Updates

Glisten - Reduces placing price

July 2002

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.

We briefly touched on the new issue last month. Nice company, pity about the founder directors' share structure is what we said. Since then, in the light of institutional pressure, the placing price was reduced to get the issue away. Glisten has still raised Â£5.5mbut has now placed 81% of the equity or 6.88m shares at 80p, to value the company at Â£6.8m. Previously it had attempted to float less than 50% of the company at 100p to value it at Â£11m. Simultaneouswith the placing, Glisten has made the first acquisition under its "buy and build strategy." It is buying confectionery business, GCL, for Â£11m, of which Â£2m is based on performance. Following the placing directors hold 12.75% of the capital (1. ...

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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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