Feb, 2007 Leeds Group PLC (LDSG) Total Voting Rights
21 Feb, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
19 Feb, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
13 Feb, 2007 Leeds Group PLC (LDSG) Transaction in Own Shares
31 Jan, 2007 Leeds Group PLC (LDSG) Final Results
21 Dec, 2006 Leeds Group PLC (LDSG) Total Voting Rights
22 Sep, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares
11 Sep, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares
08 Aug, 2006 Leeds Group PLC (LDSG) Buy back of shares
31 Jul, 2006 Leeds Group PLC (LDSG) Buy Back of Own Shares
19 May, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares
10 May, 2006 Leeds Group PLC (LDSG) Interim Results
11 Apr, 2006 Leeds Group PLC (LDSG) SAR 3 -Leeds Group plc
06 Apr, 2006 Leeds Group PLC (LDSG) Holding(s) in Company
05 Apr, 2006 Leeds Group PLC (LDSG) Director/PDMR Shareholding
04 Apr, 2006 Leeds Group PLC (LDSG) Director/PDMR Shareholding
31 Mar, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares
27 Mar, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares
09 Mar, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares
01 Mar, 2006 Leeds Group PLC (LDSG) Transaction in Own Shares

[jonak] 24/10/2007 01:39

I think this was required because the large number of share cancellations have increased their percentage holdings (significantly)
note 46% between them !

[deswalker] 15/10/2007 13:57

Why today's Director Holdings RNS - a precursor to some form of action or another reason ? I wasn't aware they needed to do this for regulatory purposes after the year end so it might be more significant. Or perhaps not ...

[cg1953] 29/9/2007 14:24

no question in my mind.
not only bad but dishonest and in contravention of the takeover code.
they should have been compelled to bid several years ago at the highest price they paid 60 pence+.