TAKE A LOOK AT LOMBARD MEDICAL - I'M IN 2 IT

hi 2bob and steddie

hold your horses, you guys

i started all this because i could see a risk that we might get knocked back - my issue about the loan dating, which i know you don't like, 2bob, is that this is a 20.20 hindsight job to justify knocking us back - in my view the lom accounts don't mention any loan agreement because at 15 november THERE WAS NO AGREEMENT - adding interest was a "last minute dot be nice" because they expect not to pay it if the prorata clause comes in - the proceeds issue is unclear as to whether it is net or gross

- there is also an issue about shares being issued on november 10 and 15 - were they in the IPO issue ? no way guys as the LOM accounts were dated november 15 and they state specifically that nothing had been raised by then

BUT - do you agree that there is a risk ?

i brought in the part paid query because LOM tried to get to 95% by what looked like an obvious way to get above 90% and then on to 95% i guess that right now we want to force them to scrap the pro rata deal and pay up the 16.2p plus interest - getting them either to pay up the uncalled 7.5p or reduce the number of shares to 25 million - ignoring the pro rata issue the amount goes to 19.4p and 21.1p both plus interest - why the jump in the last one ? you've just added £7.5 to the value of LOM....

at a guess if they exercise the pro rata option and use the net proceeds of £23.6 mean that the base value before interest goes down from £25.1 by 6.0% to 15.2p - the other two possibles would move to 18.2p and 19.8p - gee, these are the sums i tried to skip a couple of days ago............

if they were smart, and it's a great big if, they would want to deal with us now - i don't want to hear about a screaming AGM with threats which would make the board reach for its attorneys..... do you ?

of course they have to work out how to repay the money (and get rid of us at the same time - that is a big issue)- it ain't easy and shitty tho it may be a special dividend may be the only quick and effective answer - not a good tax scene over here - they may have to wind up to get rid of us - a quick on account of 95% might do - i've got no better idea - any offers ?

AND DON'T FORGET LMT HAVE BEEN PAID OUT ALREADY - THEY HAVE NOT REPAID THE LOAN TO LOM - WHY BOTHER WHEN YOU CAN BORROW AT 4.0% UNSECURED ? - REPAYMENT IS DUE NOW - TO WAIT FOR THE AGM IS OFFENSIVE AND THEY COULD CLAIM IT IS NOT THE BUSINESS OF AN AGM.... geddit ?

nite nite