Updates

Highbury House - Increasing consumer publishing exposure driving re-rating

September 2003

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.

Last month's acquisition of consumer publisher, Paragon, was exactlywhat investors wanted to see, with Highbury significantly increasing its exposure to the buoyant consumer side, which now accounts for 80% of its operating profit. We briefly touched on this deal last time, but to recap, Highbury paid Â£32m (including debt) for Paragon, which is the largest player in unofficial video games magazines and also sells home entertainment, digital camera, Internet and personal computing titles. Paragon was bought for a reasonable 11.4 times operating profit, a valuation underpinned by the fact that video games and digital are the fastest growing retail segments according to market analysis firm Verdict and that on ...

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New Look - Founder eyes MBO

Quarto - Tender offer boosts shares

Highbury House - Cut losses (September 2004)

Highbury House (July 2004)

Highbury House - Sharp rise in gearing (May 2004)

Highbury House - Allays trading fears (March 2004)

Highbury House - Disposal still awaited (October 2003)

Highbury House - Cheap magazine publisher (May 2003)

Highbury House - Consumer publishing doing well (April 2003)

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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