My 2007 top stock pick is IIR (Independent International Investment Research plc)

Website: www.iirgroup.com
Share price: 20p
Capitalisation: 5.2 m
Year end: 28 Feb 2007

Overview

Independent International Investment Research (IIR) provides research on
global companies and currencies, for broker-dealers, investment banks, money managers and private clients.
The equity research business comprises wholly owned subsidiary Independent Financial Markets Research Ltd. (IFMR). The India-based (Chennai and Mumbai) equity research team now covers 300 companies, of primarily non-US with American Depositary Receipt programs.IFMR, established in 2002, has benefited from the 2003 Global ResearchAnalyst Settlement (GRAS) in the US, which required broker-dealers to provide independent research to retail clients.

Supplementing the equity research business, Pronet Analytics.com Limited
(Regulated and Authorised by the FSA in the UK and registered as an
Investment Advisor with the SEC in the US) offers investment advice and trading strategies to clients such as Standard Chartered and Citigroup. The ability to combine currency forecasts with the Group's fundamental equity research also offers an attractive product differentiator and has helped improve the performance of recommendations for US$-based investors in overseas stocks.


Insinger initiated coverage in September 2006 after the company finally turned a corner and became profitable with the new business model starting to bear fruit. The report provides a detailed background of the company & the new business model [far better than I could hope to write myself].

http://www.iirgroup.com/iir/docs/Insinger_research_note_Sep_2006.pdf

The forecasts were very conservative as you would expect at such an early stage of the companies turn around in fortunes, these forecasts have since been easily surpassed & a trading update was issued on the 20th Dec ;

http://www.iirgroup.com/iir/docs/Trading_update_11_December_2006_v1.7.pdf

Followed closely by an upgrade in forecast from Insinger showing a substantial increase of 261% in EPS forecasts ;

http://www.iirgroup.com/iir/docs/06-12-2-IIR.pdf

At the time this meant the company was trading on an 83% discount to research-oriented peers and as such has risen to today's price of 20p per share [was 13.5p when picked]. This is still very cheap and only puts IIR on a PE of 8 despite their exceptional growth - versus an industry average of 20 25.

Whilst the company does not have a history of earnings performance it is worth bearing in mind that the Insinger forecast only includes CONTRACTED business and does not take into account conversion of the strong existing pipeline or any new pipeline as the year progresses [see comments in trading statement + confirmed by CEO] Additionally any potential revenues from new product developments & other medium term growth drivers [see Insinger initial coverage & last finals] are excluded.

Furthermore the company is looking to break into new areas where independent research is beginning to take hold, in particular SE Asia & the UK. Market commentary is very positive for growth of the indies into these areas. A very useful source of industry specific information is;

http://integrresearch.blogdrive.com

To assist their major expansion plans they are currently strengthening the management team and looking to increase the research analyst heads in their Indian subsidiary from the current 60 to 200 staff during the .

As well as organic growth, earnings accretive acquisitions in the research space will be considered - Any acquisition would be paper based,

The current CFO for example is PT and cannot give any more time so a replacement is being sought, [any of you looking for an interesting role?] Details of which I attach as it gives an insight into where the company is heading in 2007;

http://jobs.efinancialcareers.co.uk/job-4000000000223293.htm

To conclude

+ Current PE is 8 versus industry average of 20 25.

+ Current EPS forecast is ultra conservative as based on contracted business alone, excluding the pipeline and likely additional business wins + growth into new areas.

+ Management & research team being strengthened to take advantage of the pipeline of deals.

+ Mr Smith CEO is planning a number of investor relations exercises [Insinger coverage was the start of this] early this year which is hoped will see the company more appropriately valued by the market.

+ Has very little debt, the company has been supported financially by Mr Smith & his trust over the last 2 years.

+ Significant taxable losses to utilise

+ Potentially a bonus of a multi million settlement from Google for Gmail trademark claim - talks are discussing after previous offer by Google was rejected.

- Liquidity is poor but will hopefully be addressed in some way as part of the investor relations drive and paper being issued for earnings accretive acquisitions.

http://www.iirgroup.com/products/GER/researchuniverse

positive start again

Another good day!! Although i know i am talking to myself on this board! Your bad luck though as this will be one of the plays of 2007 in my opinion.

Nice rise today. Looks like some resistance at 20p level which bodes well for next leg up.

What does this share have to do to get people on this board interested??? 27% rise today and still undervalued with a P/E of 10

Oh come on somebody!

I've had this on my watch list but I'm afraid that it will start to go down as it has had a good rise since Dec. Do you have a target price ?

Pumben

Because of poor liquidity it does tend to go up and down quickly! Fair value on contracted work only (excluding new business) is nearer 50p, so plenty of scope still. Plenty of info on Advfn thread. Dont leave to long if youre gonna buy, but try and get in on the dips.

jdubb

Mnay txs for prompt response. I will buy a small amount on the next dip & pray it doesn't do the usual for me. The RNS in December was very positive I just wondered whether the good news had already been factored in. sad that I watched this from 13p errrr......

I agree with the general sentiment of todays postings. This share could move forward quickly after the results and the positive comments from the CEO. The Google dispute is an added bonus

Stephanie,

apologies but when are the results, is it March or later ?

End of Feb, but they arent posted till much later in year as with most other AIM co's. Maybe a trading update at year end tho.

19% rise today! Hope you've stop lurking and bought some pumben!!!

These could go a lot higher.
They rise on any medium size purchase.
OT/Keep en eye on LED. Interim results out in Feb

Hi, just found this thread. A recent investor in IIR. I bought in at 23p earlier in the week. Looks good so far ;-)
With only 25 million shares in issue and all very tightly held, any meaningful buying or selling is going to move the price. So this could be a volatile ride
Year end is Feb and results are due July as far as I know. Anyone know different? I am looking to hold these at least until results, but I have a target of 45p and if I get lucky then I might just get the itchy sell finger.

Looks like the fun is over for now.

26 January 2007

Independent International Investment Research plc

Statement re: price movement

The Board of IIIR note the recent increase in share price of the Company since
20 December 2006. Other than the Trading Update and research note published on
that day, the Board are not aware of any reasons that have contributed to the
share price rise.

now back up to 36/40p !!!!!!!!!

Something very fishy going on.

Ian

And back down again! Roller coaster or what? Great fun.

Yes great fun!! Ive being in these since 2004 and luckily i bought a shed load when no one else wanted to know. I now hold 600000 at 15p ave. Nice way to create wealth. Roll on 1.

600,000? Respect! That's one hell of a wedge in a small company. Gamble or what? I'd like to know what gave you the confidence to put so much into one outfit. To move those out now would almost require a placing. It would certainly shift the price more than somewhat.
Up another 2p as I type. The roller coaster has started again.

Pondlife

Im a long term holder and i dont need to sell, so dont worry i wont be dumping them anytime soon!! I did my research well and added when no one else was, cos i could see the potential. Just the beginning of the ride - hold on cos we're gonna go much higher, this share is a gem!!

Glad to note your confidence jdubb. I have these on a one year view to see how things pan out. Looking at the shareholdings, these are very tightly held with very few shares openly available on the market, hence the wild swings on very small volumes. I doubt if anyone could build a wedge of 600,000 today.

Exactly Pondskater! Todays 12.5% rise was on a pathetic 7k vol, but hey who's worrying? Another few thou in de bank. Incidently you could only buy 15, yes 15 shares online with selftrade today!!!!! Says it all really.

Nice announcement- paid mainly in shares!! Shows quite a bit of faith in the firm he's joining, which is very positive in my view.

Put through a couple of dummy trades on Barclays on-line today. Can sell 10,000 no bother at 1p above the bid, but can only buy a max of 7,000 at full offer. Tight or what?
I agree jdubb - good RNS today. Taking on board a big hitter with a good pedigree who wants to be paid in shares? He must be sure of success!

Another 18% up today!! Still more to come over the next few months. Topside of a quid is easily achievable this year in my opinion.

Positive developments with Google claim and a nice rise too!!

Yes and more still to come, I think. People willing to pay over the odds for 20,000 or more and MMs having to work hard to find the stock. Lots of buying over 50p shows confidence.

