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% !!!!!

l spoke to company relations man today,there is a meeting friday with broker and bank to appoint valuer.he didnt no why ceo sold so many shares at qtr of asset val.l am alarge holder and not hopefull of outcome i always feel the market tells u when somethings wrong and it has i just wish i had listened to it.i will post his mobile tel no if anybody req it

Pauly M strikes again !!!

This stinks and a just a quick reminder for Pauly :

Dil - 27 Aug 2005 00:50 - 14 of 201
Any of you lot tried getting money out of Brazil without providing proof of delivery of goods / services that have been confirmed by government officials ?

Good luck.

Dil, They have already got money out!!
And they ain trying to get any more out!!

Its not Wales yer know!!

I gave up long ago trying to get money out the Welsh!!

someone post the FT article today, I cant update my subscription, stupid payment system!!

Hiya mate how you keeping ?

We'll have to wait and see how much they really got out.

Langbar board meets
Eric Barkas
City Editor
Langbar International's board met in Barcelona last night to thrash out issues surrounding suspension of its shares.
The cash shell company, which is run out of Leeds, had requested suspension after former chief executive Mariusz Rybak sold shares equivalent to 10 per cent of the company.
This, plus an earlier sale by a hedge fund, depressed shares and caused concern among institutional investors. The suspension price of 50p compared with a high for the year of 120p.
A Langbar spokesman said that, given the uncertainty, it was best to suspend the shares so the board could thrash out finances and reassure investors there was no hidden reason for the sale of shares. Barcelona was chosen because it was convenient for board members and, as an offshore company registered in Bermuda, Langbar was limited in what it could do officially in the UK.
Langbar has around 360m in cash, most of it inherited from the investment company Crown Corporation in which it had its beginnings. Two weeks ago the company agreed on its first corporate acquisition 2.6m in shares for the Bradford marketing business Real Affinity.
14 October 2005

The jewel in Crown's cash shell is hard to find
By David Blackwell
Published: October 14 2005 03:00 | Last updated: October 14 2005 03:00

Psssssst! Wanna buy 224p for 50p? Take a look at Langbar International, the mother and father of Aim cash shells.

The interim report and accounts, published last week, shows that the company has a net asset value of just over 360m, equivalent to 224p a share. Most of that is cash sitting in banks in the Netherlands and Brazil.

The company supports a staff of just three people.

However, you may be thanking your lucky stars to have missed this particular boat. On Wednesday, the shares were suspended at 50p at the request of the company, "pending independent verification of certain assets of the company".

The news was the latest twist in the most astonishing tale of a cash shell I have ever come across. It goes a long way to explaining why the London Stock Exchange felt it necessary to tighten the rules for Aim's cash shells earlier this year.

The story begins late in 2003, when Crown Corporation listed on Aim at 360p a share with plans to invest in North American companies. Instead, it exchanged multiple contracts with several companies for construction projects in Argentina with a total value of $633m (361m) on completion.

In June last year, it sold the portfolio of utility and construction contracts for $350m to Lambert Financial Investment, its partner in the region, which owned almost 60 per cent of Crown at the time.

As Crown did not pay for the contracts originally, the sale generated a large profit.

It was to use the funds for yet another change of direction - a move into oil and gas in Russia. That decision led to talks early this year with MOS International, a tiny Aim-listed consultancy to the oil industry, where Stuart Pearson was a non-executive director.

Crown was founded by Mariusz Rybak, a Canadian businessman based in Monaco. He had watched the Crown share price fall to about 13p, or about one-tenth of the value of the cash in the company. He asked Mr Pearson to report on what he believed to be the reasons for the fall.

Mr Pearson had spent more than 20 years as a corporate financier with Baker Tilly in northern England but had recently set up Langbar Capital, his own advisory and investment company. He was blunt about Crown's lack of attraction to investors - the promissory notes and certificates of deposit instead of cash, the lack of corporate governance, the offshore base, the Latin American contract deal, and the founders shares, which gave Mr Rybak rights to a large dividend. So Mr Rybak asked him to run it.

He agreed on condition that he get a totally free hand and that Mr Rybak leave the board. Mr Pearson became chief executive in June only after exhaustive due diligence - including several visits to Brazil - which satisfied him that the cash from the promissory notes and the certificates of deposit existed.
The interim report and account shows that Langbar earned 30.9m in interest for the six months to June 30. Pre-tax profit was 18.2m after administrative expenses of 12.7m and earnings per share of 21p.

