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Northgate - Buys 100% of Fualsa

June 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.

After announcing that results for the year to 30 April would be in line with market expectations, shares in van rental group, Northgate, hit a high of 645p and now stand 211p ahead of our main recommendation price. What particularly excited investors was Northgate's early exercise of the option to acquire the final 20% stakethat it didn't already own in its Spanish van hire subsidiary, Fualsa, for a maximum consideration of Eu. 14.9m. Fualsa has already proved an astute acquisition and broker, Arbuthnot, has upgraded its 2005 earnings estimate from 55.9p to 57.8p, while leavingits forecast for the year just ended unchanged at 48.8p. Its price target is between 684p â€“ 780p ...

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Character Group

Mayborn - Good start to 2004

Northgate (February 2008)

Northgate (September 2007)

Northgate (February 2007)

Northgate - Earnings to increase 20% this year (August 2006)

Northgate (February 2006)

Northgate (December 2005)

Northgate (October 2005)

Northgate - Acquired Record Rent (August 2005)

Northgate (June 2005)

Northgate - Hire fleet grows to nearly 70,000 vehicles (February 2005)

Northgate - Analyst visit to Fualsa (December 2004)

Northgate (October 2004)

Northgate - Van rental firm growing strongly (September 2004)

Northgate - New eps forecast of 65p for 2006 (August 2004)

Northgate - Van rental group on track (December 2003)

Northgate - New three year plan (August 2003)

Northgate - Van rental group a resilient performer (June 2003)

Northgate - Fleet utilisation still over 90% (February 2003)

Northgate (November 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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Northgate - Buys 100% of Fualsa

June 2004

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