I tried to buy some this morning, but the max Selftrade would sell me over the phone was 1000 shares (even less online).
One downside was that the max they were offering to buy back were 750 shares.
With dealing costs it wasn't really worth it. Shame 'cos I like this one.

Harrycat - it is moving about quite a lot. Even for just 5,000 shares, buyers are paying above the spread. On Friday I could sell almost any amount, but could buy only 1,000 on line with Barclays. This morning I couldn't buy or sell more than 1,000 on line for a time.

Pond
How many shares do you hold and at what ave?

See post no.15
I bought in recently just after the big spike started. I paid 23p and hold a whole 10,000 - not in your league! Even so, it's still enough to buy a few beers! If only it was always this easy.

Nice profit tho! Itchy finger yet?? Good info on A.D.V.F.N if you wanna know why you should hold!!

Yes, I've been tuning in. It was a poster on ADVFN on another thread that I frequent that drew my attention to IIR. I think Iowe him a beer.

Wasnt Illiquid was it? He sold out long ago! Im Rob67 on ADVFN by the way

I thought as much, can't be too many people holding as many shares as you. I post under 'Lord Gnome' everywhere other than here. I was Lord Gnome on here as well, but had to change my name when my subscription was upgraded for some obscure reason. I can't remember who the poster on ADVFN was, so I can't thank him. It was someone posting on either the VPC or MXP threads - my other passion is oil shares!

Small bout of profit taking seems to be over, are we on our way north again?

yep

Nice rise today again!!

Indeed. I went out for the day and came back to a nice surprise. If I had been watching the screen all day I would have been devastated by the pullback from the dizzy heights it reached. Moral - don't get wrapped up in screen watching all day.

Agreed Pond cos no doubt it will get back there anyway!! (hopefully)

y the massive drop !!!!!

A few sellers are now out! They must have got nervous which is ridiculous given the positive noises from the company. Dont try to trade this stock as you will get your fingers burnt. Buy and hold for medium term. People who sold today at 30p will regret it soon imo

they're already regretting it !

Too right Queen!! Will break thru recent highs on any positive news. Rumours that there will be a TU soon .

well we had to get rid of the weak holders at some point - couldnt carry on forever like that. Back to business as usual now I reckon, knocking on 60p's door sooner rather than later !

Nice to be blue in such a sea of red!! Shows real strength imo.

Whooooosh!! Testing those highs soon. Preclose TU is confirmed as happening in nxt few days- a positive spin and this will really go.

just in had to pay 57p for 2364 ,broker had to go to the market,looked at this one for ages missed out on a fair bit of the rise ,but took some profits from tad,

Im sure you wont regret it cop! TU in nxt few days should tell us what progress is being made behind the scenes. YE results will be as predicted imo. Progress for 07/08 year is what will be impt. Hopefully will see nxt leg up in SP.

jdubb what do you make of the news,all good to me and ebitda poss this year,dissapointed in the sp,then again all buys so far and mm mark it down,spoke to shane smith on wed things are going very well ,china is starting to take off,the goggle case will be taken all the way as they are 100%sure they will win ,copshaw

Nice recovery today- maybe the google thing is finally registering with people! Have to say though that its the fundamentals that make this company a little gem!!

Now they have the pipeline & management team to scale up the business we will see some significant top line growth, but the impact on earnings will be huge given the operational gearing. Look at the last 2 broker notes to see what impact the increased revenues had on the bottom line - a 50% increase in revenues gave a 261% in EPS.

Look at the likes of IND to see what operational gearing can do for a SP, they are trading on a forward PE of 100 ! Sounds pie in the sky but if you can see the growth the earnings will flow. We have the pipeline & are expected to treble coverage which if converted to revenue on the same basis as today [coverage of 300 = 2m revenue] will see revenues climb to over 6m & being conservative 1/2 of the additional revenues will flow to the bottom line.

I say 1/2 as despite 85% of the last increase in revenues hitting the bottom line, growth of this scale will need additional resource [ie additional analysts at the Indian subsidary + the management team thats just been put together].

This would leave us with a FY run rate of approx 2.8m earnings giving EPS of 10p. These are fag packet calcs but there are alot of other opportunities the company have bubbling away which are in the above numbers for free - although replicating the model for the Asian market is probably going to be worth a few Quid so if my calcs below are a little OTT penetrating new geographies will more than make up the difference.

My price target is 2.50 [not to sell at but my expectation of the management & opportunities currently on hand] which I will revise as the company gives more visibility, which they are planning at the moment eg Growth company investor show.

All the best

jdubb,good to see that they are happy to take shares at 50p as a renumeration,also looks good when a supplier does the same,happy to be in would like to buy more but waiting on some more funds,copshaw

Sorry wheres my manners, hello nice thread by the way. Just started trying moneyam out & was pleased to see an IIR thread already set up.

hi,scotty its a good board this, jdudd is well ahead of me in his research and his posts make good reading ,as was yours ,well have to say that i was surprised with the drop today,will see what tomorow bring,when is the growth company investor show,copshaw

Hi copshaw, having read the thread it appears me & jdubb have crossed posts before. I also regularly post on the advfn BB, but new to moneyam so thought I would add my thoughts here as well whilst I was looking in.

The growth company investor show is in June, Mr Smith hasn't confirmed 100% that we will present but did ask a few investors there thoughts.

Nice to have you on board Scotty- you seem familiar LOL! I'd recognise that analysis anywhere! Shame we are stuck in this volatile period at the moment. Volume is very low and the SP will continue to swing on small trades. Scotty within what time scale do you percieve the SP to reach the 2.50? Incidently that gives a market cap of 65mil!! Not that im complaining as by that time i'll be a millionaire!

hi scotty,never used advfn just usualy post on iiiample would have thought it would be well worth their time to go to the roadshow,unles of course they are going to keep the posetive newsflow coming and dont think they need to,

jdubb, its my expectation [hope] for the LT I have no timeframe in mind as such but feel if the demand is there to push coverage to 1000 international stocks we will be laughing, also that same coverage as you know can be adapted quite easily for Asia at a small cost so again chunky margins. How long this will take I don't know, when the new website with dynamic updates of stocks under coverage is launched we should be able to track the increase.

See how satish gets on at the Indian subsidary, but you don't just employ an extra 100+ analysts overnight. Unless they use a 3rd party agent until recruitment levels are built - they did this before creating our own Indian subsidary.

It is a fag packet calc & I hope to add more meat to my forecasts once I have more visibility of the numbers either through meeting the management &\or newsflow from the company. Remember its only a few months since we got the news to kick all this off, so there is some gut feel in there too.

IN research will help identify earnings accretive acquisitions as well, whilst dilutive will help the business scale quicker but also challenging to ensure a smotth transition.

A mkt cap of 65 million isn't alot for a already profitable growth stock with no debt & huge margins + 5 - 6 million of tax losses to utilise, just need more visibility which the 'ultra' conservative 1 year Insinger forecasts don't give.

copshaw, I think they will go to be honest, which is good because tickets are free :o) You havn't missed anything not using advfn imo.

thanks scotty.

Obviously keeping the price down to get rid of stock on hand imo. Will go back up soon no doubt.

jdubb, nice and quiet on this stock once again which is normally a positive sign as you know.

Looking for news of this google initiative soon per the companies recent statement in the Trading update, should wake a few up imo :o)

any ideas about the fall in sp ,

Give it time copshaw, the fall is disappointing but shows that most people have sold out simply because the price hasn't continued to rise. When news comes they will be scrambling back & buying the rise [hopefully anyway] the PE is way to low for a growth stock & will be upgraded in my opinon.

Let the new management team get to work as they are fresh through the door, I hope for good news flow between now & the autumn but interims will be when these really take off as the forecasts are translated into hard numbers.

PE is an undemanding 12.5 versus sector average of 25 which is reasonable given the growth we are experiencing, this PE is based on contracted business only ignoring the pipeline & opportunities which is why I think we will see some serious upgrades.

Good luck

cheers scotty,would think their could be an up date on the google news soon.

