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Hargreaves Services - Earnings enhancing acquisition

April 2007

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.

Investors reacted to Hargreaves Services’ latest eps enhancing acquisition by chasing the shares to a new high of 551p. Hagreaves has acquired South Yorksire-based Maltby Colliery from UK Coal for £21.5m, plus the assumption of a pension deficit of £8.6m, funded equally between bank debt and a placing of 2.37m new shares at 469p to raise £11.1m. Additionally, some directors took the opportunity to sell £5.6m of existing shares. Historic production at Maltby, which already provides 25% of its output to Hargreaves, has recently ranged between 1.1m -1.6m tonnes of coking coal a year but last year two technical problems caused it to fall to 0.8m, triggering a loss of £18m. These glitches have now ...

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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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Hargreaves Services - Earnings enhancing acquisition

April 2007

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