I Read The News Today Oh Boy! 12-Feb-2018

Monday, Feb 12 2018 by

Morning all, hope your weekend was great.

Lok’n Store ( Lok'n Store (LON:LOK) ) – 378p – £111.2m – PER 29.0

Trading Update For The 6 Months To End January 2018 – In-line it seems, growth of around 7%.

On a PER of 29.0 this is quite a disappointment is it not? Even the NAV (over 400p per share) doesn’t seem to be providing support. Downside protection perhaps but don’t see the real growth story here.

UP Global Sourcing Holdings ( UP Global Sourcing Holdings (LON:UPGS) ) – 61p – £50.1m – PER 7.31

Trading Update For The 6 Months To End January 2018 – Revenue of £48.4m versus £68.1m last time. Also, some Revenue expected in H2 2018 will now be booked in 2019. Now expecting EBITDA of £6.0m to £7.0m which is below current market expectations.

Remains on my Avoid list for now.

Proactis Holdings ( Proactis Holdings (LON:PHD) ) – 169.1p – £157.0m – PER 12.9

Trading Update For The 6 Months To End January 2018 – In-line.

This remains the “too difficult” for me basket and I will no longer report on it for now.

Game Digital ( GAME Digital (LON:GMD) ) – 38p – £64.9m – PER n/a

Game And Sports Direct Collaboration Agreement And New £55m Borrowing Facilities – Sports Direct has acquired a 50% interest in the rights of the BELONG intellectual property for a cash consideration of £3.2 million, and a 50% profit share of future profits of BELONG and associated Venues. Includes a £20 million working capital facility and a £35 million capital expenditure facility, which GAME may utilise to fund the Venues envisaged under the Collaboration Agreement, including the costs for new Venues and ongoing development of the BELONG website and its related tournament management system.

I am usually rubbish at interpreting these events so rarely comment on them but this looks like good news. I am still Long here – Having sold half after doubling my initial investment.

That’s it, a quietish Monday news wise!

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Lok'nStore Group Plc is engaged in providing self-storage serviced and document storage and management services. The Company's segments include self-storage, and serviced archive & records management. It offers self-storage to both household and business customers at its centers. Its personal storage includes storage rooms, student storage, forces and services, and space estimator. Its business storage includes pallet storage, warehouse space, self-storage archiving, flexible office space, multi-site business storage accounts, and eBay and online business. It operates approximately 39 self-storage centers and over two serviced document stores in Southern England. Its personal and household self storage is available at various locations, such as Aldershot, Basingstoke, Bristol, Crawley, Eastbourne, Fareham, Harlow, Swindon and Maidenhead. more »

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UP Global Sourcing Holdings plc is a United Kingdom-based owner, licensee, designer, developer and manager of a series of brands focused on the home. The Company develops, designs, sources and distributes a range of consumer products, focused on six product categories: small domestic appliances (SDA), housewares, audio, laundry, heating and cooling, and luggage. Its owned brands include Beldray, intempo, Constellation and Progress, and its brands under license include Salter and Russell Hobbs. It also offers products under brands, such as American Originals, George Wilkinson, Giles & Posner, Inspire, Portobello, Prolectrix and ZFrame. It products are sold to a cross-section of both national and international multi-channel retailers, as well as other national retail chains. It sells its range of products to over 300 retailers across approximately 40 countries. The Company caters to retailers, supermarkets, general retailers and online retailers. more »

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PROACTIS Holdings PLC is a United Kingdom-based company, which is a Spend control and e-Procurement solution provider. The Company is engaged in the development and sale of business software, installation and related services. It offers a range of solutions, such as PROACTIS Source-to-Contract, PROACTIS Purchase-to-Pay and PROACTIS Supplier Network solutions. It offers managed services, such as procurement-related managed services, such as Sourcing and Content Management; Finance-related managed services, such as Invoice Data Capture and Accelerated Payment Facility, and information technology (IT)-related managed services, such as Application Hosting & Management. Its Solutions for Finance and Procurement include cloud, hosted or on-premise software applications. PROACTIS Spend Analysis offers company-wide data on users' laptop, tablet or mobile. Its PROACTIS Invoice Data Capture turns paper, fax and Portable Document Format (PDF) invoices into system-ready electronic records. more »

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  Is LON:LOK fundamentally strong or weak? Find out More »

4 Posts on this Thread show/hide all

MrContrarian 12th Feb '18 1 of 4

My morning smallcap tweet:

Sosandar (LON:SOS), UP Global Sourcing Holdings (LON:UPGS), U and I (LON:UAI), Local Shopping Reit (LON:LSR), Styles and Wood (LON:STY), GAME Digital (LON:GMD)

Sosandar (SOS) Rev in Dec and Jan exceeded management expectations.
UP Global Sourcing (UPGS) H1 trading and warns FY underlying EBITDA of £6.0m to £7.0m, below current market expectations.
U&I Group (UAI) has realised profits at the upper end of guidance (£9-11m) on 12 Hammersmith Grove. I note the company name is spelt 3 different ways in the RNS: &/+/and. Let's call it U[&|+| and ]I to be on the safe side.
Local Shopping REIT (LSR) Update on Property Sales Programme: 16 properties sold at 4.8% below NAV av. 6.2% realised loss after fees. I hold.
Styles & Wood Group (STY) wins fit out worth £38m over 72 weeks. I hold.
Game Digital (GMD) deal to have concessions in Sports Direct stores and fund rollout of BELONG and GAME stores. Sports Direct loans £20m working capital facility and a £35m capital expenditure facility, which GAME may utilise to fund venues. Interest is 2.5% above Barclays Bank base rate

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timarr 12th Feb '18 2 of 4

Hi matylda

The market seems to disagree with you today on Lok'n Store (LON:LOK). The company is basically valued on its underlying assets rather than on earnings. I can't say I completely understand the reasoning behind this, but anyway I assume the bounce this morning is based on the prospect on another upward revaluation.

I hold, but I continue to wonder whether the price is influenced by AIM IHT investors. A lot of my AIM holdings are still on quite high multiples and if this or a subsequent government decide to scrap that I wonder what the impact on those prices will be ...


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matylda 12th Feb '18 3 of 4

In reply to post #314038

Lok'n Store (LON:LOK) is certainly interesting, I have actually asked "our Graham" to comment if he has time.

AIM IHT - Hopefully they will not meddle!

Blog: Briefed Up
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timarr 12th Feb '18 4 of 4

In reply to post #314068

AIM IHT - Hopefully they will not meddle!

I don't deal in future certainties but I'm weighting my expectations towards some changes in that direction. John Lee thinks so, and has started to cut back on his AIM holdings. AIM IHT probably isn't the highest priority for any administration, capital gains would be a more direct target, but we know there's a Treasury consultation on IHT already.

I don't like letting the tax tail wag the investment dog, but this is one area where I expect to make some portfolio changes over the next few years.


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