Updates

Metal Bulletin

September 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.

Following the recommendation of Euromoney's 400p cash offer (valuing the company at £221m), Metal Bulletin has withdrawn from its proposed merger with Wilmington (triggering a £1.4m break fee to Wilmington). At the same time, it reported its last interim results as an independent company with sales up by 19% to £27.7m and profit before tax up 45% to £6.1m. Based on forecasts for the full year, the offer represents an exit PE of 22x although in Euromoney's hands it will work out lower as there are plenty of synergies to exploit, probably as much as £5m on a full year basis. There is a partial share alternative to the offer which explains why the shares stand at over 400p. At ...

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Rok - Prospective PE of 11.1

Mears

Metal Bulletin (April 2006)

Metal Bulletin (January 2006)

Metal Bulletin (June 2005)

Metal Bulletin - Double digit organic revenue growth (April 2005)

Metal Bulletin - Trading ahead of forecasts (February 2005)

Metal Bulletin - Metals titles' sharp recovery (September 2004)

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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