Independent Media Distribution Share Discussion Threads

[ro4dhog] 04/6/2007 11:15

Red Hot Penny Shares, I was one of the buyers this morning :)

[veryniceperson] 04/6/2007 10:57

Thanks Ro4dhog, can you tell where please.

[ro4dhog] 04/6/2007 09:02

was tipped at weekend.

[veryniceperson] 04/6/2007 08:24

Anybody no the reason for the rise today, can't find anything.

[hastings] 25/5/2007 11:50

Very good news indeed

[veryniceperson] 25/5/2007 07:57

Independent Media Distribution PLC

AGM Statement



David Haynes, Chairman of Independent Media Distribution PLC ("IMD"), the UK's
leading digital distributor of advertising commercials, music videos and data to
TV & radio broadcasters, made the following statement at the Group's Annual
General Meeting:



"I am delighted to report that trading for the period to 30 April 2007 has been
strong with Group revenues for the first four months of the new financial year
well ahead of the same period last year. The Group is therefore generating
strong positive cash flow and as a result, net borrowings have been reduced by
more than #0.5 million since the year end".



"I am also pleased to inform shareholders that IMD's buoyant trading is also
enabling the Group to invest in developing its business beyond the UK and into
mainland Europe. There are opportunities in a number of major European
countries where digital distribution into TV broadcasters is almost
non-existent. While this is at an early stage, the Board is encouraged with
progress to date".



"At our Preliminary Results announcement on 6 March 2007, we noted that in 2006
IMD had successfully delivered on its corporate strategy of developing the
digital distribution of TV commercials into being the Group's largest activity
by revenue. We also stated that IMD had been trading profitably in each month
since September 2006. It is therefore pleasing to confirm this trend has
continued with profitability having now been achieved in every month of the new
financial year and that our television-related revenues continue to grow
strongly".



- ENDS -

It seems IMD are moving along nicely now and we should see much stronger. growth. Liked the bit that said developing in main land Europe.

[hastings] 06/3/2007 07:58

Very much as expected, i don't see anything suggesting that we will see any immediate upside. It will be interesting to see what Bridgewell have to say in their next note as they were pretty spot on with todays numbers. Previous estimate for 2007 was a £700k profit and EPS of 1.5p

[veryniceperson] 06/3/2007 07:42

Simon Cox (Chief Executive)
David Haynes (Chairman)
Independent Media Distribution
Tel: [phone]
Corporate Website:
www.imdplc.com


Alistair Mackinnon-Musson
Nicola Savage
Lorette Nettar - Trade Press Enquiries
Hudson Sandler
Tel: [phone]
Email:
[e-mail]



Independent Media Distribution PLC

Preliminary Results


Independent Media Distribution PLC ('IMD') the UK's leading digital distributor
of advertising commercials, music videos and data to TV & radio broadcasters,
announces its Preliminary results for the year ended 31 December 2006.

In 2003 the Board of IMD took the strategic decision to diversify its business
into the digital distribution of TV commercials. Previously the Group's core
business was almost entirely based on the smaller market of distributing radio
commercials. The period since has been one of significant investment for the
Group, during which considerable start-up costs have been incurred in order to
launch the new TV related business.

In FY 2006 we can now report that IMD successfully delivered on its intended
corporate strategy, in that revenues from distributing TV commercials have now
become the largest element of the Group's turnover. IMD has also been trading
profitably each month since September 2006 to date.

IMD is at the forefront of a structural change that is taking place in the media
distribution sector, as it migrates towards digital technology from using
traditional methods (eg tapes, couriers and faxes). The substitution of 'new
for old' is creating rapidly growing new markets and fuelling IMD's growth.
Moreover, IMD is winning market share in this fast expanding market.

In December IMD acquired Optimad Media Systems Limited (now IMD Optimad) for
£3.64m including costs and £555k of acquired cash. IMD Optimad operates a
directly complementary service to IMD, providing the Industry Standard web-based
administration service for TV advertising campaigns. Last year Optimad was
profitable and anticipated annual savings from integration of £200k have already
been realised. The acquisition was immediately earnings enhancing at Group
level.

