Lionheart Share Discussion Threads

[old boy returns] 19/2/2003 13:24

Sigma must be desparate for cash to be fighting this one so hard. Makes one wonder how solvent they are - especially with the role their bankers are playing in the offer. If the bank did not want to lend them the £3 million then why on earth should LNT shareholders have it taken out of their pockets?

If the bank had said "pull off this deal or its all over" would this have had to be disclosed in the offer letter?

[bladeboy] 19/2/2003 13:12

Announcement from Sigma today claims they have 53.75% acceptances, any thoughts?

bb

[mstrathern] 19/2/2003 12:55

What on earth are the PRU playing at letting this farce continue! It looks as if Sigma may be trying to get 50% and control of the company. I think that we need to pull out the stops and try to stop them. Does anyone know the process for requisitioning an EGM? I'm sure with the help of Hnadsel, and maybe Judges, we could muster the required % to put paid to this once and for all with a new board.

[mstrathern] 19/2/2003 11:34

Old Boy - I presume that Skyship is talking about the Myners report which can be found at:


I think its an excellent idea to go after Pollock who at the very least appears to be acting disengenously. However I also think that it may be important to thwart Sigma getting to 50%, they clearly have something the're up to. It could be merely that they want to pick up as many shares, and hence cash, as possible for their own worthless (IMHO) paper. The key here I think is probably the PRU since Sigma may well be able to pick up a further 3% via their telephone campaign (how much is that costing Sigma!?) In the end it probably strongly depends on how the PRU's 'irrevocable undertaking' is worded. If it was only given to the first closing date we maybe ok but if it was given for the length of the offer and any extensions I thnk that Sigma may well get to 30%. By now I should think that the PRU are pretty p*ssed off with the situation. Maybe we can persuade them to bring pressure on the parties concerned to act in what is now quite clearly the vast majority of independent shareholders view of their best interests, most of them after all have been asked by letter AND by phone and have given a resounding thumbs down.

[old boy returns] 19/2/2003 10:45

Skyship - could not agree with you more. Shareholder activism and campaigning for effective regulation is a near full time mission of mine - the FSA receive more papers, suggestions and complaints from me that they can comfortably ignore and I sense the tide is beginning to change. I also pioneered the web based shareholder action group concept a couple of years ago. Excuse my ignorance but what is 'the excellent work being done by Myners' you refer to.

I am going to have a go at Pollock cos I think there is an argument that he is committing an offence under the FSAM Act 2000 by being less than open with investors in his comments about the merits of the offer compared to other options such as liquidation and has withheld material information.

[asph] 19/2/2003 08:42

my shareholding is for forcing a EGM soonest !

[asph] 19/2/2003 08:41

my shareholding is for forcing a EGM soonest !

[skyship] 18/2/2003 19:44

OBR - lodged complaints with ALL the regulatory authorities; needless to say ALL were rejected. As ever, small shareholders have no power unless they unite; and no-one will look after shareholder interests until the day when the government eventually appoints a US-style SEC. It'll come some day as the City fat cats continue to sup at the trough; and only a succession of exposures - such as the excellent work now being done by Myners - will eventually cause the politicians to act.

Pollock's e-mail address is [e-mail]

LPA is where Pollock earns his main crust whilst (IMO) running it into the ground - take a look - you have to laugh!!

[leslas] 18/2/2003 14:54

I have not accepted but somebody phoned me to try to ask me to sell i told them were to go !!

[cg1953] 18/2/2003 13:20

better still for 'judges capital'[or someone] to make a 1-40 pence cash offer.
imo that would render the sigma deal 'dead' in the water !!!

[bigbobjoylove] 18/2/2003 11:56

fax ???????? i want to know where he resides or even his favourite watering hole.

[old boy returns] 18/2/2003 11:04

skyship - do you have fax number for Pollock? I can feel a hard hitting broadside coming on. Also has anyone lodged a complaint with the Takeover Panel or UKLA? If so has their been a response. You can e-mail me at [e-mail].

For Pollock to recommend this offer in the first place was bad enough but for him to continue to do so in light of its present value is a disgrace. He must now realise that was he calls a 'vocal minority' is in fact the majority of independent shareholders and his position in untenable.

[skyship] 18/2/2003 10:07

Under 1 in 4 of shareholders outside the Pollock/PRU alliance accepted this really appalling Offer. That in itself should settle matters; however with the bid being extended it may be that the new holders will have to agree a circular to shareholders so as to prevent further acceptances; and perhaps get some acceptances withdrawn.

[currypasty] 18/2/2003 08:36

47% acceptance

[old boy returns] 18/2/2003 00:44

I bet the big LNT holders who have 'accepted' the Sigma bid sold short the Sigma shares they would have got if bid successful as soon as possible. The plan being to use the Sigma shares from the bid to close the short positions. This excess supply will be one of the reasons for the fall in the Sigma share price since offer was announced. If bid is unsuccessful they will have to buy Sigma shares in the market to close their short positions.

[old boy returns] 17/2/2003 15:23

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.

[mstrathern] 17/2/2003 11:07

tilton - your right I'm misread it. As to the resignation of P*llock (or is it *ollock) unfortunately his best bet would appear to be to bow to the inevitable and go for liquidating it himself. He can then string his paypacket out for another 6-9 months.

[tiltonboy] 17/2/2003 10:39

I've got it down as 120 shares.

Anyhow today is the day, and hopefully sufficient people have seen the light and have rejected this ludicrous bid.

PP should then do the honourable thing and resign.

tiltonboy

[mstrathern] 17/2/2003 10:31

Helo, hello, hello...120k sell and the price moves up by 2 1/2%? Looks like somethings about to break!

[skyship] 15/2/2003 00:43

Well, well, well - there we all were thinking Was or Judges Capital were in for another 100,000 yesterday - and it turns out to be Country & Metroplitan (CRY). I would far rather have their paper as the rump (Sigma being pretty nigh worthless IMO), but no less than 125p in CASH please.......

[mstrathern] 13/2/2003 13:01

Silly me - I had read this but not put together 'WShak' and W. Shakoor!

[mstrathern] 13/2/2003 11:23

Does anyone know more about Handsel ltd, Mr Shakoor, and their intentions?
Their recent reported aquisitions have cost at least £328k; are they ging to bid? Or, as I would think more likely, are they going for a quick 20%?

[mstrathern] 12/2/2003 00:46

Someone has pointed out another intersting articel at on the MW board today, here's the reference:


Well the Sigma fiasco should be over soon. The question should then be what to do next. If Pollock does not suggest winding up immediately I would suggest a motion at the AGM to remove the present board and put forward a replacement board to wind the company up. I suggests this rather than a winding up motion if it comes down to it as it would avoid the £116k payout to Sigma and I reckon that that should cover most if not all of the winding up costs. I hate the idea that Pollock and the disengenuous Sigma lot should get a penny more than absolutely necessary.