Updates

H&T

June 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.

Pawnbroker H&T has placed 3.6m new shares (10.2% of the enlarged share capital) at 204p to raise £7m net new money. The proceeds will be used for bolt on acquisitions. New greenfield openings typically require upfront funding of around £0.25m and incur losses in the first year. Given that H&T has net debt of c.£35m, the burn on opening new stores - to meet its target of 10 new stores a year - has been a limiting factor whereas acquisitions of profitable stores should ensure it meets these targets without penalising short-run earnings. So far during 2007, H&T has already acquired two stores, has agreed an exclusivity period for another four stores and is in talks regarding a further four, all ...

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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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H&T