Updates

nCipher

March 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.

NASDAQ-listed Safenet has made a 300p cash offer for Ncipher to value the business at £86.1m. The offer has already received acceptances from 52% of shareholders so looks more or less a done deal. Ncipher also released interim results during the month, reporting an operating profit of £1.9m, well ahead of expectations with the outperformance driven by stronger product sales. Net cash at the period end was £40.6m or 145p a share. Using the latest forecast for operating profit of £2.7m for the year to 31 December and taxing that suggests that the business is being acquired on 25x operating profit. Accept the offer. Gain since June 05 tip: 39%. ...

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Tarsus

Domino's Pizza

nCipher - 300p a share bid (August 2008)

nCipher (May 2008)

nCipher - Aims to double sales in 3 years (April 2008)

nCipher - Online boom creates new demand (February 2008)

NCipher - Database security being addressed by cryptography (June 2005)

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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