Updates

Computer Software - Eps enhancing buy

May 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.

CSW has announced the acquisition of Hull-based AIM Group, a long established IT specialist focusing on software solutions for solicitors and legal service providers, with an installed base of 400 customers. AIM will be integrated into CSW's existing business solutions division and adds around £7m to revenues, of which 51% are recurring support contracts. The business was lossmaking last year but is expected to make £0.7m in the first year of CSW ownership. CSW is paying £4.8m cash, adjusting for £0.8m cash in the business, which is expected to equate to a prospective multiple of 6.8x, so is eps enhancing. Net debt for the enlarged group post the deal is £9m. Seymour Pierce ...

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SMC Group

Mayborn - Bid approach

Computer Software Group - 150p offer from management (April 2007)

Computer Software (December 2006)

Computer Software Group (October 2006)

Computer Software - Third legal acquisition (September 2006)

Computer Software Group - Buys second business in legal sector (July 2006)

Computer Software Group (June 2006)

Computer Software Group - Forecasts upgraded (April 2006)

Computer Software Group - Strong repeat income stream (March 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.

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