Primary Recommendation

Luminar - November review statement expected

August 2003

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Old timers will have fond memories of Luminar which operates a chain of Chicago Rock Cafes and discotheques. The last time we tipped them was back in November ‘98 when the shares were 650p; they subsequently almost hit £10 ahead of Luminar going on to acquire Northern Leisure which doubled its size. At that time, our feeling was that the organic roll-out story had changed and we ceased update coverage. Luminar is the leader in the late night bar / nightclub market but there is now a body of opinion suggesting that the business is ex-growth. This, then, explains why at 446p the PE is scarcely generous at 7.2 and is an eight point derating on the multiple enjoyed a few years ago. But Luminar has considerable long term ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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