strategic stakes and holdings – july 2005€¦ · strategic stakes and holdings – july 2005...

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Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN) Internet Peter O’Reilly On-line New Media Spark 9.05% (41,600,000) 24.85% (114,300,000) 7.94% (36,500,000) +8,380,000 14/02/05 3p Interims were out 30/03. Aerobox (ARX) Containers George Robinson L-R Managers 5.5% (7,350,000) <3% 28/09/04 15/06/05 6.75p AGM statement was out 19/05. Afren (AFR) Oil Lansdowne Partners 7.68% (12,410,000) 35.5p Listed on AIM, 14 th March. Air Partner (AIP) Transport services Anthony Mack (Ch.) 18.9% (1,762,000) -1,500,000 20/04/04 593p Interims were out 07/04. Airsprung Furniture (APG) Furnishings Redbird Holdings 29.12% (6,956,000) +480,000 15/12/04 22.5p Finals were out 17/06. Albemarle & Bond (ABM) Retail JO Hambro EZCorp. 7.46% (3,444,000) 28.73% (13,277,000) +641,000 25/04/05 121.5p Interims were out 07/02/05. Alterian (ALN) Data Processing JO Hambro 9.04% (3,605,652) +100,000 26/05/04 109.5p Q1 due 28/07. Alliance Pharma (APH) Investment Nigel Wray (Syncbeam) John Dawson Stella Dawson RAB Capital 6.58% (9,605,407) 31.68% (46,685,000) 10.57% (15,576,000) 8.83% (13,018,399) +3,250,000 23/06/05 20.5p AGM statement was out 21/06. Alliance Unichem (AUN) Medical Stefano Pessina (CEO) 29.97% (108,778,211) 05/05 851p Last trading statement 22/06. Amberley Group (AMB) Diversified Guy Naggar Peter Klimt 30.0% (10,572,193) 30.0% (10,572,192) 05/08/04 05/08/04 10.75p Cash shell. NAV 6.95p (31/10/04). Recent rights issue at 10p, August 2004. Interims were out 28/01, £2.3m cash. Amco Corp. (ARP) Building Leonard Licht Amco Investments 5.24% (677,500) 49.87% (6,451,318) +50,000 -130,000 23/11/04 05/04/05 143p Finals were out 01/04.

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Page 1: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

ADVFN (AFN) Internet Peter O’Reilly On-line New Media Spark

9.05% (41,600,000) 24.85% (114,300,000) 7.94% (36,500,000)

+8,380,000 14/02/05 3p Interims were out 30/03.

Aerobox (ARX) Containers George Robinson L-R Managers

5.5% (7,350,000) <3%

28/09/04 15/06/05

6.75p AGM statement was out 19/05.

Afren (AFR) Oil Lansdowne Partners

7.68% (12,410,000) 35.5p Listed on AIM, 14th March.

Air Partner (AIP) Transport services

Anthony Mack (Ch.)

18.9% (1,762,000) -1,500,000 20/04/04 593p Interims were out 07/04.

Airsprung Furniture (APG)

Furnishings Redbird Holdings

29.12% (6,956,000) +480,000 15/12/04 22.5p Finals were out 17/06.

Albemarle & Bond (ABM)

Retail JO Hambro EZCorp.

7.46% (3,444,000) 28.73% (13,277,000)

+641,000 25/04/05 121.5p Interims were out 07/02/05.

Alterian (ALN) Data Processing

JO Hambro 9.04% (3,605,652) +100,000 26/05/04 109.5p Q1 due 28/07.

Alliance Pharma (APH)

Investment Nigel Wray (Syncbeam) John Dawson Stella Dawson RAB Capital

6.58% (9,605,407) 31.68% (46,685,000) 10.57% (15,576,000) 8.83% (13,018,399)

+3,250,000 23/06/05 20.5p AGM statement was out 21/06.

Alliance Unichem (AUN)

Medical Stefano Pessina (CEO)

29.97% (108,778,211) 05/05 851p Last trading statement 22/06.

