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Matt - good point (and one I totally ignored as I hold my shares via an ISA) - I'd have to run a spreadsheet to work out the difference between the net impact of the 2 if you pay tax on your holding. But the gist is the same - the price is down to balance out the divi.

Feel free to send over any divi's that you forget about :) I only bought in yesterday to make sure I secured it.

The Share went ex-dividend today. If you bought the share yesterday, you receive the upcoming £0.04/ share dividend, if you buy it today, you don't. Therefore the market price will factor in the 'loss' of that dividend to the share price - LGEN has fallen from about 211.5 last night to about 207.5 this morning.

I'm less impressed having looked a little deeper than the top line #'s - operating profit pre-royalties is down from �15M to �11M and overall Operating Profit is just under �17M - not sure where you are getting �24M from (cash generated was just under �27M. I worry a little that the core business is declining and it's masked by the extra royalties. On the other hand if they keep paying out cash at the recent rates then I'm pretty happy.

cascudi wrote: "time to buy?" My non-expert opinion is that it's a punt right now - last year's results are due in about 3 weeks and could set the tone - we already know they will be above market expectations of about £16M profit, but that's because of strong licencing income - if the core business underneath licencing looks weak, then no, but if it is holding up, then I think it could be good value. Especially if any final dividend is announced - I bought in at about £5 a share, and the £0.20 interim dividend represents 4% which is decent, anything extra should push up the price I would have thought, but if you are after capital growth as your #1, then it's risky if a major shareholder (L&G) is dumping stock and people are nervous around Brexit. But it's all opinions, mine could be totally wrong :)

Also, if you check the RNS feed at the top of the page, L&G have dumped about 300k (shares, not cash) of their holding in the last week or so - that sort of volume will push prices down.

Got this link off someone on Dakkadakka - it's supposed to show the number of people who activated a game on Steam - I don't know if you have to activate steam to use it at all (i.e. this is total ownership) or if you could run it standalone without Steam (in which case this is a baseline and the true sales could be much higher). This is also assuming this number is reliable - no idea about how it works/ authenticity - so apply salt as desired. Anyway, this is saying "Owners: 642,364 ± 19,952" http://steamspy.com/app/364360

A very healthy period for royalties it seems - they've just put out a trading update (6/6) to say FY 2016 profits will be ahead of expectations because of higher licensing payments :)

Looks like Total War: Warhammer has been a great success: http://www.pcgamer.com/total-war-warhammer-is-the-fastest-selling-total-war/ http://www.gamespot.com/articles/total-war-warhammer-breaks-franchise-sales-records/1100-6440270/ I don't know if this will mean any additional royalties, but at the least it's great marketing, and GW have set up their webstore to direct casual buyers to the 'in-game' models easily which could mean some extra sales. I'd guess most of the uplift will be in next year's figures, not the year ending tomorrow, but nice to look forward to.

Cheers Jarcon - much better memory/ knowledge than me :) Seeing as we are about a week from year end, I'll be interested to see whether the change in direction in the tabletop gaming side is having a beneficial impact when the report comes out. In my demographic (40's old timers) the new boxed sets are going down very well, whether that equates to better sales overall remains to be seen.

Re: Royalties etc, from page 2 (numbered page 1) of the 2015 Annual report (http://investor.games-workshop.com/wp-content/uploads/2015/07/May-15-stats-final-27-July-15-with-cover.pdf), Royalties Receivable in 2015 were £1.5M vs £1.4M in 2014, about 9% of Operating Profit or just over 1% of sales. I don't know how the contracts are constructed, whether it is a flat licensing fee or one with royalties built into the back end. I would suspect the latter (especially for big projects like Total War), but maybe the former for some of the lower end mobile gaming licences they have been throwing around like confetti of late. In 2013 Royalties were £1M and in 2012 they were £3.5M - I would guess that large # links to the Dawn of War series, but happy to be corrected.