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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Lionheart | LNT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | - |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| Top Posts |
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Posted at 28/1/2004 16:59 by ben value More from our very helpful shareholder from motley fool:"Well, it's been a gruelling journey but it looks like it is finally over for Lionheart shareholders. The Pension Group that has been holding up the payout for the last six months is in the process of settling their claim. Remember how much it was for? £8-£10 million, the majority of Lionheart's cash pile. By the 7th Feb, the liquidators must deposit in their bank account the grand total of £83,000 by way of settlement. The costs that they've incurred will mean that it is doubtful that any of this nonsense was worthwhile for them. The wording of the settlement has been broadly agreed and is being finalised by the lawyers as we speak. In the immediate days after the payment, the first of two distributions will be made to LNT shareholders. There are still some loose ends to tie up with respect to tax, the lease liability and a fresh claim from a individual disgruntled pensioner but nothing to worry about. The individual's claim has already been rejected and it is thought, by the nature of his letter, that he cannot have obtained legal advice. Obviously, costs have been driven up thanks to the Pension Group's actions but there is still plenty of cash left for those that bought into this share. I have been assured by the liquidators that the initial distribution will not be less than 140p, with a further chunk to come. In total, I've been told that we can expect 157p, though that figure is merely an approximation. Since most people got in at 130p or less, that's a pretty decent result, even allowing for the delay. I'll be writing on this again once we've got our first wedge of cash in a couple of weeks time. In the meantime, I've already written to the liquidators, KPMG, and thanked them for their work on this. Mike Tapin and Jeremy Spratt have done an excellent job on behalf of shareholders. WShak" |
Posted at 19/11/2003 11:29 by skyship Shareholder circular from the liquidators received today. It provides a good summary of the three outstanding issues delaying payout: 1. Lionheart Pension Scheme ("The Scheme") - Following counsel's advice the liquidators summarily rejected the pension trustees' claim, however the trustees have lodged an appeal for initial hearing on 26th November. Thereafter it is likely to be 6 months before PRELIMINARY issues would be heard in court. The liquidators are "continuing to correspond with the trustees' advisors with a view to achieving an earlier and less costly resolution of this matter." 2. Croydex X guarantee: LNT have received £200,000 in full and final settlement of any claim LNT might make should the pension trustees win any claim from 1). above 3. Landlord claim: This small contingent liability is reducing as Croydex continue occupation of factory/office premises and continue to pay the rent. The lease expires Dec'04; and it looks increasingly likely that any liability will soon be extinguished. 4. Environmental claim: Relates back to sale of a division back in 1996. Indemnity of max £350,000 expies Dec'03; and no liability is expected. Final sentence states: "I regret that until there is certainty over the maximum amount of the Scheme's claim, I remain unable to comment on the quantum and timing of distributions to shareholders. I will, however, write again when there are material developments to report." ==================== My view is that KPMG are doing a reasonable job on our behalf; and my GUESS is that we will end up paying the trustees a small sum to withdraw any claim. How small is small? Somewhere in the region of £1/2m-£1.0m perhaps. Though it could be preferable for KPMG to countersue the trustees for frivolous litigation. Nevertheless if we do pay out £750,000, then that would = c.7p / share. For a speedy resolution it could be a price worth paying. |
Posted at 25/6/2003 13:16 by stewjames Croydex sounds like a company in deep financial trouble who are clutching at LNT in an effort to keep themselves from drowning. The claim is ridiculous. Unfortunately, there's some chance they'll drag us down with them and leave KPMG and lawyers laughing all the way to the bank with our money. Annoying, but I'm probably long overdue one of these cash rich situations blowing up in my face! |
Posted at 19/3/2003 10:58 by old boy returns The issue of previously undisclosed 'liabilities/conting"Current status of the Company and financial information Having sold all its operating subsidiaries as described in the circular to Shareholders dated 2 November 1999 and approved by Shareholders at the extraordinary general meeting held on 18 November 1999 the Company is currently a cash shell. Following the disposal of the operating companies and the settlement of certain liabilities as at 1 December 1999 the Company had a cash balance of #5.8 million. As at the same date the Company did not have outstanding any borrowing or indebtedness in the nature of borrowing, including loan capital outstanding or created but unissued, bank overdrafts and liabilities under acceptances (other than normal trade bills) or acceptance credits, mortgages or charges, obligations under finance leases and term loans or hire purchase commitments or guarantees or other contingent liabilities." While not being an expert there is a prima facie case that purchasers of shares in this offer and/or the liquidator (on behalf of LNT) would have a valid claim against Pollock and his advisers on the fundraising. Perhaps this is another reason he was so keen on the Sigma bid as opposed to liquidation. |
Posted at 18/3/2003 17:20 by old boy returns PS - anyone think we may see an unsolicitted bid for LNT come out of the woodwork now as an alternative to liquidation? Would make sense for a profitable tax paying manufacturer which could use those tax losses. Trouble is profitable and manufacturing rarely go together in the UK. |
Posted at 14/3/2003 11:43 by old boy returns asph - there will probably one some debate about whether these 'new contingent liabilities' are material. If they are material then current/former directors could find themselves in a bit of bother with respect to the statutory accounts and proposal to dispose of the old Lionheart operations. My guess is that they are not significant enough for Sigma to want to drop the offer yet unless they can get the compensation. I would imagine that LNT will be claiming that they are not significant and so a sort of stalemate will exist until the offer lapses and then they will start arguing about it.I have reported this whole stinking mess to the Takeover Panel in some detail. I am not holding my breath but they really should take a close look at what has gone on here. I have also written to Pollock and demanded, amongst other things, that he declares or denies any private financial incentive (eg in his contract) for the Sigma offer to proceed as opposed to liquidation. He has not replied. |
