Invest? If not.........What are your reasons? Lack of liquidity? Fear of a 'different' marketplace? Perhaps you feel wary as you feel you don't yet understand how it works, or your broker is either negative, or doesn't trade Ofex shares.
(Don't worry, most people have never heard of Ofex - perhaps that in itself is a reason!).
Are you then a 'lurker' who'd like to give it a go but aren't sure?

What is it that would convince you to finally give it a go, to buy your first ever ofex share? Or would you never do it?

Do tell! And do ask any questions you have. They don't bite!

yes they do...

my broker doesnt do ofex. i am interested in an ofex company . how do i buy their shares?

Oops kayak, did your pick "sink"? It happens! Bosley more and more do, eg TD Waterhouse by phone, Seymour Pierce also and Barclays online. It is exactly the same as trading any other share, though anything much over a grand can be tricky to sell quickly, but with competitive mms coming in that should change in the next few months.

The problem with Ofex is the low liquidity particularly if you are trading against the market. You try to get rid of a holding when it's going down and you'll see what I mean. Not for widows and orphans.

As much as I prefer to do things myself, with OFEX etc, I stick to
a fund (close brothers beacon fund) it gives me more 'shelter' being
in a pool of investors in dealing with OFEX, AIM etc - yes I have a
yellow streak I'm afraid! The fund has performed pretty well recently
although it did drop in the general down
trend a couple of years back, but all in all it's recovering well.
Leaves me to do my own thing on the various FTSE indices, which I
prefer.

kayak, I had eight Ofex shares at one time, so i take your point but new mms should improve things, a bit. And stockbunny yep that's one way certainly to get balanced exposure. I tend to prefer picking my own and have been building up one big position (GSC) and I like Millbrook.
Can i be rude Bosley! Which stock are you interested in?

it was tipped in sgares mag, printing .com, i think it was called .they gave it a very good write up , could only see an upside and it had plenty of potential . they also re tipped it saying it would be joining the aim very soon , so i thought it would be a good idea to get in early . what do you think ?

Comdirect will trade OFEX.

Bosley they reported 8 weeks of buoyant trading before Xmas, so we could be looking at 600,000 profit for the full year. Against a market cap of 11.5 million i wonder if they might be fully valued for now? Only my ramblings!

wonderful, so how do you buy the damn shares?????

Just like any other share as long as you find a broker (several mentioned above) who will deal.

Britannia Finance easily the best buy on Ofex.


Interims up 229%

Don't take profits up front like their peers...it's keep the tax charge down.


Tipped by Michael Walters & UK-Unquoted Analyst.


Plus fixed costs mean profits will fall to the bottom line when their loan book reaches 12m......& it's now 13m.



Furthermore profits are virtually in the bag for the next 3 years as that is the average time a loan is lent.



Profit Record to date:

2000 67,000
2001 107,000
2002 179,000
2003 308,000
2004 700,000 Estimate by M Walters........Results announced in about 15 weeks.

And the boss as just sold 700,000 quids worth of shares.

gf.

No, I can think of easier ways of losing money

Up 300% from float & the boss refused a bid at 24p, as he knows there is growth to come.

Paid off his mortgage, as he only takes a small salary...who can blame him.


+ the sales have now finished.


A task.....


Find me better compound growth....85% at the moment & it's due to get better :-)

And the boss as just sold 700,000 quids worth of shares, plus his wife has been dipping in aswell. Sorry but smaller companies like this market cap circa 9 million are greatly exposed when we have the geopolitical events going off at the moment plus theres the much talked about consumer bubble burst about to happen any day now, and interest rates on the rise.(interest rate rises affect all financial firms adversley ive worked in the Banking Industry, dont let anyone tell you any different).

No there not for me, no liquidity, hardly budge. Go for days and weeks on end without moving. Sorry doesnt interest me I prefer a little more excitement.

And of course you will have heard of the problems that have hit ofex over the last few weeks, losing out on the regional exchanges, Luke Johnsone leaving after only a few weeks with Ofex, the new MMS put back at least 2 months, share price of ofex stock fallen.

Good luck to holders though, you must be very very patient people indeed, you certainly have my respect for this aspect.

cheers GF.

