Good morning! Here we go again, another week of reports. It's quiet for news today, so a leisurely start to the week.

New audiocast - for anyone interested, who hasn't already come across it, I published a new audiocast yesterday, interviewing renowned investor Richard Crow (@RebelHQ on Twitter). Richard (rightly) has a large following in the private investor community, and he gave us some fascinating insights into his investing approach - based on common sense, turnaround situations, some contrarian thinking, and charts signaling to him when sentiment is improving. Lots of thought-provoking comments, so well worth a listen - click here.

Mello Bloomberg - another event from David Stredder! He's teamed up with Bloomberg, who are kindly hosting a one-off event at their London HQ, which I am told is a pretty funky & exciting place to visit. The hospitality is excellent too, I am reliably informed. Speakers for the tech-themed evening include Mark Slater, and Ben Rogoff of Polar Capital. Networking over drinks and a buffet, will follow.

This unique event will be held on Thu 12 Mar 2015, from 5pm-approx. 9:30pm. No doubt we will spill out into a nearby pub at the end. To book your ticket, please use this link. NB! We have a special Stockopedia discount code, so if you enter DISCSTOCK you will get £14 knocked off the ticket price (reduced from £49 to £35). Hope to see some of you there!


Quarto Inc (LON:QRT)

Share price: 156p
No. shares: 19.7m
Market Cap: £30.7m

Refinancing - this book publisher has entered into a new four-year syndicated bank facility with four banks. It's a mixture of overdraft and term loan, but no financial details are given.

I wonder how much the banks stung them for, in arrangement fees? I bet it was a hefty amount.

My opinion - it's good to see the banks being supportive, but what if they hadn't been? The company could have sunk under the weight of its excessive debt.

As covered in my report of 2 Feb 2015, the debt situation here is clearly excessive (which the company tacitly admits, with frequent comments in its announcements about the need to reduce debt). It is strange that the company continues paying generous dividends, whilst having a weak balance sheet with far too much debt. That seems reckless to me.

The EBITDA figure is meaningless,…

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