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Non-Tech : London Pacific Group - LPGL doubles...
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To: rupert1 who wrote (220)4/19/1999 7:26:00 AM
From: rupert1  Read Replies (2) of 737
 
I had never heard of Steve Harmon until a few minutes ago. I looked back on his site. I am not impressed by the level of his analysis of LPGLY. He seems to believe that LPGLY being a "British" company is important. LPGLY is not a British comapny. It is registered in the Channel Islands to escape British taxation. It is owned and operated by Americans. Its main business is in the States as are its operational offices. It has a listing on the LSE with nominal trading volume. I suspect that this was done in order to get easier access unto the NASDAQ through the back door as an ADR.
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Message 8957368
Steve Harmon

london pacific - while i like the firm's rev/income it's not as easy as speculating that this is a uk- "cmgi" in the making

#1 london pac have to prove themselves
#2 liquidity for their internet investments is not a given
#3 the london stock exchanges are not easy for u.s. investors to navigate
#4 venture capital in the uk is scarce, putting pressure on london pac to finance startups from garage (pronounced "gurrage" in brit talk) to high street

i've done my investment conferences in the uk and know the landscape well there there is a lot of raw talent in the uk but the finance machine that exists in the states doesn't exist in the uk
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My comments on Steve's notes:

#3 The stock typically trades 15-40,000 shares in the UK. Divide that by 4 to get the US ADR equivalent. The price is set by the US ADR on the NASDAQ. Why would a US citizen want to trade in London?

#4 He missed the point again. LPGLY does not invest in UK companies, but in US companies, by and large. It does not invest in "garage start-ups" but in late stage ventures prior to their IPO. UK has a different approach to venture capital than the US - but that discussion is irrelevant for LPGLY. The Brits do not pronounce "garage" as "gurrage". Received English pronounces it like the French with a long "Ah"; regional accents with a hard "a".
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