Secondary Recommendation

Augean - Ambitious cash shell close to a deal

December 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.

The explanation for the 80% rise in the shares of shell company, Augean PLC, since its float at 125p on 10 September, lie in investors' hopes that its management dream team will land a substantial acquisition and trigger a huge uplift in its current market value of Â£3.6m. Augean's backers, which include small-cap specialist, Unicorn Asset Management (25% shareholders) and Morley Fund Management (10%), could soon be rewarded, with the shares recently being suspendedpending a large deal. Augean, which raised a net Â£1.7m on its admission to AIM in a placing by Numis Securities, was set up to acquire and manage businesses in the UK water and waste sectors. These areas are familiar hunting grounds for Auge ...

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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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