Lees Foods Share Discussion Threads

[nitnia] 10/4/2012 16:21

The form does say "subscribed for and on behalf of Ridgeway Limited "and he has signed as a Director as has his wife presumably.

Ps I have 2x2500 shares and would support you in your efforts on behalf of the PI

[davidosh] 10/4/2012 16:08

nitnia...that was my only thought but the numbers did not match. Additionally why not sign on behalf of Ringway Ltd if they are the registered holders ?

[nitnia] 10/4/2012 16:06

Is he not signing on behalf of Ringway which is in the list above and the company website? However he is signing only for 80,000 whereas ringway is shown as holding 90,000 !

[mr hangman] 10/4/2012 16:02

Not as strange as you thinking MUBL was a good buy in this digital age

[davidosh] 10/4/2012 15:35

Who is Donald Buchanan and why did he not previously notify his 3% plus notifiable holding ?



It does not appear on the company website on the list I posted above but he has given the irrevocable so the company were very clearly aware of him ? Rather strange !

[jaws6] 10/4/2012 15:26

davidosh
Any good , link below


12 HOPE STREET
EDINBURGH
MIDLOTHIAN
EH2 4DB

Wholesale alcoholic & other drinks
Security broking & fund management

[davidosh] 10/4/2012 15:02

Significant Shareholders
The following shareholders are directors of the company and any other shareholder of 3% or more of any class of security (except treasury shares).

Name Number of
Ordinary Shares % of Issued Share Capital
Coven-Sa Ltd 544,085 22.26
Alasdair Locke 256,949 10.51
Klaus Perch-Nielsen 238,471 9.75
Graham York 155,932 6.38
David Simson 144.078 5.89
Unicorn AIM VCT Plc 130,000 5.32
Clive Miquel 102,659 4.20
Ringway Ltd 90,000 3.68
Nadia Millar 76,573 3.13
Trustees of the Employee Ownership Share Trust 64,488 2.64
Chris Greig 42,120 1.72
Albert Croll 44,700 1.83


Does anyone know anything about Coven-Sa ltd ?

[marben100] 10/4/2012 12:52

To put this thru' the directors will have to get 75% of the votes AND court sanction. If enough shareholders objected it could be overturned.

[davidosh] 10/4/2012 12:49

Just to advise other shareholders as shocked as I am about this news that ShareSoc the UK Individual Shareholders Society (www.sharesoc.org) are looking very closely at this deal and if there are a significant number of minority holders who are unhappy then they will back us and help to block it if that is what the minorities wish. You can join ShareSoc for free at www.sharesoc.org

There is a private members network available for non public viewed discussion too.

[davidosh] 10/4/2012 11:34

Shocking and where are the final results for 2011 so that shareholders can see a true picture and that is without the windfall gain from HMRC that added even more cash in February ? This is total daylight robbery for general investors IMHO.

Why was there no independent director appointed to replace the Chairman if this was clearly intended ?

[cockneyrebel] 10/4/2012 10:20

Well that will be the last of my LEE gone, and stolen yet again imo.

CR

[mustbefunny] 10/4/2012 08:19

legalised theft of my shares

[cwa1] 10/4/2012 07:43

Offer for Lees Foods, looks like a very cheap, opportunistic take out by sitting directors at first glance:-

[henryatkin] 30/1/2012 09:50

CWA1 ... PER only 6.6 but the six year average PER is 10.7 and the sector PER is 11.7. Plenty to smile about - cash, good yield and low relative PER :-)

[cwa1] 27/1/2012 14:31

Especially for a company with a market cap of £5 million at mid market price of £2.11 and 2,444,751 shares in issue in the first place!

That £500K returned as a special dividend would be a very attractive proposition. 20p per share.

As it stands we are looking at forecast earnings of 31.7p, giving a pe ratio of 6.6x, a yield of 3.6%(hoping that will be higher), nett cash of, say, £1.6 million and upbeat D/S at the last trading statement:-

"Looking ahead to the full year performance, despite the raw material cost increases experienced in the first six months and the potential for further cost increases, we expect pre-tax profits to be well ahead of current market forecasts."

So, guys, what's not to like?

[cwa1] 27/1/2012 14:31

Nice little bonus :-))

Lees Foods Plc ("Lees" or the "Company")

Settlement with HMRC

Lees Foods Plc today announces that it has reached a settlement with HM Revenue & Customs in relation to long standing claim on overpaid output tax between 1973 and 1995.

The payment, which will ultimately equate to a one off net cash amount of approximately GBP500k, is expected to be received in the next few weeks.

[cwa1] 20/1/2012 12:25

Strange. Trading update on 6/1 for both of the previous years and not one by 20/1 this year. Probably not worth reading anything in to it but I assume if we were up or down by 10% on expecations(whatever they are!) we would have heard by now. Fingers crossed for a decent update some time soon.

[cwa1] 14/12/2011 09:39

Hmmmm. It's alive!

Last update was quietly positive and we must be just a few weeks away(6/1 last year) from a year end update.

Just as a reminder, they said this:-

"Looking ahead to the full year performance, despite the raw material cost increases experienced in the first six months and the potential for further cost increases, we expect pre-tax profits to be well ahead of current market forecasts."

and they had £1.1 Million nett cash in a company that is market capped at less than £5 million.

Even for a company that swims in notoriously difficult waters(foodstuffs) it is surely pretty cheap?

[davidosh] 08/11/2011 15:32

Any interest ?

[davidosh] 28/9/2011 10:50

I think LEE is more a buy and hold for a few years as it is very illiquid and not one you can trade as the spread and size will cause problems. However the dividend and low rating with such a strong balance sheet tells me that I should have a holding that in three years time will be much higher and probably double the price than when I bought it just over £1.50 a year and a half back. A few dividends will keep me happy and the products are fairly easy to understand and monitor sales. They will still be around even if Greece aint!!

[cockneyrebel] 28/9/2011 10:06

Was a pretty decent statement imo.

I wonder whether brokers really needed to reduce forecasts a while back? just being cautious I guess.

They did intimate this before, it's just a shame their costs and visibility fluctuates so much. If they were more liquid I'd hold more but currently only holding a couple of k.


CR

[davidosh] 28/9/2011 08:12

Yes I liked that bit too...suggests we are heading for 30p plus for the full year. That cash is nicely building up

"The biggest challenge in the short and medium term for Lees and other manufacturers of confectionery and sweet products is the rising price of sugar, caused by the ongoing shortage of supply in Europe.

He needs to speak to one of my largest holdings which is RGD as they are sourcing sugar around the world and improving their figures immensely having made very little on sugar in the previous year.

I think forecasts here are for 27p so worth reflecting again on this statement...it suggests H2 will be very strong for LEE.



"Looking ahead to the full year performance, despite the raw material cost increases experienced in the first six months and the potential for further cost increases, we expect pre-tax profits to be well ahead of current market forecasts."