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(LFI.L) London Finance & Investment Group PLC Buy/Sell
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Summary
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| Date/Time | Headline | Source |
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| 12-03-10 | PRN |
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For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying LONDON FINANCE & INVESTMENT GROUP
rights are attached: ii 2 Reason for the notification (please tick the appropriate box or boxes):
may result in the acquisition of shares already issued to which voting
rights are attached
to qualifying financial instruments
Other (please specify):
the notification obligation: iii
4. Full name of shareholder(s) (if
different from 3.):iv
on which the threshold is crossed or
reached: v
7. Threshold(s) that is/are crossed or reached: vi, vii 8. Notified details: A: Voting rights attached to shares viii, ix
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: xxi Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
RESPECT OF DISCRETIONARY CLIENTS
Note: Annex should only be submitted to the FSA not the issuer Annex: Notification of major interests in sharesxxii A: Identity of the persons or legal entity subject to the notification obligation Full name (including legal form of legal entities) Contact address (registered office for legal entities) Phone number & email Other useful information (at least legal representative for legal persons) B: Identity of the notifier, if applicable Full name Contact address Phone number & email Other useful information(e.g. functional relationship with the person or legal entity subject to the notification obligation) C: Additional information For notes on how to complete form TR-1 please see the FSA website.
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| 24-02-10 | PRN |
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Embargoed until: 0700hrs London Finance & Investment Group P.L.C. Interim Results
Lonfin (LSE: LFI, JSE: LNF), today announces its unaudited interim results for the six months ended 31st December 2009. Highlights from the last six month period include: * Profit before tax of £116,000 (2008 - £239,000 loss) * Increase in net asset value per share of 14% since 30th June 2009 * Continues to hold three significant strategic investment: Western Selection P.L.C., Finsbury Food Group plc and MWB Group Holdings Plc * Recommended interim dividend of 0.3p (2008: 0.55p) David Marshall, Chairman of Lonfin commented: "We have seen a strong performance from our general portfolio of investments, however the valuations of our strategic investments remain depressed. We strongly believe that our mix of strategic investments and our general portfolio of quality equities is an effective way of achieving growth in shareholder value over the medium to long term."
Enquiries to:
David Marshall/Edward Beale
Notes to Editors: * Lonfin is a strategic investment company whose assets primarily consist of three Strategic Investments and a General Portfolio. Strategic Investments are significant investments in smaller UK quoted companies and these are balanced by a General Portfolio, which consists mainly of investments in major U.K. and European equities. * Lonfin's strategic investments comprise: Western Selection P.L.C., MWB Group Holdings Plc and Finsbury Food Group plc. Western Selection P.L.C. has strategic investments in Creston plc, Swallowfield plc, Northbridge Industrial Services plc and Hartim Limited. Lonfin's General Portfolio has material interests in Oil, Household Leisure and Personal Goods, Food and Beverages and Tobacco.
