Updates

nCipher - 300p a share bid

August 2008

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.

NCipher almost doubled on the month after it confirmed a bid from Thales at 300p per share in cash, which values it at Â£50.7m. The bid is at a premium of 138% to the close on 10 April â€“ the day before the company first announced it had received an approach. The deal values the company at a price to sales ratio of 2.1x but almost 34x year to April 2010 earnings, reflecting the investment phase, which is presently depressing short-run earnings. NCipher was one of our New Year recommendations. Gain: 37%; accept the offer. ...

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SSP - Gain: 56% following bid

Telecom Plus

nCipher (May 2008)

nCipher - Aims to double sales in 3 years (April 2008)

nCipher - Online boom creates new demand (February 2008)

nCipher (March 2006)

NCipher - Database security being addressed by cryptography (June 2005)

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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