Updates

Prezzo - 126.5p cash offer from TPG

December 2014

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.

Prezzo has agreed to and recommended a 126.5p cash offer from TPG, which looks a low ball offer.According to Numis, the offer represents an 8.6x EV/EBITDA (2014E) take-out multiple against Gondola’s 8.9x in 2006; La Tasca’s 11x in 2007; and Carluccio’s 11.5x in 2010. We added the shares to Growth Portfolio II in February ‘10 at 34p so although not a knockout price, it still represents a superb gain of 272%. ...

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Servelec

Optimal Payments - Strong H1 trading continues into H2

Prezzo - Early stage bid talks with ASK-owner (November 2014)

Prezzo - Risk to forecasts on the upside (October 2013)

Prezzo (May 2013)

Prezzo (May 2012)

Prezzo (October 2011)

Prezzo - Buys six leasehold units for Â£0.55m (May 2011)

Prezzo (October 2010)

Prezzo - Buys 11 restaurants for Â£3.1m (September 2010)

Prezzo - Expects to open 8-10 restaurants this year (May 2010)

Prezzo - To open 10 restaurants versus 2 last year (February 2010)

Prezzo - Resumes restaurant opening programme (October 2009)

Prezzo - Value for money consumer proposition (June 2009)

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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