The comparable figures for Crown for the whole of 2004 was profit of 146.5m following the sale of the construction contracts in Argentina. Earnings per share were 322p.

In a few months, Mr Pearson has accomplished quite a lot. The company changed its named to Langbar International after acquiring Mr Pearson's advisory company for 2m shares. It changed nominated adviser from Nabarro Wells to Arden Partners. At the same time, it raised 4m through placings at 48p, bringing in UK institutional investors. Since then, both Merrill Lynch and Gartmore have bought stakes.

About $290m has been moved from Banco do Brazil to ABN Amro in the Netherlands, pending an acquisition, probably in the financial services sector. The remaining $370m in Brazil has been earmarked for an asset swap into property in Spain and Portugal.

Mr Pearson's plan is to spin off both the European acquisition and the property company, leaving his advisory company listed on Aim. A fortnight ago, Langbar agreed to acquire Real Affinity, an Aim-listed marketing services company, in an all-share deal valuing it at 2.6m.

He understood that Mr Rybak, who held about 30 per cent of the equity after waiving a dividend of more than 23m (15.8m) for his founders shares last year, was supporting the plans.

But the fact that the company was in an offer period for Real Affinity compelled Mr Rybak to report his dealings in the company shares.

This week he announced that, so far this month, he has sold 4.2m shares at prices between 55.19p and 64.38p, raising 2.45m. The announcement also revealed that his total stake has fallen to 19.69 per cent.

Mr Rybak could not be contacted for comment this week. At the last annual meeting - held in Monaco in July - only one shareholder other than Mr Rybak was present.

Presumably a few more will be asking questions at the emergency shareholder meeting that must be held soon to approve the increase in share capital for the Real Affinity deal.

Dil, im doing fine, still in cloggyland, still punting the markets tho no so much on the GGs , dont have the weekend time!! Nipper is 5 so fotoball training and all the other things that go with it!!

As for LGB, Ive made aload of calls and am very confident the money in Holland is safe, they take the cheque as tarrant would say, now you might as well answer this one as you money in ABN Amro is safe.

Where the Brazilian money?!!! A B C OR D!!!!

The independant RAF people have discounted the BOB money in agreeing the takeover, if its there then good if it aint then 78p is still a fair price for shares backed with 90p cash.
the RAF shareprice backs that up to.

The shares are only 50p due to selling, the price before the selling was 80p ish!!

Ryback probably thought unless they break up the co which they agreed not to (maybe against his wishes) he wouldnt be able to shift all his shares for more than 60p and rather than ait he started to sell, )rem he sold a load before the t/o probably at 80 and 90p!!!

i will repeat what i posted this morning in a slightly different format!

Also posted it on iii!


After my conversation with the CEO of RAF i firmly believe the Dutch money is safe and the asset under question in the Brazil one!!

The advisers to RAF have discounted the BoB money from the Langbar when agreeing to the 78p offer.

Ryback has been selling from a quid down to 50p maybe average around 75p.

If you were a cash shell with 90p cash you would expect your share price to be around 75-80p

The only reason we got to 50p was heavy selling, however reputable institutions we starting to pick up stock, which makes me believe they also know the dutch money is safe and the brazil money would be a nice extra!!

In my posts earlier - AFN I said Elliots called the bluff and then dumped what you fail to see lets explain in simple terms you get a cheque you put it in your account for some days the money shows but you cannot touch it simplistic terms to highlight Holland the cheque is deposited from BOB but not cleared yet will it bounce ? LGB raised through placing money to use suggested buying RAF via shares not cash do they have any cash Brazil and Holland both dodgy countries for financial movements IMO the balance shown in Brazil is it real is it not is it just an Ryback knows 100% SP does not know anything as the new boy in Ryback sells his stake and sells in hiding so who knows best ?-

Go back go back to Lambert south America funny money illicit money and you may find the problem -

Hate to say it feel sad for all holders but LGB might never return from suspension hope it does for all your sakes

All IMO DYOR !


http://business.timesonline.co.uk/article/0,,8209-1827462,00.html


Riddle of Langbars Brazil cash

Alternative Investment Market has its share of spivvy companies but Langbar, which had its stock suspended last week, takes some beating.
Behind this firm is Mariusz Rybak, a Canadian who floated a cash shell called Crown Corporation in 2003. The biggest investor, putting in $270m, was the Lambert Foundation, the investment vehicle of 2,000 South American Jews.
Somehow the investment nearly doubled in value after Rybak sold a failed PFI contract. The money was then used to spin out a pharmaceuticals company that did nothing.
Last year, some bright spark decided Crown wasnt working. Stuart Pearson, a financier at Baker Tilly, came on board, injected some of his corporate boutique interests and became chief executive, renaming the group Langbar. Apart from the smart new name, its only asset was $600m of cash in Brazil. It was enough to attract Gartmore, Merrill Lynch and Henderson, which invested in a rights issue last year.

