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I would imagine it has something to do with the deal not having gone through yet and therefore the uncertainty attached to that. There must be investors willing to sell at the current price, taking a profit and getting out, rather than risking waiting for the slight increase to 10.25p.
Could someone explain why the price is currently at a discount to the offer price (currently about 3%). FS seem prepared to pay cash now rather than wait so surely should be closer to the 10.25p offer price.
You wrote about Richard Needham talking about the board being mis-managed. It was not that long ago that he quit the Lonrho board because he felt Lenigas was the "unacceptable face of capitalism", as Heath had called Rowland many years back, when he ran the company. The article below is from last year. It reports Needham's resignation, highlighting several issues with Lenigas and Lonrho. Perhaps more people should have taken note, including myself. It makes very unimpressive reading. http://uk.finance.yahoo.com/news/sir-richard-needham-quits-lonrho-211017144.html
Compare "clown" EIMatador's posts to "clown" kibu's posts. A big difference is how we lie. I lie facing the window. EIMatador lies how he feels. kibu
for the posts Kibu. Good luck. I for one will avoid puttting money into single companies in the future. Just going to look for trusts. Bit of a dividend on my paltry input and a share chart that doesn't resemble that of a cardiograph of someone having a heart attack.
Most interesting meeting today with a person who has a long history with the nominal prime mover behind today's LONR offer. Seems LONR's 'saviour' was himself 'saved' from bankruptcy some years back. Thanks to an institutional investment organised by a certain Mr M, our "hero" regained some credibility and, cutting a long story short, is an extremely wealthy man. Mr M, however, was recently released from jail. One of the other billionaire parties involved in the offer used to run the world's second largest cement company and remains a significant shareholder. A director of FS Africa, the three week old vehicle bidding for your LONR shares, is still a director of the cement company. There is far more to write but I'd rather walk in shoes on land. The never-ending intrigue behind such machinations constantly shafts PIs. kibu
TexasPete, be grateful for some further detail or accredited source. Can you provide, please? kibu
“I’m sorry to see a major operation for development in Africa sold for such a disastrous price because, in my view, of the way it’s been managed,” Sir Richard Needham (former trade minister) said on Wednesday. .... Agree, mgt were awful, one more lesson learnt for me in this trading lark
Phew - What a relief to get out of this dog at just below break even, thought Id done my money here.
Anyone any idea when the shareholder meeting might be and the shares actually purchased? Although I will do well out of this I have sympathy with those who have been stung, the recent dip does seem to have been a little too close to this announcement for comfort. Then again conspiracies are usually actually cockups in my experience, and it seemed to me a buying opportunity that anyone could have taken advantage of. It seems unlikely to be in anyone's interests not to take the offer. If the management were manipulating the price for their or their large shareholders benefit who would want to continue holding the shares? If it just reflected things going wrong in the business then the offer is a good one. Either way better to have some cash than shares in a business being run by a management team that would rather be in private than public ownership. All that is just to say I would hold on for the tiny uplift from the current price if it's going to go through shortly, otherwise I like the look of CEY, even if just to maintain some of excitement African based companies seem to provide. I can't see how they can just chuck the company out, it would be inward investment suicide. Seems to me there's some chance the fuel case is just a bargaining tool in the Exloitation licensing case, and they'll reach a compromise on everything which will lose some of Centamin's vaue, but not nearly to the extent it's devalued currently. Hope everyone finds another, less slippery fish.
If a shareholders meeting approves the buy-out, does this mean all shareholders are paid out 10.25p per share?
Wolfe17 I share your disappointment. PiVi1962 like you I have been a long term shareholder of Lonrho and stand to lose many thousands because my average is much higher. I too would love to vote no, although I don't know what that will mean. Who can possibly come with a rival bid? If there was any wondering why the SP dropped so much and Lenigas the rat deserted ship, now we know...
Just taken today's price and sold the lot at a slight profit. I will miss Lonrho though!
Well... from the list of the main shareholders, it seems that UBS and Mackenzie are not part of the offer (about 24% of the shares). It will be all up to their choice in order to reach the 75% of the votes for the buyout in the Meeting.
At least it is a way to get shot of the influence of bum directors and management with a token profit
Guess you can look at the bright side of things. Good fortune, balls, faith, guts, whatever...I guess you can reap the rewards if you bought in sub 5/6p, more so at the 3.97 mark. Holiday time. Today was a good day.
Why am i not the least bit surprised.....at 5p......this company has been dangling like......boiles to carp. ( Oh, special thanks to kibu for his excellent observations ) B/W
this signed and sealed then?
The board are clearly not working in many shareholders interests, but given that the biggest shareholders will probably have known what was going on and been accumulating at the sub 6p level, I don't think they board will have any problems passing a resolution to get shareholder approval.
Considering the source of the bid it appears to sort out the multi-million pound derivative 'problem' for a few wealthy parties. The handful of recent investors can celebrate their potential windfall too. The twenty thousand long-term shareholders that include former employees and many in South Africa have seen their holdings decimated. 80% of shareholders, if the deal goes through, will get a cheque for a paltry two figure sum. For a management that claimed to be working for shareholders this represents a two-fingered salute and sign off to an extraordinary business failure. kibu
Well, I am accumulating in this company since a couple of years, hence my average share price is above 13p. It's my fault not to have traded the shares in order to gain from the ups and downs of the share price, but I find this offer more than quite disappointing: I feel trapped. All the company's evaluations are over 20p per share, so I find this offer ridicolous! I hope there will be a lot of shareholders who will not accept the offer. Since I am from Italy, please let me know if there will be some syndacate to which adhere that will answer NO to the offer. My holdingsd: 260.000 shares
Whilst it is good that the share price of Lonrho has risen enormously off the back of this news and I will come out of Lonrho with a profit, I would not say for a second that I am happy with the way that things have gone. A couple of years ago the share price was 20p and Lonrho were emphasising how their debt would be falling, revenues rising and margins increasing with investment across several of Africa's growing sectors. We were sold a long term vision that has not been delivered. After a number of setbacks the share price dropped substantially. I am sure with knowledge that FS Africa and potentially other companies were looking seriously at Lonrho, II's used this as an opportunity to accumulate, average down on their holdings and come out with a big profit. But, for many who bought in above the 10.75p level this will spell disappointment. It also raises the question, if David Lenigas and co really thought that this company had enormous potential, why are they selling at almost half of the price the shares were at around two years ago? Kibu has posted many times on here and warned against Lonrho and David Lenigas. I think there is something very opportunistic about this and I am sure largely based on self interest. This is the last time I will be investing in a Lenigas company.
Thanks for clearing it up. Was hoping for some easy money after I bailed on QPP yesterday way too early and only took relatively low profits. Ha, ah well, back to hunting for bargains