Highlights

• Successful corporate strategy has established TV commercial distribution as
the Group's largest revenue source

• Group Turnover up 16%

• Group has traded profitably since September

• Positive operating cash flow

• Optimad acquisition is earnings enhancing; its integration strengthens the
combined business and the anticipated cost savings of £200k have already
been realised

• IMD is winning market share

Commenting David Haynes, Chairman, said:

'We remain focussed on using online digital technology to replace traditional
distribution methods for moving content and data. Our core proposition links
the industries we serve, both more efficiently and at lower cost'.

'The appointment of Simon Cox as CEO in May 2006 and a strengthened management
team gives the Group confidence it has the capacity for further business
development. The purchase of Optimad is the first stage in this strategy,
broadening and strengthening our range of activities within our core markets'.

About IMD

Founded in 1996 and working with 17 of the top 20 advertising agencies, AIM
listed IMD is the UK's leading digital distributor of advertising commercials,
music videos and data to TV & radio broadcasters. Distributing these 'packages'
digitally is by far the most efficient method of doing so and it explains why
the sector is rapidly migrating towards using electronic means and away from
traditional methods (eg tapes, couriers and faxes).

IMD TV and IMD Radio specialise in distributing TV and radio commercials from
brand owners, creative advertising agencies and post-production studios to TV &
radio broadcasters. Although IMD began solely in radio (and it still
distributes around nine times more radio commercials than its nearest rival), TV
now represents the largest proportion of the Group's revenues. IMD Fastrax
distributes pre-release music & music videos to broadcasters on behalf of the
music industry. IMD Optimad operates the Industry Standard web-based
administration service for TV advertising campaigns.


The Chairman's Statement follows:


Independent Media Distribution PLC

Preliminary Results

Chairman's Statement

I am pleased to announce the Group's Preliminary results for the year ended 31
December 2006.

Background

Independent Media Distribution PLC ('IMD') is the UK's leading digital
distributor of advertising commercials, music videos and data to TV & radio
broadcasters.

In 2003 the Board of IMD took the strategic decision to diversify its business
into the digital distribution of TV commercials. Previously the Group's core
business was almost entirely based on the smaller market of distributing radio
commercials. The period since has been one of significant investment for the
Group, during which considerable start-up costs have been incurred in order to
launch the new TV business.

In FY 2006 we can now report that IMD successfully delivered on its intended
corporate strategy, in that revenues from distributing TV commercials have now
become the largest element of the Group's turnover. IMD has also been trading
profitably each month since September 2006 to date.

IMD is at the forefront of a structural change that is taking place in the media
distribution sector, as it migrates towards digital technology from using
traditional methods (eg tapes, couriers and faxes). The substitution of 'new
for old' is creating rapidly growing new markets and fuelling IMD's growth.
Moreover, IMD is winning market share in this fast expanding market.

In December IMD acquired Optimad Media Systems Limited (now IMD Optimad) for
£3.64m including costs and £555k of acquired cash. IMD Optimad operates a
directly complementary service to IMD, providing the Industry Standard web-based
administration service for TV advertising campaigns. Last year Optimad was
profitable and anticipated annual savings from integration of £200k have already
been realised. The acquisition was immediately earnings enhancing at Group
level.

We remain focussed on using online digital technology to replace traditional
distribution methods for moving content and data. Our core proposition links
the industries we serve, both more efficiently and at lower cost.

The appointment of Simon Cox as CEO in May 2006 and a strengthened management
team gives the Group confidence it has the capacity for further business
development. The purchase of Optimad is the first stage in this strategy,
broadening and strengthening our range of activities within our core markets.