Find me better compound growth....85% at the moment & it's due to get better :-)

No answer then?


goldfinger you got involved in Telecom Plus & Sportingbet after they left Ofex, wow could have bought Telecom plus for 30p on Ofex.....maybe you will buy Britannia over 1 when it's on AIM.

GF raises some good points. Offex and Aim are traditionally treated as high risk because of the liquidity issues and the lacket of analyst coverage.

I think, though, that brokers treat them as higher risk because they are riskier for the broker. They call for good fundamental research and a lot of brokers don't want to commit the time or energy and would rather follow the latest research note from DKW or whoever. They get a bit of cover from that if it goes pear shaped.

If you look at the way the market has moved over the last few weeks aim companies have, as G.F. says, hardly budged and they are for the patient. But then isn't there some maxim about not looking at equity investment for less than a 5 year term ? I know that most people here are frequent traders but there is a distinction between investing and trading.

Not that I advocating puting the crown jewels into 2 offex companies, but a good spread along with other holdings can't hurt.

Punting on a large cap is essentially betting against 300 analysts who are frankly better trained and have more time than me. They live there lives for their sectors. Okay, markets aren't efficient, and nor am I, but I think that there are better opportunities to identify value in the small caps.

Hey ho. Off the soap box now.

And for those having a very slow day:


Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that each competitor has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view. It is not a case of choosing those which, to the best of ones judgement, are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practise the fourth, fifth and higher degrees

It is the long term investor, he who most promotes the public interest, who will in practice come in for most criticism, wherever investment funds are managed by committees or boards or banks. For it is in the essence of his behaviour that he should be eccentric, unconventional and rash in the eyes of average opinion. If he is successful, that will only confirm the general belief in his rashness; and if in the short run he is unsuccessful, which
is very likely, he will not receive much mercy. Worldly wisdom teaches that it is better for reputation to fail conventionally than to succeed unconventionally.

J.M. Keynes, The General Theory of Employment, Interest and Money, 1936.

But Ofex is about to become like AIM, 4 market makers by 2004 end......many commentators are catching on.

It's only for those who like high risk/high rewards, those who like safety, yield and a steady 20% pa gain on average, should stick with the blue chips!

Not sorry not for me. Not regulated enough too much of this kind of thing happens which as just hapened in last few days...............

Over on Ofex, currency exchange group 4Less placed 2.8 million shares at 60p and that managing director Charles McLeod had dumped 450,000 shares at the same price ahead of a move to AIM. Since the mid-price ahead of the news was 87.5p the placing seems at a low level but the company - in a rare moment of corporate honesty - told free to use website Unquoted-Analyst.com that its shares were simply overvalued at 87.5p. They were 5p less overvalued by the close." Just think from 87.5p to 55p, - scandal.

If this happened on aim or main market there would be a shareholder rebellion, I feel sorry for those investors who have lost so much on this company.

cheers Gf.

Afraid it does suggest that there is little interest here. I said there were bargains there on ofex, but i certainly do not think Britannia is one of them.

All these director sales tell a story, that company will be hurt by rising interest rates and the claimed conservative accounting - all that means is that the problems will take longer to show through and the inexperienced might well be left holding the baby, when the problems become all too apparent. And given that even several FTSE 100 financial stocks trade on single figure p/es difficult to imagine Britannia meriting a comparable rating, let alone its current premium - on a more competitive market. The 'growth' is from a chronically low base and hollow claims like 'it's going to get better' or 'more to come' do not help intelligent or mature investment decisions.

And if you watch commercial tv for more than 20 minutes you are almost guaranteed to see adverts offering better rates (Britannia verge on the shark imho, over 30%) from more established companies - cut throat competition that will eventually tell on such a small concern.

And goldfinger makes a very valuable point: ofex companies like 4less and Britannia likely to suffer from competitive mms as so many share sales and Gerald Ratner style comments about overvaluation (though fair play for honesty I guess!) would lead to markdowns. managements in many ofex companies have much to learn about the real commercial world!

If you are looking for a good ofex share, Oakdene expects to make 3 million+ on a p/e of under 4.

Just found this thread and like hawick, I have a small stake in MIB (Millbrook Scientific Instruments) which I have held for almost 3 years under the EIS government scheme. It is currently sheltering some CGT.

I've met the management many times, spoken to the boss (Peter Stefanini)regularly and attending the AGMs. Good company and still happy to hold.

