sick old dog, page-11

Omaha and Bacci

I did hold shares and voted against LCE. Go and do research on LCE and the structures it has. How it has paid dividends and how outside of its one win it has done nothing for shareholders IMO. The controlling group has however done well.

LCE made an ill timed and badly constructed attempt to hijack the board. If you take a strategic investment you negotiate a seat on the board - If you have failed to do your homework and have pre agreements it doesn't say much for your negiotiating skills or for your due diligence.

The proposal to get rid of David Trebeck was not well thought out - Obviously as he was the last appointed director he was nominated to go with the chairman. That must have been really deep research into who was or was not pulling their weight at board level. Once again no research - In fact Mr Trebeck has put a lot of his own money at risk and the old chairman has gone.

Mistakes have been made and the only guys who have made money out of this seems to have been the private equity guys who relisted it after what some people see as a period of running the assets down.

2009 was not a good year to have issues and I must say I sold at a small profit becuase I felt that it needed to face the hard issues and get properly funded whicvh in my opinion the cap raising did not do.

I think that it will right itself but it will have to go through a few more difficult times. It is firmly on my radar and the price is very close to being attarctive for me - The one negative is LCE - I dont trust their management or past behaviour both in regard to PSH or LCE - Its their block of shares and their behaviour that makes me stay away from it unless its a steal at around 40c.

I only have a few to keep on the register.