Chairman's Statement Introduction As an investment company our target is to achieve growth in shareholder value in real terms over the medium to long term. In the short term our results can be influenced by overall stock market performance, particularly the performance of our Strategic Investments. We continue to believe that a combination of Strategic Investments and a General Portfolio is the most effective way of achieving our aims. Strategic Investments are significant investments in smaller UK quoted companies where we have expectations of above average growth over the medium to longer term and these are balanced by a General Portfolio which mainly consists of investments in major U.K. and European equities. At 31st December 2009, we held three Strategic Investments in which we have board representation: our associated company Western Selection P.L.C., MWB Group Holdings Plc and Finsbury Food Group plc. Detailed comments on our Strategic Investments are given below. Results Our net assets per share increased 14% to 24.3p at 31st December 2009 from 21.3p at 30th June 2009. Our Strategic Investments decreased in value by 3% and our General Portfolio increased by 29%. This compares with the increases of 27% in the FTSE 100 index and 23% in AIM over the half year. At the close of business on 19th February 2010, our net asset value was 24.36p. The Group achieved a profit before tax for the half year of £114,000 compared to a loss of £239,000 for the same period last year. This was in the main due to the recovery of provisions made in the previous year against falls in value of the General Portfolio and a reduction of 13% in administrative costs. These favourable movements were reduced by a significant decline in dividend income. Our profit after tax and minority interest was £116,000 (2008 loss: £232,000) giving profits per share of 0.4p (2008: losses 0.7p). Strategic Investments Western Selection P.L.C. ("Western") The Group owns 7,864,412 Western shares and 3,785,820 Western 2011 Warrants representing 43.8% of Western's issued share capital and 49.2% of outstanding Warrants. The 2011 Warrants are exercisable 28 days after posting of Western's interim and annual accounts in each of the years 2008 to 2010. We have approval from Western's shareholders and the Takeover Panel to increase our holding in Western up to 48% through the exercise of warrants. On 22nd February 2010, Western announced a profit after tax of £131,000 for its half year to 31st December 2009 and a profit per share of 0.7p (2008: 0.4p). Western's net assets at market value were £10,844,000 equivalent to 61p per share, an increase of 22% from 50p at 30th June 2009. The market value of the Company's investment in Western at 31st December 2009 was £2,240,000 representing 29% of the net assets of Lonfin, against a book value of £4,285,000. The underlying value of the investment in Western, valuing Western's own investments at market value, was £4.7 million (30th June 2009: £ 4.3 million). I am the Chairman of Western and Mr. Robotham is a non-executive director. Western has strategic investments in Creston plc, Northbridge Industrial Services PLC, Swallowfield plc. and Hartim Limited. Extracts from Western's announcement on its strategic investments are set out below: Creston plc Creston is a marketing services group with a strategy to grow within its sector to become a substantial, diversified international marketing services group. Creston's results for the half-year to 30th September 2009 show a profit after tax of £435,00 (2008: £2,951,000). The results of the six month period are after charging the costs relating to the closure of two divisions and the associated goodwill of £4.4m, against which no tax relief has been provided. Net debt has been reduced by £6.9m (17%) from a 51% increase in cash inflows. Western owns 3,000,000 shares in Creston (4.9%) with a market value at 31st December 2009 of £2,377,000 (30th June 2009: £1,920,000), being 22% of Western's assets. Northbridge Industrial Services PLC Northbridge was formed for the purpose of acquiring companies that hire and sell specialist industrial equipment such as electrical load banks and generators. Northbridge's first acquisition was Crestchic Limited, one of the largest specialist load bank equipment manufacturers in the world, located in Burton-on-Trent, selling and hiring to a national and international customer base. Northbridge has recently added to its interests in Dubai by increasing its fleet of power and other electrical equipment. Northbridge's latest results, for the half year to 30th June 2009, showed profit of £606,000 (2008: £748,000) after exchange losses of £200,000 (2008: nil). Western owns 1,875,000 shares, representing 20.3% of Northbridge's share capital. The value of this investment at 31st December 2009 was £2,475,000 (30th June 2009: £2,156,000), representing 23% of Western's assets. Swallowfield plc Swallowfield is a full service provider for global and household brands operating in the cosmetics and personal care and household goods marketplace. It offers a flexible and tailored service including: contract filling market analysis, design, formulation and testing of products, packaging design and sourcing and distribution of stock. Swallowfield's latest results, for the year to 30th June 2009, showed profit, before exceptional items and tax, of £1,313,000 (30th June 2008: £ 1,319,000). At 31st December 2009, Western owned 1,421,800 shares in Swallowfield (12.6% of their issued share capital) having increased the holding by 90,300 shares at a cost of £106,000. The market value of Western's holding in Swallowfield on 31st December 2009 was £1,766,000 (30th June 2009: £ 999,000) representing 16% of Western's assets. Hartim Limited Hartim offers a complete sales, marketing and logistical services to a number of UK branded fast moving consumer goods companies. This investment was acquired on 28th March 2009 and is accounted for as an associated