Lets hope so, like jdubb I have waited a few years so happy to hang on for another few now that we are finally producing the goods.

I sold half of mine at 58p and I'm rather wishing that I had sold the lot now. Long term this will indeed go far, but short term it's got to double to get back to a 58p bid - that's a big ask now that all the bubble has burst.

well pond life i bought at 57p,looking for the bottom to buy a few more

Pond life, I wish I sold all my 400k at 58p bid with the benefit of hindsight & bought them back at 30p. but at that price it still discounted too much in the SP + Gordon would have had me for around 20% - 25% of my gains [taper relief on some of my holding only].

As you know with this share it can double in no time atall with the right news, they are looking to increase investor visibility of the company over the coming months which is needed so investors can see where the company is heading - look out for the growth company investor show in June.

Like you I think medium - longterm it will go a very long way, their research rankings are excellant & coverage is growing + they are opening up new sales channels as you will know per the RNS etc.

The directors are happy taking pay in share options & back pay into shares at 50p so I am happy to wait for better things & the next leg up past the recent dizzy heights of 60p.

Also whilst I try to discount any 'google' impact the answears google gave to the recent TM cancellation application was so weak [imo] that an eventual settlement looks in googles best interests - it shouldn't be hard for googles 14 TM lawyers to see we had prior use in 2002 which they contest !

I can do a search & find this info in 5 minutes. ---------edited out--------

if anyone wants the basis for the current insinger forecast i can mail it or indeed any links to the US TM office, investars rankings etc then let me know.

volume up the last few days,almost all buys news soon?

ANY THOUGHTS AS TO IF WE HAVE HIT THE BOTTOM ,?

Definately the bottom. Seller is out on good authority, so should continue up in run to results and updates.

cheers jdubb ,good to see some poss movement,just sick i cant add a few more,

Looking better!!!

Hang in there copshaw, results are only next month. Whilst they are known, the interest will be in the Trading update & new sales channels \ google update, a sniff of the likely upgrade in forecasts & the SP will be substantially rerated imo.

jdubb, think will keep any research to this thread going forward if you don't mind as soon gets lost in the other thread without discussion

The main interest on the 'other' BB is in the spread & daily ticks in SP, which is plain stupid on an illiquid stock. Alot of the 'old' regulars are still looking in but I think waiting to get an entry price before results imo.

Also some ISP's from stockcube & one or two other 'research' organisations have begun to take an interest, may be the Sales exec positions or more to it we shall see.

Look what happened last week when someone stepped up & bought a few, the price moved & every bugger jumped in lol.

No prob Scotty! It does make me laugh that people worry that now the "Hype"-(LOL) has disappeared this stock's bubble has burst!!! The price went up cos its so illiquid and will go down just as fast when people try to trade it. Seen it all before during 2004. We both got in when the price was low and no one wanted IIR, so i'll just sit back and watch the money grow!!

Now then jdubb, get it straight. I wasn't in the least worried, I was stating fact. This was a bubble stock in the short term and the illiquidity caused the price to spike. Now that this has stopped, the price has fallen back. Nothing more, nothing less. It will rise again. Happy to hold.

A very nice move up & unlike the last rise you can sell in as much quantity as you can buy. Call it a bubble or a spike whatever, the last move up was based on a huge increase in EPS forecast & news flow - its still worth more but fell back as there was a seller [supplier shares ?].

I'd be surprised if this didn't test a new high on results day in early June, the company has alot to talk about & huge potential.

Im not arguing that the rise wasnt a spike or bubble i was referring to comments on another BB which accounted for the recent SP rise as being based on "hype" which is clearly incorrect. There is great substance to the positive outlook for this share as Scotty has pointed out. Hype it clearly aint!!

Nice to see a blue day!!

About time wasn't it, did you see the latest rankings - doing very nicely indeed ? Here is the meat of an update I put on another board, all in addition to my previous comments on here - let me know if you see 'things' any different.

We could see the results as early as the end of next week imo.

Results for YE Feb 07 are due in approx 2 weeks.

Recently the company has advertised for 2 additional Sales execs [looks like they have been filled] to support current growth - 1 will be based in London & the other in New York. The enlarged sales team will total 4 heads.

Daily reports released through Reuters had shown a substantial increase through April, this unfortunately can no longer be tracked as the pay-per-view outlet through Reuters has been eliminated.

It was eliminated because - Reuters (quite legitimately) associate the PPV framework with a "wholesale" deal to certain segments of IIIR target audience, which was reviewed and considered might jeopardise any efforts to sell into that market at full price. Alot of work has been carried out in the last few months defining appropritae sales channels - these will be covered in more detail in the update with the upcoming results.

Performance rankings [Investars] : In the last weeks IIIR have hit the top of the performers list for Neutral ratings & are ranked 2nd for positive ratings, for completness sell ratings we ranked in the 40's.

This is a very positive move, as you would expect topping the research rankings in there group [ahead of all the larger research firms morningstar S&P etc], will see them win additional business from new clients & through the likes of BNY Jaywalk 360 & Nasdaq:Reuters IRN.

The recent regulatory changes in China also give us a new target audience [eluded to in last years annual report], Again in the upcoming report, Mr Smith will address the potential for our equity research in China given regulatory developments there, and the steps being taking to capitalise on that potential.

Very positive moves & should be an interesting read if anywhere near the quality of last years report - one of the best I have seen especially given the size of our company.

Anyone else have any comments ?

Yes i regularly check out Investar's rankings and i think that any potential customers would more than likely check out IIR just because they rank so highly. Can only be a good sign for us shareholders as it means that the company, whilst still expanding its research output considerably, are still managing to keep the content at an extremely high standard as the rankings show!

I think that the freeing up of the Chinese equity market can only be good news for any company delivering quality research such as ours. Nice to find out if Mr Smith has any major plans in this direction as China could well be as bigger earner as the USA in future years.

Roll on results and more importantly updates. No suprises. No shocks -hopefully just positive news all the way!

Fully agree with all points Jdubb, Mr Smith has indicated that he will cover the Chinese growth potential in the annual report.

Also they will be at the Growth Company Investor Show very shortly after results are announced, so presumably have alot of positive news to talk about.

results end of next week or begining of week after,from the horses mouth.

Nice one copshaw, did you pick his brain on anything else ?

FYI

IIIR are Exhibiting at the Growth Company investor show on Wednesday, 13 June 2007, The Barbican Exhibition Halls, London

it was very breif as he was in a meeting at the time so that was all i got,seems to be pretty quiet on the bb about iir which suits me as usualy if you get to much hype it goes txts up,lets hope for good news and a possitive outlook going forward,and fingers x a few upgrades and a re rating,am i hopeing for too much?

NO. But you could do with some typing classes!!

Im with you on this one, in fact i added 10k this morning just to prove im not all talk! Have no worries about this stock. Even if update isnt as positive (which im sure it will be!) as we hope, it will only be a matter of time till it flys.IMO

fully agree about the typing,

copshaw

Not sure if you have seen it, the latest investars rankings for firms covering >100 stocks show IIIR are now ranked 1st for positive ratings as well as 1st for neutral ratings.

Here is a link to the latest Investar rankings, play about with the filters & settings + worth looking at the larger firms [Morningstar, S&P etc] all of which we outperform ;

Updated Investars Rankings

scotty, just had a quick look ,will have a chance to have a more indepth play around tonight.they seem to be outperforming some far bigger counterparts.thanks

Just had a nibble. Added 10k and moved the price a little!

Nice results. Maiden EBITDA, maiden trading profit. Very positive outlook. Here's the bit that I liked most:

Market expectations of 2008 revenues are expected to be achieved based on
current and committed business only, before consideration of business from
new clients, the contributions of revenues from new products, or
earnings-accretive acquisitions.

agree good set,and news about goggle anytime looking good for the future,be intresting to see how the mm react to it.

Agreed!! Too many positives to list! No MM reaction yet!

Oops - now we have a reaction! Not quite what I was hoping for.

well 15%down on good news ,will wait and see what the rest of the day brings.

any thoughts about today folks?

copshaw, the price fell on good news as you eluded to earlier. You would need an A4 pad to note all the opportunities the company are currently working on & poised to announce.

