Updates

Davenham

July 2007

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.

Davenham has acquired the commercial leasing and hire purchasebusiness of London Scottish Bank which trades under the name of ManorCredit. Huddersfield-based Manor specialises in financing constructionequipment and commercial vehicles and will be absorbed into Davenham'sasset finance division. Davenham is paying 1.1x the book value ofassets being acquired which amounts to Â£22.9m and has been funded fromexisting debt facilities. In the year to 31 October, the business madea pretax profit of Â£664,000 on sales of Â£2.9m and is therefore expectedto be eps enhancing. Hold. ...

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China Shoto

Caretech - 1,500 bed target

Davenham - Bid approach (November 2007)

Davenham (September 2007)

Davenham - BTL and commercial mortgages launched (March 2007)

Davenham (February 2007)

Davenham - No deterioration in bad debts (October 2006)

Davenham (August 2006)

Davenham - Unexpected bad debt provisions (March 2006)

Davenham - Shore Capital initiate coverage (January 2006)

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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X