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LPA Group

  • BY: Andrew Hore |
  • POSTED: 05/03/2008 |

Andrew Perloff is trying to remove two of LPA’s directors.

Panther Securities boss Perloff has a 17.9% stake in LPA, which is a designer and manufacturer of lighting, power and electronic systems. He wants to remove chairman Michael Rusch and non-executive director Per Staehr by voting against their election to the board at the AGM on 11 March.

The board and their families own 26.6% of LPA so they have a good base from which to fight Perloff.

Perloff wanted to buy LPA’s 1.4 acre Saffron Walden property but LPA’s board says that he offered 30% less than the £2.2m offer from a housebuilder. The site is being marketed by property adviser King Sturge in order to find out if there are higher bids. The factory will have to be relocated if the property is sold.

Turnover rose 21% to £16.7m in the year to September 2007. The company moved from a loss of £143,000 to a profit of £298,000.

The board says its long-term order book is better than its ever been.

At 34.5p, the company is valued at £3.95m. LPA has net assets of £5.5m. Even if intangible assets of £1.14m are excluded, the NAV figure is £4.36m. That doesn’t include the potential uplift in the property which could add more than £1m to that NAV. 

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