Updates

Informa - Acquires PJB for £120m

February 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, has acquired PJB Publications, a publisher of international news and information services for the pharmaceutical, agrochemical and biotechnology industries, for £120m, plus a cash amount equal to its cash balances. This sizeable deal will be funded by debt and through a £36m cash placing at 280p. At a little over 5x sales and13x operating profit, PJB isn't exactly a bargain. However, this London-based company does own several highly sought after products including Scrip, a twice weekly pharmaceutical newsletter with 7,500 subscribers (41% revenue) and Pharmaprojects, a business information source on new drugs (21% revenue). Informa will also have been hypnotised by PJB's 3 ...

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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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