LEM: Financial report (March 08)

Summary
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NTA went down from 3.99 $L to 1.40 $L per share during March 2008 because of hostile confiscation of assets of LEM at WSE
EPS is 0.025 $L per share (-0.025 $L in February)
LEM ended February with a profit of 43’460 $L (previous loss of 28’927 $L
LEM will not pay a dividend for March because of not yet reestablished missing shareholder list

March was marked by the hostile confiscation of all our assets at WSE (read announcements on our blog). LEM was critical towards WSE and its policy what apparently caused WSE to confiscate all our assets, seize the cash position (300’000 $L), lock the company account and convert all shares from LEM and those the three derivatives into WTF shares with a ration of 1:1. This happened without pre-warning nor an audit. Assets of > 4.5 $L are destroyed.

We are studying ways right now to claim back our assets. As WSE is refusing to give us a shareholder list of LEM decided to reconstruct it as close as possible. A deadline is given latest 11th April where LEM shareholders can communicate us the number of shares they owned before WSE closed in January (compare with our announcement of 29th March 2008 on this blog).

We restructured our business during March. As we got stripped off of almost 60% of our assets the whole portfolio looks quite different now. We are no longer invested on WSE but still have strong share positions at SLCapex, VsTex and ISE. Our real estate business continues to contribute positively.

We will not pay a dividend this month as we first have to establish the shareholder list.

LEM will continue to develop new financial derivatives, expand our financial services for third parties in SL and intense our activities to bring RL companies into SL.

Results for March 08 (February 08)
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Income ($L):
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Financial products : 17’058 (13’058)
Trading : 28’109 (18’408)
Consulting : 3’000 (3’000)
Stock sell : 76’372 (92’174)
Others : 91’770 (632’387)
TOTAL : 216’309 (759’027)

Expenses ($L):
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Financial Products : 13’728 (112’234)
Donation : 2’500 (0)
Tier : 81’125 (6’000)
Wages : 7’500 (20’000)
Stock purchase : 67’996 (130’720)
Others : 0 (519’000)
TOTAL : 172’849 (768’954)
Profit/(-Loss) ($L) : 43'460 (-28’927)

Asset ($L)
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WSE : 0 (5’122’314)
SLCX : 731’400 (703’245)
ISE : 25’042 (32’953)
VsTek : 339’349 (269’293)
Land : 406’000 (6’000)
Loan : 0 (0)
Cash : 886'000 (1’238’644)
Investment : 653’500 (15’000)
Others: 29’000 (27’500)

Total : 3’070’291 (7’414’969)

Liabilities ($L)
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Loan : 500'000 (500’000)
Dividend : 0 (9’058)
Tier : 170’000 (85’000)
Total foreign capital : 670’000 (594’058)

Constitutional capital LEM: 1’710’756 (1’710’756)
Constitutional capital LFB: 0 (462’540)
Constitutional capital LWI: 0 (130’026)
Constitutional capital LHH: 0 (1’572’705)
LEM Future Fund : 0 (0)
Reserves : 646’075 (2’973’811)
Profit/Loss : 43’460 (-28’927)
Total equity : 2’400’291 (6’820’911)

Total liabilities: 3’070’291 (7’414’969)

Monthly dividend/share : 0.0 $L /month
NTA 1.40 (3.99) $L
EPS 0.025 $L (-.02 $L)

Next report:
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Next report will be published on May 2, 2008. Updated value for NTA is published on our blog (http://lemurinvest.blogspot.com)

In case of further questions please IM Casper Trebuchet or send me an e-mail: casper.trebuchet@gmail.com

Greetz