Good morning. A quick & relatively early report today, as a lunchtime meeting in London beckons. As the sun is shining, I might even dust down my bike and take it with me on the train - there's nothing quite like turning up at meetings drenched in sweat!!

Mar City (LON:MAR)

The fallout from 4pm Friday's shock profit warning continues today, with the share price down another 21% to 52.5 at the time of writing. Whilst this is now below NTAV, given the appalling lack of financial control demonstrated in Fri's announcement (retracting an inline trading statement just 3 weeks earlier and almost halving estimated profit for 2014), then I don't think any of the figures coming from this company can be relied upon at the moment. They need to get a new, and credible FD in place, and have the 2014 figures audited, before I would be prepared to look at these shares again.

I'd want a very deep discount to NTAV to even consider taking a punt on these shares now. Everything has changed. The house broker has this morning withdrawn their estimates too.

The proposed property transaction with management is dreadful I think. If I held shares, I would vote vote against it. If mgt owe the company money, then they should pay it in cash, with interest. It's their problem to dispose of property to raise the money, why should that be foisted onto the company in lieu of cash payments? Or at the least, the properties should be sold at a discounted price, which would be in line with the open market fire sale value of those properties, not a theoretical price calculated by a professional valuer.


Audioboom (LON:BOOM)

This was a nice little speculation last year, but looking at the results today, I'd say you'd be pretty crazy to still be holding the shares. Revenue for the 11 months to 30 Nov 2014 was only £51k! So the combined efforts of all the people in this company can only generate the same sort of turnover as a self-employed individual doing something moderately technical.

The adjusted operating loss was £2.1m, rising to £3.9m after exceptionals and share based payments.

Audioboom is a nice app, which I use myself. But seeing these figures, if I held the shares I would have immediately sold. They clearly have a big…

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