Updates

NCC - Buys U.S. escrow business

February 2006

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.

NCC has acquired US-based software escrow solutions provider Recall Total Information Management for a maximum consideration of US$5.4m, depending on performance. Recall, which is expected to report revenues of US$1.45m (of which US$1.1m are recurring) and profits of US$0.75m in the year ending 31 December 2005, is based in Silicon Valley, California and is one of the top five US providers of escrow services, employing three staff. This looks a strategically sound deal, giving NCC an immediate foothold into the huge US market. Broker Brewin Dolphin has left its forecast unchanged for now but notes that NCC is trading on a PE of 15.2 for the year ending 31 May 2006, falling to just 12.1 in 2007, wh ...

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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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NCC - Buys U.S. escrow business

February 2006

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