Amberley Group (AMB)

Diversified Guy Naggar Peter Klimt

30.0% (10,572,193) 30.0% (10,572,192)

05/08/04 05/08/04

10.75p Cash shell. NAV 6.95p (31/10/04). Recent rights issue at 10p, August 2004. Interims were out 28/01, £2.3m cash.

Amco Corp. (ARP)

Building Leonard Licht Amco Investments

5.24% (677,500) 49.87% (6,451,318)

+50,000 -130,000

23/11/04 05/04/05

143p Finals were out 01/04.

Page 2: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

AMEC (AMEC) Construction Toscafund (Martin Hughes) Fidelity

8.65% (28,714,088) 14.23% (47,369,221)

+3,500,000 +2,668,966

12/07/04 09/05/05

332p Last trading statement 30/06.

Andrews Sykes (ASY)

Rental Jacques Murray (Chairman) (84)

85% (49,608,000) 180p Finals were out 25/04.

Anglo & Overseas (AOT)

Investment Trust

Carrousel QVT Associates Citigroup

28.46% (29,768,339) 4% (4,190,000) 9.2% (9,626,385)

+7,100,000 15/02/05 16/09/04 17/06/05

228p Winding up and reconstruction announced 28/04.

Anglo Pacific (APF)

Diversified Ransomes Dock

10.97% (10,378,289) 14/01/05 105p

Antofagasta (ANTO)

Minerals Andronico Luksic

65.08% (128,320,246) +9,000 20/05/04 1224p AGM statement was out 14/06.

Aortech International (AOR)

Medical Peter Gyllenhammar (Erudite) Caricature (Founder & former Chairman) Isis

11.21% (427,213) 12% 24.9% (950,000)

+95,500

26/08/04

103p £6.7m cash, the stock had a 1 for 10 consolidation 01/09/03. Interims were out 21/12/04.

API Group (API) Paper Steel Partners II LP

29.99% (10,150,000) +825,000 13/01/05 146p Bid approach (11/02/05) from Illinois Tool Works. Talks now off. Interims were out 01/06.

Arena Leisure (ARE)

Racetracks Trevor Hemmings (Rumney Manor) Goldman Guild Ventures

6.099% (22,000,000) 4.91% (17,751,901) 35.4% (127,663,000)

01/03/05

40.5p AGM statement was out 13/06.

Page 3: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Ark Therapeutics (AKT)

Medical Lansdowne Partners Merlin Resources

7.06% (8,928,500) 6.87% (8,682,290)

+350,000 -5,000,000

03/05/05 19/01/05

101p Finals were out 10/03/05.

Arla Foods Dairy Arla Amba 51% (310,859,000) 71p Interims were out 27/05. October expiry for deadline.

Arlington Group (ARL)

Investment Nick Barham

59.6% (38,810,219)

+4,511,000

24/11/03 38.5p Interims were out 26/11/04. Subject to restructuring.

Armour Group (AMR)

Audio Southwind 17.01% (9,140,152) +380,000 24/05/05 54p AGM statement 08/12/04. Bob Morton is Chairman.

Ashley (Laura) (ALY)

Retail MUI Dr. Khoo Kay Peng

34.3% (255,938,000) 24.3% (181,446,000)

12.5p

AGM statement was out 16/06/05.

Ashtead (AHT) Rental Investeringsselskabet Goldman Cantor Barclays

3.07% (10,000,000) 8.38% (27,310,682) 3.4% (10,974,000) 11.43% (37,236,294)

+250,000 06/01/04 24/06/05 16/02/05

98p Investeringsselskabet is a Danish investment bank. Finals were out 07/07/05, placing of 73.4m shares @ 95.5p.

ASOS (ASC) E-commerce Quentin Griffiths Grahger Capital Man Financial Fidelity

10.53% (7,350,000) 3.33% (2,325,000) 3.94% (2,817,253) 6.75% (4,842,900)

-1,300,000 +250,000 +553,700

15/09/04 14/10/04 08/03/05 05/07/05

54p Last trading statement 09/06/05.

Aston Villa (ASV)

Sports Trefick Doug Ellis (Chairman)

20.16% (2,308,409) 38%

+24,887 20/04/05 384p Subject to possible approach. Property assets reported to be worth £40m, NAV could be as high as 443p.