company. Hartim's estimated results for the year ended 31st December 2009 is a profit of £327,000 after tax. This is down from the very high profits of £ 443,000 achieved last year, but still represents a very good return on our investment. At 31st December 2009, Western owned 49.5% of Hartim. The carrying value of the Company's investment in Hartim on 31st December 2009 was £1,124,000 (30th June 2009: £979,000) representing 10% of Western's assets. Finsbury Food Group plc ("Finsbury Food") The Group owns 8,000,000 shares in Finsbury Food, representing 15.2% of their share capital. The market value of our holding was £1,620,000 on 31st December 2009 compared to a cost of £1,893,000; this represents 21% of the net assets of Lonfin. Finsbury Food is a supplier of ambient cakes to most of the UK's major supermarket chains and speciality breads to Waitrose including gluten-free and low fat products. Finsbury has recently announced the appointment of a new Finance Director and that the company is trading in line with market expectations. I stood down as chairman of Finsbury Food at the last AGM and I am now a non-executive director. MWB Group Holdings Plc ("MWB") The Group owns 2,000,000 shares, representing 1.2% of MWB's issued share capital. The market value of the holding at 31st December, 2009 was £780,000, compared with a book value of £1,681,000, which represents 10% of the net assets of Lonfin. MWB is a hotel, serviced offices and retail group that is in the process of realising its assets through an orderly disposal programme. MWB completed a fund raising on 12th January 2010 and issued a trading statement on 14th January 2010. In the trading statement, MWB reported strong cash generation from its Malmaison and Hotel du Vin division and continuing organic and acquisition driven growth in MWB Business Exchange. I am a non-executive director of MWB. General Portfolio The General Portfolio is diverse and consists of U.K. and European blue chip equities, most of which have significant international exposure. The list of these investments is set out at the end of this announcement. Dividends The board has declared an interim of 0.30p payable on Thursday 1st April 2010 to shareholders on the register at the close of business on Friday 12th March 2010. Outlook World stock markets have rebounded considerably over the last six months, however we remain cautious about the outlook for 2010 and have positioned the general portfolio accordingly. We will be looking to reduce debt slightly over the next six months, as and when selling opportunities arise. David C. Marshall Chairman
Interim dividend The recommended interim dividend is 0.30p per share (2008 - 0.55p) and will be paid on Thursday 1st April 2010 to those members registered at the close of business on Friday 12th March 2010. Shareholders on the South African register will receive their dividend in South African Rand converted from sterling at the closing rate of exchange on Monday 22nd February 2010.
Salient dates for dividend
Shareholders are hereby advised that the exchange rate to be used will be GBP 1 = ZAR 11.9862. This has been calculated as the average of the bid/ask spread at 16.00 (United Kingdom time) being the close of business on Monday 22nd February 2010. Consequently the dividend of 0.30p will be equal to 3.59586 South African cents. No dematerialisation or rematerialisation of share certificates, nor transfer of shares between the registers in London and South Africa will take place between Monday 8th March 2010 and Friday 12th March 2010, both dates inclusive.
Unaudited Consolidated Income Statement
2009 2008 2009
Operating Income
provisions ---------- ---------- ----------
276 9 104
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501 240 572
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Administrative expenses
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Share of result of associated undertaking
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taxation
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taxation
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the holding company
Reconciliation of headline earnings
tax ---------- ---------- ----------
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Unaudited Consolidated Statement of Comprehensive Income
undertakings --------- --------- ---------
Unaudited Consolidated Changes in Shareholders' Equity
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Unaudited Consolidated Statement of Financial Position
2009 2008 2009
Non-current assets
Principle investments:-
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Capital and Reserves
investments
of subsidiaries and associates
losses ---------- ---------- ----------
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Consolidated Cash Flow Statement
2009 2008 2009
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Returns on investments and servicing of
finance
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investments and servicing of finance ---------- ---------- ----------
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Financing
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(a) Reconciliation of operating profit to net cash flow from operating activities
2009 2008 2009
asset investments ---------- ---------- ----------
30 233 438
(b) Reconciliation of net cash flow to movement in net debt
2009
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2008
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Year ended 30th June 2009
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Market Value of General Portfolio
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Notes:-
this report does not constitute statutory accounts within the meaning of the Companies Act 2006. The statutory accounts of the Group for the year ended 30th June 2009 have been reported on by the Company's auditors and have been delivered to the Registrar of Companies. The report of the
auditors was unqualified.
