Good morning, this is the placeholder for Tuesday morning. It's Paul here.

Many thanks for the positive comments about my video review of the AIM admission document for Loungers (LON:LGRS) - hopefully this might encourage subscribers here to delve into these large documents, which can seem quite daunting. I tend to get about half way through reading them (if that!) normally, and then abandon them on any flat surface in my office. Never to be completed.

To properly read an admission document is quite a big time & effort though. I'd estimate that to properly read, and think about the LGRS AIM admission document probably took me about 5 hours of quality time - i.e. time when there's nothing else going on - so it has to be outside market hours, TV switched off, and nobody else in the vicinity making any noise. In practice then, unless you're superhuman, the only time to properly immerse yourself in an admission document is at weekends, and only if you're a hermit, or an insomaniac!

No wonder that, very often, many of us make quite significant investments, without having properly read the admission document, or not having read any of it.

I finished off reading the rest of the LGRS admission document yesterday afternoon. So I'm aiming to record Part 2 of the video at some point in the next few days. That seemed a better use of my time than reporting on Kier, or Fulcrum, which were on my to do list, but seemed things where I didn't have any value add.

See you in the morning!

7-8am quick comments

Cloudcall (LON:CALL)

 (I hold a long position in this share)

Contract win - "significant new contract with a major U.S. staffing firm".

Contract value is for a minimum of £1.1m over 3 years, so almost £400k p.a.

That's say £367k next full year FY 12/2020, which is 2.4% of £15.3m forecast revenues. So not material in terms of revenues, but being a high gross margin business, there's a leveraged impact on the bottom line from new business. Revenues are mostly recurring, and customer churn is low.

Buried in this announcement is an upbeat-sounding trading update;

This major contract win continues what has been a strong start to 2019

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