Posted at 07/3/2003 07:09 by hugepants The crooks running LNT have decided to make known some (probably small) liabilities that have...errmm...appar |
Posted at 17/2/2003 15:23 by old boy returns Skyship - I certainly have no intention of buying Sigma shares (completely worthless imho). I was merely pointing out a scenario I have seen enacted many times before by the privileged few. Also from my experience, if you have the right connections you can short sell anything if you are prepared to go naked. I am completely with you on this one and am no stranger to shareholder activism. As a long time LNT shareholder one option I would also consider is to let LNT continue as a cash shell for a while longer. History shows us that cash shells have only really attracted a premium during more bullish times when there are many companies looking for a quick and easy route to the market. To that end I would be prepared to wait another 2 years providing the cash was kept in the bank and unnecessary costs were not incurred. |
Posted at 29/1/2003 11:22 by mstrathern I have just recieved on the Judges Capital Plc (JDG) intevention. So it looks as if things are beginning to warm up and hopefully if the major holdings have not changed too significantly the bid is set to fail. I have not recieved the offer document yet as my holdins are in iDealing and it takes them a few days to get such things out. However from what I can gather it appears to me to be a load of self-serving old 'Pollocks'. Hopefully David Circurel will make a realistic offer, I note from the wire: 'Confident statement with Q3 results Judges Capital 102 1/2 up 4', so maybe their paper is worth more than Sigmas. But I think we need a bid with a cash element that is much higher than Sigma's two thirds offer(107p). Otherwise we would still be much better off waiting for the AGM, replacing Pollock and winding the company up. >29/01/03 > >MARK > >You will have read of the interesting intervention by Judges Capital ("JC") >- the Jan'03 AIM listed investment vehicle run by ("DC"). > >I take this as a highly encouraging move. > >JC appears to be backed by various big names; and DC has close links with >Dawnay Day. It is quite possible that JC will seek to take a quantum leap >in size by making a cash & underwritten shares offer for LNT. At the moment, >JC is capitalised at just over £2m (2.1m shares issued @ 95p). A bid for >LNT, even with two-thirds cash, would treble the size of JC; giving >worthwhile firepower at a "formative" time in the markets. So, it could all >make sense. > >The Offer document has now arrived, so I am going to be poring over that for >much of today. Interesting that the pay-off to Peter Pollock has still not >been enumerated - I'm amazed that the Takeover Panel have permitted that. > >more anon..... Here is one of the RNSs from JDG: RNS Number:6914G Judges Capital PLC 28 January 2003 For Immediate Release 28 January 2003 Judges Capital plc Related Party Transaction The Directors of Judges Capital plc ("Judges Capital" or the "Company") announce that the Company yesterday acquired 75,000 Ordinary shares in Lionheart PLC ("Lionheart") from David Cicurel (Investments) Limited ("DCI"), representing 1.04% of the issued share capital of Lionheart. The shares were acquired at a price of #1.2973 per share, for a total cash consideration of #97,299, which represents a no loss no gain basis for DCI. The Company also made a market purchase of 200,000 Ordinary shares in Lionheart at #1.34 per share for a total consideration of #268,000. This purchase, together with the shares acquired for DCI, takes the Company's total interest in Lionheart to 275,000 Ordinary shares representing 3.81% of the issued share capital of Lionheart. Since the disposal in November 1999 of the Croydex Company Limited and its subsidiary companies, Lionheart has had no trading businesses and its only material asset has been its cash on deposit. As at the 31 December 2002, Lionheart had cash resources of approximately #11.6 million. David Cicurel, Chief Executive of Judges Capital, has an interest in DCI and consequently the acquisition of the shares in Lionheart from DCI is a related party transaction. The Board of Judges Capital, excluding David Cicurel, have consulted with Dawnay, Day Corporate Finance Limited, nominated adviser to Judges Capital, and believe that the terms of the acquisition are fair and reasonable insofar as Judges Capital shareholders are concerned. Ends For further information please contact: Judges Capital Alex Hambro, Chairman Tel: 020 7437 4037 David Cicurel, Chief Executive Tel: 020 7437 4037 Mobile: 07771 893 080 Dawnay Day, Corporate Finance Gerald Raingold Tel: 020 7509 2301 Mobile: 07798 915 511 Sandy Jamieson Tel: 020 7509 4570 Mobile: 07818 022 400 CardewChancery Melvyn Marckus Tel: 020 7930 0777 Pager: 07659 104 878 Tim Robertson Tel: 020 7930 0777 Pager: 07693 286 493 Note to Editors: * Judges Capital is a new company established to invest in a small number of quoted companies where the Directors believe an opportunity exists to increase shareholder value and where the size of Judges Capital's stake will enable it to influence the target to pursue this opportunity. * Judges Capital was floated on the Alternative Investment Market earlier this month. Dawnay, Day Corporate Finance Limited ("Dawnay Day"), which is regulated by the Financial Services Authority, is acting exclusively for Judges Capital as nominated adviser to the Company and not for any other person. Dawnay Day will not be responsible to any other person other than Judges Capital for providing the protections afforded to customers of Dawnay Day or for advising any such person in connection with this transaction. This information is provided by RNS The company news service from the London Stock Exchange END m.strathern@cranfiel |
Posted at 08/1/2003 11:23 by hugepants On fundamentals Sigma looks a real dog frankly and was very overvalued at 30p a share. Without a doubt a better deal for shareholders would have been liquidation of LNT. Anyone know what the current management of LNT get out of this deal? Do they retain management positions. I assume they must have something. |
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