Recommend anyone who is interested to visit ofex.com and read through MIB's news section. They are selling machines at good profit margins and the financials are pretty good.

GF How do you rate OFX as a company at the moment? I've got a few shares tucked away, but getting fed up watching them drop. I didn't realise that L Johnson had left, or that the addition of more MMs had been delayed.

Are they still a good mid/long term hold?

Thanks

Princess

Interesting sites for basic information :-

www.ofex.com

www.halifax.co.uk/home/index.shtml.Click sharedealing.Click jargonbuster and
enter ofex.

rgds aj

Other than mining stocks, Britannia probably has more interested investors than any other stock on OFex, those who say it's illiquid should check the graphs on www.ofex.com & then check highly illiquid GSC property with about 2 trades per month, which is mentioned in a positive light in this thread....proof in the pudding.

GSC is far better value (35% below nav) precisely because it's less well known at this stage.

That's the beauty of the real undiscovered shares such as Millbrook, Oakdene and GSC.

Britannia looks exposed now and certainly overvalued, as competition fears and interest rates bite deeper and deeper.

GSC has 35m borrowings & a market cap of what 5m?

Oh dear if property sentinment changes very very risky.


As for Britannia next three years profits virtually locked in.


85% compound growth, and that's due to improve as they have fixed costs, anything over 12m loan books falls straight to the bottom line.

No dependency on the property market, which some commentators say is due for a correction.

Ofex I think is OK if you have a small amount of cash you do not mind tying up for some time. It is not a get rich quick market because a lot of the companies are start up companies. Not a market to risk a lot of money in. I think qonnectis is one to watch, certainly not a market to invest in if you are not prepared to wait, or even lose your investment.On the other hand there are excellent gains to be made if you can pick the right stock

Well Roy I have bought 140,000 Britannia at an average of 10.1p, so 42,000 clear profit on the 140,000 & have added a further 30,000 since, I expect them to get to one pound.


That's good enough profit for me.....your right though you should be prepared to lose your investment, but the risk/reward if you study carefully is good in a bull market.

Princess I have to say that I was an Ofex convert only a few months back and if you look on the GF thread you will see that and I was enthusiastic for a new beginning with new MMs etc, but as I have posted earlier things have started to go worringly wrong for that market. LUke Johnsone as gone to take over at channel 4.

I have been monitoring it from the beginning of the year and I have to say in lay mans terms 'I have found it to be a dead loss'. I cannnot give you buy or sell advice but suffice to say I would not be buyinging into the Ofex stock itself. There are one or two good shares on there as vasey as pointed out but they are very few and far between. The good ones tend to want to switch over to Aim, but just look what can happen when that cones about with the 4 less group, would you wish to see your investment drop within a few hours from 86p to just 55p and thats just on what was supposed to be a positive switch from one market to the other.

Its all very well people pointing out with the late introduction of the MMs ( and I hear one of them maybe pulling the plug now)to Ofex that it will be a more liquid market and hence their argument is that prices will go up far quicker but dont forget they will also aswell fall more quickly. Take for example Britannia a share mentioned by a previous poster, the boss and his wife together have sold over 700 thousand of these on 6 visits and the price didnt budge one jot on any visit, if that same thing happened on Aim or the ofex market with new MMs the share price would have been slaughtered no doubts about that.

Also this week or last week but I can find it, I saw a comment on UQ.com where yes where not one share had been traded before 9am, then came 10am still the same, and then came 11am still the same at approx 11.20am they got the first trade through buy or sell on that market.

Could you really put up with that?, I know I couldnt.

Not only that but you on quite a frequent basis get reports were investors cant even buy 500 worth of stock, in fact to build a position just think how much it is going to cost you in brokers fees and tax both buying and then trying to sell them and it is a big if , if you want to sell a decent quantity.

Please check it out, but I for one will now give it a wide berth.

Good luck.

cheers GF.

GSC assets over 47 million. Borrowings fixed over 25 years. I am a big fan. Low risk unless you think commercial property will crash. Can't see that with new sites so hard to get, the demand for existing sites likely to outstrip supply, squeezing prices ever higher.

Nearest competitor on Aim trading at premium to nav.

90% of GSC clientelle are FTSE 350 companies or government. Unusually high quality for an ofex company.

Cash in bank 5 million against market cap 6.5 million. Strong buy. Thanks for highlighting it Third Eye, though your numbers are a bit off.

