This suddenly seems to have jumped to life - but cannot find any news - any ideas anyone ?

Baza

well done thats what its all about.

this is stirring up again, apparently agm next week hoping to announce turn around, also rns today david l read upping stake again, could prove interesting month with interims due out next month also

No Pain, No Gain: A plateful of problems for the lacklustre Lennox

By Derek Pain
Saturday, 23 February 2008

Intriguing goings-on at Lennox, the struggling food and drink distributor that enjoys the dubious distinction of being the basket case of the No Pain, No Gain portfolio.

The shares bump along at a mere 2.75p, compared with 64.5p when they entered the portfolio in the summer of 2005 and a 66p peak. After a bright start to stock market life, the group has endured a wretched time, pounded by boardroom brawls and a slump into losses that forced an expensive rescue package.

Operating in Spain, and selling mainly British goods to expats and holidaymakers, it is my second constituent to run into deep trouble. The other was Profile Media.

Although the portfolio, started in 1999, remains comfortably in the black, I am dismayed by the performance of Profile and Lennox. Profile shares are now worthless, and Lennox could inflict a damaging hit. But perhaps the loss may not be quite so severe as the current share price indicates. For two stakes have been accumulated. Rakesh Sehgal has rapidly put together a 27.8 per cent holding with the estate of a Zimbabwean investor accounting for 10.1 per cent. Some former directors also have significant interests.

It is, however, Sehgal's activities that are creating excitement. His motives are shrouded in mystery. He is only a few percentage points away from triggering an obligation, under the City takeover code, to mount a bid. If not a full takeover, he could be thinking of a reverse deal. He is known to have Spanish textile activities and is thought to enjoy links to clothing businesses in this country.

Lennox has a complicated capital structure. The rescue package included a large slug of convertible loan stock and possible deferred shares could hinder any corporate activity. To add to the uncertainty, the company's most recent figures, covering the first half of last year, showed a 856,000 loss. In the previous year, the deficit was 2.4m.

http://www.independent.co.uk/money/invest-save/no-pain-no-gain-a-plateful-of-problems-for-the-lacklustre-lennox-785905.html

I would stay clear thats my advice.

Lennox has been suspended yesterday - ran out of cash.