Good morning, it's Paul here with the SCVR for Friday.

Timing - I've got a conference call with management of a company at 14:00, so there might be a gap before I look at the next company here later, Fulham Shore (LON:FUL)

Please note that I did a detailed section on Revolution Bars (LON:RBG) (I hold) late last night, as it took hours to plough through a complicated & very detailed results statement. If you're interested, here is the link to yesterday's full report, including RBG. I might do a shorter summary here later. Or just skip to the "My opinion" part in yesterday's report if you don't want all the detail.

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Furlough Scheme

It's been announced that this has been extended again, from end Mar 2021, to end Apr 2021. That's helpful for companies/sectors under pressure. Although we saw yesterday, highly critical comments from bosses of Wetherspoons & Rev Bars (I hold) about Govt policy.

Telit Communications (LON:TCM)

Swiss tech company u-blox announces that it's got an extension to the Takeover Panel's put up or shut up [rule 2.6(a)] deadline today. It now has until 18 Jan 2021. Talks are continuing. Sounds like u-blox wants to strike a deal with Telit.

United Carpets (LON:UCG)

(I hold, a very small position)

De-listing & tender offer.

There's no point in tiny companies maintaining a stock market listing, if there's no realistic chance of growing into something more substantial, and nobody is interested in supporting fundraisings. UCG agrees, and announces today that it's de-listing. Usually a disaster, as that can trigger a c.50% instant share price fall. Not in this case, I'm pleased to say. The controlling shareholders are offering to buy out minority shareholders at 6.25p, a c.19% premium.

I'm happy with that, and will take the money rather than holding shares in an unlisted company.

Although on second thoughts, I note that the tender offer is being funded from the company's own cash! Therefore it might make more sense to keep my shares, and hold a bigger proportion of the company, for free, holding out for a better future price, and/or receiving divis in future from when it's a private company. I think management seem ethical, and hopefully would not run the business in a way which is detrimental to minority shareholders.…

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