Austin Reed (ARD)

Retail Dawnay Day ForwardIssue Jetpath Kevin Stanford

29.8% (9,534,000) (550,000) CFD (550,000) CFD 3.05% (975,000)

+1,183,000 +75,000

04/05 21/04/05

118p Dawnay Day has effectively taken on Shami Ahmed’s stake via Cantor. Last AGM statement 07/06/05.

Page 4: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Avingtrans (AVG) Metal processors

Guy Thomas Nigel Wray F&C Asset

3.31% (472,500) 5.27% (751,000) 20.9% (2,983,333)

-25,000

21/12/04 10/05/05

127p Last trading statement 13/05/05.

AWG (AWG) Water K Capital 4.52% (6,515,486) -5,126,265 11/07/05 970p Interims due 24/11.

Beale (BAE) Retail Lawdene Ltd (Thomson Family)

24% (4,964,000) 2000 70p Lawdene describe their stake as a ‘trade investment’. Interims were out 23/06. Lawdene is a subsidiary of privately owned Hoopers. Takeover talks terminated.

Benfield Group (BFD)

Insurance

Highfields Capital

4.5% (10,567,000) +880,000 23/03/05 261p Last trading statement 10/06

Berkeley Group Holdings (BKG)

Building Saad Investments Lansdowne Partners

22.06% (26,650,000) <3%

+1,180,000 07/07/05

889p Finals were out 24/06/05.

Berkeley Technology (BEK)

Finance Peter Gyllenhammar Arthur Trueger

6.4% (4,095,000) 29.9% (19,261,000)

+945,000

11/02/04

8.75p Previously London Pacific Group. Q1 were out 12/05.

Bidtimes (BDT) Investment Dawnay Day Richard Griffiths

19.27% (3,348,742) 34.99% (6,078,000)

+190,000 25/04/05 7.13p

Billam (BLLM) Investment Angus Forrest Caldwell Investments Nile Invs. David Barry (Value Investments) William Weston Stephen Wickes

11.16% (1,123,000) 10.3% (1,039,750) 2.93% (590,000) 2.49% (500,000) 5.47% (1,100,000) 4.2% (430,000)

+50,000 +93,250 +50,000 +250,000 +100,000 +50,000

12/04/05 19/04/05 20/04/04 28/02/05 30/06/05

25.5p 1 for 100 consolidation now effective. Last AGM statement 23/03/05. NAV 67.5p (26/04/05).

Page 5: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Billing Services (BILL)

Finance Lansdowne Partners

4.4% (8,053,000) 23/06/05 84.5p

Biofuels (BFC) Chemicals Toscafield (Martin Hughes) Morgan Stanley

zero 16.4% (7,384,237)

22/04/05 24/05/05

134p Finals due 14/07.

Bizspace (BIZ) Real Estate Trefick Safeland

17.95% (14,778,477) 8.44% (6,616,000)

+6,162,773 25/01/05

57p Finals were out 16/05.

Brixton (BXTN) Real Estate Trefick

5.4% (14,590,000) 353p Prelims were out 22/03/05.

Brown (N) Group (BWNG)

Retail Alliance family Lansdowne Partners

48% <3%

31/03/05

147p Finals were out 10/05.

BSkyB (BSY) Television News Corp.

36.2% (686,022,000) 529p

Burberry (BRBY) Retail GUS

66% (329,973,000) 387p Finals were out 25/05. GUS will spin off its remaining stake.

Caffe Nero (CFN) Retail JO Hambro Paladin Partners 1

4.79% (3,310,207) 32% (21,321,982)

-482,970 -1,452,181

23/03/05 09/02/05

194p Last trading statement 25/05.

Cambridge Antibody (CAT)

Medical Genzyme AstraZeneca

8.98% (4,600,000) 19.9% (10,218,000)

12/04

635p Interims were out 16/05.

Cambridge Mineral Resource (CMR)

Diamonds RAB Capital 20.03% (27,396,783) +4,000,000 20/04/05 6.5p Finals were out 24/06.

