Updates

Prezzo - Accepts 126.5p offer

December 2014

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.

Prezzo has accepted a 126.5p cash offer from private equity fund manager, TPG. Although far from a knock-out price, with Numis calculating the exit valuation being 8.6 times forecast EBITDA for 2014 or just under £1.2m per restaurant, a big discount to Restaurant Group, which trades on £2.8m per restaurant, it has the support of 62.3% of the votes including the founding Kaye family, which controls almost 56%.With the Kayes clearly wanting out, the offer was inevitably pitched at a slight discount to its previous high of 165p set in March ‘14 but overall we can’t quibble. Added to the Trader Portfolio at 29.25p in April ‘09, the gain to date is 332%. Accept the offer / sell in the market. ...

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4Imprint - Forecasts upgraded after strong Q3

Synergy Health - Offer triggers gains of 875%

Prezzo - Receives bid approach (November 2014)

Prezzo - Time to top-slice some profit (June 2014)

Prezzo - Gain to date: 290% (November 2013)

Prezzo - Shares have gained a massive 290% (June 2013)

Prezzo - 15 restaurant openings (October 2012)

Prezzo - Restaurant operator expands estate by 37% in last two years (May 2012)

Prezzo (February 2012)

Prezzo - H1 ahead of expectations (October 2011)

Prezzo - Fast-growing restaurant chain likely to beat forecasts (September 2011)

Prezzo - Shares storm to new high (May 2011)

Prezzo - 11% eps upgrade (October 2010)

Prezzo - To open 10 to 12 restaurants this year (May 2010)

Prezzo - Shares wake up again (February 2010)

Prezzo - Forecasts upgraded (October 2009)

Prezzo - Restaurant operator sees substantial director buying (May 2009)

Prezzo - Balance sheet remains strong (June 2008)

Prezzo - Slows new openings programme (March 2008)

Prezzo - Results beat expectations (November 2007)

Prezzo - Restaurant owner sees fast roll-out of units (August 2007)

Prezzo - The new Ask Central? (May 2002)

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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