Let's Explore Share Discussion Threads

[buldane] 09/5/2023 10:39

Not sure how anyone can be enthusiastic about the remaining money being spent on unknown activities. Who wants to invest in a company where the directors are the only ones making any money?

Really the only news that came out today was the directors are using this opportunity to print money for themselves.

If they had any confidence about the future they would not be trying to get in on this 4.75p. I can only assume this means they don't believe the shares are going to be worth more than 2.5p.

[bennywin] 09/5/2023 10:25

Strange markets at the moment and it seems that it doesn’t share your enthusiasm Mcfly.

My concern is that the remaining pot might go into buying out an existing Higginson family business.

[mcfly79] 09/5/2023 10:11

There is £19m in cash plus a further $1.25m (£1m) to be received in February. So effectively £20m in cash. c.£1m net will be used to buy back the leavers shares. c.£1m will be received from the exercise of 40m additional share options @ 2.5p. So still £20m in cash. £13.5m will be used for the tender offer, leaving £6.5m. About 4.3p per share. So you can sell at least 65% of you shares at 4.75p and the remaining shares will have 4.3p per share in cash.

[hatfullofsky] 09/5/2023 09:49

282,953,968 shares purchased by the tender offer at 4.75p = GBP13.44m (a little higher than they had suggested GBP12.5m)

They have GBP19m on the balance sheet

Leaves £5.56m with 152,359,829 shares that will be in issue = 3.6p per share

[divmad] 09/5/2023 08:18

Yes, with circa £6mn cash left in the company after the capital reduction, and 152mn shares, the stub company will have 3.9p or share of net cash. That's after each shareholder effectively receives 3.08p for his/her total holding today. Quite some value still to be had here

[mcfly79] 09/5/2023 07:50

Fantastic result for shareholders.

Shareholders can sell a guaranteed 65% of their shareholding at 4.75p, and apply to sell up to 100% at 4.75p.

The remaining shares will still have a similar amount of cash per share.

I think it should be trading at close to 5p.

[hatfullofsky] 09/5/2023 07:44

Tender offer of 4.75p is only for 65% of the share capital, so your basic entitlement will be 65 % of your holding on record date - 02/06/23

[bennywin] 09/5/2023 07:29

That was my initial reaction, but reading it again, I’m not sure that’s the case.

[bennywin] 09/5/2023 07:13

3p to 4.75 ?

That’s a very large difference.

Being unfamiliar with tender offers, I’m assuming they are offering to buy 65 per cent of your shares for 4.75 pence and then you are left with the remaining shares in what’s left of the business ?

[bennywin] 05/5/2023 09:25

I found the sale to be strange considering it was the only thing they appeared to be good at.

They are basically back to being a start up company having failed to achieve anything for long term shareholders over the last half a dozen years, and I for one do think that it is a basket case going forward.

For me, it’s a case of picking the right moment to exit.

[yump] 05/5/2023 08:40

Sometimes (not speaking for benny) you have a stake left which is not worth selling at the current price, so may as well leave it in, just in case you can recover more in the future. Assuming you don’t think its a basket case, which I don’t think it is, although my opinion of the BOD couldn’t be worse and I don’t trust them an inch to act for shareholders’ benefit.

Personally, I think it stinks to have sold the LBE business, when clearly we are back into normal service after covid. Its been sold at a consumer market bottom imo, although its debateable whether one-off park visits suffer much in a downturn anyway.

BOD shown to have no guts at all for toughing it out.

[hatfullofsky] 05/5/2023 08:31

Why are you still here, you should sell and move on if you haven't already

[bennywin] 04/5/2023 21:28

Not often, if ever that I have agreed with what you have said Yump.

However, on this occasion, I wholeheartedly agree with your sentiments.

[hatfullofsky] 04/5/2023 18:48

Management can't control the market.

[hatfullofsky] 04/5/2023 18:47

When the 3p is returned, at the current share price we will be trading 50% below cash.1.5p retained in the business, 3p to be returned

[yump] 04/5/2023 17:30

When the going gets tough, or looks like it might get tough and proper management will be required to build a sound longer term business, the tough just aren't present here.

Total hypocrisy to say that the acquiring business could see the potential of LBE, quoting its growth, while also saying that the environment is a bit tricky.

Much easier to start afresh, then you're never really accountable, because the imaginative future can always be quoted, even if the BOD are just living the life and spending the cash on entertaining new ventures.

Nice life if you can get it - living off shareholders, rather than your own money, with no accountability, while 'developing' some new exciting business.

[bennywin] 04/5/2023 08:57

It was late Divmad, so no !

Going forward, they managed to make early investors a loss after many years, so why should the next stage be any different ?.

[hatfullofsky] 04/5/2023 07:28

It's certainly a good time to have money to spend.

"We expect, in the coming months, to be able to secure an attractive opportunity on favourable terms … which will become the Groups principle activity"

[divmad] 04/5/2023 07:21

Care to eat your words?

[bennywin] 02/5/2023 16:09

Another “Coming soon “ moment.

‘Would you like to invest your money with us going forwards?”

Timelines missed, no updates whatsoever on either Let’s explore or Vodiac .

For me, it’s a very simple answer.

Absolutely no way !

[bennywin] 02/5/2023 09:24

I wonder who voted my previous comment down?

It is anticipated that the initial Court directions hearing in relation to the Capital Reduction will take place on 5 April 2023, with the final Court Hearing taking place on 25 April 2023 and the Capital Reduction becoming effective on the following day, following the necessary registration of the Court Order at Companies House.

[bennywin] 02/5/2023 08:21

Surely there should have announced the result of the court case by now ?