Secondary Recommendation

Albemarle & Bond

March 2012

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.

The shares have been gliding up slowly since our last main buy recommendation at 308p in November. Brokers still focus too much attention on the windfall effect that a high gold price is having on Albermarle's â€œcash for goldâ€ (gold scrapping) activity but the price collapse they keep looking for is a long time coming. Meanwhile, the cash generated from gold buying is being ploughed straight back into new pawnbroking stores and helped by the introduction of this service line into the stores, Albemarle has also halved the time it takes for a unit to move into the black to under 12 months. Albemarle ended the half year with 215 stores (174 full line stores and 40 gold buying kiosks). In the period 14 new stores o ...

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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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