Page 6: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Caplay (CLY)

Financial Services

UBS Silverslaggen Anthony Fabrizi Philip Reid Terry Ramsden Patrick Claridge (CEO)

8.31% (14,960,576) <3% 15% (15,000,000) 5.5% (9,970,000) 9% (16,700,000) 2.2% (4,000,000)

-12,700,000 +1,500,000 -30,000,000 +2,000,000

11/03/05 07/07/04 05/05/04 05/05/04 10/03/05 10/03/05

1.88p Cash shell. £3m cash. Finals were out 28/11/03. Previously Murray Financial, Resurge has sold out. Raising £2.4m by issuing 80m shares at 3p per share. Ramsden retains an option over 35m shares at 5p, expiring 26/07/05.

Carbo (CAB) Manufacturing Roy Mitchell Lord Hodgson

7.25% (4,455,000) 16.29% (10,009,332)

+350,000 17/11/04 5.5p Suspended pending clarification of finances. Placing in August last year at 10p.

Cardpoint (CASH)

Commercial Services

Dermot Desmond Morgan Stanley

1.83% (600,000) 5.02% (3,050,000)

-850,000

27/04/05

130.5p Interims were out 16/05.

Carpetright (CPR)

Retail Lord Harris Harris Associates

23.08% (15,849,297) 7.08% (4,801,105)

+53,305

04/07/05 30/06/05

941p Finals were out 28/06.

Carphone Warehouse (CPW)

Electronics Charles Dunstone Peter Ross

33.92% (298,478,535) 22.09% (193,840,759)

-6,000,000

06/07/05 17/06/05

180p Finals were out 07/06.

Carr’s Milling (CRM)

Agricultural Heygate & Sons

16.4% (1,333,000) -282,000 11/04 533p Interims were out 19/04.

Catalyst Media Group (CMX)

Audio/Video Paul Curtis Banklawn Directors

<3% 4.77% (6,700,923) 30%

-950,000 -750,000

02/11/04 14/10/04

Suspended Strategic Investment has bought 5m shares at 20p and is locked in for 12 months. Recently raise £2.8m placing 13m shares at 21p. In talks to buy UBM’s SIS stake. Interims were out 01/07. Previously Newsplayer Group.

Ceps (CEPS) Footwear David Abell Martyn Stowey

6.06% (10,800,000) 4.26% (6,160,899)

+800,000 +4,875,000

10/05/05 18/05/04

2.25p Placing 96m shares at 1p. Stowey is a former director. Last AGM statement 10/06. Name change from Dinkie Heel. The concert party including Abell accounts for 49.69%.

Page 7: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Chapelthorpe (CPL)

Miscellaneous Amberley (inc. CFDs) Cantor Fitzgerald

5.97% (12,173,860) 7.19% (14,673,860)

20/04/05 20/04/05

15.5p Finals were out 07/06.

Charter (CHTR) Manufacturing Guinness Peat 3.74% (5,635,972)

-2,500,000

29/10/04

304p Finals were out 23/03/05.

Chaucer Holdings (CHU)

Insurance BRIT Insurance

8.73% (25,505,304)

-2,750,000 24/01/05

63p Bid talks terminated.

City Lofts (CTF) Real Estate Conran & Partners

3.4% 99p Prelims were out 02/06.

Civica (CIV) Computer services

Alchemy 39% (17,558,000) 222p Joined the market 1 March 2004 @ 175p. Interims were out 15/06.

Civilian (CCN) Broadcast Crispin Barker & David Aspin Richard Thompson

27.951% (11,990,885) 25.9% (11,000,000)

+350,000 29/04/05 10p Finals are due 30/03/05.

Clapham House (CPH)

Restaurants Shell 5.3% (1,060,000) +150,000 05/03/04 131p Listed at 100p 10/11/03 by David Page/Paul Campbell (ex Pizza Express). Recent placing at 140p. Prelims were out 10/06.

Clarity Commerce Solutions (CCS)

Software Groundlinks Graham York Bob Morton (Ch.)

8.7% (1,343,000) 21.9% (3,488,000) 5.78% (891,667)

+225,000

20/02/04 03/03/04

67.5p Finals were out 06/07.

