Previously Crown Corp, CCO. Institutional interest now and the Co has changed it's name for a fresh beginning. Still very speculative, but what isn't? but just a case of investing the huge amount of Cash sitting in a Brazilian bank a/c. There's no real difference here to an emerging markets investment fund apart from the obvious and very attractive discount to NAV of approx 75% !!!!!

Another email sent and replied to

from ADVFN

msjones - 23 Sep'05 - 10:51 - 7213 of 7213 (premium)


Hey boys, remember the e-mail i sent to LGB yesterday asking for a consideration of at least a modest share buy back programme (for ref see below)

Well i'm pleased to say that i gotta a response (If the major shareholders are happy who am i to qquibble i suppose):


-------------------------------------------------------------------------------
Dear Sir,

This has been considered but the major shareholders are, at this time, happy with the progress and the strategy.

Regards
--------------------------------------------------------------------------------
From: Jones M S (SoTech - M&S) [mailto:msjones@glam.ac.uk]
Sent: 22 September 2005 11:17
To: info@langbar.com
Subject: An exciting investment opportunity


Dear Mr Padley,

I am a shareholder of LGb and am delighted wit the recent performance of the board. They don't seem to have put a foot wrong at present. I keep up to date with their news releases and realise that they are not intending to return value to share holders at the moment in terms of cash but prefer to invest in some exciting opportunites.

While I applaud their actions and intentions, may I point out that while it is a laudable thing to do, there is another opportunity to invest that also presents an equally exciting opportunity especially where investors are concerned, namely instituting a share buy back programme. In this way, maximum value can be returned to shareholders for a minimum of outlay.

Please could you be so kind as to pass on my suggestions to the board. I am sure I'm not the first to do so.

Yours fatihfully,

Dr M.S. Jones

This is a reply by Pearson on behalf of Real Affinity,he does reply to PI`s

Thats 3 of Pearsons companys LGB,RAF and MOI all publishing interims or results before Sept 30th hmmm .

hmmmmm indeed. Lets hope it a good week as I hold 2 of those.. ;)

Well a good week for LGB so far. MOI should also do well.

Posted this elsewhere today - any comments?

Current share price of 81p gives a market cap of 140m.

In their last announcement they stated they had cash totalling US $664m in Brazil (which equates to 370m). Of this they have now removed $294m (167m) into a cash deposit account in Europe (at 3.5%) and have clearance to invest the remaining $370m (209m) in European assets (co's/property) which are as yet undisclosed

Hence you have a company with a mkt cap of 140m with assets of 350m (once provided tax liabilities are deducted), a discount of 63%.

The obvious concerns is the origins of the cash in Brazil seem dubious to say the least, though they now have their hands on the money. The discount to asset value is surely based on the anxiety of where the money came from and what could happen if the "dubiousness" was proved - could it be seized or repatriated by the Brazilian authorities. The other concern i have is this seems to have been ramped to the hilt recently and has a lot of "hot money" in it. Surely even if they invest the money poorly, a discount to NAV of over 60% is wrong.

They are expected to announce interims tomorrow am and I am contemplating taking a position in advance - anyone else looked into this or got any views?

Hi Fund
I`ve been in this for awhile now and I`m surprised the market has held this one back so heavily especially after the release of the funds you mentioned. I don`t think with the time scale of the money held in Brazil that the bank would have released any money unless Langbar (previously Crown Corporation) had proved their ownership of the funds. It`s one of those "this is too good to be true stories" in my opinion which I believe IS true. Even with the larger proportion of funds still in Brazil it is earning real interest on those funds. The money in Holland (me thinks) is earning I believe 4 or 4.5% interest on agreement so it`s hard to see this one failing to deliver some positive news. There are good people in charge and should make wise decisions on investments. Maybe everyone is too nervous about so much cash to play with and thinks the boards going to disappear with heavy suitcases !! This BB has been very quiet recently but I think that might change soon. I`m staying in and expecting to fill my empty suitcase soon on this one. All the best if you join the money train, I think I can just see it coming down the line. Obe

Well this afternoons RNS, that Pearson is going to bail out one of his other companies has persuaded me to stay out of this for now:


Langbar International Limited
29 September 2005


For immediate release

29 September 2005

Langbar International Limited
('the Company')

Statement re Possible Offer

Further to the announcement made earlier today by Real Affinity plc, the Company
confirms that it is in discussions with Real Affinity plc which may or may not
lead to the Company making an offer to acquire the entire issued share capital
of Real Affinity plc.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the
'City Code'), any person who, alone or acting together with any other person(s)
pursuant to an agreement or understanding (whether formal or informal) to
acquire or control relevant securities of Langbar International Limited or Real
Affinity plc, owns or controls, or becomes the owner or controller, directly or
indirectly, of one per cent. or more of any class of securities of Langbar
International Limited or Real Affinity plc is required to disclose, by not later
than 12.00 noon (London time) on the London business day following the date of
the relevant transaction, dealings in such securities of that company (or in any
option in respect of, or derivative referenced to, any such securities) during
the period to the date on which the offer becomes or is declared unconditional
as to acceptances or lapses or is otherwise withdrawn.

Under the provisions of Rule 8.1 of the City Code, all dealings in relevant
securities of Langbar International Limited or Real Affinity plc by Langbar
International Limited or Real Affinity plc, or by any of their respective
'associates' (within the meaning of the City Code) must also be disclosed.

