INFORMA PLC (Incorporated As a Public Limited Company in England and Wales)

Total Page:16

File Type:pdf, Size:1020Kb

INFORMA PLC (Incorporated As a Public Limited Company in England and Wales) BASE LISTING PARTICULARS INFORMA PLC (incorporated as a public limited company in England and Wales) Guaranteed by certain other companies in the Group £2,500,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Base Listing Particulars (the "Base Listing Particulars") (the "Programme"), Informa PLC (the "Issuer"), subject to compliance with all relevant laws, regulations and directives, may from time to time issue euro medium term notes (the "Notes"). Application has been made to The Irish Stock Exchange plc trading as Euronext Dublin ("Euronext Dublin") for the Notes issued under the Programme during the period of twelve months from the date hereof to be admitted to the official list (the "Official List") and to trading on the Global Exchange Market of Euronext Dublin (the "GEM"). This offering circular has been approved by Euronext Dublin as a Base Listing Particulars. References in this Base Listing Particulars to Notes being "listed" (and all related references) shall mean that such Notes have been admitted to the Official List and to trading on the GEM. The Programme provides that Notes may be listed on such other or further stock exchange(s) as may be agreed between Issuer and the relevant Dealer (as defined below). This Base Listing Particulars does not constitute a prospectus for the purposes of Article 5 of Directive 2003/71/EC (as amended or superseded, the "Prospectus Directive"). The Issuer is not offering the Notes in any jurisdiction in circumstances that would require a prospectus to be prepared pursuant to the Prospectus Directive. GEM is not a regulated market for the purposes of Directive 2014/65/EU (as amended, "MiFID II"). The Issuer has been assigned a rating of BBB by S&P Global Ratings Europe Limited ("S&P") and Baa3 by Moody's Investors Service Ltd ("Moody's"). S&P and Moody's are established in the European Economic Area ("EEA") and registered under Regulation (EC) No. 1060/2009, as amended (the "CRA Regulation"). Tranches of Notes to be issued under the Programme will be rated or unrated. Each of S&P and Moody's may in the future rate Notes issued under the Programme. Where a Tranche of Notes is to be rated, such rating will not necessarily be the same as the rating assigned to the Issuer. A security rating is not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency. Investing in Notes issued under the Programme involves certain risks. The principal risk factors that may affect the abilities of the Issuer (as defined below) and the Guarantors (as defined below) to fulfil their respective obligations under the Notes are discussed under "Risk Factors" below. The Notes and the Guarantee of the Notes (as defined herein) have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and Notes in bearer form are subject to U.S. tax law requirements. The Notes may not be offered, sold or (in the case of Notes in bearer form) delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act ("Regulation S")) except in certain transactions exempt from the registration requirements of the Securities Act and in accordance with any applicable securities laws of any state or other jurisdiction of the United States. The Notes will only be offered and sold outside the United States to non-U.S. persons in reliance on Regulation S. ARRANGER BNP PARIBAS DEALERS BANK OF CHINA BARCLAYS BNP PARIBAS BOFA MERRILL LYNCH COMMERZBANK HSBC MIZUHO SECURITIES MORGAN STANLEY MUFG SANTANDER CORPORATE & INVESTMENT BANKING STANDARD CHARTERED BANK 8 May 2019 238341-4-19228-v14.0 70-40714781 CONTENTS Page IMPORTANT NOTICES ............................................................................................................................. 1 OVERVIEW ................................................................................................................................................. 6 RISK FACTORS ........................................................................................................................................ 11 INFORMATION INCORPORATED BY REFERENCE .......................................................................... 24 PRICING SUPPLEMENT AND DRAWDOWN LISTING PARTICULARS .......................................... 25 FORMS OF THE NOTES .......................................................................................................................... 26 TERMS AND CONDITIONS OF THE NOTES ....................................................................................... 32 FORM OF PRICING SUPPLEMENT ....................................................................................................... 