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Filtronic - Refinances its loan notes

February 2004

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.

As we foreshadowed in the September issue of Sharewatch, Filtronic has confirmed to the market that it is redeeming early the outstanding $74 million of its 10% Senior Notes which were due for repayment 2005. Filtronic is paying a 2.5% premium on the principal amount. In order to facilitate the transaction, Filtronic is putting in place a cheaper sterling-denominated bank facility of £50m which will probably save around £3m a year.The shares exploded on the news, at one point touching 527p. You should have taken profits by now. Hold. ...

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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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