Why are we again at 10.5p bid?

It doesn't add up...

Good Results + Strong buying pre results + Christmas online buying soon = Price drop

Then again some companies that have debt for equity hanging in the balance, poor results and bankruptcy around the corner and they go up!

Why sell now at a loss?

Wont that be a kick in the teeth when we see 13.5p 14p again!

Best of luck all.

I shall be buying some more, what a bargain.

it all seems like sort of con to me.

Someone wants RTD to be marked down lots so they can then buy in at ridiculous low price.

Personally, I wouldn't put anything on this until things are clearer.

Al
;-)

Remember a few facts.

1. The potential court case by Cybersource may never happen. If it does it will not be for well over a year, and Cybersource may well not win. If they don't then RTD may come out on top due to the malicious timing of Cybersource's action (RTD employed one of their X-staff a matter of days ago). Oh dear, I don't think that will go down very well in a court of law!

2. RTD are doing better now than they ever have done. Until the above hit the fan there was nothing but good news comong from RTD. Look at the RNS announcements.

3. RTD results are in 3 weeks and are expected to be in line with expectations, or perhaps even very good (see RNS announcements).

4. I still expect RTD share price to go North of 18p before the results. Would not surprise me at all if it topped 20p.

I topped up hugely this morning

good luck all

tokyo

It's a tiny proportion of sales at 3% of turnover for this product, I have therefore bought heavily!

Tokyo. I agree with what you have written, but I believe the case is before an American court and God doesn't know what they will decide or why they decide in one way or another. I think it will hit about 22p again but whether in September or Decemeber I wouldn't has a guess.

I seem to be holding a few smaller companies with outstanding law spats!!! My solicitor always told me the last person to consult was a lawyer!!

an upgrade from the broker at

www.saturn.uk.com/dsc_admin/rtd_newsflash_160804.pdf

all over done by the mms.http://www.saturn.uk.com/dsc_admin/rtd_newsflash_160804.pdf

Daniel Stewart

Market Cap 37.8m
Enterprise Value 33.6m
Shares in Issue 289.8m
Est Free Float 78.7%
Gearing N/A
Net Cash (Debt) 4.2m
Next Results Interims Sep 04

Research
David Johnson
020 7847 0399
david.johnson@danielstewart.co.uk
Roger Tejwani
020 7847 0380
roger.tejwani@danielstewart.co.uk
James Hollins
020 7847 0386
james.hollins@danielstewart.co.uk
Sales
Tom Jenkins
020 7847 0370
tom.jenkins@danielstewart.co.uk
Daniel Willmott
020 7847 0364
daniel.willmott@danielstewart.co.uk


Retail Decisions (RTD.L), the fully integrated risk management solutions and payment processing provider, on Friday announced that an action has been filed in the US by CyberSource Corporation (Nasdaq: CYBS), a competitor in the Card Not Present (CNP) market, alleging patent infringement by Retail Decisions ebitGuard product. As a result of the news, the stock dropped 23% to 13p on Friday.

The board of Retail Decisions is currently investigating CyberSources claim but is aware of no patent infringement and believes the claim is without foundation at this stage. If this proves to be the
case upon further investigation, Retail Decisions plans to defend its position rigorously.

ebitGuard currently represents a small percentage of total revenues around 3% in the first seven months of FY04 but is demonstrating strong growth and CNP represents a key area of future growth for the company. We expect revenues for the current year of around $2m from this source, double FY03s performance. More than 40 new merchants were signed up to CNP services in H1
and recent customer wins include Odimo Inc (owner of Ashford.com, Diamond.com and WorldofWatches.com).

The patent Method and System for Detecting Fraud in a Credit Card Transaction over the Internet was applied for by CyberSource in July 1997 and issued in February 2000. ebitGuard, an extension of Retail Decisions CNP telephony fraud prevention service in the US, was also launched in 2000.
Given the length of time that both ebitGuard and the patent have been in existence, it seems surprising that CyberSource has only now chosen to try to enforce its patent.

We also note that Retail Decisions appointed Phaedra Saylor as Director of Business Development in August. Ms Saylor was previously Senior Account Manager Channel Sales for CyberSource.
We are leaving forecasts unchanged at this stage as we await a better understanding of the patent position. On this basis, Retail Decisions is currently trading on a forward annualised P/E of 10.0x for
FY04, falling to 8.9x in FY05 and 8.0x in FY06 a significant discount to the Software and Services sector. With a profitable, cash generative, scaleable business model and a strong position in
a high growth market, we consider that there is considerable upside to the current share price but believe there will be some volatility until the patent issue has been resolved. We retain our BUY recommendation.


EPS** EV/EBITDA PER DPS
December m m m P X X p
2003 A 30.4 5.6 7.2 1.38 5.1 10.2 -
2004 E 32.0 6.0 7.6 1.40 4.8 10.0 -
2005 E 33.4 6.7 8.4 1.58 4.5 8.9 -
2006 E 35.6 7.5 8.9 1.75 4.1 8.0 -
* pre amortisation and exceptional items
**fully diluted pre amortisation and exceptional items

the shorters have had their fun with this one, lets hope for a steady rise back to 17 pence and then north from there. Not expecting any more news from RTD this week, but remain hopeful they can squash this soon

this share has more than halved from 28p down to 13p on no reason whatsoever apart from shorters and MMs playing games.

How much more damage do they wanna do?
Do these people want to bankrupt every small company on stock exchange. I noted last week an article on inteernet about uk being worst performing stock market in whole of the world these days. Even Spain, Australia, Germany (and of course USA) are doing much better.

I'm so disillusioned living in this country these days

I don't see why halving the price of a share will bankrupt a company. I see that it is more likely to lead to a company buy at a lower price. But I wonder what proportion of money is going into "betting" on the market rather than purchasing shares. It may be reasonable to introduce "stamp or tax" duty of some of these dealings. This may reduce the volatility and profit longer term holdings.

I do understand hedging can be used sensibly as a form of insurance against market drops etc..

When will some people ever learn.

"Shorters and MM's playing games" do not lead to company share prices reducing by half.

Get real, folks.

the volume being traded and the steady rise reminds me of last years build up to the results!! (oh the good old days)

Market Makers buy just gone through, overhang must have gone, hopefully in for a bit more of a rise today

Hope this puts a smile on Douggie's face when he returns

No posts in a week, whats going on?!?

Douggie is on holiday.

Or perhaps ???

Personal opinion is that until the results in september and we hear more about the litigation there is not a great deal to say. volume has died off a bit and it is unlikely we will see much action from the T traders in the run upto results, they too will be waiting for the update rather than taking a position in advance imho!

!

another shite day