Lionheart Share Discussion Threads

[skyship] 09/6/2002 18:24

AGM @ 12.00, 20th June at the offices of SIMMONS & SIMMONS, City Point, One Ropemaker Street, London EC2

As every individual shareholder knows and most likely wants, the Board should be repaying all or part of shareholders’ cash back NOW.

I wrote to the Chairman, Peter Pollock, back on 12th April suggesting a “Compromise Solution” – see below. He answered in a totally patronising fashion; and to my mind he is completely out of touch with the wishes of his shareholders – a judgement supported by his crass decision not to recommend a dividend for the last year. CASH is the one thing the company does have!!

Peter Pollock may be an accountant and a perfectly reasonable fellow, but after minimally 2.5 years of inaction in terms of RESULT – it is definitely time for him to go, pausing perhaps just long enough to oversee the winding up of the Company and the return of OUR money.

Strangely, I still favour the Compromise Solution, as I believe we may get more than the CASH NAV that way. But, whatever, do try to be there on the 20th; but if you can’t make it then please post your views on this thread.

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“Compromise Solution” Post on 12th April:

It strikes me that the best way forward for LIONHEART may be:

1. to return 125p to shareholders NOW

2. to promise liquidation of the remaining assets 12 months hence, assuming over the interim period no offers are received which are worth putting before the shareholders

The point is that LNT has net assets of £11.6; and this figure may be just too large a sum for many prospective partners seeking a listing.

Returning 125p / share would consume £9.0m; and would leave net assets of £2.6m less the minimal costs of the capital repayment. Assuming I haven’t missed any capital reconstruction penalties, then, allowing for the costs to have been adequately covered by interest earned so far in 2002, holders would be left with shares backed by a reduced cash NAV of 36p.

Their investment will then be in a far more approachable “shell”, backed by a one year cash redemption promise.

On that basis I find it hard to believe that the shares would fall below a floor of perhaps 25p.

Shareholders would then have an investment effectively worth 150p (20% UP on the current market price); and there would be the further upside of c.10p from the liquidation, or more if the right deal comes along.

So…Come on Peter Pollock…. The time has come to be pro-active. Do something now for the shareholders; and at the same time make the Company more attractive to more potential partners.

[skyship] 09/6/2002 18:16

AGM @ 12.00, Thursday 20th June at the offices of SIMMONS & SIMMONS, City Point, One Ropemaker Street, London EC2

As every individual shareholder knows and most likely wants, the Board should be repaying all or part of shareholders’ cash back NOW.

I wrote to the Chairman, Peter Pollock, back on 12th April suggesting a “Compromise Solution” – see below. He answered in a totally patronising fashion; and to my mind he is completely out of touch with the wishes of his shareholders – a judgement supported by his crass decision not to recommend a dividend for the last year. CASH is the one thing the company does have!!

Peter Pollock may be an accountant and a perfectly reasonable fellow, but after minimally 2.5 years of inaction in terms of RESULT – it is definitely time for him to go, pausing perhaps just long enough to oversee the winding up of the Company and the return of OUR money.

Strangely, I still favour the Compromise Solution, as I believe we may get more than the CASH NAV that way. But, whatever, do try to be there on the 20th; but if you can’t make it then please post your views on this thread.

---------------------------------------

“Compromise Solution” Post on 12th April:

It strikes me that the best way forward for LIONHEART may be:

1. to return 125p to shareholders NOW

2. to promise liquidation of the remaining assets 12 months hence, assuming over the interim period no offers are received which are worth putting before the shareholders

The point is that LNT has net assets of £11.6; and this figure may be just too large a sum for many prospective partners seeking a listing.

Returning 125p / share would consume £9.0m; and would leave net assets of £2.6m less the minimal costs of the capital repayment. Assuming I haven’t missed any capital reconstruction penalties, then, allowing for the costs to have been adequately covered by interest earned so far in 2002, holders would be left with shares backed by a reduced cash NAV of 36p.

Their investment will then be in a far more approachable “shell”, backed by a one year cash redemption promise.

On that basis I find it hard to believe that the shares would fall below a floor of perhaps 25p.

Shareholders would then have an investment effectively worth 150p (20% UP on the current market price); and there would be the further upside of c.10p from the liquidation, or more if the right deal comes along.

So…Come on Peter Pollock…. The time has come to be pro-active. Do something now for the shareholders; and at the same time make the Company more attractive to more potential partners.

[rainmaker] 07/6/2002 15:07

It seems that the management, to put it bluntly, are not up to the relatively easy task of investing the funds and earning a decent return.Have every sympathy with irate Shareholders but still feel there is an excellent opportunity here.