67 USE OF PROCEEDS ................................................................................................................................. 77 INFORMATION ON THE ISSUER AND THE GROUP ......................................................................... 78 DESCRIPTION OF THE INITIAL GUARANTORS ................................................................................ 92 TAXATION ............................................................................................................................................. 104 SUBSCRIPTION AND SALE ................................................................................................................. 108 GENERAL INFORMATION .................................................................................................................. 112 238341-4-19228-v14.0 70-40714781 IMPORTANT NOTICES Responsibility for this Base Listing Particulars Each of Informa PLC ("Informa" or the "Issuer") and the Initial Guarantors (as defined below) accepts responsibility for the information contained in this Base Listing Particulars and the Pricing Supplement for each Tranche (as defined herein) of Notes issued under the Programme and declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Base Listing Particulars is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. Pricing Supplement/Drawdown Listing Particulars Each Tranche of Notes will be issued on the terms set out herein under "Terms and Conditions of the Notes" (the "Conditions") as completed to the extent described by a document specific to such Tranche called a pricing supplement (the "Pricing Supplement") or, as the case may be, as supplemented, amended and/or replaced to the extent described in a separate listing particulars specific to such Tranche (the "Drawdown Listing Particulars") as described under "Pricing Supplement and Drawdown Listing Particulars" below. Other relevant information This Base Listing Particulars must be read and construed together with any supplements hereto and with any information incorporated by reference herein and, in relation to any Tranche of Notes which is the subject of a Pricing Supplement, must be read and construed together with the relevant Pricing Supplement. In the case of a Tranche of Notes which is the subject of a Drawdown Listing Particulars, each reference in this Base Listing Particulars to information being specified or identified in the relevant Pricing Supplement shall be read and construed as a reference to such information being specified or identified in the relevant Drawdown Listing Particulars unless the context requires otherwise. The Issuer and the Initial Guarantors have confirmed to the Dealers named under "Subscription and Sale" below that this Base Listing Particulars contains all information which is (in the context of the Programme, the issue, offering and sale of the Notes (as defined below)) material; that such information is true and accurate in all material respects and is not misleading in any material respect; that any opinions, predictions or intentions expressed herein are honestly held or made and are not misleading in any material respect; that this Base Listing Particulars does not omit to state any material fact necessary to make such information, opinions, predictions or intentions (in the context of the Programme, the issue, offering and sale of the Notes) not misleading in any material respect; and that all proper enquiries have been made to verify the foregoing. Unauthorised information No person has been authorised by the Issuer or the Guarantors (as defined below) to give any information or to make any representation not contained in or not consistent with this Base Listing Particulars or any other document entered into in relation to the Programme or any information supplied by the Issuer or the Guarantors in relation to the Programme or the Notes, or such other information as is in the public domain and, if given or made, such information or representation should not be relied upon as having been authorised by the Issuer, the Guarantors, any Dealer or the Trustee. None of the Dealers, the Agents or the Trustee have separately verified the information contained in this Base Listing Particulars. None of the Dealers, the Agents or any of their respective affiliates have authorised the whole or any part of this Base Listing Particulars and none of them makes any representation or warranty
Recommended publications
  • 2015 Informa Investor Day
