Member Info for Millfield

Weather forecast for Pyongyang - 3000 degrees and cloudy.

Maybe next year then Paul, unless they keep to the earlier time, which of course they probably will.

I was told that Paul Tuson (posting here as "paet") attended the meeting as a shareholder, but had left by the time I arrived, so I missed the chance of getting him to buy me a pint at the Founders. However, if he sees your post he may well be kind enough to answer your query. Judging by the short length of the meeting, Paul was probably the only non-employee shareholder present. It was a shame really because I had several questions to ask including about the effects of wage inflation in China and how they intend ensure progress in the Americas.

It must be one of the shortest AGMs LRM have ever had. I got there at 1020 and found they had finished by 1000. The new time obviously discouraged attendance so I expect that they will never change back to 1430. At least I got a coffee and a biscuit.

My fellow shareholder has confirmed he will be unable to attend this year, and the earlier time makes it impractical for me to arrive before the meeting starts. However, I will do my best to get there before 1015, and hope not to miss anything interesting.

If that really is you Paul, I must say I was sorry to see you go and was even considering whether or not to attend the AGM this year. However, as they changed the start time from 1430 to 0930, that made up my mind. My annual haddock and chips at the Founders will now be consigned to history.

George keeps telling us what a wonderful investment RMM is . One has got to wonder why he STILL does not appear to have bought any shares.

LRM are at the stage of massive expansion prospects which require huge investment in product development. Tom Winnifrith and others have made this an issue by stating that these costs should be written off as overhead, but really that does not make sense. If Ford make 1000 cars each costing £3000 in time and materials, do they write off £3m as overheads or treat them as stock for sale valued at either cost or inferred market value. I suspect both their auditors and the tax authorities would squawk if they tried the former. Likewise a software firm will spend considerable sums creating products which, once produced, may be sold time and time again with recurring revenue from licence and support fees. Obviously a portion of development cost must be allocated to product maintenance, but development which adds value should be capitalised and written down over the inferred period of the product’s life, which may be many years. Obviously a turkey would written down immediately. Once the major developments are complete, these costs will dwindle, but the products will remain on the shelf ready to sell without further cost apart from sales effort, plus installation and training, but I believe the latter two can be chargeable extras. When this happens LRM is certain to explode into sudden and massive profitability, provided the products remain at the forefront of their field. Current sales and order volumes suggest this is likely for the foreseeable future, although progress in the important Americas market is disappointing. Looking at the Directors Dealings history on this site does not help to properly track Paul Tuson’s holdings. It is impossible to ascertain how many he had when he resigned, or how many he has left. If he still has a lot and intends to sell, this may hold back the SP a little for a while.

http://www.cnbc.com/id/49420446/I_d_Rather_Invest_in_Russia_Than_the_US_Jim_Rogers

0.035p per share means just that, and is equal to 3.5p per 100 shares held. This will be paid on 27th July to holders of the shares on Wed 18th July (XD date). LRM (historically) pay the dividend by cheque and snail mail, so allow up to a week or so for the amount to show on your broker account. If you have asked your broker to pay dividends to your bank this should be done immediately on receipt by the broker.

Nice theory. Unfortunately the bulk of LRM clients are banks, and most bank financial year ends are 31st December.

I suppose so, sort of, maybe. I think market reaction was seriously overdone, as sales not closed before the 30/3 deadline will obviously enhance next years figures. True the recurring revenues gained as a result of the sales would also be deferred, but the actual loss, if any, would be peanuts in the great scheme of things. The company has not said that orders have definitely been lost, only that the sales might be delayed or lost. On the basis that LRM has leading products in a growing market, I believe these shares are now seriously cheap. Allenby Capital forecast 2011/12 EBITDA of £3.6m in December, which is 400% up on 2010/11. Should EBITDA come in at £2.4m, the maximum possible shortfall according to the RNS, that would mean a year on year increase of 243%, with plenty to look forward to next year. Hardly a disaster.

It would be more encouraging if Mr. Ogilvie would back up his confident words by buying a few shares.

This acquisition could prove a strategic masterpiece as to LRMs prospects in the USA and Canada, as well as enhancing their presence elsewhere. According to the RNS, IDOM USA is an established software supplier in North America, with some very prestigious clients in their portfolio. If so, this could not only boost LRM credibility to other potential clients in the area, but could also allow LRM to cross sell its other products into the existing client base. The IDOM USA website is no help in assessing this possibility. Without knowing full details of IDOM USA, it is difficult to judge the merit of the price paid, although c10x earnings seems generous for a small private company, and the portion paid in shares at <10% is insignificant. There is apparently no earn-out condition either, which gives no leverage on what is really a people business. However, providing the client base can be maintained and developed, it could prove a perfect strategic fit and a transformational deal for LRM in North America. The shady motor traders maxim has always been "Fill it full of pug and sell it to a mug". Well I have long thought (judging by historic events), that the US business equivalent when faced with a lemon is "Fill it full of s**t, and sell it to a Brit". Lets hope that LRM have properly examined this company and will not follow the likes of GEC, Midland Bank, and many other blue chip UK companies that have come a cropper buying US businesses. It will be interesting to see what TB thinks.

I see no reason for a management change here. The current lot seem to be coping rather well with difficult trading in the Caribbean and the general economic situation in some of their regions. Tony Rice certainly seems confident judging by the millions of shares he has bought recently. This is no CWW and in my opinion has the potential to recover strongly.

Software companies can be like rare flowers, and take years of development before they bloom. If LRM now has the right products - sales, and more importantly, recurring licence and support fees, will surely follow. Today's RNS suggests that this rare orchid may be about to blossom with an explosion of profitability over the coming years.

These are not currently ISAable. Although traded on a recognised exchange, they are traded in a form (not ordinary shares) that is unacceptable to R & C.

The FD leaving is not encouraging, and often signals deeper problems However, at least he is working his notice until the results due in March.

It would appear from the grain price rises over the last couple of days that they could be heading back to the levels of two years ago, when (according to DD's post) IC tipped them at 100p. This might explain the company's strategy of storing the current crop, as they may be expecting further price rises. Maybe what goes down will soon go back up. See http://online.wsj.com/article/SB10001424052748704594804575648083807226758.html

Thanks for that. I bought some earlier today.