LONDON ASIA CAPITAL PLC ('London Asia' or the 'Company')
Record Profits From Chinese Investment

We are delighted to announce that Beijing Success Technology Co Ltd ('Success'),
the Chinese financial software company in which London Asia has a 25% stake, has
reported audited profits after tax for the six months ended 30th June 2003 of
600,000, giving a profit after tax for the twelve months ended 30th June 2003
of over 1.2m. These results show considerable growth in both turnover and
profits as a result of Success's expansion of its sales network into cities
across China.
When the Company took its stake in Success in November 2002, it was granted an
option to increase its stake in Success to 51%, on payment of 2.36m, with the
consideration payable one third in cash and two thirds in London Asia shares at
a price of 10p per share. The original investment in Success totalled 163,000,
of which half was paid in London Asia shares, so that the total investment post
exercise of option will amount to approximately 2.5m, valuing the Success
business at only 4.95m, a multiple of only 3.8 times the profits to June 2003.

The Company has hired Cindy Lam as project manager in it's London office to
assist in the exercise of the Success option and the review of investment
opportunities in China. Ms Lam is originally from Hong Kong where she worked
for J.P Morgan Securities and JP Morgan Fleming Asset Management as Project
Manager, her responsibilities including project managing the implementation of
new IT systems. She has previously worked for EDS/Nedcor, Banque National de
Paris and the Hong Kong Government. Ms Lam has a degree in Computer Science, an
MBA, and speaks English, French, Mandarin and Cantonese.

Said Simon Littlewood, Chief Executive of London Asia: 'Success has
continued to grow revenue and profits, demonstrating that with the right
management team and product, it is possible to tap into the vast potential of
the Chinese market. Success is an example of the profitable, high growth
companies that the Company seeks to work with. We are continuing our due
diligence on a number of other potential investments in China.

Simon Littlewood, chief executive of London Asia argues that many local entrepreneurs are making fortunes as software and high-tech companies double turnover year after year and still fail to meet surging demand. Medium sized private companies in China are maintaining annual profits growth of 30 to 50 percent. London Asia can buy long term stakes at price earnings multiples of 3 to 5.

Littlewood claims there are now 16 million day traders in the People’s Republic.

London Asia's list of investments:

Beijing Success - financial analysis tools
Temima China Investment Banking Group - corporate finance and investment activities within China
Beijing Biao Qi Culture Spreading Ltd - publishing, media and film
Beijing Biao Qi Advertisement Ltd - advertising.
EuropAsia Education plc - UK AIM listed investor in and operator of education businesses in Europe and Asia
Metasource - NASDAQ BB listed
MeanFiddler - UK AIM listed
Prestige Publishing - UK AIM listed
Intelliplus - UK AIM listed
ASAP International - UK OFEX listed
Unlisted Companies
Sportalasia
Puca

grevis - 25 Nov'03 - 12:29 - 295 of 298 edit
overeager: I seem to recall that London Asia's last announcement was made on the 30th of the month. On the assumption that their Board meets this coming Friday, could get the long awaited announcement next Monday.
Could be that the MMs have gotten wind of something about to happen, hence why the price has risen today on little volume. The last time LDC made an announcement, their shares went to 28p; that is 55% above the current price. Maybe now is the time to top up!

overeager - 25 Nov'03 - 13:04 - 296 of 298
Grevis: Who knows when the announcement will be made - the point is it will.

The point I would make is that if I wish to buy 50k's worth of stock (or even 10k), I will have to pay alot more than 19p.

I am more interested in the long term and remain confident of 1+ taking a 3year view

My Way - 25 Nov'03 - 13:09 - 297 of 298
I would feel any announcement will be late December, when they will confirm the success deal and a few more deals.

grevis - 25 Nov'03 - 13:26 - 298 of 298 edit
overeager & MyWay: I cannot disagree. Any thoughts on what use they may have made with that bundle of extra money they raised?

terry91 - 25 Nov'03 - 18:46 - 311 of 325
This stock moves on small volume 10K moves an MM. 30K ths morning moved 3.
ust need to come out soon please. lol
Might even top up.