    2015 Informa Investor Day 18 November 2015 INTRODUCTION STEPHEN A. CARTER GROUP CHIEF EXECUTIVE 2015 Informa Investor Day Presentation Schedule • Introduction • Academic Publishing – Content Depth and Operating Efficiency • Global Exhibitions – Maximising the Growth Opportunity • Greenbuild – Overview & Tour • Lunch • Operational & Financial Update • Summary and Q&A THE JOURNEY SO FAR Stephen Carter appointed 2014 Investor Day Group CEO & launch of Disposal of Consumer Info. strategic review Review of strategic options for European Conferences Gareth Wright confirmed as Group FD, external appointment of BI and K&N Dwell acquisition FIME acquisition CEO’s 2013 2016 2014-2017 Growth Hanley Wood Disposal of Acceleration Plan Exhibitions acquisition Scandinavian announced and placing Conferences New operating Virgo acquisition Orlando Megacon Disposal of Dutch structure announced acquisition Conferences INFORMA GROUP INVESTOR DAY NOVEMBER 2015 4 2014-2017 GROWTH ACCELERATION PLAN FRAMEWORK Growth Acceleration Plan GAP GAP GAP GAP GAP GAP Operating Management Portfolio Acquisition Investment Funding Structure Model Management Strategy • 4 Operating Divisions • EMT established • Consumer Info disposal • Hanley Wood Exhib. • £70-90m programme • Renegotiated RCF • Global Support • Divisional SMTs • InsuranceIQ disposal • Virgo • 30-40 projects • $250m PPP issue • Medical Journals transfer • GE succession • Chinese Pharma closure • Orlando Megacon • 21 projects underway • Group Treasurer • WPA and Learning transfer • 3 yr business plans • Closure
    [Show full text]
  • Annual Report 2017 Talktalk Telecom Group PLC Talktalk Is the UK’S Leading Value for Money Connectivity Provider
    TalkTalk Telecom Group PLC Group Telecom TalkTalk Annual Report2017 2017 Annual Report 2017 TalkTalk Telecom Group PLC TalkTalk is the UK’s leading value for money connectivity provider� Our mission is to deliver simple, affordable, reliable and fair connectivity for everyone� Stay up to date at talktalkgroup.com Contents Strategic report Corporate governance Financial statements Highlights ������������������������������������������������������������������������ 01 Board of Directors and PLC Committee ������������� 32 Independent auditor’s report �������������������������������� 66 At a glance ���������������������������������������������������������������������� 02 Corporate governance ���������������������������������������������� 36 Consolidated income statement �������������������������� 73 Chairman’s introduction ������������������������������������������ 04 Audit Committee report ������������������������������������������� 41 Consolidated statement of comprehensive FY17 business review ������������������������������������������������� 05 Directors’ remuneration report ����������������������������� 44 income ���������������������������������������������������������������������������� 74 Business model and strategy ��������������������������������� 08 Directors’ report ���������������������������������������������������������� 63 Consolidated balance sheet ����������������������������������� 75 Measuring our performance ����������������������������������� 12 Directors’ responsibility statement ��������������������� 65 Consolidated
    [Show full text]
  • Beijing Hits Back After US Treasury Labels China a Currency Manipulator
    BUSINESS WITH PERSONALITY HEARTBREAK BLAST FROM THE PAST HOTEL WHEN A NEW SUPERCHARGED HOLIDAYS GO £90K CLASSIC MINI P18 WRONG P17 WEDNESDAY 7 AUGUST 2019 ISSUE 3,430 CITYAM.COM FREE CRYIN’ KING Disney investors GOVE POINTS tearful despite box office success THE FINGER CATHERINEAT NEILAN BRUSSELSthe backing of the Commons. ratification of the withdrawal agree- “We can’t have a deal that doesn’t ment, or further extension or revoca- @CatNeilan command the confidence of the gov- tion of Article 50... [I am] certainly not THE UK has accused the EU of refusing ernment, the parliament and the fatalistic about that. to budge on Brexit negotiations and in- country and that is why we have been “Our position is that the withdrawal sisted the bloc “must change its clear with the European Union that agreement, including the backstop is stance” if a no-deal exit is to be dodged. we need a new approach,” he closed, but there is always room for Ireland’s Leo Varadkar yesterday responded. talks and negotiations. We have said said he was confident a no-deal Brexit “We stand ready to engage with the we can certainly make changes to the could still be avoided, despite EU to negotiate in good faith… political declaration, and we have Prime Minister Boris Johnson We will put all our energy demonstrated before to offer clarifica- stressing the UK will leave into making sure we can tions as we did at the request of Prime the European Union “do secure that good deal. Minister May in the past.” or die”, come 31 Octo- “At the moment it’s Yesterday the pound hit its lowest ber.