A disappointing reaction obviously, whether you are ST or LT you want the price to rise, never mind its fair to say that for me the company has far more upside than I had imagined [and I don't mean due to the fall today :o]

thanks scotty ,in for the longterm.

Copshaw - the other factor I feel may well have been the lack of news on google (as opposed to your take that news is imminent). This will soon be forgotten with so many of the fundamentals in our favour imo.

joe are you a holder of iir,and how long have you been in,spoke to s.smith about goggle yesterday ,just said to watch for an rns,i do beleive it will be a while before we here anything.

New website is live ;

http://www.iirgroup.com/

Lots of new info in there.

Brooker research note
http://www.iirgroup.com/news/article/33

I agree Joe. The word on Google dispute was very low key compared to previous comments and wonder if they are not so confident on their position afterall bearing in mind Google's recent assertion that IIR's application was flawed? I think this may have flushed out a few holding out for a quick gain on settlement. Nevertheless the prospects for IIR remain strong imo.

FYI - I went to the show yesterday & spent quite some time talking with Mr Smith & Mr Ledsham. Not wanting to post all the info again you can look on ADVFN under the poster james 2 [don't ask] for a brain dump of the Q & A plus other info.

can you just c&P here?

A bit lengthy, alot was from memory so please dyor ;

james 2 - 13 Jun'07 - 19:32 - 2949 of 2988 edit


On entering the show was put off abit by the number of pinstipe & crinkled suits, I had expected mostly odd looking PI's. A number of young city types with 10" quiffs also in attendence.

An expensive 1/2 cup of coffee[even with CFE in attendence !] & 1/2 hour of Jim Slater ramping his holdings [sorry system] then popped over to the IIR stand, carefully bypassing a number of greasers on other stands on route.

In attendencce was ;

Shane Smith CEO
David Ledsham CFO
Vinh Cam COO & a rather attractive young lady.

Thought I would start initially with the young lady [you wouldn't have blamed me] but after mentioning I was an existing holder soon found myself exchanging greetings with Mr S & Mr L neither of which I have met before - not sure how long we spoke for but long enough for Mr S to get backache & me shoulder ache as for some reason didn't put my laptop case down !

I didn't speak with Vinh Cam which after leaving the show I regret.

To start with scrapheaps Q on purchase of primary shares as well as liquidity.

Both appreciated the problems with liquidity & investor confidence given the wild swings in price [previous 2 days being an example discussed], this will be addressed over time for the reasons stated before but recognising to make a market need buyers & sellers it cannot be solved with a simple issue of shares to insti etc as they would more likely hold adding no benefit to liquidity.

To answear scrapheaps question directly a guide to the minimum quantity the Co would likely consider would be 25k subject obviously to discussing with the nomad. Whilst the co is cashflow positive, they are still constrained in the speed they can grow so certainly would be advantage - PI's are more likely to sell with increases in SP aiding liquidity.

EDIT to add they are it would seem about to reach a pivotal point for the company.

james 2 - 13 Jun'07 - 19:46 - 2950 of 2988 edit


Another recent subject under discussion was ESOP & exercise price.

We discussed today at length the quality of research the Indian Subsidary provides, turnover in staff levels & impact Satish has made.

The ESOP has been well received & labour churn is well below the industry average maintaining the quality of research & key analysts. This is though as much to do [I believe] with Satish relocating from Wall street to Mumbai & his skill in teaching in the research space - the anaylsts are very keen to learn from him & see his move as a great +.

An Indian analyst is approx $25k a year versus $250k equivalent on wall street, unlike a number of local research competitors IIR allow the analysts to produce the full research report - which is edited etc in London - this allows them more freedom to learn & they are very keen & going flat out at the moment.

So all this being the case I declined to ask what the exercise price was for the ESOP as even if it is zero, then good luck to them we are getting alot more back in return imo.

james 2 - 13 Jun'07 - 19:52 - 2951 of 2988 edit


Stocks can be added at approx 10 - 35 a month depending on if it is reporting season - where the analysts spend more time issuing company updates etc.

On the target to increase to 400 by December - based on the above this would be the very latest but could potentially reach 400 stocks under coverage maybe 3 months earlier. The increase is driven by firm orders.



james 2 - 13 Jun'07 - 20:03 - 2953 of 2988 edit


Product development - we can see a fair few new products coming soon listed on the website - My impression was that there were others.

Couldn't discuss any in great detail but I believe a few are close to being launched & my impression was they would be more significant then I\we think - this is my take though.

Will come back with some more info later but one very thought provoking thing to consider is - I asked if a date for the AGM had been set - this will follow shortly as wanted to exhibit today then move toward the AGM. Bearing in mind that last year the Directors were left twiddling their thumbs at the AGM with a no show from shareholders - so why have this years AGM away from the offices - surely not just for the benefit of me & the other 1 or 2 PI's that are likely to attend ?

Mr Ledsham reads the BB on occasion & was fairly complimentary of the discussion & way posters conducted debate etc [he is well aware of how some BB dscend into Chaos as we all are].


james 2 - 13 Jun'07 - 21:48 - 2958 of 2988 edit


On acquisitions, I was concerned that given the perceived [IMO] undervaluation of IIR that by issuing paper for acquision of private boutiques at low PE's, would on balance not be as advantagous as it first appears - as we are effectively on a low PE ourselves so cancelling out the benefit.

There are approx 500 privatley owned boutiques in the US. As a consolidator in the research space, my understanding is we would be looking at earnings accretive acquisitions on a PE of approx 5, but issuing paper based on a PE of 15.

Not a new concept obviously, but to understand the full impact before considering use of our low cost base [remember the US analysts are upto 10 times more expensive] they have modelled as an example 5 acquisitions on this basis.

For example ;

Say acquire a company adding 250k of earnings on x 5 multiple using IIR paper at x15, per the finals the appeal to the vendors would mean they were able to crystalize the value of their boutique [after an initial lock in period] at a higher multiple so a win : win situation.

IIR effectively pay 1.25m in paper for 250k of earnings, which on a PE of 15 to a listed company is potentially worth 3.75m on our valuation before considering the cost savings \ additional sales channels. Do this 5 times.....

Probably obvious to some but worth thinking about as I know some have commented on dilution etc. Hopefully I have explained ok above.

No over excitement on our part regarding the Insinger forecast, I discussed with SPEC the other day mentioning that the increased coverage to 400 stocks wasn't in the forecast - however it is - thats whats driving the 27% growth. What isn't taken into consideration are any additional revenues from the enlarged slaes team - as you know given the operational gearing this is much more lucrative than my earlier [incorrect] example of revenue/earnings from simply increasing coverage to 400.

They [Mr S & Mr L] were also frustrated at how conservative the Insinger forecast is, especially as our own published research constantly means we make certain forward assumptions etc - often going against the concensus of wall street - which has proved fruitful [No 1 on Investars]. However they respect Paul Bethell & whilst he currently only includes concrete revenue\earnings he clearly points to the potential upside - your comment on nomads fits well imo.

I didn't ask about the FX rate so apologies - understand I didn't take notes what I am posting other than 3 statistics is straight from my head - my brain actually grew to the size of a peanut today - an improvement on the pea sized mush before hand :o)

Some editing & spelling corrections will follow tomorrow to make all the above readable !

Cheers Scotty!!

Always a pleasure.

I got the distinct impression we will see something by the AGM but we wil have to wait & see [new products & acquisition both mentioned in the finals].

Given no attendees last year I am assuming there is a reason they are holding the AGM away from the office, maybe putting 1 & 1 together to make 3 so we will have to as ever wait & see :o)

Some movement at last! although word on another board is that there is still abig seller about wanting mid 30's for his stock- so SP may stand still for awhile before next updates.

well drop continues,how low will it go,would like to buy some more but i do think it may go lower,no intrest in the stock at the moment,thought we might have had a bit of coverage after the growth company roadshow,still no date for the agm .

just had a call back from them agm before end of august but will no the exact date within two weeks.

Cheers Cop. Hang on in there!!

