Good morning!

Brady (LON:BRY)

I'm busy preparing for another interview with Gavin Lavelle, CEO of Brady (LON:BRY). He asked for an opportunity to respond to the points I raised in my report here on 21 Mar 2016, which was critical in parts.

If fundamentally sound companies want to engage, then great, I'm happy to do so. Indeed I enjoy helping sound companies and private investors communicate with each other, whether or not I hold the shares personally. I won't waste your time with dodgy resource stocks, or blue sky nonsense. Let's see if Gavin can be persuasive enough to tempt me (or you) back into Brady shares!

EDIT - all done - here's my new interview this morning with Brady's CEO (audio, 26 minutes)

IT improvements

Good news re the annoying HK tickers that sometimes pop up in these reports - Ed has tweaked the coding so that the £ symbol before a ticker will now only pull up UK companies. Hoorah!

Also, I was given some re-training yesterday on a better way to insert pictures into my reports. So hopefully we should not get a repeat of past technical problems where sections of the reports disappear. It's fair to say that my relationship with computers is, at best, an uneasy truce!


At 12pm I have a (non-recorded) call with another company CEO to learn about his recently floated company. So if it sounds any good, I'll let you know. Therefore, timing-wise, most of this report will get written this afternoon, and possibly this evening.

Incidentally, I added loads more sections to yesterday's report last night. So please do have a recap on that report here whilst you're waiting for today's report to gestate. It's so busy at the moment! I can't cover everything, but do my best to report on the most interesting announcements.

Tracsis (LON:TRCS)

I should also mention that the CFO of Tracsis emailed me yesterday to point out that the deferred consideration creditors on their balance sheet should be self-funding. So the deals have been structured as earn-outs. This means that challenging profit & cashflow targets have to be hit, in order to trigger the payments. To be prudent, the company has booked the maximum possible earn out onto its balance sheet.

This is a really important point, as it…

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