Agreed Roy.

As an investment don't like OFX btw, negative nav.

Goldfinger said:
The good ones tend to want to switch over to Aim, but just look what can happen when that cones about with the 4 less group, would you wish to see your investment drop within a few hours from 86p to just 55p


4 Less group is trading at 80.5p you must try not to mislead goldfinger....facts on www.ofex.com

GSC Property at 30 June: Cash at bank and in hand 0.22m

The property they sold for cash is due to be invested.

I cant understand this mentality of some investors harping on about the past and using figures from the past. Its whats about to happen in the future that counts and I can tell, you this Britannia Finance is at a lower price now than what it was on the last results 6 months ago, hardly a glowing reference.

Dont forget the warning on the bottom of tipsters tips, past performance is not neccessarily a guide to future performance, please never forget that.

cheers Gf.

hawick why are claiming 5 million cash and assets of 47m, when they have sold 5m of assets........that leaves 42m assets....I hope you aren't trying to mislead by 5 million pounds?

Well if thats the case all good and well for 4 less today, but cant help thinking of those poor souls who sold out on the relisting news. And by the way thirdeye please dont try and turn this again as you have in the past to a clash of personalaties, stick to companies and not the posters, likewise I see you are trying to discredit hawick.

Bullshare has said in the past we do not want clashes between personalities , stick to companies, stick to the house rules.

chers Gf.

Britannia & the future according to Michael Walters projections goldfinger:


Profits
2003 308,000
2004 800,000 (tba in June/July)
2005 1,500,000

Michael Walters usually likes to be conservative, so I think that's pretty good growth. & a loan book of 13m rapidly growing, see profits virtually secured for the next 3 years. :-)

Well goldfinger as for 4Less at least I quoted the correct facts, so as not to mislead anyone, I wouldn't like to tell them the price is 55p when it is actually 80.5p.

Just to clarify, I buy my OFEX stocks in placings, offers, IPOs etc in order to get the quantity of EIS-eligible shares I require. Placing documents are very good research documents for potential investors and you have time to talk to the directors before handing over your cheque. The fixed price means it doesn't matter what the Daily Mail or some tipsheet guru says. But it is not a market for investing big sums in single companies you can't research easily.

Taken from my earlier post on Britannia on another site..............

Fact this one is a minnow in a big pond

Fact this one is facing increasing interest rates

Fact this one is facing narrowing margins

Fact this one will lose customers due to increased interest rates

Fact this one is well exposed to geopolitical problems

Fact this ones bad debt is rising and will get worse

Fact this one has a massive increased cost base

Fact this one cannot grow from net cash inflow

Fact this one as to keep going back to the bank for finance

Fact this one is massively geared

Fact this one is facing losing revenues on government legislation

Fact this one is up against the new Bankrupt laws

Fact this one is in a saturated and overcapacity market place

Fact this one will be up against new EEC laws on emissions

Fact this one is up against more people buying new cars

Fact this one is up against more people taking to public transport

Fact this one as gone in to the overcapacity credit checking busines

Fact this ones boss and his wife have been selling shares big time

Fact this one is within a trading range 34p to 39p and cannot break out

Fact this one is on an iliquid market and hardly ever stirs

Fact if you stay much longer in this one you will live to regret it.

cheers Gf.

I wish you would get your facts right, many of the "facts" above are a bit like claiming earlier today that 4Less is 55p.


I can see no useful debate here....shame.

Facts I presented just over 2 hours ago please check it out post 21.............

"Not sorry not for me. Not regulated enough too much of this kind of thing happens which as just hapened in last few days...............

Over on Ofex, currency exchange group 4Less placed 2.8 million shares at 60p and that managing director Charles McLeod had dumped 450,000 shares at the same price ahead of a move to AIM. Since the mid-price ahead of the news was 87.5p the placing seems at a low level but the company - in a rare moment of corporate honesty - told free to use website Unquoted-Analyst.com that its shares were simply overvalued at 87.5p. They were 5p less overvalued by the close." Just think from 87.5p to 55p, - scandal."

Hope that clears any problems up as I am not out to misinform.

cheers Gf.

So the market valued them at 82.5p at the close....not 55p.

goldfinger fact on FINANCE Group Britannia

Fact this one will be up against new EEC laws on emissions



I rest my case.