Thanks copshaw, earlier than I expected so I just took a few for my collection ;o)

well scotty missed the bottom but added a few more as well,onwards and upwards

I never thought it would fallback this low but you live & learn I suppose. I am hoping for big things form the AGM as I have suggested before - if they carry on the plan to hold the AGM away from the office at another London location we are laughing imo.

Coverage is now upto 318.

Coverage now 321 as at 13th july- ahead of schedule i suspect!!

Aye rob, things seem to be coasting along. At this rate they will be at 400 way before end of the year.

Yep i think so too scotty, although they did say that number added was dependant on whether they were busy with updates etc in reporting season, so we may see a bit of a slow down when that happens.

Fair point jd not to be ignored. From memory they anticipate adding between 10 - 35 per month, good to be able to track the increase in coverage especially when its being driven by firm orders.

Hopefully we will see more sales of the current enlarged library via the new partners [Wall street on demand & Thompson] + New York sales exec addition - would be nice to have another forecast upgrade similar to last Dec :o)

Copshaw, if you don't mind me asking who did you speak to at the company & are they going to come back to you with an AGM date or simply notify via the release of the annual report ?

Thanks

dont know who it was ,but they left me on the phone and came back to me that they would issue an rns about where and when the agm would be,he said this would be in the next two weeks,will call them later to confirm.

scotty,just had a quick look on the 3iii bb a poster their talking about a placing at 17p,any ideas,copshaw

copshaw, not sure about 3iii but I have upset someone on advfn who has posted on the BB there saying a placing at 18p. I simply pointed out to them on another thread that there posts were not exactly factual [I was as polite as I could be].

Unfortunately the individual is acting like a child and posting nonsense [imo] which may get them into trouble if they are not careful, so best ignored imo.

IIR is cashflow positive with practically no debt since the directors & supplier converted liabilities for shares at 50p.

Apologies.

Number of companies covered: 329. Last updated: 23rd July 2007

Coverage almost a third of the way to target in approx 6 weeks, well ahead of target. Even if the RR slows I still think they will be at 400 end of September v End of Year.

To get the anticipated attendence level to the AGM they will need to issue some pretty inspiring news before hand, otherwise will just be me & the directors - might not be a bad thing because then I won't need to share the Bourbons :o)

And you may be on yours hols anyway Scotty, so they may just hold it down the local pub and cut out the middle man!!

do you think the current weakness in the dollar will have a significant impact going forward.

Copshaw, you may have already read in the results but they used a budget rate of 2.05 so more or less on the button at the moment.

jd, I would be more comfortable in the local pub than some swanky location. Can't beat a pint of best & a good homemade pie.

read that scotty ,hopefully it will weaken a bit

Thought you might, worth keeping an eye on thats for sure whichever direction it takes.

FWIW The concensus of about 10 - 15 analysts at the time IIR set their budget rate was [from memory] approx $1.96 so a good call on IIRs part imo.

scotty,spoke to them this morning ,still no date for agm,problem is finding somewere suitable to hold it,it is not going to be in their office,it would not accomidate every one according to the guy i spoke with.should know next week .

cheers copshaw, keep us informed. Are you going to attend if convenient ?

jdubb, what do you thinks going on ? I can only guess [and it is that] they are going to release some stunning news to attract the heads they expect at the AGM given noone turned up last year ? Or maybe they have a very small office !

Yes scotty im mighty confused too. I see what your getting at, but if they have some good news then they better release it soon or they may as well have the AGM in the Dog n Duck! as no bugger will be going (except you of course!)Hope it is attractive news as we need something to stop me falling asleep!!

Maybe the offices are very small for all directors to fit into at once + me ? I am slim only about 12 1/2 stone, Mr Ledsham packs abit of a gut but nothing worth dieting for & Mr S is like a bean pole.

If the blond bit from the GCI show is there then I don't mind squeezing up alongside her to make more room :o)

copshaw if you call again do you mind asking who 'everyone' is likely to be & whether the blond bit is attending so I know whether to get my hair cut prior to attending. Thanks.

Scotty, you have hair my god!!

Yes mate, a full mullet of the stuff !

waiting for a call from mr smith will ask about the blonde!,hope to make the agm but holidays coming up,so i wish they would make their minds up about time and place,begining to wonder if that seller has sold out as it has been very quiet of late.

Cheers copshaw, let us know what you find out.

what do you boys think of the bloodbath on the markets today,dow down over 300 points,wish i had some spare cash to pick up one or two bargains.

We have had a good run lately so no big surprise & the sub prime problems have been flagged for some time. Keeping my cash in the pocket for now until the normal summer lull is over & then will see what bargains are about.

Good to see in the bloodbath we stayed flat :o)

Alot of my current stocks are chinese growth stocks listed on AIM, I still think China has plenty of legs yet & whilst they continue to list at what in most cases are very low multiples then I am happy to oblige with a small investment. Especially those that have a green / climate change tag attached to them.

well still no word of agm,spoke to the company today,s smith has yet to return my call,was one of the secretarys,has know idea when or where,have to say not very impressed with their pr,or am i just getting impatient.

copshaw, they are normally very good at responding to investor questions. I guess when they have a date it will be announced, I am impatient as I'm chomping at the bit to see what news they have on new products etc.

looks as though i will miss the agm as will be on holl,so enjoy the ride.

When is it then copshaw ? I'm away middle of August but was kind of hoping it would be end of the month...

st.ill dont know,but im away for 2 weeks on sat

I'll hold the fort then. Looks like im the only one staying in old Blighty during August! We need to have some news as 6 months of this financial year will be up soon and still no updates on progress on a number of fronts. Im interested to hear if they have indentified and approached any bespoke Indie research firms to consolidate the space yet. No good just talking about it- wheres the action?- only 6m left to fulfill alot of promises! Thank god none of that is in the price cos it would colapse if they didnt deliver imo.

have to agree jdubb,they have been full of talk but absolutley no action,has growth company investor ever mentioned them since the roadshow,personaly i would have thought iff they rated them they would have given them a mention ,still could be holding back all the good news?

Good point Cop, although it just backs up our point about lack of news. We may just be getting twitchy because we dont know anything yet! They have to let the market know about progress soon, cos there are alot of investors hanging on for the positive info thats been promised. Although personally im still well in profit, im sure there are plenty who bought into last peak and are stuck in. I may sound rather negative, but im not really as i have no doubts about the company or the way it is run. A year from now we will be well over 1 and everything will be rosy im sure!!!

cheers jdubb,its just frustrating all this waiting,still football season will soon be with us.

I'm patient enough to hold a share for years but when I know news is around the corner I do start chomping at the bit.

At the end of the day we are trading on a very low earnings multiple for a company in this sector & management have already said they have the business to meet the full year expectation which isn't bad when they were only 4 months into the year :o)

The new management team have been formed for good reason & arn't your normal AIM 'milkers' by any means, the list of 'news soon' is rather long & just one positive release will send the SP flying up given the current undemanding price tag.

Satish is happy to weight remuneration to options, accrued salaries converted at 50p. Leading industry experts coming onto the advisory panel - not the types you would normally attract to a 7M company.

if you just take one of the bespoke research deals they are negotiating this alone has the potential to double the SP, bring on the 3 new products expected to give substantial organic growth & we are off to the races even before earnings accretive acq & all the rest of it.

Now just give us some news..........................please !

Amen to that!!!

Well im in for some more if this keeps up! When news arrives these sellers will be crying in their beers imo!

Research coverage is now 337. Some rumours about Google news on other BB's but im not convinced they are true so im not gonna repeat them.

Nice to see SP moving up at last!

Research coverage is now 338. Slowed over recent weeks due to time spent on stock updates etc. Should see a speed up when reporting season is over!

cheers jdubb ,still awaiting agm news etc etc,would have thought their was plenty of news to come as it has been so quiet of late.