grevis - 25 Nov'03 - 19:21 - 312 of 325 edit
Hi terry91. With such low volumes of late, any surge in demand could see the price flying well beyond my predicted price. Doubt the MMs are overstocked at present. Looking forward to that long awaited news. Good luck

grevis - 26 Nov'03 - 01:37 - 313 of 325 edit
I think we may have overlooked the significance of Yahoo's entry into the Chinese markets and the impact that this may have on Beijing Success Technology.
Yahoo offers financial content in all areas in which it operates. If such content is lacking in their China purchase, there maybe a major new outlet for Beijing Success. This is just pure speculation, but it may explain why London Asia's share price increased for no apparent reason first thing Monday morning. An alternative explanation would be that Yahoo's entry into China has awakend interest in the whole Chinese internet market. Yahoo seems to have paid a fairly hefty price which can only be good for the valuation of London Asia's China assets.
Whatever the reason, if a powerhouse such as Yahoo can see a bright future for Chinese internet markets, then it bodes well for the investments that LDC has made in that country.
In the light of this new development it will be interesting to see if LDC's share price continues to march forward from now on.

GASFerret - 26 Nov'03 - 07:43 - 314 of 325
grevis - good post. I had not ignored your earlier post re: thread titles. I'd written a post of three paragraphs and then lost my connection and couldn't be arsed to write it all again. It is difficult to think of one isn't it? maybe the next announcement will make it easier.

I liked the 1.25 billion one. might have even more impact written 1,250,000,000. The others were good but maybe too complex/subtle to grab the attention of some board readers.

Waiting impatiently as always...


terry91 - 26 Nov'03 - 08:31 - 315 of 325
Well what this up again now 2 bid 1 offer on the higher bid.

GASFerret - 26 Nov'03 - 09:11 - 316 of 325
Is anyone on this thread any good at charts? I would be interested in what they are showing. (I know it's the interpretation of them that's important and the actions taken but I also like to look at the pictures).

Old fool - 26 Nov'03 - 09:32 - 317 of 325
How about this for a title:
"Share the riches of China with LDC"

terry91 - 26 Nov'03 - 09:36 - 318 of 325
OF nice.
GF I will ask on the chart thread get back to ya.

terry91 - 26 Nov'03 - 09:56 - 319 of 325
LDC being walked up on no trading really. I bet you MM's have found something out. tut tut

leak leak leak.

GASFerret - 26 Nov'03 - 10:11 - 320 of 325
OF-like it. terry91 - thanks, I would love to see some pictures.
If the MM's have heard whispers then good as far as I am concerned. If there is good news coming it will make me happy.

overeager - 26 Nov'03 - 10:13 - 321 of 325
7% increase on no turnover at all! MM's obviously don't wish to get caught out on this one again.

bsg - 26 Nov'03 - 10:24 - 322 of 325
Don't forget large trades get delayed.

terry91 - 26 Nov'03 - 10:26 - 323 of 325
just ticked up now big change 2 bid on 18p 1 offer on 20p then 21p offer. Something up here.

Not selling till way past 30p

toombs - 26 Nov'03 - 10:26 - 324 of 325
ok just topped up with 20k this will be delayed as usual, however it took ages for the mms to get the stock for me 2 didnt want to know the other took ages. Got them at 19.5p should show around 12:25 ish

The mms have bugger all stock steady buying and this will break 24p!!!!!!!
imho

GASFerret - 26 Nov'03 - 10:27 - 325 of 325
Delayed 10k buy just come through. Another tick up to 18/20. Nice.
Also now on the Percentage Gainers list which should generate interest.

The Inside story - 26 Nov'03 - 10:48 - 14765 of 14767
LDC - london asia is starting to move, massive potential in China and fully focused on expansion and placing of current investments [success business growing very rapidly]

Update of 'success' stake expected [the last update drove the stock above 28p]
Other investments performing well.
Placing a couple of months back to raise cash for further acquistions, so looking forward to updates on due diligence that has been in progress.

the 'success' business will likely be floated next year, and based on the last profit update should be valued higher than the entire mkt cap of LDC !

DYOR but not many shares in circulation.

melfaraj - 26 Nov'03 - 10:54 - 14766 of 14767
incide story, ldc
apparently fro best growth potential at the mo one has to go where ldc has gone. the stock is consolidating and doing the right stuff. what is missing yet is volume and when volume comes this may well take off.

Well London Asia are moving up strongly this morning. Up 12.8%. Now one of the day's top performers.

