Updates

Erinaceous

December 2005

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.

Erinaceous has acquired two more businesses. Bigger of the two is Mount Street for up to £56m on a debt free basis (£33m upfront and the remainder deferred). The smaller buy is Millar Kitching for £8.5m. To help pay for these, Erinaceous has placed 7.76m new shares at 290p. Mount Street is being bought from its VC-backers and comprises four divisions: Spring Grove (social housing maintenance), CPM (residential property management), CPAM (commercial property management) and Vita (property insurance brokerage). Combined, the businesses made c.£5m on sales of c.£29m in 2004. All the areas are already within Erinaceous’ portfolio and the acquisition therefore provides a steady sequential ...

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Synergy Healthcare

NETeller

Erinaceous (April 2006)

Erinaceous (November 2005)

Erinaceous - Enjoys good trading (April 2005)

Erinaceous (January 2005)

Erinaceous - Shares move to new high (December 2004)

Erinaceous - Scope for large upgrades (October 2004)

Erinaceous - Scope for margin improvement (August 2004)

Erinaceous Beats forecasts (July 2004)

Erinaceous - First acquisition since AIM debut (June 2004)

Erinaceous - AIM debut with little fanfare (March 2004)

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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