Primary Recommendation

Retail Decisions - Plans to drive value from acquisitions

February 2006

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.

Retail Decisions (ReD) has grown into a significantly stronger business since we featured it in December ‘04. Following acquisitions, it now has three key divisions which operate along various parts of the payment processing value chain. The group is best known for its business of card fraud prevention and payment processing systems even though that business is now dwarfed by the card issuing operations that comprise corporate charge cards in Europe and Australia and a pre-paid gift card business also in Australia. These card issuing operations were 90% of profit last year but will represent an even higher proportion of profit this year. The management of card networks are often the provinces of the big banks which own MBNA ...

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Kewill - Recurring revenue >80% of sales

Spice Group

Retail Decisions - Gain: 58% following bid (November 2006)

Retail Decisions (August 2006)

Retail Decisions (June 2006)

Retail Decisions - Acquires leading Australian gift card operator (January 2006)

Retail Decisions - First note since Fuelserv acquisition (December 2005)

Retail Decisions - Buys UK fuel card business from DHL (November 2005)

Retail Decisions (October 2005)

Retail Decisions (July 2005)

Retail Decisions - Benefits from high oil prices (March 2005)

Retail Decisions - CNP transactions continue rising (February 2005)

Retail Decision (January 2005)

Retail Decisions - Volumes of CNP transactions rise (December 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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