Clarkson (CKN) Transport CMB Group Employee shares

18.47% (2,999,634) 30.523% (4,959,000)

+220,000 30/04/04 762p CMB is one of Clarkson’s clients. Last AGM statement 25/05.

CML Microsystems (CML)

Semiconductors

Eaglet Liontrust

4.52% (660,794) 15.38% (2,290,202)

+140,000 +170,000

05/08/04 07/07/05

350p Interims were out 23/11/04.

Collins Stewart Tullett (CSTL)

Finance ToscaFund 9.77% (18,584,182) +4,400,000 09/08/04 479p Last AGM statement 02/06.

Page 8: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Colt Telecom (CTM)

Telecoms Fidelity 58.25% (877,885,000) +24,636,000 08/04 66p Q! figures were out 21/04.

Comino Group (CMO)

Applications software

Constellation Software

zero -1,821,465 16/10/03 245p Last AGM statement 01/07.

Communisis (CMS)

Printing Active Value North Atlantic Value LLP SVG Capital

7.1% (10,334,000) 11.17% (16,090,000) 4.1% (5,900,000)

+930,000

09/06/05 18/03/05

100p Last trading statement 23/06.

Compel (CGR) Computers Unicorn (includes Eaglet) Artemis

21.3% (6,598,296) 10.9% (3,620,000)

+360,000 +90,000

15/02/05 11/01/05

92.5p Interims were out 23/02. SCH has sold out.

Computerland (CPU)

Retail Graham Gilbert Eaglet

37.2% (3,800,000) 8.069% (819,000)

-115,000 +70,000

28/02/05 03/06/04

172p Finals were out 23/06.

Corporate Services Group (CSV)

Human Resources

Active Value Michael Ashcroft

40.62% (433,454,908) 13.2% (140,517,682)

+10,000,000

04/05/04 01/10/04

7.5p Active Value has also increased its stake in the 7.5% convertible notes by 1,000,000 to 6,989,000. Last AGM statement was 08/06.

Corus (CS)

Steel Gallagher Holdings (Usmanov) Oleg Deripaska CSFB Brandes

13.2% (584,826,632) 3% 15.17% (645,413,407) 11.1%

15/02/05 13/06/05 27/06/05

44p Usmanov is a Gazprom executive. Full year results were out 17/03/05. CSFB has entered into a finance and stock lending agreement with Usmanov.

Crest Nicholson (CRST)

Builders Heron 23.41% (26,200,000) +1,500,000 11/11/04 405p Trefick has fallen below the disclosable level of 3%. Interims were out 23/06. Heron are prevented from bidding again before November 4th.

CSR (CSR) Semiconductors

Lansdowne Partners Deutsche Amadeus

4% (5,881,500) 3.67% (4,537,128) <3%

30/06/05 15/06/05

31/12/04 24/03/05

443p Interims due 28/07/05.

Page 9: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

CSS Stellar (CSS) Consulting Acquisitor Julian Jakobi (Joint CEO)

11.2% (3,228,000) 14.8% (4,278,746)

+385,000 +10,000

17/03/05 13/05/05

50p AGM statement was out 17/05/05.

Culver Holdings (CVE)

Insurance Credit Lyonnais

17.1% (2,175,942) +50,000 26/04/04 5.25p Prelims were out 29/04.

DA Group (DAG)

Entertainment Colin McNab Man Financial

5.8% (1,382,144) 5.03% (1,197,000)

-15,000 +190,000

02/03/05 07/07/05

71p Final results were out 07/07. Recent placing of 6.3m shares at 55p.

Dart Group (DTG) Transport Philip Meeson JO Hambro

41.29% (14,080,000) 3.7% (1,267,440)

-100,000

20/01/04 06/04/04

288p Finals were out 16/06.

Datamonitor (DTM)

Finance Michael Danson (CEO) Fidelity

37% (26,017,000) 14.96% (10,488,716)

-2,884,819 -31,000

17/09/04 06/04/05

174p Last trading statement 23/05.