Over & out....sensible debate can be found elsewhere I hope.

Obviously the bosses think they are only worth 60p why dump 450,000 at that price, because they are feeling charitable, no they admit they are over priced and the article from unqouted analyst was misleading to say the least.

Now address the problems of Britannia or are you not capable of that.

cheers GF.

Post 45 think it through thirdeye I take it your not up with EC regulatory laws. I rest my case.

cheers gf.

Just to claarify. GSC property assets c.42.6 million, plus cash around 5 million, less 400k for creditors v debtors. Borrowings 37 million over 25 years, nav 101p.

Seems entirely clear to me. 35% below nav. DYOR.

Just a recap on the problems facing Britannia and the reason as always why thirdeye leaves the debate prematurely..................

Fact this on is a minnow in a big pond

Fact this one is facing increasing interest rates

Fact this one is facing narrowing margins

Fact this one will lose customers due to increased interest rates

Fact this one is well exposed to geopolitical problems

Fact this ones bad debt is rising and will get worse

Fact this one has a massive increased cost base

Fact this one cannot grow from net cash inflow

Fact this one as to keep going back to the bank for finance

Fact this one is massively geared

Fact this one is facing losing revenues on government legislation

Fact this one is up against the new Bankrupt laws

Fact this one is in a saturated and overcapacity market place

Fact this one will be up against new EEC laws on emissions

Fact this one is up against more people buying new cars

Fact this one is up against more people taking to public transport

Fact this one as gone in to the overcapacity credit checking busines

Fact this ones boss and his wife have been selling shares big time

Fact this one is within a trading range 34p to 39p and cannot break out

Fact this one is on an iliquid market and hardly ever stirs

Fact if you stay much longer in this one you will live to regret it.

cheers Gf.

Ps, ask yourself this, would you buy this stock knowing it faced all these problems and even more if this is the flagship of Ofex what does that say for that market???????????????????????????.

Spot on Hawick ,just checked out the figures from the accounts myself.

cheers GF

hawick you said assets 47m & cash of 5m

that's circa 50p per share overstatment.


However pleased you have corrected it now I have pointed out your error.


Goldfinger half of those aren't facts and you know it, I always have time to debate with those who are constructive and reasoned.

Please point out then the ones you dont see as facts (please provide verification, idle gossip is not good enough), because I can tell you this everyone is a fact and not speculation like you have tried to use with your arguments. As bullshare says stick to facts and I have done that.

cheers GF.

If you check it out, you will find they sold a property recently for 4.45 million. That gives assets c.42.6 million in property, and around 5 million in cash (less a small amount for debtors v creditors). Please be careful, I did not say, nor wish to imply, anything else. And I have checked the wording is quite clear. So if you can put your pals at finfoex right i would appreciate it, thanks. I dont mind you debating tough, but please play fair.......

I have always including elsewhere in this site and as you know at unquoted too, used a nav figure of 101p.

I did not say 47 plus 5 anywhere. Do post the quote please otherwise. Assets over 47 million, I said. Further down I mentioned that c.5 million is in cash, it was not in addition to.

That remains unchanged, though as repayments fall and if commercial property prices rise by a modest 5% p.a. in five years time will have risen to closer to 3quid, (repayments by then around 30 million, assets nearer 60 million) even assuming modest or no profits.

And thats the attraction people are yet to wake up to. GF think you should lock away a few of these, as I have!

Tell you what hawick the more you reveal the more this one gets interesting.

Any ideas on if it is going up to aim??????

cheers Gf.

ps, sorry couldnt buy enough on ofex for my purposes, the same old problem.

Well i have 20k GF! Not big enough for you i guess, lol, and it has recently become my biggest long term share!

Post 32 in full hawick, you state 47m assets & 5m cash period.

GSC assets over 47 million. Borrowings fixed over 25 years. I am a big fan. Low risk unless you think commercial property will crash. Can't see that with new sites so hard to get, the demand for existing sites likely to outstrip supply, squeezing prices ever higher.

Nearest competitor on Aim trading at premium to nav.

90% of GSC clientelle are FTSE 350 companies or government. Unusually high quality for an ofex company.

Cash in bank 5 million against market cap 6.5 million. Strong buy. Thanks for highlighting it Third Eye, though your numbers are a bit off.

Agreed Roy.

As an investment don't like OFX btw, negative nav.