    [Show full text]
  • Introduction to Ascential Our Investment Case
    INTRODUCTION TO ASCENTIAL OUR INVESTMENT CASE Clear long-term vision. Helping leading global brands connect with their customers in a data-driven world. Structural growth. Demand for information, data & analytics driven by growth of digital commerce. Market leaders. We are leaders, with a unique blend of specialisms, in the high growth areas in which we operate. Robust business model. High recurring and repeat revenue, with more than 50% revenues from digital subscription and platforms, across diverse global customer base. Attractive financial profile. Track record of high single digit revenue growth, strong margins and cash generation, supported by sound capital allocation. Introduction to Ascential 2 OUR CUSTOMER PROPOSITION Our information products and platforms support our customers to do three simple things… CREATE THE RIGHT MAXIMISE THE OPTIMISE DIGITAL PRODUCTS BRAND MARKETING COMMERCE IMPACT Know which products Know how to get Know how to execute the consumer wants maximum creativity with with excellence on the tomorrow. optimised media. winning platforms. 1. 2. 3. Introduction to Ascential 3 SEGMENTAL OVERVIEW –2019 Segment Revenue % Revenue1 Growth1 EBITDA2 Margin Business Model Advisory 10% Digital Subscriptions Product £86m 21% +8% £36m 42% & Platforms 90% Design Digital Subscriptions Advisory & Platforms 11% Marketing £136m 32% +9% £51m 37% 37% Events 52% Advisory 6% Digital Subscriptions & Sales - Platforms 94% Digital £90m 22% +21% £13m 15% Commerce Sales - Digital Subscriptions & Events Platforms 4% Non Digital £68m 16%
    [Show full text]
  • VOLUME II Public School Code of 1949 Goods and Services Expenditures Fiscal Year 2017-2018
    Public School Code of 1949 Goods and Services Expenditures Fiscal Year 2017-2018 VOLUME II Temple University Financial Disclosure Report Purchase of Goods and Services Contracts Notes and Definitions The following report provides the required disclosures for reporting the purchase of goods and services contracts. The University’s Banner Finance System does not include data enabling the distinction between the purchases of goods and services. Therefore, a single report is provided that includes both. Expenditures are categorized in the attached report using the following categories: General Supplies & Services: o General supplies, expendable equipment and software. Health Service Programs: o Animal lab, professional billing and other outside professional services. Insurance: o Malpractice, property, general liability, and employees insurances. Interest & Taxes: o Bond interest, real estate tax and debt service costs. Library: o Books, electronic periodicals, subscriptions and film. Professional Fees & Contracts: o Auditing, legal and collection fees and subcontracts. Property, Plant & Equipment: o Capital equipment, buildings and building improvements. Rent: o Equipment, building and office rentals. Repairs & Maintenance: o Equipment repair, maintenance of buildings and grounds. Telecommunications: o Telephone equipment, data communications and cellular services. Travel: o Travel agency fees, foreign and domestic travel expenses. Utilities: o Electric, gas, water, sewer, steam, chilled water and other miscellaneous utilities expenses. Each entry provides the category into which the purchase falls, the vendor name and address and the amount of the purchase. There is no more than one entry per vendor for a single category within a responsibility center. Purchases of goods and services in the Disclosure Report include those which equal or exceed $1,000 for each vendor from all Budgeted Operating Funds including Temple University Physicians.
    [Show full text]
  • Pioneering Tool to Manage Media Industry's Digital Carbon Footprint 13 January 2020
    Pioneering tool to manage media industry's digital carbon footprint 13 January 2020 industry understand and manage the carbon impact of digital media. Mapping the carbon footprint of digital services like advertising, publishing and broadcasting is difficult because the underlying technological systems are hugely complex and constantly shifting. Media content passes through content delivery networks, data centres, web infrastructure and user devices, to name just a few, with each element of the delivery chain having different owners. With climate change high on the agenda, DIMPACT The online tool with help media industry manage its will allow participating companies to understand digital carbon footprint. Credit: Pixabay/ University of their 'downstream' carbon impacts, right through to Bristol the end-user. This, in turn, will enable more informed decision-making to reduce the overall carbon footprint of digital services. A collaboration between computer scientists at the University of Bristol and nine major media "We know that more and more of our interactions companies, including ITV and BBC, will help the happen online, and screens play an ever more media industry understand and manage the important role in our lives. We can say with significant carbon impacts of digital content. absolute certainty that the digital economy will continue to grow. What we don't know is how those The 12-month collaboration, facilitated by modes of digital consumption translate into carbon sustainability experts, Carnstone, will see impacts and where the 'hotspots' reside. DIMPACT University of Bristol researchers working with will change that," said Christian Toennesen, Senior sustainability and technology teams at the BBC, Partner at Carnstone and DIMPACT's initiator and Dentsu Aegis Network, Informa, ITV, Pearson, product manager.
    [Show full text]
  • Wolters Kluwer Governance Roadshow
    Wolters Kluwer Governance Roadshow Selection & Remuneration Committee of the Supervisory Board of Wolters Kluwer September, 2020 Governance Roadshow, September 2020 1 Forward-looking statements This presentation contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall", and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions, conditions in the markets in which Wolters Kluwer is engaged, behavior of customers, suppliers and competitors, technological developments, the implementation and execution of new ICT systems or outsourcing, legal, tax, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions and divestments. In addition, financial risks, such as currency movements, interest rate fluctuations, liquidity and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Growth rates are cited in constant currencies unless otherwise noted.