Results

31 December 2006 31 December 2005

Turnover £4.34m £3.73m
Loss before tax* £(0.18m) £(0.28m)
Loss after tax* £(0.13m) £(0.24m)
Loss per share (basic & diluted)* (0.39p) (0.70p)
Loss per share after AIM admission costs (0.48p) (0.70p)
Dividend per share 0.975p 1.30p

* before AIM admission costs of £33k


In September 2006 the Group began trading profitably and has continued to do so
since. Revenues grew 16% across the year and 19% in the second half, despite a
difficult advertising market. TV commercial distribution revenues grew 87%
during the year and 124% in the second half. Overall the company returned a
small loss in the second half and a loss across the year, reflecting the sharp
drop in the radio advertising market in the second half.

During the year operating cash flow (defined as trading loss, plus depreciation,
amortisation and share option charges, less investment in tangible and
intangible assets) improved by £984k from £555k negative to £429k positive and
now represents 10% of sales. Depreciation and amortisation, at £1.54m (2005:
£1.36m), was significantly higher than investment of £1.03m (2005: £1.62m) and
reflects the reducing capital costs of building our TV related business. The
cost of goods sold as a percentage of sales reduced significantly during the
year, as more sites for distribution converted to electronic delivery from tape.

Optimad's turnover for 2006 was £1.06m, showing a pre-tax profit of £156k
excluding restructuring costs, however, only ten day's of trading were
consolidated into these accounts, as the business was acquired by IMD in late
December 2006. Optimad's combination with IMD has already realised £200k of
planned annual savings between the two businesses, without any reduction in the
quality of either company's services. Optimad's tax losses carried forward of
over £3m will assist the Group's future cash flow.

The loss per share for the year was 0.48 pence, compared with a loss of 0.70p
for the previous year. At the time of the statement made upon the acquisition of
Optimad in December, it was indicated we planned to conserve our cash resources
in order to take advantage of the growth opportunities that are available to us.
Accordingly it was stated that we planned to reduce the Group's dividend in
the immediate future. A final dividend of 0.325 pence per share (equivalent to
half the previous rate last year) will therefore be proposed and, if approved,
will be paid on 1 June 2007 to shareholders on the register at 18 May 2007.
This gives a total dividend for the year of 0.975 pence per share, compared with
1.30 pence per share in 2005.


David Haynes
Chairman
6 March 2007


CEO's TRADING REVIEW

I am pleased to report that in line with the Board's strategy set in 2003, to
establish IMD at the forefront of distributing TV commercials digitally (and
away from a business dominated by radio distribution) that revenue from our TV
advertising operations grew 87% over the year, with the second half growing by
124%. This achievement is well ahead of the first half growth of 42%,
establishing TV advertising distribution as our largest revenue stream for the
Group, accounting for 45% of revenues for the year as a whole and over 50% of
revenues in the second half.

In total, Group revenues grew by 16% across the year, with the growth rate
increasing during the year as TV commercial distribution outperformed the
continued decline in radio commercial distribution.

Growth in TV was driven by the structural change taking place in our industry,
as referred to in the Chairman's Statement, where customers are converting from
traditional methods of distributing commercials, to IMD's digital file based
system. In this fast changing marketplace, IMD is winning market share from a
combination of taking business from competitors and by growing at a faster rate
than the industry's substitution of 'old methods for new'. Additionally, our
average order size also grew, as IMD completed its network for file delivery to
all the major broadcasters.

The market for distributing radio commercials had a difficult year, reflecting
the state of the sector as a whole. A first half decline of 10% year on year
deteriorated further in the second half, giving an overall decline of 15% for
the year. This downward shift in radio vindicates the Board's decision to
strategically re-align the business to make TV distribution the Group's primary
focus.

IMD's Fastrax service for distributing music videos and audio to broadcasters on
behalf of the music industry grew by 17% year on year. The main driver for
this growth was the delivery of broadcast quality music videos, which has been
adopted by more record labels.

During the second half of 2006 considerable effort was put into increasing
efficiency and controlling costs. The benefit is that our overhead costs are now
stabilised and costs of goods sold has fallen compared with revenue.

The Group consolidated 10 days of Optimad's trading in these accounts, following
its acquisition on December 21 2006.

