Updates

Spice Holdings - Another earnings enhancing deal

August 2005

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.

The shares surged towards their all-time high after Spice announced the acquisition of Lamva, a supplier of civil and electrical services to the electricity utility sector. Lamva cost ï¿½5.9m, mainly in cash, and was bought on a historic multiple of just 4.1 times last yearï¿½s operating profit, making it earnings enhancing. Lamva is predominantly a technical engineering specialist mostly focused on added value areas. Its activities include electrical substation new build, refurbishment and maintenance, installation of transformers, switches and control systems and civil engineering work. Clearly apparent is the opportunity for Spice to sell these services to its existing client base, as well as improve Lamvaï¿½s profitability b ...

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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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