The Inside story - 27 Nov'03 - 10:25 - 13 of 16
here is my calculation for a valuation of the success business :

Profit after tax to June 2003 = 1.2 million (against back drop of SARS)

My forecast for 2004 anticipating another year of growth as in 2003 = 1.8 million. 1.8 million x 51% stake = 0.918 x 15 P/E = 13.77 million

Assume a successful tie up with the media company and say profit after tax climbs to approx 2.5 million x 51% stake = 1.275 x 15 P/E = 19.125 million.

The current Mkt Cap of LDC is only 8.6 million, the valuation of their 51% in "success" alone has to be at least 12 million assuming limited growth (Although imo expect massive growth). they have cash for new acquisitions + many other profitable investments.

So where am I going wrong ? Is my calculation incorrect or should these shares be at least double what they are today !

james 2 - 27 Nov'03 - 11:12 - 15 of 16
the calc looks good to me - I would probably go with the 14 million valuation for LDC stake in "success", but given the media tie up/training courses could well be more.

grevis - 27 Nov'03 - 11:20 - 16 of 16 edit
The Inside Story: Well done. Good stuff. God knows but your estimated earnings may even be conservative. Correct me if I am wrong but believe 'Success' generated its profit from two Cities, Beijing and Shenzen. Since opened up across China into 20 Cities. Whether this would translate into a 10 fold increase in profits, I have no idea but think it is worth discussing with others on this thread. Whatever, Success stake seems to be worth more than the whole of LDC's market cap and 30p to 40 per share can be justified on this stake alone

Any holders out there, what do you make of this?

All the action in this share came in the early stages when it soared from almost nothing to 20p. If you held then you were in clover. Since then, price volatile but basically in a downtrend. It might be a hold if you are brave. Best to sit on the sidelines and go in when it has bottomed out IMHO.
rgrds
gk

London Asia Capital launches 200 mln usd China fund
AFX


LONDON (AFX) - London Asia Capital PLC, an AIM-listed Greater China focused investment & merchant banking group, said it has reached agreement with Global Emerging Markets ('GEM'), the New York headquartered investment group, for the formation of a 200 mln usd private equity fund for China.

The fund will take significant stakes in each investment, have board representation and be actively involved in the strategic direction, financing and acquisition strategy, the company said.

London Asia and GEM will jointly manage the fund.

newsesk@afxnews.com

slm/

We are delighted to announce the launch of a USD200 million fund for
investment in China.

The fund will be co-managed with Global Emerging Markets (GEM), the New
York headquartered investment group which has committed capital of USD1.8
billion in funds. Investors for the fund will come primarily through GEMs
network of contacts and existing investors, many of which are seeking an
exposure to Chinese Investments.

"Establishing the fund is in line with our strategy of generating income
from a wider range of sources without significant investment of our own
capital. The fund will enable us to invest in the larger transactions which
we have access to, especially in the power and environmental sectors, but
are currently unable to invest in without substantial dilution to our
shareholders.


Simon Littlewood
London Asia Capital plc

London Asia Capital PLC
02 November 2004


London Asia Capital PLC ('London Asia' or 'the Company')

- Acquisition of 5.9% stake in OFEX operator
- London Asia CEO appointed to OFEX Advisory Group
- First clients signed up for OFEX

London Asia, the AIM-listed Greater China focused investment & merchant banking
group, has acquired a 5.9% stake in PLUS Markets Group plc , the company which
operates OFEX, the UK's stock market focused on smaller companies.

The investment of 250,000 at 5p per share is part of the refinancing of OFEX
which has seen it raise over 3 million in new funds from investors including
Winterflood, the market maker. Funds will be used to expand the market both
within the UK and internationally. Simon Brickles, former Head of the UK's AIM
stock market, has been appointed as Chief Executive.

Simon Littlewood, London Asia Chief Executive, has been appointed a member of
the OFEX Advisory Group to assist in the development and marketing of OFEX in
Asia.

London Asia has signed up three clients for OFEX which are currently going
through due diligence with a view to listing them in the first half of 2005.

Simon Littlewood, London Asia Chief Executive, said:

'We see OFEX as the ideal first market for high growth Chinese companies looking
to list in the UK, as it provides access to European investors in a regulatory
environment geared to the needs of smaller, growth companies. We have seen
considerable interest in OFEX from Chinese companies who are attracted by the
lower level of costs not only on listing, but also in maintaining the listing,
compared to other markets in Europe and Asia.'