Outlook

The traditional IMD businesses, excluding Optimad, have traded profitably since
September 2006 and IMD Optimad has continued to trade profitably. January and
February have seen strong advertising volumes for both the TV and Radio segments
and this has been reflected in IMD's like for like trading, with sales ahead of
last year. It should be noted, however, that in our industry, the months of
January and February are often not a reliable indicator of business trends for
the year as a whole of which, as ever, we have limited visibility.

There have also been further account wins for IMD in TV distribution, which will
add to the account wins in 2006 and will benefit the Group during 2007. So,
whatever the out turn of the market as a whole, the business itself continues to
improve its position.

In contrast with the core of IMD's business, most of IMD Optimad's revenues are
highly visible as they are contracted on a long-term basis, or are recurring and
are not sensitive to the state of the advertising market. IMD Optimad has a
strong pipeline of new projects that can add to this revenue.

As a Group, IMD is now well positioned as the pre-eminent provider of media
logistics to the advertising and music industries, to continue to expand upon
its range of services in these sectors.

I would like to welcome the employees of Optimad, led by Andy Troullides and
Isaac Levy, to the IMD Group. Since I joined in May 2006 there has been
excellent teamwork from everyone at IMD, which I know will now be enhanced in
the enlarged group.


Simon Cox
Chief Executive
6 March 2007



CONSOLIDATED INCOME STATEMENT

2006 2005
£'000 £'000

TURNOVER 4,336 3,729

Cost of sales and overheads, less other income (4,533) (4,079)
------------- -------------
TRADING LOSS (197) (350)

AIM admission costs (33) -
------------- -------------
OPERATING LOSS (230) (350)

Finance Income 22 68
-------------- --------------
LOSS BEFORE TAX (208) (282)

Tax credit 41 47
------------- -------------
LOSS FOR THE YEAR (167) (235)
======= ======

LOSS PER SHARE

BASIC AND DILUTED (0.48p) (0.70)p
====== ======




CONSOLIDATED BALANCE SHEET

2006 2005
£'000 £'000

ASSETS
Non-current assets
Intangible assets 3,355 604
Property, plant and equipment 886 1,357
Deferred tax assets 408 -
------------ ------------
4,649 1,961
------------ ------------
Current assets
Trade and other receivables 1,774 1,179
Current tax assets - 25
Cash and cash equivalents 543 813
------------- -------------
2,317 2,017
------------ ------------
6,966 3,978
====== ======

EQUITY
Capital and reserves attributable to the Company's
Equity shareholders
Called up share capital 3,415 3,367
Share premium account 86 6
Other reserve (1,520) (1,642)
Retained earnings 805 1,412
------------ ------------
Total equity 2,786 3,143
------------ ------------

LIABILITIES
Non-current liabilities
Deferred tax liabilities 173 252
------------ ------------
Current liabilities
Bank loan 3,000 -
Trade and other payables 975 583
Current tax liabilities 32 -
------------ ------------
4,007 583
------------ ------------
Total liabilities 4,180 835
------------ ------------
Total equity and liabilities 6,966 3,978
====== ======



CONSOLIDATED CASH FLOW STATEMENT

Year to 31 Year to 31
December 2006 December 2005
£'000 £'000
Cash flows from operating activities
Loss for the period (167) (235)
Adjustments for:
Tax credit (41) (47)
Finance income (22) (68)
Depreciation and amortisation 1,539 1,361
Loss on disposal of fixed assets (5) 11
Exchange rate differences 2 -
Share option charge 122 53
Increase/(decrease) in trade and other receivables (399) 116
(Decrease)/increase in trade and other payables 90 (196)
-------------- ---------------
Cash generated from operations 1,119 995
Tax repaid/(paid) 20 (237)
-------------- ---------------
Net cash generated from operating activities 1,139 758
-------------- ---------------

Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired (3,086) -
Purchases of property, plant and equipment (443) (953)
Proceeds from sale of property, plant and equipment 5 3
Purchases of intangible assets (592) (666)
Interest received 32 72
Interest paid (10) (4)
-------------- ---------------
Net cash used in investing activities (4,094) (1,548)
-------------- ---------------