If you are including the 4.5m cash, you should have said 42.5m assets.

As way of being balanced you might have mentioned that borrowings are 37m as well.


The post overstates by 45p per share.




Sorry to be accurate.


(Pleased you & goldfinger felt the need to register)

And there are no scammers in the large caps ?

This isn't an argument. Its just pure contradiction.

Not it's not.

Yes it is.

Doh

HAVE INVESTED IN OFEX BACK IN NOV 2000 WHEN I PURCHASED SHARES IN TWIGG MINING/MINERALS & WERE ADVERTISED IN SHARES MAG AS A LONG SHOOT HAVE HAVE KEPT THEM SINCE WHEN THEY CONVERTED TO (AIM ).

You have it right Hawick, no problems. Checked again.

cheers GF.

GSC nav 101p. Share price 65.5p. As I have always said. Despite another's misleading posts.

Strong buy.

PS: Get your wallet out goldfinger! (Your genuine interest here in an ofex share - which your followers know for good reasons you'd normally duck) bound to have others appreciating the hitherto hidden attractions of GSC - and with genuinely, in this case, really rather special, reason.

Does show, this thread, about just how very careful we all have to be about careless, albeit well meaning, though naive, research from others, in this case.

Nice spot GF.

GSC nav 101p, shares a crazy 65.5p only cos they ain't been spotted yet. Big buy. In four or five year nav on modest forecasts (see above) near 3quid!!

Must admiit Hawick Im tending to think more defensive at the moment and certainly will be I am sure come the mid to end summer. Im tempted.

cheers GF.

Not been spotted Hawick?

You have written about them on Sharecrazy, Unquoted, MoneyAM, ADVFN, Motley Fool, under Scotland, Hawick, Eyecatcher, Egoi & Eyecatchers, there the ones I know about. I think you must have mentioned them at least 15 times on Unquoted.


Sure have done a good job to get people interested, well done, but the lack of volume says all for me, investors just don't seem interested, I suspect half the volume recently is yours.



Contrast that with the volume of Britannia Finance & even institutions have got involved before the new market makers arrive....that speaks volumes.




Easily the best vlaue on Ofex imo Britannia Finance.



Btw well done for correcting your overstatement of circa 5m.

There was no overstatement, so no apology from me, you appear to be suggesting cash is not part of a company's assets! As I have always stated, nav c.10 million. Total assets c47 million. The nav on my modest figures likely to be nearer 3quid a share in five years.

Britannia - which you have posted about under more than one name and many hundreds of times on many sites (hundreds is NOT an exaggeration quite possibly thousands), faces interest rates up, competition fears gathering pace and would any moral investor support a company that charges borrowers over 30%? I would not and there is talk of legislation to stop such practises in this area, long overdue imho!

I have posted loads correct mostly to answer questions & in debate, all under third Eye though, unless that username isn't available.


I was shouting about it @ 9p, & then Michael Walters picked up on it @ 24p, & then UK Analyst at 39p, obviously not on my own on the merits of Britannia.


The only recent negative posts, & hundreds of them are from 2 posters, yourself (egoi on ADVFN)& goldfinger (Oliverleftwingtit on ADVFN) who never appear to disagree. The ADVFN thread on Britannia makes very interesting reading the one with 940 posts.


If you don't wish to mislead on GSC it's very easy all you do is state 47m assets including 5m cash, which most responsible posters are happy to do.

??????????????????????????.

Interesting to read this thread a year on. Third Eye, suggesting you should buy Britannia at 39p, I was saying GSC at 65.5p made more sense.

Since then britannia had a swingeing profit warning and interims tumbled, but GSC has doubled its indicative nav.

And the shares have reflected the varying fortunes of the two companies albeit in different sectors. GSC now still well below new indicative nav btw. Still worth picking up. On the other hand, Britannia seem to be unable to cope with rising costs, despite an increase in business.

Incidentally unquoted-Analyst who third eye was so pleased at having a buy rating then on britannia have gone to a sell (and there now appears to be a big overhang) - and they have gone from no rating to strong buy on GSC.

Britannia now 28.5p
GSC now 168.5p.

Pleased to say my other two ofex holdings, Vicorp and PHSC are both at all time highs too. I think it proves with the arrival of competitive mms, good stock selection can be rewarded with few of the old risks on ofex!