    [Show full text]
  • Informa 2018 Full Year Results Statement
    Informa LEI: 5493006VM2LKUPSEDU20 Press Release 7 March 2019 Informa PLC Results for 12 Months to 31 December 2018 2018: Combination & Creation 2019: Performance & Growth KEY FINANCIAL AND OPERATING HIGHLIGHTS1 • Strong Revenue Growth: +3.7% underlying and +34.9% reported to £2,369.5m, including six months of UBM (2017: £1,756.8m) • Higher Adjusted Operating Profit: +2.3% underlying and +34.4% reported to £732.1m (2017: £544.9m) • Improved Statutory Operating Profit: £363.2m (2017: £344.7m) • Increased Adjusted Diluted Earnings per Share: +7.0% to 49.2p (2017: 46.0p); Statutory EPS of 19.7p (2017: 37.6p), with prior year including non-cash credit from US tax reforms • Attractive Free Cash Flow: £503.2m and £600m+ including a full year of UBM (2017: £400.9m) • Robust Balance Sheet, in line with plan: Net debt/EBITDA1 at 2.9x (2017: 2.5x) • Enhanced Dividend: up 7.1% to 21.90p (2017: 20.45p) London: Informa (LSE: INF.L), the International Exhibitions, Events, Information Services and Scholarly Research Group, today published its financial results for the 12 months to 31 December 2018, reporting a further period of operational progress and improving financial performance. Stephen A. Carter, Group Chief Executive, said: “In 2018, the Informa Group delivered a fifth consecutive year of improving growth, increasing adjusted profits, adjusted earnings per share, cashflow and dividends.” He added: “In 2019, our focus is on continuing Performance and Growth as we consolidate our market positions and further reduce complexity. This will enable
    [Show full text]
  • Global Business Information Specialist Informa’S Book Business Has More Than 55,000 Academic Advisers 26 Directors’ Report 27 and Business Titles
    Business Profile Business WHO WE ARE Business Profile 02 Annual Report & Financial Statements 2009 Our Business 03 Informa at a Glance 04 Academic Information 06 Professional & Commercial Information 08 Events & Training 10 Informa plc is a leading international provider of specialist information and services for the academic and scientific, professional and commercial business communities. Informa has some 150 offices in over 40 countries and employs approximately 8,000 staff around the world. Informa is the largest publicly-owned organiser of conferences and courses in the world with inThe Year The Year in Review 12 an output of around 8,000 events annually. Informa Financial Highlights 13 publishes over 2,100 subscription-based information Chairman’s Statement 14 services including academic journals, real-time news Chief Executive’s Review 16 Financial Review 19 R and structured databases of commercial intelligence. Board of Directors 24 eview Global Business Information Specialist Informa’s book business has more than 55,000 academic Advisers 26 Directors’ Report 27 and business titles. Corporate Governance Statement 38 Directors’ Remuneration Report 45 Corporate Responsibility 55 Financial Statements Financial Financial Statements 58 Independent Auditors’ Report – Group 59 Consolidated Income Statement 60 Consolidated Statement of Comprehensive Income 61 Consolidated Statement of Changes in Equity 62 Consolidated Statement of Financial Position 64 ”It was an extremely demanding year, Consolidated Cash Flow Statement 65 but one which
    [Show full text]
  • Trinity Mirror Plc Mirror Trinity
    Annual Report 2012 Trinity Mirror plc Trinity Mirror plc Annual Report 2012 Trinity Mirror plc OUR VISION In a dynamic media world we will create distinctive journalism that is an essential and growing part of our customers’ daily lives. We stand for content that matters, content that is relevant and content that you can believe in. Our audience understands the value of this content and we understand the value of our audience. OUR VALUES We are Creative; inspired by innovative journalism and publishing that meets the ever-changing needs and interests of our audience and customers. We are Open; believing that communication and transparency are key to creating an effective and collaborative work environment. We have Integrity; championing honesty and trust, and showing respect for our colleagues, audience, customers, shareholders and business partners. We are Ambitious; encouraging our people to remain driven and take pride in their achievements. They are our most valuable resource, each playing a part in enabling our success. Inside this report Who we are Business review Governance Financials 1 Our performance 14 Group items 23 Corporate responsibility 52 Group consolidated 2 Our strategy 17 Group review report accounts 4 Chairman’s statement 18 Divisional review 30 Corporate governance 91 Parent company accounts 6 Chief Executive’s statement 20 Other items report 100 Group five year summary 12 Our Board 21 Balance sheet 38 Remuneration report 22 Cash flow 49 Directors’ report WHO WE ARE BUSINESS REVIEW GOVERNANCE FINANCIALS OUR PERFORMANCE The Group is one of the UK’s largest publishers with a portfolio of media brands providing news, entertainment, information and services to consumers and connecting advertisers with national, regional and local audiences.