Regards

[gorwel] 07/6/2002 10:21

asph.

I held these shares for about 2 years and then got so fed up I sold a few weeks ago.

I found it difficult to understand exactly what the company are waiting for.

I did speak a couple of times to the Chairman (I think he and a Secretary are the only employees) really nice man, but not a good enough reason to hold.

This is one for a 2 year view.

[asph] 07/6/2002 09:36

Go to the Annual General Meeting and join with other irate shareholders (see iii BB)

[rainmaker] 24/5/2002 15:40

Warren Buffett once said, that the Stock Market acts as "relocation centre" where money passed from impatient to patient hands.I think Lionheart may be a good case in point.Surely it cannot be too difficult for the management to invest the 161 pence Net Cash per share and get an average return on equity of arpound 12%?

Regards

[rainmaker] 24/5/2002 00:48

Does this Company carry forward tax losses?I presume it does but would appreciate details.
Interesting situation, since at current levels you are buying £1 coins for just 75 pence!!!!
Regards

[skyship] 12/4/2002 15:39

It strikes me that the best way forward for LIONHEART may be:

1. to return 125p to shareholders NOW

2. to promise liquidation of the remaining assets 12 months hence, assuming over the interim period no offers are received which are worth putting before the shareholders

The point is that LNT has net assets of £11.6; and this figure may be just too large a sum for many prospective partners seeking a listing.

Returning 125p / share would consume £9.0m; and would leave net assets of £2.6m less the minimal costs of the capital repayment. Assuming I haven’t missed any capital reconstruction penalties, then, allowing for the costs to have been adequately covered by interest earned so far in 2002, holders would be left with shares backed by a reduced cash NAV of 36p.

Their investment will then be in a far more approachable “shell”, backed by a one year cash redemption promise.

On that basis I find it hard to believe that the shares would fall below a floor of perhaps 25p.

Shareholders would then have an investment effectively worth 150p (20% UP on the current market price); and there would be the further upside of c.10p from the liquidation, or more if the right deal comes along.

So…Come on Peter Pollock…. The time has come to be pro-active. Do something now for the shareholders; and at the same time make the Company more attractive to more potential partners.

[skyship] 22/3/2002 00:25

OK - no need to hurry; but I can see absolutely no justification for denying patient shareholders a dividend whilst they wait. Also Directors need to publicise a firm timetable for a capital repayment in the event of a continued lack of action.

[asph] 21/3/2002 13:45

cannot fault their intentions to find a shareholder vaue enhancing proposition---------stick tight IMHO

[cwa1] 21/3/2002 10:25

Results...these guys aint in a rush;-)

[skyship] 04/3/2002 17:49

20,000 sale on my screen - still the stock had to go somewhere, so the size is in itself quite interesting

[asph] 04/3/2002 16:16

one 20,000 buy at 4 oclock---------hope someone knows something

[leslas] 02/3/2002 00:55

they seem to be creeping up???

[cwa1] 01/3/2002 17:13

long before time!!!!

[asph] 01/3/2002 16:14

clean shell-----two years,£11million sat on deposit----------time to put it to work

[currypasty] 22/12/2001 00:56

I paid 25p for mine before 25 : 1, so effectively cost £6.25

Any chance of them very slowly nearly every day creeping to £6 ?

[skyracer] 22/12/2001 00:49

Nanouniverse, Expocentric; Lionheart next stop...?

[leslas] 21/12/2001 11:11

Does anyone know anything up 8p now

[leslas] 21/12/2001 10:26

keep your eye on them going up very slowly nearly every day

[asph] 13/12/2001 21:03

see "discussion" on iii board

[gorwel] 13/12/2001 14:06

asph. Still no news. RNS announcement a few minutes ago said a David Taglight has just bought 4%+ shares. Who is he, I wonder?

Can ANYONE HELP?

[asph] 15/11/2001 14:42

iii message board, might be suggesting some positive action in the air,any news greatly appreciated.

[asph] 30/10/2001 08:28

does micheal walters know something -- at long last M&G expertise is about to commit this cash shell --or is he speculating on the discounted share price?

[mg] 29/10/2001 11:30

One of my long term holds - only because I thought it was going to be a short term rocket - about 18 months ago............

Let's hope they've managed to pick up a gem - the LNT team have got all the experience necessary to do so - just a matter of having held out long enough to target the crown jewels - now which company have M&G got in their portfolio that they want to make 'an offer that they can't refuse' ??