DAT Group (DA) Telecomms Cantor JO Hambro

3.01% (563,200) 4.03% (752,500)

02/06/05 20/04/05

313p

Dawson International (DWSN)

Textiles GPG International Fashion Cantor Fairmont Trading ( E Gallo) Giovanni Ghione

24.82% (25,361,990) zero 4.89% (5,000,000) 9.78% (10,000,000) 11.62% (13,113,800)

-5,000,000 -18,800,000 +10,000,000

15/06/05 06/06/05 20/06/05 14/06/05

9.5p The company has recently moved to AIM. Last AGM statement 29/06.

DCS Group (DCS)

Software T & N Holdings Southwind Harry Vernon

5.99% (1,500,000) 9.78% (2,450,000) 4.07% (1,020,000)

+450,000 +750,000 +160,000

24/08/04 07/12/04 16/02/05

13.5p Finals were out 04/05.

Deal Group Media (DGM)

Internet Security

JO Hambro

6.69% (24,850,000) -725,000

18/02/05

19.5p Deal Group reversed into IBNet in 2003. Finals were out 29/03.

Page 10: Strategic stakes and holdings – July 2005€¦ · Strategic stakes and holdings – July 2005 Company Activity Holder Declared stake Last change Date Market Price Notes ADVFN (AFN)

Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Delta (DLTA) Diversified Edouard Stern (Chairman) (deceased) Goldman Sachs MFP Investors Dawnay Day & associated parties Steel Partners II LP Cantor

26% (39,370,000) 7.94% (12,080,369) 7.76% (11,780,000) 7.2% (10,800,000) 6.5% (9,763,000) 4.0% (6,075,000)

+15,120,000 +84,273 +1,800,000 +1,225,000 -165,710 +901,000

25/03/03 24/06/05 11/11/03 18/10/04 03/05 29/04/05

129p Last trading statement 08/07. North Atlantic now below 3%.

Deltron Electronics (DET)

Electronics Acal Artemis Unicorn

7.365% (3,012,000) 7.039% (2,064,328) 29.05% (11,929,819)

-200,000 +56,479

10/02/03 04/12/02 21/04/04

56p Acal reduced their stake in February 2003. Placing and open offer in October at 60p. Interims were out 09/06.

Densitron Technologies (DSN)

Electronics Silverslaggan (Gyllenhmmr) Trafalgar

20.2% (13,020,110) 13.2% (8,537,000)

+25,000 04/05 04/05

8.13p Densitron owns 24.9% of Vbest Electronics, which floated on Taiwan market at the end of May 2004. Finals were out 14/04.

Devro (DVO) Food Acomita Investments

13.98% (22,434,052) +13,525,126 09/03/03 128p Acomita is Irish horse breeder John Maginer’s vehicle. Last AGM statement 05/05.

De Vere (DVR) Hotels Steve Morgan (Industrial Holdings)

13.5% (11,114,000)

01/03

558p Interims were out 04/05. Steve Morgan was the founder of Redrow. Special cash dividend in March.

Dickinson Legg (DKL)

Machinery Judges Capital

3% (1,095,000) 10/12/04 16p Last trading statement 01/07/05.

Dowding & Mills (DWM)

Commercial Laxey Partners North Atlantic Value Credit Lyonnais

3.93% (6,061,000) 29.28% (45,115,000) 9.7% (15,000,000)

+500,000

11/04 07/06/05

18p Peter Webb’s Eaglet and Unicorn have now sold out completely. NAV £21.1m. Now moved to AIM. Interims were out 27/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

EasyJet (EZJ) Airilnes Haji-Ioannou Family Icelandair

45% 11.5% (45,927,173)

+2,120,000

01/07/05

260p

Egg (EGG) Financial Prudential 79.5% (651,329,000)

112p AGM statement was out 17/05.

Electric Word (ELE)

Publishing Nigel Wray Sylvester Stein

11.8% (11,189,165) 9.71% (9,225,014)

+985,725 -2,000,000

11/08/03 23/02/05

6.88p Interims due 27/07.

Elektron (EKT) Electronics Panther Securities

11.6% (8,808,000) 11.75p Prelims were out 27/05.

