Updates

Informa - Proposed merger with Taylor & Francis

April 2004

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.

Business publisher and conference organiser, Informa's final resultswere overshadowed by the proposed merger with Taylor & Francis, 580p, a highly respected publisher of academic journals in the science,technical and medical sectors. Although this deal is being sold as a merger, Taylor & Francis shareholders will receive 17 shares in Informa for every ten T & F, giving them a 15% premium to the price immediately before the announcement. Informa shareholders will control 51% of the enlarged group. Analysts greeted this deal with a degree of scepticism, given the relatively low cost savings mooted of just Â£4.6m a year from 2005 from a combinedgroup with sales of around Â£550m. The respect ...

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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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