Cash flows from financing activities
Issue of shares 128 -
Proceeds from borrowings 3,000 -
Dividends paid to Company's shareholders (443) (438)
-------------- --------------
Net cash used in financing activities 2,685 (438)
-------------- ---------------

Net decrease in cash and cash equivalents (270) (1,228)
Cash and cash equivalents at beginning of year 813 2,041
-------------- --------------
Cash and cash equivalents at end of year 543 813
======= =======




ACCOUNTING POLICIES

1. This preliminary announcement is prepared on the basis of the accounting policies as stated in the last
annual accounts.

2. ANNUAL REPORT

The information in this announcement, which was approved by the Board of Directors on 5 March 2007, does not
comprise statutory accounts. The statutory accounts for the year ended 31 December 2005 have been delivered
to the Registrar of Companies and included an audit report which was unqualified and did not contain
statements under s237(2) or (3) of the Companies Act 1985 (the Act). The statutory accounts for the year
ended 31 December 2006 will be delivered to the Registrar of Companies in accordance with Section 242 of the
Act.


- ENDS -

[wjccghcc] 05/2/2007 12:17

Well I've just bought a few at 39p. Chrysalis was relatively upbeat on the radio advertising market this morning with growth of 5% since the New Year. If this is sustained then the pickup at IMD will be rapid. Of course it could just be a blip like last spring ...

[larousse] 07/1/2007 21:26

Hastings / VNP,

Hope you both had a good weekend.

It's a nice article – but I wonder why only an obscure rag (for me anyway) picked up on it?

The purchase by the CEO is a signal to the market I guess – saying that all is well even if the move to AIM wasn't the best idea with hindsight. For me though (with my current mindset on IMD) it falls into the gesture category at £14k or whatever it is.

In his shoes, if the current price is better than his options deal, and I had knowledge of the market and I thought this was the bottom – I'd mortgage the house for a cert...

I'm sure you would too.

When a CEO owns less shares in his company than I do, I find it difficult to see him as anything other than a salary man.

Still smarting really, that I fell in love with these and got thrown to the MM's with my ISA holdings that I had to sell (they offered me 4p less than the market price – which I know is what happens when you need to sell outside NMS on an illiquid share, but I hadn't envisaged selling - until the IMD board forced my hand that is).

Can't blame anyone else for my decision though, and I did wonder when the director legged it last year if there was something to worry about. You got my other thoughts on that with post 131 – re the proposed dividend cut too.

Anyway, as I've said above, I'm still in with the SIPP & Nominee shares, but it will have to be a good story to tempt me back in before March.

If I miss the boat, I'll have caught it somewhere else, so it won't be the end of the world.

[hastings] 07/1/2007 19:37

Nice one VNP

[veryniceperson] 07/1/2007 17:48

Another interesting article Scotland on Sunday.

Cox gives steer on IMD
DIRECTOR DEALINGS
PERRY GOURLEY

ALTHOUGH advertising and music distribution group Independent Media Distribution recently announced a move into profit, it admitted its full-year figures will be below market expectations.

Despite strong growth in sales to television broadcasters, the company is blaming poor market conditions in the radio sector for holding back its performance.

Shares have recently fallen to a 12-month low and chief executive Simon Cox has taken advantage of the price fall to double his stake in the business, buying 40,000 shares at 34.75p on January 2.

His move follows a purchase by fellow director Ian Stevenson in October (20,000 at 43p) and another by Cox in June.

With full-year figures out in March, Cox's purchase could be seen as a sign of optimism that further progress is being made in sales to television customers.

