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4/11/12
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Ramridge's Latest Blogs

On February 3rd, Johnston Press Johnston Press (LON:JPR) put out an RNS stating that following an independent review their pension deficit has been reduced from £90m on 3/1/15 to £53m on 3/1/16. Following the announcement, the share price jumped 12%.This is a massive deficit reduction of 41% at one stroke which is unusual but not entirely unheard of. The company also stated that full details…

Recent UK IPOs have proved to be a rich seam for canny investors. The following three tables analyse UK IPOs over the previous 12 months to 30/10/2015. The data excludes investment trusts and REITS.The first table shows performance from first dealing dates to 30/10/15, both for absolute gains/losses and relative to the FTSE All Shares Index.The second table measures performance 3 months following the first…

Below is the text of an email I sent earlier today to Dmitrios Gryparis, Globo's Finance Director. The main issues have been unashamedly drawn from Paul Scott's blog of today (all E&OE are of course mine).  Any replies I receive will be published here."Dear Mr GryparisI am a Globo Plc investor who has been following your company’s fortunes fairly closely over the last 18 months.…

Today's Sunday Times carries an interesting article on the extent of pension fund liabilities in listed companies balance sheets and impact on prices. Nothing new in this for those who study financial results. What struck me as interesting is that the report saw a ratio of pension liabilities to net assets of 50% as a marker. Anything above 50% is a amber to red flag.…



Ramridge's Latest Comments

Hi Paul - Re Portmeirion (LON:PMP) This is a company you have followed and liked very much in the past. Any views on today's acquisition of Lighthouse Holdings?

I have added an update to my original note showing a 12 months analysis of all IPOs in the period 1/1/14 to 30/4/15.

BHS & Phillip Green - I think Paul makes a valid point that we mustn't judge a book by its cover. There are quite a few superficial similarities between Phillip Green and the infamous Robert Maxwell, (and I repeat superficial) least of all being the alleged bullying tactics and personal attacks. But people should remember how, not just the media, but nearly the whole nation…

Hi John - Thanks for the write-up on your meeting with SPRP. Clearly you are satisfied that the management have the skills and competence to dig the company out of the present predicament. Yesterday I took the decision to invest by taking a punt on this question. Today & following your note, it is less of a punt ( but still the key risk to…

I came to a similar conclusion yesterday and bought a medium size holding. On fundamentals, the share looks ridiculously cheap: - cash £22.4m which is approx 37% of M Cap - no long term debt - a PE on todays sp = 5.6 - PE on a cash adjusted basis = 3.5- CFO and FCF: very positive So this is really a bet on management…

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