Updates

XL Tech Group

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.

During the month, we attended a presentation given by two of XL's investees; our meeting notes are included on page 7 of this issue. Dealings in XL's latest investee, Tyratech (TYR; 505p), began on 1 June following a placing of new shares at 500p. This valued Tyratech at £110m, the low end of expectations. As part of the placing, XL redeemed its loan and invested £2.5m leaving it with a holding of 10.3m shares or 47.9% of the enlarged equity. The earlier investment, Agcert (AGC; 41p), has similarly concluded a placing of new shares at 40p leaving XL holding 467.0m shares or 18.8% of the company. XL has clearly blotted its copy book early on but the two investee companies appear attractive; A ...

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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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