contained in the Company's Annual Report and Accounts 2009 International
Financial Reporting Standards, and comply with IAS34.
beginning 1st April 2009, has been adopted. This amendment requires the presentation of comprehensive income, which the company has opted to present in two statements - an income statement and a statement of
comprehensive income.
number of shares in issue for the period and the profit on ordinary activities after tax.
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| 22-02-10 | PRN |
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London Finance & Investment Group P.L.C.
Registered Office 30 City Road, London, EC1Y 2AG
TRADING STATEMENT In terms of the JSE Limited Listings Requirements ("the Listings Requirements"), companies are required to publish a trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different from that of the previous corresponding period. In terms of the Listings Requirements, Lonfin accordingly advises that it expects that earnings per share for the six month period ended 31st December 2009 are likely to increase by between 140% and 160% compared with those of the comparative period of last year, and headline earnings per share for the six month period ended 31st December 2009 are likely to increase by between 120% and 140% to those of the comparative period of last year. Shareholders are advised that the above information has not been reviewed or reported on by Lonfin's external auditors. The preliminary announcement of the company's results for the six months ended 31st December 2009 is expected to be announced on 24th February 2010 London 22nd February 2010 City Group P.L.C. Secretaries
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| 21-12-09 | PRN |
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NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS This form is intended for use by an issuer to make a RIS notification required by DR 3.1.4R(1). (1) An issuer making a notification in respect of a transaction relating to the shares or debentures of the issuer should complete boxes 1 to 16, 23 and 24. (2) An issuer making a notification in respect of a derivative relating the shares of the issuer should complete boxes 1 to 4, 6, 8,13, 14, 16, 23 and 24. (3) An issuer making a notification in respect of options granted to a director /person discharging managerial responsibilities should complete boxes 1 to 3 and 17 to 24. (4) An issuer making a notification in respect of a financial instrument relating to the shares of the issuer (other than a debenture) should complete boxes 1 to 4, 6, 8, 9, 11, 13, 14, 16, 23 and 24. Please complete all relevant boxes should in block capital letters.
P.L.C.
ROBOTHAM
non-beneficial interest
NON-BENEFICIAL INTEREST OF THE SHARES OF 5P EACH
TWO DIRECTORS
(s) and, if more than one, the number of shares held by each of them
LYNCHWOOD NOMINEES LIMITED AC REMOVAL OF SHARES FROM SOUTH
transaction
SOUTH AFRICA
notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)
INTEREST - 10,589,693 (NO CHANGE) - 33.9%
MR ROBOTHAM - NON-BENEFICIAL INTEREST - 10,867,693 - 34.8% If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes
21. Exercise price (if fixed at time 22. Total number of shares or
of exercise
020 7448 8950 Name and signature of duly authorised officer of issuer responsible for making notification MR. J. M. HODGSON __________________________________________________________ Date of notification 21 DECEMBER 2009
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| Date/Time | Subject | Author | ||
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| 07-09-02 |
BUY
Finsbury food
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Disclosure of Interest
The Company received notification on 3rd September 2002 that Lonfin Investments Limited had increased its interest in the Company by |
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I make no excuses for posting a copy of my post on the ADVFN board today. Last year Marylebone Warwick Balfour (MWB) accounted for 45% of the NAV of London Fi
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| 20-07-02 | ||||
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Received my Doctors Direct prospectus in the post this morning, also can be veiwed on the company web site.
www.Doctorsdirect.co.uk. Western selection wil |
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| 18-05-02 | ||||
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Given the increase in MWB share price, I get the net asset to 43p.
They do look cheap at current price. Why such a discount, as with WSE cannot understand it. |
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They have not been approved or issued by Interactive Investor Trading Limited.
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