Hope you had a good hol. Looked in on 3i BB but cant say they are a very informed bunch, excluding yourself of course!

great time jdubb,yes 3i can be a bit rubbish at times, what seems a long time ago now,when i spoke to the company before the last results,they said that they would be far busyer in turbulant market times ,so i would think that iff they like the turbulance,they should be makeing hay at the moment.good to see the dollar slipping a little,noticed one or two companies putting profit warnings out due to their earnings being in dollars,glad that we have factored in earnings at 2.05 .

well someone has sold 12500 shares at 20p,a low price for what is not a large holding,have to say begining to wonder what is going on,the company seems a little too quiet,still cant get a date for the agm they have promised to many times now to email me or call me with the date so i can attend,just getting a tad nervous.

Calm down!

yes i know ,

agm 17 october,at this rate we could be at the years low?

to be held at the great eastren hotel liverpool street.thought they would have put an rns out.

Cheers Cop! Hopefully some news before that!

yes jdubb,i know you think im being a little pesamistic but it just seems to quiet for me surely they should have had something to report to us by now ,just dont like to see it when a share drips away almost daily without any comment from the company.

copshaw, I am assuming given the venue that news will be released well in advance to justify the location & ensure it attracts a number of the city types in the surrounding area.

Someone on afn did say they expect an update in mid Sept after speaking with the company + the annual report is due any time soon which I think will give us an idea of option prices & AGM resolutions etc

Very quiet here today! Whilst the results may not look anything to get exited about the signs are that this company is in the first throes of growing into a force to be reckoned with in their field. Would you agree?

Highlights from accounts:-

1. Despite an adverse currency impact, Group turnover 1,062,000, up 16% year-on-year (2006: 914,000)
2. Full year maiden operating profit of 2,000 and maiden positive earnings before interest, tax, depreciation and amor tisation (EBITDA) of 37,000 (before non-cash provision for options) (2006: operating loss of 194,000 and negative EBITDA of 104,000)
3. Investment research coverage rises to 300 companies, and substantial new order pipeline to expand stock coverage to approximately 400 by December 2007
4. Outstanding performance ranking by Investars, now part-owned by Goldman Sachs, maintained and improved through the year
5. Group begins to benefit from its newly established research subsidiary in India, bringing superior talent, closer control and lower costs
6. Appointment of three senior executives to underpin the Groups growth and strategy
7. First dedicated sales appointment in New York
8. Appointment of initial two members of an Advisory Board to assist in product, acquisition and corporate finance strategy
9. First institutional business wins in Peoples Republic of China
10. Group acquires stake in a start-up company in a new, diversified, business space
11. Market expectations of 2008 revenues are expected to be achieved based on current and committed business only, before consideration of business from new clients, the contributions of revenues from new products, or earnings-accretive acquisitions

Yes - very much so, Kim. Worth holidng a few. I do however read elsewhere of speculation that a fundraising may be in the offing to finance further growth. This would make sense. The market just loves a small company in need of funds and I dare say that this is why the sp is being screwed to the floor by the two market makers. The market will want to buy the shares, but pay the minimum for them. Once any fundraising is out of the way I would hope that liquidity will improve and we'll see the sp rise to something like a reasonable level by which I mean 40+p. Just my own incoherant thoughts and ramblings, but this is why I continue to hold.

More from the accounts:-
S A Smith Group Chairman and Chief ExecutiveOfficer said

"Outlook With the benefit of an expanding research inventory, an enhanced senior management team, three additional research distribution arrangements, a number of new pipeline products and additional revenue models, all adding to a strong product performance, a well controlled cost base and a healthy growth in demand for independent research driven by regulatory changes around the world, the Group looks forward to further growth in the coming year."

As to the question of possible fund raising there are resolutions to be proposed at the AGM which include:-

"Special Resolution 6. THAT the authorised share capital of the Company be increased to 1,000,000 by the creation of an additional 50 million ordinary shares of 1p each."

So yes, maybe they are looking to raise some cash at a future date.

Update is expected in Mid Sept which fits well with the AGM date, as it is supposed to be well attended hence the venue [no one turned up last year @ the company offices].

We are sat on a PE of approx 8 for this year versus sector average of >20, 6 months of the year has passed + the company already flagged it will achieve Insinger forecasts on existing business. The list of opportunites now the company has reached some scale is v.significant.

Not only the growth expected from new products but also new sales channels\partners - as you will know the margins on reselling existing coverage are huge & if they break through into China the only additional cost to commission will be translation & rebasing for Fx - the regulatory changes back in May\June have opened the door for us imo.

Also the likely KPO acquisition in India - the growth expectatiosn for this sector are of the order of CAGR >30% from memory.

And the list goes on..............fortunately we have a class management team [some of which are leading figures in the research space] to implement & manage the growth, a quick check of their CV's clearly indicate that the company is about to take a very exciting step change imo.

My understanding is that Acquisitions are most likely going to be paper based, I asked the question when I met Mr S & L and they would look to acquire earnings accretive private boutiques at low multiples [5 or so] by issuing paper based on a PE of IIR at approx 15 - this may have changed since.

The previous owners taking the shares could crystalize their value [at public company multiples] after a tie in period, earnings of the acquired business would improve due to utilising our Indian research subsidary & sales channels - typically our analysts are x10 cheaper than a wall street analyst, hence the ESOP to try & avoid churn in a very competitive market.

All imo.

CAN THIS GO BUST

WILL IIR BEAT MARKET FORECAST IF SO WHYYYY?

Read the next two paragraphs from June slowly, if you struggle try asking your mum to help with the big words ;

Market expectations of 2008 revenues'[YE is to Feb 08]' are expected to be achieved based on current and committed business only, before consideration of business from new clients, the contributions of revenues from new products, or earnings-accretive acquisitions.

The current Market expectation they say they will achieve before new business is 670k of Net Income, given the $ has been below their budget rate this rebased would be > 700k. Then add the further growth listed below ;

"Outlook With the benefit of an expanding research inventory, an enhanced senior management team, three additional research distribution arrangements, a number of new pipeline products and additional revenue models, all adding to a strong product performance, a well controlled cost base and a healthy growth in demand for independent research driven by regulatory changes around the world, the Group looks forward to further growth in the coming year."

Last time you talked down the share on ADVFN thinkBIG you put an order in shortly after only getting 10k filled - you up to your games again ahead of the update ? Mind you don't miss the boat fella as there is plenty of newsflow to come imho.

Not bad analysis for a "plonker" Scotty! Things are looking good imo! Good to see liquidity will at last be sorted out one way or another.

Prize plonker if you don't mind jd :o)

well the bb has livened up a bit ,good to see you back scotty.

Greetings copshaw, chin up I have had confirmation from Mr L that the plan is to update the market & report results in mid September - I questioned the time scale as only 2/3 weeks after end of 1H but he believes they can do it although new IFRS will give some additional work.

Timing fits well a month before the AGM + the headline figures will show a move to profitibility & cash flow positive, add on all the good news expected from product updates etc & I think we will be sailing again rather then 6ft under.

They seem very keen to update the market on progress, which for me only means one thing.

About bloody time too!! Sailing? i want goddamn jet ski's! Hopefully there will be no nasty little supprises tagged on somewhere at the back when the update comes.

Google gold looks within our grasp jd so you might be able to add a speed boat to your jet ski order, plus a bl00dy cruiser if the results are as expected in 2 weeks time :o)

whats the google situation like scotty,poster on 3iii was saying that they google had applied to have the claim thrown out ,trying to find out a bit more could be old news,remember a while back someone posted about a placeing at 18p ,very near that now,we had an sp of 35p then, i thought he was crackers .thanks for the informed posts

LOL No they have actually been in discussions to settle which surprised me at this early stage [the USPTO calender goes into next year for the TM petition] BUT the google lawyers have come back with 1 or 2 arguments as you would expect.

Read it hear so you can draw your own opinion, mine is that the laywers are tryign 1 last atempt to get the application ditched - you will note they do not mention any of their previous defences whch appeared in their March text !

http://ttabvue.uspto.gov/ttabvue/v?pno=92046974&pty=CAN&eno=6

He was crackers [I pulled him up on some lies on another stock & he took offence] & the same guy ramping this stock a couple of weeks back.

