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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Secondary Recommendation

Morson - Valuable framework contracts

May 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.

  • Epic Code:
  • MRN
  • Price:
  • 172p
As we had forecast last month, shares in technical contract staffer Morson enjoyed a good start to trading, after floating on AIM at 160p on 30 March. Morson raised £36m before expenses in an oversubscribed placing and the shares hit a high of 179p before settling at the current 172p, which leaves its market value at £78m. Encouragingly, there was no selling by existing shareholders, with directors retaining 47%, while the new money will pay off various borrowings, leaving it un-geared aside from an invoice discounting facility. On the day of Morson’s float, we met with chief executive Ged Mason and finance director Paul Gilmour and if anything, this only enhanced our view that Morson is a share that should do v ...

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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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