Member Info for OliG

Well HLMA certainly has momentum if you look at the 5 year share chart. What's the minimum period of time you consider when evaluating whether a share has momentum?

OWLS, I’m guessing you are more of a trader than I am. However, the trouble with buying a share on momentum is knowing when that momentum runs out. You say it was a good share when it had momentum i.e. in September last year when it peaked at £40. So why was it good then but not good now when I can buy the same share for less than half that? In the long term it’s the fundamentals of the business that matter. If it grows at 20% a year for the next few years as I suspect it will, it won’t be long before its back to £40. In the mean time it might be volatile as the market tries to work at its value.

A quiet board for a very exciting company. Following the trading update at the end of October I took the plunge on this one and am eagerly looking forward to next weeks interim results. Organic revenue growth of 18% underpinning successful acquisitions is a powerful combination.

I'm new to this share having bought it at the start of the month after watching from the sidelines for a long time. For me the most exciting potential is to grow the US market and with expectations of 34% growth just announced I think history will show now to have been a great entry point for this share.

I don't want to plug other shares on this board but on the same day I invested equally in Halma, Fevertree and GB Group. I was basically looking for UK companies with strong growth stories that were not too small. I.e. big enough not be easily blown off course and to have a strong track record but not so big as to struggle to attain double digit growth. Finally they had to be reasonably priced and not over geared. My plan is to be a long term holder of all 3.

Wow I wish all my investments got off to a start like this.

This is a quiet board for such an exciting company. Interim results are out in 11 days, what are people expecting? I've just invested in this one after doing a little research. It originally came to my attention because Smithson is invested and they know their apples. Difficult to value but they have a good growth story and in the long run that's the most important thing in my opinion.

There were some big purchasers yesterday. Someone bought £73k worth. When I bought in I had to do it in 4 small parcels to get the position I wanted. Liquidity is not great in this stock because it is relatively small and they don't issue new shares but you should be able to get one with a decent broker. Who do you use?

Figgsey, its important to understand that LTI is not a normal investment trust in one key aspect. 51% of its net asset value is a 25% stake in Lindsell Train Limited which is the company that manages all the Lindsell Train funds. The company's external accountants do a valuation of those shares because there is no market value as with all the other investment holdings. The premium is therefore investors saying they believe the value of Lindsell Train Limited is higher than that calculated by the accountants. I am in the camp. If you look at the growth of Lindsell Train over the last 5 years it has been phenomenal. This growth has been achieved because LT funds have performed consistently well and therefore the funds under management have grown. They are now £22.1 billion. A year ago they were £16.1m so the growth continues.

Not a lot it would seem. I've just bought this stock this morning after watching for a while. I think the price now represents great value for a company set for substantial growth.

The total cost of the acquisition including debt acquired is Euro 1.1 billion or about £800m. The Rights issue is for £451m with the balance being funded by cash, debt and £100m of shares. A good deal for us.

Rights Issues are always discounted otherwise why would people be invest. The level of the discount is immaterial.

Yeah, dilution of 0.1%. Terrible.

I've been called worse.

Nonsense. The UK partner signed off the audit. That means he would have been responsible for the audit and if they have not done a good job he will answer for it.

Good. How do you know that Doberman?

Actually the auditors are UK based. Their address is clearly stated in the auditors report. The audit report was signed off by Leo Malkin of Crowe Clark Whitehill. If you visit Crowe Clark Whitehills website you will see he is an audit partner based in London.

They are just sells from earlier on reported late. They won't be all sells its just they are quoted against the price at closing which was higher than when they actually went through so the system automatically posts them as sells. If they were all sells the price would be down 6% not up 6%.

I don't know what anyone else thought but I was pretty disappointed by theses results. Turnover in the third quarter at €22.5m was 36% lower than last quarter. Based on the first half results and the forecast for the year of €145.2m I had pencilled sales of about €38m which based on last quarters of €35.4 I thought was modest. Profit also fell for the 3rd quarter. The wording of the interims at the end of September gave no indication of this and the trading statement implies a much rosier picture.

Some large buys going through at the end of the day.