Except last week there was a hitch nobody can find the cash in fact it may never have existed in the first place.

And Rybak? Oh, he is in Monaco and could not be contacted.

like i posted earlier, the mystery deepens,

i just hope for us all its just a misunderstaning

Ryzbak looks like a rum character all right - he must know that his action has caused a major problem for the company but has so far failed to comment. Not that I believe the Times has made any serious attempt to contact him.
Major fly in the Times "story" is that Pearson & Wood would not have had "long and protracted" negotiations with the BoB over non existent money. I ceased buying the (Sunday) Times years ago after seeing how some of their people operate to create stories. They cause the damage and then move on, rather like some people on these BB's.
The Times might also explain how LGB declared almost $31M in interest in its last interims - if it had no cash.
There are also many other errors of fact -its hard to imagine how any editor would allow such a shoddy piece to pass.

well said iturama, it's either that or the biggest swindle in history and Pearson will be facing a long stretch behind bars. I doubt the latter and think that he has suspended the shares to get the sp up to a realistic level once and for all. The accountants having certified that the money exists will mean the sp re-commence at around 1.50 ish. I must say though that Rybak selling is a worry! why on earth would he do that? Maybe he just thinks it too good to be true aswell and is tired in waiting, wants that new yaht, after all he still holds 19%.

a bit of reality here guys...you know i am the last to ramp/deramp but this stock just stinks. FT, Times and Sunday Times have all lambasted this with accusations in AIM's direction and the old cash shell rules. These guys should be jailed but unfortunately the journos are right (for once) he is in Monaco, unavailable for comment....doubt we will see the stock return and remember the adage, follow the director dealings, 19 out of 20 are correct!

Or in the case of Rybak, 19% out of 100% remaining are correct - lol!

I do think this is a case of no smoke without fire. No one wants a share suspended, unless for specific and declared technical capital re-structuring, so any other suspension is 50% bad already, leaving the outcome 50/50 on the remaining 50% - that's a 75 to 25 against proposition. As proptrade says, smelly, indeed.

If I am wrong, I will happily wish all winners the same congratulations I would a lucky lottery ticket holder (in the hope they would want to share some of their success with ME!!)

sd

Prop
We must be reading different articles. Neither the FT, nor the Times, "lambasted" the company. The Times Online has many errors of fact and can hardly be called good investigative journalism.
Its worth repeating the last three paras from the FT article:
Crown was founded by Mariusz Rybak, a Canadian businessman based in Monaco. He had watched the Crown share price fall to about 13p, or about one-tenth of the value of the cash in the company. He asked Mr Pearson to report on what he believed to be the reasons for the fall.

Mr Pearson had spent more than 20 years as a corporate financier with Baker Tilly in northern England but had recently set up Langbar Capital, his own advisory and investment company. He was blunt about Crown's lack of attraction to investors - the promissory notes and certificates of deposit instead of cash, the lack of corporate governance, the offshore base, the Latin American contract deal, and the founders shares, which gave Mr Rybak rights to a large dividend. So Mr Rybak asked him to run it.

He agreed on condition that he get a totally free hand and that Mr Rybak leave the board. Mr Pearson became chief executive in June only after exhaustive due diligence - including several visits to Brazil - which satisfied him that the cash from the promissory notes and the certificates of deposit existed.

RAF was the first target for Pearson, modest but a good buy which releases LGB from the cash shell category and gives him an administrative base to look for more substantial acquisitions at leisure.

iturama - any news of the mooted provision of capital to a jv with MOI on the horizon, folllowing the resounding success of the RAF investment?

sd

can ANYONE point me towards a stock where insiderinside is a bull? he posts a lot of negative stuff thinly disguised as research on several threads. maybe the seo guys are right and hes a paid lackey for the mms?

superod, ii gave tpa the thumbs up. sp was about 19p when he did.