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labrow, I was thinking something along the lines of a Nanny McPhee adventure where someone could come along with a big stick and sort out the misbehaving directors, perhaps making them appear in a remake of the entire series of 'Crossroads.' Like their Easyhotel African venture, Crossroads never expanded.
Lonrho as a film would it be a tragedy - comedy - or sci fi ? The reckless actions of the directors - towards the share holders I would put it as a tragedy. I bet the BOD has looked after itself!
If they're planning to buy Lonrho for film rights, good though it would surely be, they should remember that even 'ENRON: The Smartest Guys In The Room' only took about $5m box office - hardly a good investment. OTOH, relative to market cap, it would be about par for the return that PIs received after believing the BOD six years ago. kibu
Talking of the sea the new owners will be catching our tuna in moz waters as recently announced. Must be plenty of leased / owned fishing boats in co. Not anchored but busy catching hake scarce some where.
is anchored in the sea at 10.25 fathoms. How long does she rot there until scuppered or will a storm break the anchor lines? Sorry for the nautical refs but just read a good book
Why did the board raise funds to finance expansion plans when they where busy selling? This whole deal seems to stick of typical African corruption, good for a few but not for the majority. Try a charge of reckless dealing against the directors! Like you I believe this co had good potential and also they are taking an old African co of the board.
Something seemed to be up in relation to H21. See my post of 16 May below. I did a few searches on the internet. In April, LONR reportedly raised £2.5m to fund its expansion plans and "placed 40.3m shares at 6.2p with H21 Macro". H21 was a significant shareholder before this - it crossed the 15% ownership threshold in September 2012. The firm's website is at www.horizon21.com. It's a fund set up by Rainer-Marc Frey. The guy who deals with Lonrho at H21 is said to be Adrian Janser on +41 55 415 2440 and adrian.janser@horizon21.com. They're walking away with what I consider to be a sterling African business on the cheap. And my money. Can't the board be sued?
I may dig my heels in and hold out for the extra 120000.......farthings! B/W
I am out of Lonrho now, thank f**k. But, having been in for nearly four years, I still follow them. I did sell out at a profit, but far smaller than I had hoped and it seems there are many others who are not happy. http://www.thetimes.co.uk/tto/business/industries/industrials/article3778117.ece?CMP=OTH-gnws-standard-2013_05_29
H21 Macro Ltd now have 22% of Lonrho. If they get support from another 3% would they vote against the Scheme? Who are H21 Macro? From the original announcement: "To become effective, the Scheme requires the approval of Scheme Shareholders by the passing of a special resolution at the Court Meeting. The resolution must be approved by a majority in number of the Scheme Shareholders present and voting (and entitled to vote), either in person or by proxy, representing not less than 75% of the Scheme Shares held by such Scheme Shareholders and the passing of a special resolution at the Lonrho General Meeting, requiring the approval of Lonrho Shareholders representing at least 75% of the votes cast at the Lonrho General Meeting (either in person or by proxy)."
does any one know the net asset value of these shares.?
The web site does not make reference to Quick build operating in the Transkie and the peach orchards near Harare Zim
9.87p is less than the 10.25p they would have to pay in a few weeks? Saves them £58,000
One for 5.8 Mil for 572K, one for 4.8m for 473K and another for 4.77m costing 470K. Can anyone think why?
big trade?....
think so. It's just 10.25, take it or leave it.
Have all the posts since Friday been censored. New SA laws kicking in hear?
Yeah I saw your rationale, but I was speculating that LONR is a far better company for any prospective purchaser than FJET. I don't follow FJET, and may have this totally wrong. But, over and above LONR's brand value and diversity and assets: (a) African cities don't have the kind of airports in the sticks offering cheaper landing rights; (b) FJET will no doubt face regulatory and other hurdles in establishing itself, because many state owned carriers are still in their infancy and may put up a fight, including using pliable legal systems; (c) FJET presumably still has to build up a network and fleet of any value. And now Laughingas' record may mean that finance and investors think twice. Thought you may be in for a fair wait. As I say, I could be wrong. This could be my emotion talking!
Does anyone know if a timetable has been issues for this takeover or is it early days.
You're probably right that it's not being sold at fair value - but that price is still twice what it was trading at before the bid. A lot of people will share the former trade minister's view about the way the company was (and presumably is) being run. And some might wonder whether it is being run in the interests of all shareholders. On FJET, to be clear, my latest punt was precisely because of the way LONR was run: I'm seeing FJET's trashed share price as being comparable to LONR's, and wondering whether there might be a mysterious bid which doubles its price as well.
PiVi1962, unfortunately I have very few at sub-10p. Not as seasoned an investor as I should be, clearly. Sounds sensible, SW16. I'll hum and burn a few more incense sticks for some days longer, and am likely to bail as well. FJET has Lenigas (or Laughingas as he was called on another forum by an unhappy LONR shareholder). I see the point of your punt but, having now witnessed LONR's fate under his stewardship, remain cautious. I know that some people considered LONR to be a dog, but I'm still not convinced that it's been sold at fair value given the diversity/value of its assets and businesses and brand. Crap management ...
Well, I have just sold 40.000 of my shares, the ones that I have bought during the last dip (at 5.5p). There will be not a big difference in my loss if the takeover will succeed, the largest part of the shares is still there just in case of a counter-bid, and I have some cash ready in case of a dip of the SP for whatever reason.
Miko - I sold yesterday (made a small profit this time on LONR - previous times I've been in, I'd sold at a loss, so overall I will have lost on LONR). The difference between current price and the offer is not worth bothering about on small investments, and so time to move on. If the price drifts lower, could be worth getting in again but, on balance, I would be wary of committing too much in case there's some other hidden reason why the takeover doesn't go ahead. Having significantly reduced my holding in FJET (at various levels of loss), I decided to use the profit from the LONR sale to top up on FJET. Expect that's going to be a tangled mess for a while, but regardless of the merits of the FJET model we might see some wranglings along the lines of LONR and get a boost in the share price.
What's with this announcement of the last half an hour? http://www.lonrho.com/Press/News_(RNS)/RnsNews.aspx?id=779&rid=11585057
Is everyone holding in the meantime? Or is there a significant risk of the deal not going through and the SP tanking? FS Africa is said to enjoy the backing of shareholders holding around 38% of the issued share capital (http://www.lonrho.com/Press/News_(RNS)/RnsNews.aspx?id=779&rid=11582291). What about the rest? I wish there could be a counter-bid. It's hard to stomach my loss, even though it's my fault for investing in a company clearly run by muppets. It's brought me back to this site, having last been a regular poster some years ago. Kibu you must have seen this by now, but here's the link to the Needham quote: http://www.telegraph.co.uk/finance/newsbysector/industry/10060469/Lonrho-bows-out-after-sale-to-Swiss-investors-for-175m.html