    [Show full text]
  • Characterising Action Potential in Virtual Game Worlds Applied with the Mind Module
    Characterising Action Potential in Virtual Game Worlds Applied With the Mind Module Mirjam Palosaari Eladhari A thesis submitted in partial fulfilment of the requirements of the University of Teesside for the degree of Doctor of Philosophy. This research programme was carried out at and with the support of Högskolan på Gotland (Gotland University) Characterising Action Potential in Virtual Game Worlds Applied With the Mind Module Mirjam Palosaari Eladhari Gotland University Press 6 Author: Mirjam Palosaari Eladhari Publisher: Gotland University Press 2011 Address: Gotland University S-62156 Visby Web: www.hgo.se Phone: +46(0)498-29 99 00 ISSN: 1653-7424 ISBN: 978-91-86343-02-6 Editorial committee: Åke Sandström and Lena Wikström Cover: Daniel Olsson and Lena Wikström Cover illustrations: Back: Mirjam P Eladhari after details in the triptych The Garden of Earthly Delights (~1500) painted by Hieronymus Bosch. Front: The illustration The Philosophical Brain first appeared in the book ”Utriusque cosmi maioris scilicet et minores metaphysica, physica atque technica historia” (1617) by Robert Fludd, Illustrated by Matthieu Merian. Declaration While registered as a candidate for the degree of Doctor of Philosophy the author has not been registered for any other award with any other university or institution. No part of the material in this thesis has been submitted for any degree or other qualification at any other institution by the author or, to the best of her knowledge and belief, by any other person. The thesis describes the author’s original work. Other persons assisted in transcribing interviews, conducting experiments and proof reading. ii Abstract Because games set in persistent virtual game worlds (VGWs) have massive numbers of players, these games need methods of characterisation for playable characters (PCs) that differ from the methods used in traditional narrative media.
    [Show full text]
  • The Challenge of Investing
    The Private Investor · Issue 180 · January 2016 The Challenge of Investing If you’ve come this far I trust that you will have read and enjoyed Malcom Howard’s piece on AIM companies. In broader terms a Daily Telegraph article by Nigel Wilson earlier in the month pointed out that since the FTSE 100 was formed thirty years ago, 90% of its original constituents no longer figure in the index. Mr Wilson’ s point was that we need to invest in assets for the long term not concentrate merely on share- Bill Johnston Editor holders’ gains. To be fair to him, the article has as much depth as you would expect and concentrates on objectives which few would quarrel with. But something grates with me. It seems that the unforeseen and unforeseeable changes in the world that brought the giants of thirty years ago to their knees (or changed their form) is the very name of the game and makes long-term asset formation a much riskier proposition than the sonorous reassurance implicit in the suggestion. To go back to Malcolm Howard, I remember when the annual shindig of making awards to AIM companies was close to obtaining the Queen’s Award as a harbinger of trouble ahead. Over the years however, I have noticed that more cautious judgements are extended. The 2015 awards highlight the charms of Imperial Innovations Group, Victoria plc (which has made a presentation to UKSA members, Ideagen, Advanced Oncotherapy, Optimal Payments, ASOS, Hutchison China Meditech Ltd, Clinigen and CVS Group. How about that then for a mini-portfolio? The cynic might draw attention to the erratic record (at best) of technology transfer companies (Imperial Inno- vations) the link between new house building and buying carpets (Victoria), a forward earnings multiple that would give you a nosebleed (Hutchison) and the fact that although the record of ASOS makes it an AIM star (if not the AIM star) many small investors who participated in the lovefest which drove the shares to unsustainable heights are nursing heavy losses.
    [Show full text]