[veryniceperson] 06/1/2007 13:53

Thank you Hastings

[hastings] 06/1/2007 13:03

It could well be the case that stock has been crossed to different funds along the way. Below is an up to date list of major holders.
Independent Media Distribution PLC
Shareholders

Shares in issue: 34.1m 10p Ords
Major Shareholders Amount % Holding
Hudson Mgmt Ltd (dup) 7,937,938 23.27
Charles William Dunstone (dup) • 4,004,961 11.74
Hermes Pensions Management Limited 3,080,289 9.02
Britel Fund Trustees Limited 2,829,287 8.30
Draysey & Wright Noms 2,049,799 6.01
Pershing Keen Noms Ltd 1,949,766 5.72
PossFund Nominees Ltd 1,923,074 5.64
D S Haynes (dup) 1,501,225 4.46
David Stuart Haynes (dup) • 1,461,226 4.28

[veryniceperson] 04/1/2007 17:37

Thanks for that games, nice article.

I reakon that Hermes Pension Management Ltd have sold some. In November they disclosed this.

Number of ordinary shares % holding

D S Haynes 9,398,225 27.55%
Hermes Pensions Management 4,739,683 13.90%
C W Dunstone 4,004,961 11.74%
Insinger Townsley 1,581,000 4.64%


Now today this comes out.

Holding in Company

4 January 2007



Independent Media Distribution ("the Company") was notified on 4 January 2007
that Hermes Pension Management Ltd is interested in 3,080,289 ordinary shares of
10 pence each in the Company, representing 9.0% of the issued share capital of
the Company. The registered holders of the stake are as follows:



Direct Holdings

BriTel Fund Nominees Ltd 2,829,289

Stock on Loan 251,000

I have not seen any large trades go through in the last month. Can somebody please try to explain this to me.

[games] 04/1/2007 16:57

Nice bit of PR. (BTW did a bit of digging on Optimad and apart from one source saying the price looked toppy, they certainly appear to have been growing at quite a clip.)

PR bit, thanks to


TV firms offered digital hope to curb advertising's move to the net


Katie Allen, media business correspondent
Thursday January 4, 2007
The Guardian


As television companies battle to stem the flow of advertising revenues to the internet, 2007 may well be the year when they ditch their reliance on videotapes and go digital, according to the country's leading "digital postman".
Independent Media Distribution (IMD) delivers a third of Britain's television adverts to broadcasters. With its recent £3m acquisition of the dotcom survivor Optimad it now hopes to provide a one-stop shop for advertisers.

While IMD sends out the adverts themselves - either down a digital pipeline, or increasingly rarely on tapes - Optimad helps advertising agencies book timed slots to air the ads and gives broadcasters instructions on when they should run.


Article continues

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

IMD's chief executive, Simon Cox, predicts his group will help broadcasters cut the time and administration to get commercials on air and make television just as attractive for advertisers as the internet.
"Optimad makes booking more efficient and we make delivery more efficient. This sort of technology moves broadcasting closer to the efficiencies of online and helps traditional media look more like new media," he said.

The group started delivering images over a pipeline with music videos to music television channels. It hopes that eventually broadcasters and advertisers will use its technology to tap into tailored advertising, when television delivered over the web allows different commercials to be targeted at different households.

Digitising adverts will also mean broadcasters and advertisers can adapt them to circumstances as quickly as websites do. For example, sun creams could be promoted on hot days and comfort foods on cold ones.

While music lovers ditch CDs for downloads, every year thousands of television adverts are still delivered to broadcasters on old-fashioned video tapes.

"There are probably thousands of tapes flying around on couriers destroying the environment," said Mr Cox, adding that a third of adverts are still sent out on tapes.

However, IMD predicts that the TV advertising industry could be tapeless within two years. Already BSkyB's advertising intake is about 80% tapeless and other major players are going the same way. "In a way it's the broadcasting industry finally waking up and moving into the digital age," said Mr Cox.

[larousse] 03/1/2007 13:23

You're not alone VNP, but I'm wondering more and more if IMD is.

Saw with that previous release, that they're thinking of slashing the dividend (as they're now a 'growing' company). I can't help wondering what they actually considered themselves to be before.

