To: Joel W. Hunt who wrote (8548 ) 3/14/1998 12:50:00 AM From: George H. Robinette Read Replies (1) | Respond to
A respite from March Madness: I suggest we strongly urge Dublin to hold the annual meeting in New Yory City or some location where LHA can demonstrate that its performance is superior to the previous firm by bringing some analysts and newsletter writers to hear the meeting's business. I am a long-time shareholder and have listened to all of the conference calls. Ronan et al are as frustrated as we are about the share price. We received a letter from him in late December which was very apologetic in tone. He reviewed the company's undeniable fundamental progress and indicated we were at a $20 million annual sales level. On the call, Jonathan pledged 50% EPS and 35% revenue growth going forward. The naturally circumspect Ronan implored us to be patient and, " we'll be a $10 stock." His comment was astoundingly positive and I urge all to order the written transcript from LHA to verify and enjoy. I pray it is not edited out. Our boys are not promoters by nature, and I found the Iona model a refreshing departure from their previously held preference for letting income statement performance pull the stock higher. No question there has been a steep opportunity cost to holding this stock. I've been astounded at the supply of stock for sale recently, but Ronan said it was retail, not restricted stock or institutional shares coming out. He has been previously successful in placing large blocks with European institutions, and I bet they would have taken more had the seller(s) come to Dublin with a big piece, instead of torturing us with this Chinese water torture. Price progress may yet be slow as we're but a $1/sh sales outfit. When SLF settles we'll be debt free and quite capable of repeating the Clark and Centocor routine, if they don't already have one on the front burner. When FDA approves UniGold later this year, the spotlight will be upon us LHA or no. I've read Abbott Labs wants to acquire diagnostic technology such as ours, and frankly, I expect a bidding war for UniGold. Until then, I will watch this thread and enjoy the dialog. Back to March Madness.