Nice tick up today on bugger all volume tho! Hopefully will sustain it upto and after the TU. Im sure all will be ok and the SP will fly to its rightful position!!(+1)

hope so jdubb,we seem to have been waiting a long time.

very quiet,next to no trades for almost a week ,would have hoped for a bit of buying before tu,

Trouble is everyone who has this on their radar already hold!!
Hope they dont disappoint us and give a TU like IGE today!!

thats my worry jdubb,their has been too many small caps giveing profit warnings of late,

I think alot that held previously have sold & moved on, something has to account for all the sales of late. Coverage at 344 indicates we are still growing imo so fairly relaxed that the previous guidance for this year will be met.

Soon find out I guess, you 2 going to the AGM ?

Didn't someone post on here [copshaw ??] we expect to be busier in volitile markets ? If so any chance of some mre meat on the bone.

yes that is what shane said ,they were busier in a voitile market,those were his words,just frettin a bit as its been a bit doom and gloom of late.

Thanks copshaw, did he give any reason why ? Maybe just a rush for a safer haven - fundamentals - in a volitile market ?

just said that companies used their experteise in a more volitile market,its a while since i spoke so cant remember all the conversation.

Ta.

Someone said results out tomorrow on ADVFN, not sure how reliable that is tho! Hopefully wont be any nasty suprises! Time for a bit of action me thinks.

Were on the move at last! Not very reliable was it! Looks like results out nxt week then!

jdubb,when i had a word with them they said it might be a tall order to get them out buy the middle of the month so i would hope for end of next week.still good to see this rise,just hope their is no nasty surprises hidden away in the results,personaly i thought the last trading update was very good but the weakness in the dollar knocked us back.

jdubb,when i had a word with them they said it might be a tall order to get them out buy the middle of the month so i would hope for end of next week.still good to see this rise,just hope their is no nasty surprises hidden away in the results,personaly i thought the last trading update was very good but the weakness in the dollar knocked us back.

google would have paid by now ..... they are not going to give iir any big amount

opshaw - 21 Sep 2007 09:23 - 196 of 197


just hope their is no nasty surprises hidden away in the results
why do you say that .copshaw

you can never be 100% sure that it will be all good news,iir will get a huge sum when they settle the google case.

Sod the bloody google case, the business model is where the money is at. Look at the margins & operational gearing - Once these scale up they will be printing cash imo.

The 1H only finished end of August - you ever known a company to rush out bad news ? I certainly havn't.

I wish you would make up your mind thinkbig as you are doing my bloody head in - last night you were saying you couldn't get an order filled - day before that it would fall on results.

6 weeks ago you couldn't get a 50k order filled then 2 weeks later questioned if the company might go bust [despite being cashflow positive with no debt].

Why would google have paid by now ? they are using the GMail name in the US - it is us that has applied for it to be cancelled so they arn't just going to write a cheque without even defending the cancellation petition. According to BBC they offered several million way back when it all started but the amount was nowhere near the independent valuation.

dream on copshaw about google
what happened to iirs case in usa than???????????

Use the USPTO website & go find out, was enough discussion on the matter from the other thread you frequently post on.

well we will wait and see all i am saying is they are not going to get any big amount for gmail

According to BBC they offered several million way back when it all started but the amount was nowhere near the independent valuation. where is the proof for this
................
they were offered very small amount not as you put it

thinkBIG - read all my posts I don't give much weighting to google gmail in my stance for the future prospects of the company - if it comes it comes then great. When I met Mr S & L i didn't even bother to ask them any Q on the subject.

As for the BBC article - I'll leave you to find it as I cannot be bothered.

stop pumping before results
we will all find out where iir is heading when we get the h1 results

I'm not pumping you idiot, where do you see that in my posts ?

2 minute search & I can reveal........Both sides are cagey about how much was at stake, but BBC News understands that a settlement worth millions of dollars had been discussed.

What a bl00dy hampton.

iir must deliver good chunk of the full year profits
no room for failure

cotty500 [View scotty500's profile] - 21 Sep 2007 12:20 - 207 of 208
I'm not pumping you idiot, where do you see that in my posts ?

2 minute search & I can reveal........Both sides are cagey about how much was at stake, but BBC News understands that a settlement worth millions of dollars had been discussed.
..........................or........................
it might have been few hundred thousands

chart looks good

or it might have been a 1 and ?

thinkBIG - what 'chunk' of FY profit do you think they should deliver & why ?

funny as another poster hamida also said the same thing, spooky eh ?

well broker forecast is 640k for 2008 at h1 stage iir needs to deliver big chunk of this forecast lets say 275k or the sp goes down imho

for me these 6 month results are very very important

well the rise was nice while it lasted,few sellers not wanting to hold over the weekend,see what monday brings.

well the results went down well?

MM opened higher but no buyers on the results, were a little heavier in spend than expected but the reasons are clearly flagged.

The update is bullish if you read between the lines, partly new sales expected from current library + new products launched as anticipated.

A near 100% increase in revenues translates to > 300% in earnings, with plenty of revenue 'around the corner' we should see continued strong growth in earnings - depends on your timescales i guess but after being bullish for a few years on the outlook for independent research I only see more reasons to remain so.

hope so scotty,but beginning to lose a little faith in the management,worried to that google might not be near as big as we hoped,talking of putting aquisitions on the back burner,would have thought if they were poss about google they would be in fine shape financialy .

AN ANNOUNCEMENT REGARDING THE CONCLUSION OF TALKS WITH GOOGLE ABOUTGMAIL DISPUTE IS DUE IN OCT NOW ..................

http://news.bbc.co.uk/1/hi/business/4354954.stm

Gmail, the free e-mail service run by internet search giant Google, will change its name for new UK users.

Following a trademark dispute the mail account will be renamed Google Mail.

London-based Independent International Investment Research says it started using the Gmail name for a web-mail application two years before Google.

Current UK users of Google's service will be unaffected, but a separate trademark dispute forced Google to drop the Gmail name in Germany in May.

Talks between both companies broke down several months ago, after they failed to agree a financial settlement.

Gmail v Google Mail

Google's Gmail e-mail account is free, comes with just over 2.6 Gigabyte of storage space and allows users to view their e-mail with all messages on a single subject linked together.


Google Mail logo
We want to avoid any distraction to Google and to our users
Nigel Jones, Google

In return, users have to live with the fact that Google's search engine analyses their e-mail and places small context-driven internet links next to their mail, some of which are paid-for adverts.

The service, launched on 1 April 2004, is officially still in "beta", a technical term to describe the test phase of a product.

In most countries Gmail accounts are available on an invitation-only basis, although existing Gmail users have been offered as many as 100 invitations to distribute to friends and family.

From Wednesday morning, new users in the UK signing up with the Google service will be given an e-mail address that ends with "@googlemail.com".

German users with this address report that e-mail sent to their username but ending with "@gmail.com" instead of "@googlemail.com" will still arrive at its destination.

Trademark dispute

The dispute between Google and Independent International Investment Research (IIIR) centres on who owns the Gmail trademark.

The London-based research firm, with a 3.24m ($5.6m) stockmarket value, says it has used the name "Gmail" since 2002 to describe the mail function of its online information tool Pronet, mainly used by investors in currency derivatives.

Companies like Citigroup, Deutsche Bank and Bank of America are among the British firm's clients.

After Google announced its Gmail plans in spring 2004, IIIR rushed to register the Gmail trademark with Ohim, the European Union's trademark office, and the US Patent and Trademark Office.


For our clients, Gmail is the most prominent function... it's a big green button that says 'Gmail'
Shane Smith, Independent International Investment Research

Google, with a stockmarket valuation of $54.4bn (31.1bn), disputes the trademark claim. IIIR "has failed to provide evidence of its common law rights to the name", said Nigel Jones, Google's senior European counsel.

But to "avoid any distraction to Google and our users", the company would switch to the Googlemail brand in the UK while the dispute was being resolved at the various trademark offices.

The case could still go to court, though. IIIR's chairman and chief executive Shane Smith told BBC News that Google broke off negotiations "unilaterally", and that his company was now investigating its legal options.

"For our clients, Gmail is the most prominent function of the Pronet tool, it's a big green button that says 'Gmail'," said Mr Smith.

