Good morning, it's Paul and Roland here with the SCVR for Monday.

Timing - today's report is now finished.

Agenda -

Paul's Section:

Ted Baker (LON:TED) - delayed audit but confirms results will be in line with expectations. I review the situation, and conclude that risk:reward seems unfavourable, with too much (yet to happen) upside turnaround already priced-in. Also there has been large dilution, limiting the upside on the share price.

Cloudcall (LON:CALL) (I hold) - a reassuring "in line" update today, from this serial under-performing, heavy cash burning IT/telecoms company. Its main sector, recruitment companies, is in a strong V-shaped recovery. I haven't completely lost faith in CALL, so am happy enough to continue holding a small position after today's update.

Electra Private Equity (LON:ELTA) (I hold) - I re-crunched the numbers over the weekend, so a quick update on this very interesting de-merger situation. It looks an attractively cheap way into 2 upcoming IPOs for TGI Fridays, and Hotter Shoes, both of which I think are likely to be successful standalone shares.

Roland's Section:

Mj Gleeson (LON:GLE) - this housebuilder and land specialist is trading ahead of expectations. Gleeson has attracted some savvy institutional shareholders, but is there still value for buyers?

Gresham House Strategic (LON:GHS) - this small cap investment company has put its asset manager on notice and announced plans for a strategic review.

Mello - tonight

The regular online investor evening starts tonight at 18:00

More information here:

Ted Baker (LON:TED)

180p - mkt cap £332m

Change to Full Year Results Date

Ted Baker Plc, the global lifestyle brand, announces that its preliminary results for the 53 weeks ended 30 January, will now be published on 10 June 2021 (previously 27 May 2021).

The reason given is disruption caused by covid on the audit process.

Really? Practically everyone else seems to be managing alright.

Which does make me wonder if there might be an issue over the going concern assurances need by the auditors? Although checking back to my notes here on 11 Feb 2021, TED had plenty of liquidity, and undrawn bank facilities at that time. Its last balance sheet looks solid. Hence going concern probably wouldn’t be an issue now.

Most importantly,…

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