I have no inside info (as you know), but I would imagine that the reasonable dividend is one of the few things that has kept the post office / bt pension funds sweet as shareholders. Quite how they'll take to the double whammy of the recent drop in share price + the cut in dividend remains to be seen.

I honestly think that if there was a better market in IMD & less spread, they'd probably have done a runner by now.

You know about my holding, and I will keep these non-isa shares, but I have been very disappointed with IMD's board of late. That said, I suppose a positive spin on that view is that there aren't many more areas of shareholder relations left for them to botch - so perhaps the worst is over.

A happy new year to you & yours too.

[veryniceperson] 02/1/2007 13:42

Always good news when directors buy. only 40k I know, but building a stake never the less.

I know things don't look good at the moment with IMD, but am I only one left. If so HAPPY NEW YEAR VNP

[veryniceperson] 06/12/2006 17:23

Think they will be staying at this price for a while. You may even get your wish at below 30p, but why would you want to. Very disappointing trading update, looks like a very long wait to me. But saying that I do like what they do, its the future of broadcasting, digital files.

[char1iegeorge] 06/12/2006 16:59

Afternoon VNP.
Lets hope IMD recover soon.

[veryniceperson] 04/12/2006 07:59

Well that will do the share price some good today, I think not! In the intrims they would be in line with management expectations, in the trading update its below market expectations. Just love the way they choose there words. And the way they use the percentage of this over the last percentage of that. Anyway morning all.

[veryniceperson] 04/12/2006 07:47

INDEPENDENT MEDIA DISTRIBUTION PLC
("IMD" or "the Company")

Trading Update

IMD reports that since the release of its interim report on 5 September 2006 the
Company has traded profitably. This has been due to further increases in the
volume of advertising and music material for the television broadcasters
compared with last year, generating revenues for the eleven months that are now
up over 100%, building on the 62% increase at the 30 June half year stage.

The move into profitability for the three months has been achieved despite
continuing depressed conditions in the radio sector where revenues have remained
below last year's figures.

Group revenue since the beginning of September has increased 26% year on year
and for the eleven months is up 18% compared with 13.5% at 30 June. However,
even though TV is rapidly becoming the dominant revenue source for the Group,
due to the poor current market situation for radio, it is anticipated that
results for the year will be below market expectations.

[larousse] 28/11/2006 13:26

I still hold what I had outside my ISA (i.e. those in my SIPP and my nominee accounts), but I wasn't prepared to lose the ISA tax break and didn't have the cash to roll them out - so those (that were in my ISA) are sold now.

I'm annoyed about it, especially the sale price, but what can I do? Might is always right when it comes to small shareholders.

If the price stays near a low, then I might buy back a few after Christmas. If it rises in the interim, then that's just my tough luck.

[veryniceperson] 28/11/2006 08:20

Hi Larousse

I have held Chieftain Group PLC (CFT) about 4 years now, they decided to go on the AIM 18 months. The shares dropped about 5p but are now very much ahead. There main director (Wardle) holds either 2 or 4 million shares, (and he is no spring chicken) I think its the tax breaks they are after.

Personally I have no worries IMD moving to the AIM brought some more at 34.5 (best I've ever brought in at). I think after Thursday week it won't be long before we get some sort of statement. I do hope my instincts are right.

Have you sorted yours out now?

[larousse] 27/11/2006 22:31

I honestly don't know what to think VNP.

The IRS report this weekend said that the move to a non receptive AIM market couldn't have been timed worse.

You know what I think: It's a worry for me that (at a time when the earnings stream is supposed to finally come good) the company announces that it's going to the AIM listing.

With a company that you're trying to grow, why would you head for a market with less regulation and a (maybe unfair) shady reputation? Surely not to attract more PI's by saving a few grand a year in listing fees?

Dunstone and Haynes will both have taken a large (paper) financial hit, with the short term reaction to their decision. We can only hope hope that they actually have some long term plan (involving AIM) that more than makes up for this dive.

Let's hope that it has not all been driven by the potential of AIM tax breaks for our biggest holders?

I wonder what the pension funds had to say?