Lionheart Share Discussion Threads

[tiltonboy] 28/1/2003 08:49

Interesting development with David Circurel, through Judges Capital, adding to his stake.

Is this game on?

tiltonboy

[sleepy] 27/1/2003 15:45

Looks like 200k LNT changed hands at 134p today - perhaps there is still hope!!!

[ccraig69] 23/1/2003 12:02

Free Lionheart write up on MW site.

I am not a shareholder in this company but feel you lot are getting the smelley end of the stick
best regards
Craig

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[sleepy] 17/1/2003 13:36

"The Offer will only be made pursuant to the Offer Document and Form of Acceptance, which is expected to be posted on or around the 15 January 2003."

Anyone know why it has not been posted yet?

[cg1953] 17/1/2003 11:43

anyone know the 'edress' of an official at the fsa ?

[skyship] 17/1/2003 09:37

Who can be buying 10,000 @ 136.5p? Perhaps advance notice of a rescue bid.... We can but hope that someone else will get involved so as to scupper the absurd Sigma Offer; and also let the PRU off the hook from their absurd premature and incomprehensible acceptance. If you have any funds under management by the PRU, you should ask them to account for themselves. My Pension Pot used to be managed by them; but happily I took it away and into a SIPP two years ago.

[skyship] 15/1/2003 13:34

mstrathern - hopefully you received my e-mail. As stated therein, could you please call me so that I can update you on progress with the regulatory authorities. I'll generally post on this when not compromising any discussion.

[pcuser] 14/1/2003 15:56

Here is 'our' Hamish as described on the Sigma web site





"Hamish Grossart, Non-Executive Director

After a career in investment banking, Hamish Grossart became managing director of EFT Group plc from 1987 to 1992 and then chairman from 1992 until its acquisition by Bank of Scotland in 1997. He was also chairman of Eclipse Blinds plc and Hicking Pentecost plc from 1994 to 1998 and chairman of Scottish Highland Hotels plc from 1992 to 1999. He is currently chairman of Indigo Vision plc and Royal Doulton plc, deputy chairman of Cairn Energy plc and Scottish Radio Holdings plc and a director of Martin Currie Income & Growth Trust plc, Lionheart plc, Artimes Investment Management Limited and a number of other private companies. He is also a governor of Kilgraston School."



Hope this helps ( if only to know what to avoid )

[leslas] 14/1/2003 15:34

What did the FT say

[tiltonboy] 14/1/2003 15:01

Sleepy,

I think it is a different Grossart. With names like Angus and Hamish they must be related.

tiltonboy

[cg1953] 13/1/2003 06:55

this deal is so 'manifestly against' lnt shareholders;
perhaps the fsa/sfo ought to be advised ????
imo, as in [fthm/hyc] and [izo/orb] there seems to be
conflicts of interests between directors and shareholders.
a 'hidden agenda' or 'collusion', seemingly sanctioned by
the very institutional investors[orchestrated by brokers/advisors]
who are paid to protect and enhance the wealth of both small and
large individual investors,but most importantly,
to uphold the integrity of the market.

[ghhghh] 10/1/2003 13:51

Since M&G will have sanctioned this deal and must believe that Sigma an attractive acquisition, then one assumes that they will elect to take 100% Sigma shares, therebye freeing up a significant amount to extra cash for other cash electing shareholders.

Otherwise someone should ask them because how can they dump this deal on other shareholders who want 100% cash return when they prefer the cash element themselves!

[ghhghh] 10/1/2003 13:51

Since M&G will have sanctioned this deal and must believe that Sigma an attractive acquisition, then one assumes that they will elect to take 100% Sigma shares, therebye freeing up a significant amount to extra cash for other cash electing shareholders.

Otherwise someone should ask them because how can they dump this deal on other shareholders who want 100% cash return when they prefer the cash element themselves!

[sleepy] 10/1/2003 00:13

Interesting disclosure this morning from Deutshe Bank AG london who appear to be connected to Sigma and bought 1,000 Sigma shares yesterday at 30p

FORM 38.5
CONNECTED EXEMPT MARKET-MAKERS:
DISCLOSURE UNDER RULE 38.5 OF THE CITY CODE ON TAKEOVERS AND MERGERS
Dealing in (name of company) Sigma Technology Group plc
Class of security Ordinary
Date of disclosure 09/01/03
Date of dealing 08/01/03
Name of EMM Deutsche Bank AG London
Name of offeree/offeror with whom connected Sigma Technology Group plc
Total number of securities purchased 1,000
Highest price paid* #0.30
Lowest price paid* #0.30
Total number of securities sold
Highest price received*
Lowest price received*
*Currency must be stated

[sleepy] 10/1/2003 00:02

I understand the position to be as follows:

There is no need for a shareholder meeting of Lionheart in order for the bid to proceed. In the circumstances it looks to me as if a meeting would only be called if holders of at least 10% of the shares request one. I suspect that a resolution to wind up the company would be a special resolution and would need the support of at least 75% of those voting.

