LEF.L Share Price (LEF)

Is this the worst company ever! It is definitely the worst I have owned in the last thirty years. Selling for 16p per share when it has NEVER traded at that price EVER!, with net asset valve for Oct 16 of 26.4p, Oct 15 NAV 60.6p, Oct 13 84.2p per share. A disgrace.

lonely x

LEF transfers a £5.9 million investment into waste infrastructure fund LEF has exchanged its 65,677 B shares in New Earth Solutions Group Limited ("NESG") in consideration for the issue of an equivalent value of shares in New Earth Recycling & Renewables (Infrastructure) plc ("NERR") at a subscription value of £5,882,689 ("the Transaction"). LEF invested £5.0 million in September 2009 and immediately prior to the Transaction valued the investment at £5,882,689. The Transaction brings LEF closer to the infrastructure by a direct interest in the physical assets of NESG, while maintaining exposure to the upside of NESG and New Earth Energy ("NEE"), via NERR's investment in both companies. NERR is an open-ended fund with a net asset value currently in excess of £80.0 million and registered as a specialist fund with the Isle of Man Financial Supervision Commission (Isle of Man Company Number: 123613C), which was created principally to finance the recycling facilities of NESG.

http://www.investegate.co.uk/Article.aspx?id=201110251643178265Q

CONT. It remains the Board's intention to employ the Company's share repurchase powers where shares can be purchased on terms which are beneficial to the Company, taking into account the availability from time to time of surplus cash to fund such purchases. Shares will only be purchased at a price which is accretive to net asset value per share and the timing of any such purchases will be entirely within the Board's discretion and subject to applicable regulatory considerations. Shareholders will be invited to endorse the outcome of the strategic review by voting on the Company's investment policy at the forthcoming Annual General Meeting scheduled for 7 November 2011. Notice of the meeting is expected to be despatched to shareholders with the Company's Annual Report for the year ended 30 June 2011 on or about 21 October 2011.