Google's rival Gmail service had created confusion and uncertainty amid potential clients of his firm, said Mr Smith.

In Germany, Google is already in the courts over the Gmail name. On 13 September the US search firm lost an appeal against a court injunction that stops Google from using the Gmail brand in Germany.

There a Hamburg-based company had registered the term "G-Mail" five years ago, to advertise what it describes as a "hybrid mail service", bridging the gap between electronic and hardcopy mail.

Mike Lynd, partner at patent and trademark attorneys Marks & Clerk, predicted that "as a result of inadequate IP searching and protection" Google now had "a real battle on its hands in gaining the Gmail trade mark within the European Union".

'Exorbitant sum'

The breakdown of negotiations between Google and IIIR ultimately comes down to money and a disagreement about the value of the Gmail trademark.

IIIR boss Shane Smith points to an independent valuation of the brand, compiled in December 2004 by Valuation Consulting Limited, which suggests a value of between $48m and $64m, although he says his company would have settled for much less.

Google's Nigel Jones, however, says IIIR demanded an "exorbitant sum" in exchange for dropping its claim on the Gmail trademark.

Both sides are cagey about how much was at stake, but BBC News understands that a settlement worth millions of dollars had been discussed.

For now, though, Google will not be able to promote one of its most high-profile brands in two of Europe's largest economies.

Mr Lynd said Google might want to "cut their losses now and... look at re-branding to Google Mail within the whole of Europe".

GET SOME MONEY AND LOOK TO THE FUTURE

TB that news is at least 2 years out of date!!!

look 2 years ago they were offered few millions
we might endup getting a lot more with value of gmail trade mark has gone up



IIIR boss Shane Smith points to an independent valuation of the brand, compiled in December 2004 by Valuation Consulting Limited, which suggests a value of between $48m and $64m, although he says his company would have settled for much less.


Both sides are cagey about how much was at stake, but BBC News understands that a settlement worth millions of dollars had been discussed.

I'll be happy if we get something out of the google mess but i bought IIR for their future business potential and nothing ive seen or read recently has changed my view that this company will ultimately be very successful. Dont buy IIR for google cos you'll get burnt when you are unable to sell if it doesnt come off! The business is the future, everything else is just a windfall and not guaranteed imo.

Bl00dy hell think big \ hamaida that was another quick change of opinion, last week google was a dead duck & now we are likely to get million ???? Even my misses dosen't change her mind as much as you !

How do jd, totally agree with all points in 222.

well something not right here,ok down on only a few sells unless their are some hidden trades to come later,all this suposed good news to come i wouldnt expect the sp to drop as much ,not holing out much hope for the short term .

well we will get below 1 million usd

With nothing forecast that will be great news, do you have any facts to back it up ????

copshaw this should cheer you up ;

http://ttabvue.uspto.gov/ttabvue/v?pno=92046974&pty=CAN&eno=8

Looks like a settlement soon then!! I'd take a pathetic $1mil just to see an end to this distraction. If this finally is the end, can expect a fair amount of buying before its announced. Although knowing this stock it will probably go down!!

scotty ,i think i can see light at the end of the tunnel,thanks

Well im more than reassured by that announcement! I can see daylight at last. Hopefully the SP will respond well over next few months as there seems to be plenty of positive things to look out for.

The AGM was very reassuring, posted summary on ADVFN if you havn't already seen it. Looking for a significant rise between now & Dec based on expected newsflow & more reassured than ever that we will see a substantial step change in the size of the company.

cheers scotty,when do you think we will make the 400.

November the 5th would be ideal ;o)

In truth I don't think it will be far off this date, almost 2 months ahead of forecast despite the time spent by some of the analysts on new product development.

Scotty,

Was anything said at the AGM about issuing the extra 50mil shares or is that off the agenda at the moment? Maybe they are banking on a nice little earner from google filling the coffers instead! Wish these damn 20% swings would bugger off!

All resolutions were passed so they have the option if they choose.

It was made clear that it certainly wouldn't be done at this price but perhaps in the future [assuming a suitable acquisition] but definately after the expected newsflow.

Incidentally there is a small update on the USPTO link regarding the google settlement negotiations.

like i said they will only get few hundred thousand from google and plus all the fees
iir need to pay enough might be left to clear iir debt .......on the trading front things are looking up looks like a lot of good news to come out

Crazy day! I wish people would forget Google and just invest for the business, then we wouldnt get these stupid swings!!

!

Things are looking up!!

How goes it rob ? Still can't pick up more than a gnats arse worth of shares yet they leave the price dangling down here - won't be long I don't think before we get an update - would rather wait until they had some 'hard' news anyway.

YE this week, another year passes but at least we are looking more and more like being all set for take off :o)

Hey Jdubb when you going to update that header :o) Come on get all those lovely new products & service under BETA up in the header

400 institutional quality research reports, you don't get that everyday !

Independent International Investment Research plc

(the Group)

Launch of free-to-view research product

The Group today launches The Research Oracle(TM) a new free-to-view research product, which is available via www.researchoracle.com.

The Group has launched the product as it believes that there is a significant global audience of retail equity investors that do not require the full suite of institutional services offered by the Group. In addition, the Directors believe that, with the recent milestone achievement of providing coverage for 400 global companies together with a ranking by Investars in the top-three long-only research providers over one, two, three and four years, our library of content has significant value. The Groups library, which will be progressively rolled out, runs to more than 10,000 pages of up-to-date research and the typical audience for this content is comparable to that of global premium publications such as the Financial Times, the Wall Street Journal, the Economist and Forbes Magazine. These publications typically achieve advertising rates in the order of US$90-120 CPM (per 000 impressions).

The new website, www.researchoracle.com, will publish the Groups content concurrently with its professional distribution channels including Reuters, Thomson, Bloomberg, Factset, Capital IQ, and BNY Convergex, under a licence permitting use by a non-professional audience only. The Group has entered into an arrangement with an advertising sales network provider to source advertising clients and in addition, has recruited a dedicated media sales manager who will be responsible for developing site traffic and advertiser relationships. The Directors believe this product is innovative in that it combines the advertising revenue model, which has been successful in other business areas, with an equity research product. The Directors also believe that the launch of this product will generate additional revenues to those currently derived from the Groups existing institutional clients, since those clients require delivery of research through specific channels.

The Research Oracle is designed to provide a free platform and delivery portal for the Groups products and services, as well as a high-traffic showcase for the Groups complete product suite The site will allow retail and institutional investors to subscribe for the complete suite of the Groups products which comprise:

GEO Monitor, our service which tracks and provides preliminary pre-IPO research on all non-US upcoming IPOs from around the world;

PDF-based (advertising-free) Global Research reports for internal use or for redistribution by professional/institutional clients;

The financial models that drive the ratings and recommendations embodied in the reports;
Access to the analysts responsible for the reports;
White-labelled or co-branded reports;
Bespoke research services;
Alerts registration, for notification by email upon any update of a company in the registrants interest list; and
Also being launched today, a short term actionable trading strategies product which includes a subset of the companies currently under fundamental research coverage.
In order for the Group to be able to provide the short term actionable strategies product, it has entered into a collaboration agreement with TradingCentral SA, a highly regarded Paris-based firm. Under the terms of the agreement, TradingCentral SA will provide a short-term (5-30 day) view of opportunities available in a subset of the stocks covered by the Group in our usual 6-24 month investment horizon. TradingCentrals recommendations are tracked and evaluated by Investars and their complete short-term long recommendation portfolio, from which the coverage for our site will be selected, has achieved a ranking similar to that of IIRs own long-term long portfolio. This short-term actionable trading strategy product will be provided to existing and new subscribing clients at no additional charge.

The Group is pleased to begin 2008 with the announcement of these exciting new services and hopes to announce further product launches in the near future.

Further enquiries:

Independent International Investment Research plc

Shane Smith

Tel: 020 7232 3090

John East & Partners Limited

Simon Clements/Simon Fox

Tel: 020 7628 2200

The above is more detailed than the news item on the company website. I think it has maybe been posted on the integrity research thread by mistake.

I like the header on this thread - Except it should have clarified that this share was to fly DOWNWARDS!
UC.