Shares digital

Interims Friday 22 June

BULL POINTS

> Tolerable gearing

> NAV of 97.5p

> CEO Allan Allkins well regarded

BEAR POINTS

> Profits warnings, March and May

> Takeover discussions with 24.4% shareholder were aborted

> Indicated interim dividend will be passed

> Likely loss-making this year.

> Recent record very bad

SHARES SUMMARY

The shares have been a a very poor investment for several years with the divi falling from 6.1p in 2001/02 to nil. The group missed the rationalisation of the department store sector with 24.4% shareholder Lawdene walking away from merger discussions. Richard Ratner of Seymour Pierce believes the group will be loss-making this year and next. The shares are likely to continue to underperform as there is no reason to hold them. JM