ENQUIRIES:

Simon Littlewood, CEO Tel 020 7248 7578

Paul McManus, Binns & Co Tel 020 7153 1485
Mob: 07980 541 893

About London Asia Capital plc

London Asia is a leading AIM listed investment and merchant banking group
focused on the SME market in Greater China.

London Asia has identified that as a result of the fast growing Chinese economy
and an underdeveloped financial services industry, there is strong demand for
both capital and skilled financial advisory services in China, especially among
small-to-medium sized enterprises.

London Asia operates two principal businesses within Greater China:

Investment in profitable businesses with exits via IPO or trade sale;
Investment Banking services, mainly corporate finance advisory (fund
raisings, IPO's and M&A) and fund management

London Asia has a growing list of investments, paid for via a mix of cash and
London Asia shares, focused on distinct industry sectors:

Financial Services
Media
Information technology & communications
Infrastructure, energy & natural resources & environment

London Asia has offices and management teams, as well as strong local partners,
across the Greater China region, as well as alliances with a number of Chinese
business parks which gives London Asia access to over 7,000 Chinese businesses.
These provide direct access to investment opportunities, close relationships
with corporate clients, a good level of control over existing investments,
access to local market intelligence as well as providing leverage through a
network of partners. These work in conjunction with our international network in
London, New York, Singapore, Hong Kong and Taiwan.

London Asia Capital PLC
08 November 2004



London Asia Capital PLC
('London Asia' or the 'Company')


Agreement with Leading Chinese Venture Capitalist

London Asia, the AIM-listed Greater China focused investment & merchant banking
group, has been appointed corporate finance adviser to Canton Venture Capital Co
Ltd ('CVCC'), a leading Chinese venture capital group.

Under the agreement, London Asia will assist CVCC in listing its investments on
stock markets outside China and finding Western investors or buyers. CVCC will
provide details of all of its current investments, which London Asia will then
screen to identify those which are suitable for listing on AIM, OFEX, the New
York, or Singapore markets, and those for which sale to a trade or financial
buyer is more suitable. London Asia will receive fees for its services, and the
right to invest alongside CVCC.

Based in Guangzhou, CVCC has registered capital of RMB700 million (15 million)
and has to date made over fifty investments in the Guangzhou region, with an
emphasis on the bio-technology and IT sectors. In 2003 it was ranked in the top
seven Chinese venture capitalists, and its General Manager, Mr Wang, ranked in
the top seven Chinese venture capitalists.

Mr Hongmao Wang, General Manager of CVCC, said: 'There is considerable demand
from the companies we have invested in to find Western investors and business as
well as technology partners, and to gain a stock market listing outside China.
We have worked with the London Asia team successfully in the past, and have
already begun work with London Asia on the first potential listing of one of our
portfolio companies.'

New Office

In order to service the above agreement and tap into other opportunities in the
region, London Asia has opened a South China Regional Office in Guangzhou,
headed by Mr Hou Chun Chang, Member, National Peoples Consultative Committee
(NPCC) Mr Chang is a leading figure in the environmental sector in China: one of
the founders of Singapore stock market listed Devotion Eco-Thermal Ltd;
Executive Committee Member of the National People's Congress Environmental &
Resource Protection Committee; Director of the China Association of
Environmental Protection Industry. He is Vice President of the Guangdong
Association of Young Enterprisers, and Guangdong Association of Guangzhou
Association of Outstanding Young Persons. In 2003 Mr Chang was appointed a
Deputy of the 10th National People's Congress. Previous awards and honours
include: 2001 - Ten Outstanding Young Persons of Guangzhou; 1999 - Outstanding
Professional of Tianhe District, Guangzhou; 1998 - Excellent Young Enterpriser
of Guangzhou; 1996 - Ten Outstanding Young Persons of Tianhe District,
Guangzhou.

Mr Hou Chun Chang, said: 'I have worked successfully with the London Asia senior
management team in a few ventures including the Singapore listing of Devotion. I
look forward to developing London Asia's presence in the South China region,
which has the largest number of privately-owned businesses in China. '

Simon Littlewood, London Asia Chief Executive, said: 'This is in line with our
strategy of expanding into new regions in China via working with strong regional
partners. This agreement gives us access to a number of investment and fee
generating opportunities in a region which is one of the most developed in
China, and the appointment of Mr Chang to head our new office there brings in
someone with the necessary experience and contacts, both within industry and
Government, to make the most of the opportunities.'

