LEM ended November 2011 with a net profit of 33'700 $L. The overall value of our portfolio (NAV),evaluated at purchase prices, remained stable at 0.55 $L/share. However, please keep in mind that LEM changed its assets evaluating system. The titles in the portfolio are evaluated by purchase prices instead of market prices. Dividend will be distributed on 1st December 2011.
The detailed financial report is given here.
Shareholder’s equity: 1'068'515 (827'582) $L
Net Profit: 33'700 (33'842) $L
Dividend: 12’096 (12'209) $L
1’500’000 shares, nominative value: 0.5 $L
NAV: 0.55 (0.53) $L
----------------------- Figures in ( ) of last month
LEM continued to build up and diverse its portfolio. The most important investment for us was in BOTS where we bought a major participation. We believe that BOTS has a lot of development potential with different new products which still are in the pipeline.
We increased our cash position during the last month and will continue to do so unless we see other investment projects which we consider worth investing. We are always open to study upcoming projects and evaluate whether and how we could support those.
Our plans to develop derivatives have been put on ice. It looks as the whole CAPX market is resizing on a lower level and with lower liquidity. Some turmoil – I call it “drama” – caused some bigger investors to leave or they got banned as they violated the TOS of CAPX. Sometimes that reminds me to the dark times of the middle ages when both pontifex maximus from the orthodox and the catholic church knew nothing better than to excommunicate each other …lol… but we are all optimists and that is why I have put a picture of Voltaire in this article. I never understood why the government of the USA has put his famous book - Candide - on the banned book list. But ok, topic change…
We are confident hat CAPX will regain growth on a more stable basis. However, we don’t consider the situation as fructive enough to come up with derivative products. That situation may change in the future therefore we follow closely what is ongoing so that we can modify our strategy accordingly when we have to.
As we have financed the BOTS participation over a “private” shareholder loan it will be first priority to pay it back as fast as possible. We will not use a SPO to do so.
Dividend will be distributed on 1st December 2011.
Thank you again for your confidence….If you have further questions, don’t hesitate to contact us.
Greetz
Cas
http://lemurinvest.blogspot.com
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