Elementis (ELM) Chemicals Hanover Investors Partners Silchester

15.11% (65,695,000) 14.92% (64,389,000)

+2,000,000 17/02/05 50p Last trading statement 30/06.

Ennstone (ENN) Building Aggregate Ind. Mirabaud

4.4% (12,994,000) 6.14% (16,839,951)

14/01/05 42p Last trading update 11/07.

Entertainment Rights (ERT)

Broadcast Taube Hodson Stonex Ashby Manor (Trevor Hemmings)

5.672% (23,400,000) 21.31% (87,942,805)

+7,705,652

03/05 17/12/04

32p Finals were out 14/03/05. Recent placing at 11.25p

Euromoney (ERM)

Publishing DMG Investments

69% (62,148,000) 395p Interims were out 19/05.

Euro Motor Holdings (EMH)

Retail Trefick UBS Credit Agricole Cantor

8.93% (4,784,000) 16.59% (8,840,655) 3.78% (2,016,074) 3.51% (1,870,000)

+260,000 04/05 04/05 28/06/05 07/04/05

270p Finals were out 27/04.

European Colour (EUC)

Chemicals Shelby Corp. Forvaltnings (Gyllenhammar)

29.73% (13,851,616) 16.02% (7,467,613)

+30,000

04/08/03 16/06/05

16.5p Shelby has bought Jarvis Porter’s holding for 28.25p. Finals were out 09/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Eurodis Electron (ELH)

Electronics Unicorn

17.57% (166,288,870) -5,000,000 02/03/04 suspended Interims were out 25/05. Lenders have withdrawn financial support.

Evolution Group (EVG)

Investment Lansdowne Partners Commerzbank Man Financial Credit Agricole Cantor

4.5% (9,972,750) <3% 4.2% (9,349,609) 4.38% (9,729,952) 4.4% (9,839,000)

+1,200,000 28/09/04 07/06/05 14/02/05 20/06/05 12/04

127p Last trading statement 07/07. The company bought Commerzbank’s stake back.

Falcon Investment Trust (FLN)

Investment Trust

Laxey Partners Laing & Cruickshank Bear Stearns Carrousel

22.73% (7,056,000) 14.5% (4,491,124) 3.28% (1,017,000) 4.83% (1,500,000)

+750,000 23/05/05 29/04/04 13/07/05 12/05/05

113p NAV 123.8p (30/06/05).

Falkland Islands Holdings (FKL)

Diversified Channel Hotels & Props Leonard Licht Artemis Sir Harry Solomon

5.612% (350,000) 9.5% (791,250) 9.2% (767,375) 5.1% (425,027)

-50,000 -400,000 -200,000

16/06/04 09/02/05 05/05 09/02/05

455p Finals were out 13/06.

Fastfill (FFA) Software David Newton Ian Kergel Keith Todd (Ex. Ch) Southwind

3.27% (7,800,000) 4.04% (9,631,148) 2.79% (6.650,000) <3%

+1,391,580 +700,000

05/08/03 19/01/04 11/05/05

5.88p Finals were out 11/05. £4m placing last April at 7p.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Faupel (FAP) Distribution Max Money Resources T.S Anderson DSL Client Nominees

20.05% (3,150,000) 8.43% (1,325,000) 9.52% (1,495,000)

+150,000 09/01/04 19/01/05

14p Finals were out 20/06.

Ferraris (FER) Medical Products

North Atlantic Value

3.1% (1,544,797) +250,000 24/06/05 88.5p

Financial Objects (FIO)

Applications Software

Mark Slater 8.5% (3,400,000) 12/10/04 34p Finals were out 17/03/05. Moving to AIM from July 21st.

Finsbury Technology Trust (FTT)

Investment Trust

Laxey Partners

20.04% (5,534,276) +25,000 11/04/05 209p NAV 233.3p (12/07/05).

FirstAfrica Oil. (FAO)

Investment David Newton Terry Ramsden RAB Capital Cantor Man Financial

0.5% (6,850,000) 1.9% (28,200,000) 9.77% (144,930,638) 1.45% (20,850,000) 1.4% (21,110,000)

08/02/05 02/02/05 02/02/05

11.25p Previously Financial Development Corp.

