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NSB

November 2002

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.

In line with our comments last month, NSB warned that it now believes operating profits for the year to 31 December will be substantially below current market expectations. Over the last few weeks it has experienced a slowing of order intake in line with the current market environment. It also announced a fundamental restructuring to achieve a significant reduction in fixed costs. This will mainly involve concentrating activities in Montreal to take advantage of the lower cost base. On a brighter note, NSBreached agreement to restructure £15.6m of convertible preferenceshares held by the former owners of STS, the business it acquired inDecember 2000.  The new deal involves repayment of an increased£20.5m in four annual ...

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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.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

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