Interestingly, the announcement refers to a payment from Lionheart to Sigma of £116,000 if, inter alia, "a resolution to wind up Lionheart is proposed or passed"

The current bid is dependent on Sigma getting acceptances for 90% of the outstanding shares of Lionheart. They need 90% in order to compulsorily acquire the remaining shares. However they have reserved the right to reduce the 90% level but if they do this they may not be able to compulsorily acquire the remaining shares. They might not want to proceed with the bid on this basis.

All the above IMHO - I am not an expert

[8 ball] 09/1/2003 18:45

This has been on my buy list for some time.
Was expecting the cash to be given back, what a shocking deal.
Pleased I never got around to buying, to think the directors took this long to get a deal.
Then they screw all the shareholders in this way, disgusting.

By the time you get SGM shares they will be about 15p to sell.
So the offer is only worth about £1.30/share.


Hope you are all able to stop the deal.

[diddily] 09/1/2003 13:54

The Sigma share price will also be diluted by the fact that Sigma will need to increase the shares in issue by 50% to cover the LNT shares.This could result in the share value dropping by another 20-30%.

Also,read AF news dated 24/12/02 for Sigma.There is a lawsuit hovering over them for supplying Laboratory equipment to Iraq....it just gets better doesn't it!!

Sigma will get about £3million out of this deal.If they are so desparate for cash,why don't we just give them the £3million and take a 25% lump of their company in return.......we'd still have £8million to play with.

We've been sold down the river....bring back Johnson and Co.

[mstrathern] 09/1/2003 13:49

Sleepy,

Thanks for the input, useful. Yes, we might need 70% for a wind up vote but I think that we would only need a straight majority OF THE VOTES CAST to change the board. This might be a problem given that Institutions don't normally vote and the combined holdings of the board and Sigma. But the ability to call an EGM, viz. >10% of the issued shares, would show a capacity and willingness to block this rather silly offer and therefore leed to a windup. I don't think we need to worry to much about the £116,000 to Sigma, presumably to cover their costs, it only ammounts to 1% of the cash held by the co. The directors are now clearly not acting in the interest of the shareholders as the maximum value of the co. is clearly to wind up as I estimate we should get at least 155-159p.

If people are interested I am prepared to keep a register of all those who would like to call an EGM and try and reverse the present situation. If we can get above 5% I think we would be in a position to contact the major shareholders directly to sound out their views. If you are interested contact me at [e-mail].

CLEARLY the best action for anyone in doubt at the moment is to DO NOTHING. If Sigma are succesful you will get the same deal as everyone else, there is no bonus for accepting! If Sigma are not succesful we can move the agenda on to winding up when eveyone will get considerably more money! Then if we want to we can afford to buy Sigma shares than they are offering!

[tiltonboy] 09/1/2003 13:31

I will not accept this offer as it stands. I would prefer to wait six months or more, and get my 160p. I can count on just over 50,000 to vote against. How many more can we get on our side?

tiltonboy

[mstrathern] 09/1/2003 11:49

Skyship, are you interested in forming a shareholders group as I like you feel that this is a nonesense bid. Yes, I believe that 10% is the threshold for calling an EGM. But what I am less sure of is the necessary % to block a financial restructuring of the co. In the back of my mind I have the figure of 7.5% - does anyone know the figure? ([e-mail])

[charlie] 08/1/2003 19:01

I am not a holder of Lionheart but I agree with the comments above. This is a completely shocking deal and I can see no possible justification against the alternative of a cash distribution -- apart from the fact that Pollock gets his pocket lined.

Shareholders should press for full details of the payment to Pollock.

[langland] 08/1/2003 18:42

I do not hold these tho' have monitored situation for awhile with a view to purchasing. I agree totally with skyship and others. The deal is a disgrace and I can only wish you well in resisting it. 10% is the required amount for an EGM. This deal damns the Pru as well as the so called management. Latter have been stressing caution and then they go and find a deal like this. It's just staggering.
Good luck