ENQUIRIES:

Simon Littlewood, CEO Tel 020 7248 7578

Paul McManus, Binns & Co Tel 020 7153 1485
Mob: 07980 541 893

About Canton Venture Capital Co. Ltd

Founded in December 1999, the company's major businesses are venture investment
in the high-tech sector, establishment of venture investment funds, as well as
investment consulting and asset management. Backed by the city government, CVCC
helps small companies and individuals in the process of commercialization of
high-tech products and related services. Based in Guangzhou, CVCC's business
covers the Pearl Delta area and southern China.

CVCC has invested over one billion RMB to date. While CVCC is open to reviewing
projects from different fields, the main areas of emphasis are
telecommunication, Internet, computer software, biotechnology, Chinese medicine
modernization, and agriculture. For additional information, see
www.c-vcc.com
.

About London Asia Capital

London Asia is a leading AIM listed investment and merchant banking group
focused on the SME market in Greater China.

London Asia has identified that as a result of the fast growing Chinese economy
and an underdeveloped financial services industry, there is strong demand for
both capital and skilled financial advisory services in China, especially among
small-to-medium sized enterprises.

London Asia operates two principal businesses within Greater China:

Investment in profitable businesses with exits via IPO or trade sale;
Investment Banking services, mainly corporate finance advisory (fund
raisings, IPO's and M&A) and fund management

London Asia has a growing list of investments, paid for via a mix of cash and
London Asia shares, focused on distinct industry sectors:

Financial Services
Media
Information technology & communications
Infrastructure, energy & natural resources & environment

London Asia has offices and management teams, as well as strong local partners,
across the Greater China region, as well as alliances with a number of Chinese
business parks which gives London Asia access to over 7,000 Chinese businesses.
These provide direct access to investment opportunities, close relationships
with corporate clients, a good level of control over existing investments,
access to local market intelligence as well as providing leverage through a
network of partners. These work in conjunction with our international network in
London, New York, Singapore, Hong Kong and Taiwan.

London Asia has been appointed corporate finance adviser to Canton Venture
Capital Co Ltd (CVCC), a leading Chinese venture capital group. Under the
agreement, London Asia will assist CVCC in listing its investments on stock
markets outside China and finding Western investors or buyers.

Based in Guangzhou, CVCC has registered capital of RMB700 million (#15
million) and has to date made over fifty investments in the Guangzhou
region. In 2003 it was ranked in the top seven Chinese venture capitalists,
and its General Manager, Mr Wang, ranked in the top seven Chinese venture
capitalists.

Mr Hongmao Wang, General Manager of CVCC, said: There is considerable
demand from the companies we have invested in to find Western investors and
business as well as technology partners, and to gain a stock market listing
outside China. We have worked with the London Asia team successfully in the
past, and have already begun work with London Asia on the first potential
listing of one of our portfolio companies.

In order to service the above agreement and tap into other opportunities in
the region, London Asia has opened a South China Regional Office in
Guangzhou, headed by Mr Hou Chun Chang, Member, National Peoples
Consultative Committee (NPCC).

Mr Hou Chun Chang, said: I have worked successfully with the London Asia
senior management team in a few ventures including the Singapore listing of
Devotion. I look forward to developing London Asias presence in the South
China region, which has the largest number of privately-owned businesses in
China.

Simon Littlewood, London Asia Chief Executive, said: This is in line with
our strategy of expanding into new regions in China via working with strong
regional partners. This agreement gives us access to a number of investment
and fee generating opportunities in a region which is one of the most
developed in China, and the appointment of Mr Chang to head our new office
there brings in someone with the necessary experience and contacts, both
within industry and Government, to make the most of the opportunities.



Simon Littlewood
London Asia Capital plc
www.londonasia.com

London Asia has been appointed corporate finance adviser to Canton Venture
Capital Co Ltd (CVCC), a leading Chinese venture capital group. Under the
agreement, London Asia will assist CVCC in listing its investments on stock
markets outside China and finding Western investors or buyers.

Based in Guangzhou, CVCC has registered capital of RMB700 million (#15
million) and has to date made over fifty investments in the Guangzhou
region. In 2003 it was ranked in the top seven Chinese venture capitalists,
and its General Manager, Mr Wang, ranked in the top seven Chinese venture
capitalists.

