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I bought these shares last monday as I had read that the results were likely to be good. And so it proved. Photo-me has a cash balance of £40.7 million, which is excellent news. No borrowing required from the banks to provide money for growth. But the big story is not the cash balance but Asia, especially the inroads that Photo-me can make in China. It already has 250 photo booths in Shanghai, but licensing agreements in other cities will surely follow. As more Chinese people move to the cities, more people will require photo identification. First mover advantage really is an advantage.

Can't remember if RNS was mentioned to be honest. Nor was there any indication of when he bought Lonrho and whether he had recently increased his holding. But this FT article gives a snapshot of his current view and some of his preferred shares including Cape, Entertainment One and China Meditech. http://www.ftadviser.com/InvestmentAdviser/Investments/News/article/20110603/749e32c6-8d43-11e0-8595-00144f2af8e8/Growth-opportunities-dwindling-says-MFM

According to this week's Shares magazine, which I read yesterday, Mark Slater's MFM Slater Growth fund has 3% of its investments in Lonrho. I bought some Lonrho at 47p a while back but I was fortunate enough to buy some more at 4p last year. But seeing that Slater Jnr is backing them I am tempted to buy some more to get that all important pound cost avearging. On the other hand, I am now well in profit so I might do nothing and enjoy the ride.