If you are in any doubt as to the application of Rule 8 to you, please contact
an independent financial adviser authorised under the Financial Services and
Markets Act 2000, consult the Panel's website at
www.thetakeoverpanel.org.uk
or
contact the Panel on telephone number +44 20 7638 0129; fax +44 20 7236 7013.


Enquiries:

Langbar International Limited Tel:0113 284 3838
Stuart Pearson (Chief Executive)

Fund, whats the history with RAF then? Why such bad news?

Booboo

Dont know a great deal about them but find it strange to see a company with a supposed 350m to invest spending 4m or so on a struggling company in which the LGB chief exec is involved. RAFs share price had gone from 1.5p to 0.2p prior to this and is currently loss making. The shares have gone uo to 0.95p on todays news.

Would rather see the company finding decent investment opportunities for 10-15% of their cash rather than bailing out "one of their own" - will MOI be next?

Yes, quite so. Not going to make much of a dent though is it. BUT you are right....hardly reflects the kind of leadership one would hope for with 350m in the bank.... perhaps I should buy MOI.....

Booboo

in the 10 mins after this was announced today MOIs price went up 20% then fell back at the close - i think the MMs were one step ahead of anyone thinking this today!!!

Hi All,

'tis a strange deal, but I guess they want the cash shell to float off another imminent aquisition, that would mean 'value' for shareholders, whether 'bailing out' or not.

Cheers,
PM

Since MAM has failed to post this:

Interim Results

RNS Number:0002S
Langbar International Limited
30 September 2005


FOR IMMEDIATE RELEASE 30 September 2005

Langbar International Limited
(formerly Crown Corporation Limited)

Interim Results for the period ended 30th June 2005

Langbar International ("Langbar" or "the Company"), the UK listed investment
company, announces its interim results for the period ended 30th June 2005.

Highlights for the period:

*Pre-tax profit #14.77 million (Period to 30th Dec 2004 #166.81 million)

*Asset value, at period end, #356.85 million equivalent to 205p per share

*New Chief Executive appointed, new non-executive Director appointed

*Langbar Capital, a corporate finance advisory and investment company,
acquired, the consideration wholly satisfied by the issue of 2 million
common shares

*Capital reorganisation

*Arden Partners appointed Nominated Adviser and Broker

Post Balance Sheet events:

*Total of #4.1 million raised via Placings

*$294 million transferred to ABN Amro, Holland from Banco do Brazil,
Brazil

*Acquisition of Real Affinity plc, an integrated marketing services
company for a consideration of #2.6 million, wholly satisfied by the issue
of common shares

*Balance of cash held in Brazil to be transferred to EPIC, the property
subsidiary

Stuart Pearson, Chief Executive and Acting Chairman, commented:

"The performance of the share price has improved dramatically since we last
reported in June. However it is still substantially below the net asset value of
the business.

"Since my appointment we have been focused on realising the asset value by
releasing the funds from Brazil and on keeping shareholders up to date with
events. We recently announced that $294 million had been transferred to ABN
Amro, Holland.

"The strategy for the future has not been changed and it remains to produce
consistent and growing earnings for our shareholders by actively managing the
investments. These will include early stage, pre-IPO and small company
investments, of which Real Affinity represents an excellent example, as well as
larger ones where appropriate.

"The Company is carrying out due diligence on a major property investment and is
also looking at a number of smaller interesting opportunities where profit and
shareholder value can be significantly enhanced. Investments made are likely to
have a UK and European focus in the short term."

Folks, I know I'm not the most intelligent pebble on the beach BUT why are people still buying RAF at more than the offer price, when LGB can be bought directly so cheap at the moment???

Hi iturama.
Thanks for posting the results. MAM should slap themselves hard around the head for not posting the results. I`m a novice at this game but find it hard to believe there are so many sheep out their selling because a company has made a profit. I see so many other reports come out and it`s "wow...lets buy these because there loss this year is not as bad as last year !!!" Here we have an undervalued stock that people are running from because of a healthy profit and assets that are becomming much more attainable and useable. Most of the real progress that has happened has been since June so why the bus out of Langbar city ?! Please enlighten me.
Obe2

....er just realised!....told you I wasn't the brightest....does that mean that the MM's will manipulate the share price around 78 until the deal is done?

I think some were expecting news of the investment of the funds, but this is not going to happen overnight. We know the money is there and is now "safe" so the risk has been taken out of this investment. I still predict a sp of over 1.50 within the next few mths, if not sooner. Some holders are sitting on good profits especially those from the placing and its never wrong to take a profit especially if its so quick and this has kept the price down but As I have said in the past, true value will be seen soon Its a non-brainer!!

Yesterday I was close to being carried along by the story and taking a modest position for long enough for the value to out.

What stopped me was the number and size of the trades going through around the bid price. As any experienced trader will observe, you can't tell what is going on from Buys and Sells because there is a party on either side of the transactions, BUT

my reading of it was that there is a serious overhang being unloaded and until that has cleared there is little chance of the price rising.

The cash may be real but if there are some distressed shareholders unloading into strength they'll have to be cleared before there is any point in committing to this one.

Must be clearing then, price has recovered 6p already from this am