Mr Hongmao Wang, General Manager of CVCC, said: There is considerable
demand from the companies we have invested in to find Western investors and
business as well as technology partners, and to gain a stock market listing
outside China. We have worked with the London Asia team successfully in the
past, and have already begun work with London Asia on the first potential
listing of one of our portfolio companies.

In order to service the above agreement and tap into other opportunities in
the region, London Asia has opened a South China Regional Office in
Guangzhou, headed by Mr Hou Chun Chang, Member, National Peoples
Consultative Committee (NPCC).

Mr Hou Chun Chang, said: I have worked successfully with the London Asia
senior management team in a few ventures including the Singapore listing of
Devotion. I look forward to developing London Asias presence in the South
China region, which has the largest number of privately-owned businesses in
China.

Simon Littlewood, London Asia Chief Executive, said: This is in line with
our strategy of expanding into new regions in China via working with strong
regional partners. This agreement gives us access to a number of investment
and fee generating opportunities in a region which is one of the most
developed in China, and the appointment of Mr Chang to head our new office
there brings in someone with the necessary experience and contacts, both
within industry and Government, to make the most of the opportunities.



Simon Littlewood
London Asia Capital plc
www.londonasia.com

From UK Investor:

Aim-listed London Asia Capital saw another jump in its price after the company, which was involved in the refinancing of Ofex, said it has raised 3.3 million pounds before expenses through an institutional placing by Seymour Pierce of 30 million ordinary shares at 11p each. The group said it is in negotiations to obtain an investment banking license in China and the monies raised via the placing will be used to invest in a new company which has been set up to apply for the license. The shares added 0.5p to 11.5p.

Geoff Foster, Daily Mail
17 November 2004

"Investment company London Asia Capital improved p to 11p following a 3.3m placing of 30m shares at 11p a share with institutional investors including AA-rated fund manager Michael Barnard."

info about Michael Barnard can be found here http://www.marlboroughfunds.com/ManagerProfile_MBarnard.htm

From Marlborough UK Equity Income Fund's website, re Michael Barnard 4 star equity manager:


Michael Barnard was born in Forres, Scotland in 1950. He developed an interest in the stock market at the age of sixteen. This interest quickly grew into a hobby and then an addiction. Following graduation in 1971 from Aberdeen University with an MA Degree in economics, Michael entered the stockbroking profession. He ascribes his success to the love and dedication to his work, though he has never looked upon it as work.

In 1988, Michael set up his own company, M D Barnard & Co Ltd, a stockbroking and investment management business. His management of the UK Equity Growth Fund began in 1995 and he used his vast knowledge to give the fund its consistent high performance. And this consistency looks set to stay as Michael expands his team as the funds popularity and size grow. In particular, he looks to analyst Simon Like for company research. Simon is from the same school of thought as Michael, having entered the industry as a result of a passionate interest in the stock market.

Simon spends much of his time visiting companies in which either Marlborough has an investment or is contemplating one. He maintains regular contact with these companies in order to accumulate an in depth knowledge and perception of them. He also makes a point of monitoring the views of other investors towards the shares of investments held as these views can have a major bearing on share price performance. Both Simon and Michael adopt a similar strategy towards investment which is very important when acting as a team. With Simon having carried out extensive investigative research, Michael feels much more confident about his investment decisions.

Michael tends to be a stock picker rather than looking to invest in a particular sector or size of company. His approach is very much on long term capital appreciation with an aversion to risk. Consequently the high growth of the fund has been achieved through a below average level of volatility.

When asked what the future holds Michael admits,

I have no plans for retirement or to leave fund management. I could carry on forever! But investors can rest assured that when the time does eventually come, Michaels school of investment will have just the team to keep the fund performing.

Bought in today, a little late, I admit, at ~12.25, looking for steps up to 14, 16, 18, 20p.

MikeHardman: Well done. Eveything seems to be inplace to get those IPO's underway. Many were set to float on OFEX which LDC has helped to rescue and can now go ahead. They have also linked up with the Americans who are to put up $200 million for China investments. Once due diligence has been done, we should see a steady flow of IPOs during 2005. Now is the time to tuck a few away. Good luck!

Nice 250,000 T trade at 12p has just been posted. Looking good!