Focus Solutions (FSG)

Applications John Streets (CEO)

29.37% (8,350,000) +24,047 20/02/04 26p Finals were out 14/06.

French Connection (FCCN)

Retail Stephen Marks Baugur

42.4% (40,081,690) 2.95%

-8,894,845 29/06/04 01/05/05

281p Last trading statement 01/07. source:Citywire.

Futuragene (FGN)

Telecoms Peter Bullen Credit Agricole Cantor Monument Capital Man Financial

25.22% (2,309,500) 3.26% (1,095,000) <3% 7.66% (2,500,000) 6.82% (2,294,000)

+809,500 +1,000,000 -1,087,500

21/08/03 07/06/05 17/05/05 23/07/04 10/03/05

143p Reverse takeover of Overnet. Prelims were out 30/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Galahad Gold (GLA)

Investment Peter O’Reilly Ian Watson Jim Slater Mark Slater RAB Capital

0.32% (2,025,000) 32.6% (220,877,573) 9.7% (66,007,133) 5.7% (38,611,491) 7.1% (48,166,667)

-800,000 +2,500,000

10/12/03 13/05/04 16/05/05

10.38p Special dividend 4.4p. Finals were out 07/06.

Galleon Holdings (GON)

Graphics Sanctuary Group Richard Thompson

6.6% (56,286,950) 11.62% (104,780,000)

+10,000,000

23/10/03 16/02/04

7.75p Interims were out 28/06. Recent 1 for 100 consolidation.

Gaming Corporation (GMC)

Raven Nominees Jason Drummond (Ch.) Cantor

16.39% (45,034,000) 10.2% (28,059,000) 3.62% (9,953,571)

+3,000,000

02/02/05 28/06/05

13.75p Last trading statement 27/06/05. Recent placing of 71.5m shares at 14p.

Gartmore Smaller Companies (GSM)

Investment Trust

Prudential 30.38% (4,300,000) 457p NAV 555p (12/07/05). Recently received hostile EGM requisition for 25% tender.

Georgica (GGA) Leisure North Atlantic Value

9.45% (9,337,500) +735,000 07/07/05 93p Last trading statement 27/06.

Get Group (GTG) Electric Products

Joseph Family 61.66% (10,174,000) 137p Last trading update 06/07.

Gleeson (MJ) (GLE)

Building North Atlantic Value

6.67% (3,402,279) +500,000 11/05/05

318p Last trading statement 01/07.

Goals Soccer Centres (GOAL)

Sports JO Hambro Capital

9.5% (3,978,980) +578,980 04/05 127.5p Finals were out 22/02.

Goshawk (GOS) Insurance Phoenix Goldman Fidelity Aberforth

28.27% (49,738,408) 3.47% (6,105,836) 10% (17,589,000) 7.56% (13,283,000)

+17,500,000

02/03/05 07/03/05 03/04

45.75p Finals were out 08/03/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Great Portland Estates (GPOR)

Real Estate Morgan Stanley

25.5% (41,485,000) 18/10/04 357p Liberty’s stake has gone to Morgan Stanley at 297.5p. Last AGM statement was 08/07.

Halladale (HDG) Real Estate 3i Inv David Lockhart Moscow Narodny

<3% 14.01% (3,850,000) 13%

-1,000,000

23/06/05

120p Recent placing and open offer at 70p. Finals were out 12/07.

Hardy Underwriting (HDU)

Property Phoenix 17.45% (6,121,682) +625,000 11/03/05 219p Subject to an approach from Omega Holdings.

Harrier Group (HRR)

Consulting Southwind 28.02% (8,617,237) +50,000 27/05/05 12.5p Now a cash shell with £4.3m, having sold assets to Matrix. Finals were out 05/04. Probable reverse takeover in next 12 months.

Harvey Nash (HVN)

Recruitment Management Unicorn

33.8% 28.64 (17,949,669)

+369,111

03/05/05

51.5p Last AGM statement 30/06.

Hawtin (HTI) Diversified Laxey Partners Panther Securities (Perloff) Portnard Limited Christopher Hazell

3.5% (2,500,000) 29.73% (21,301,312) 14% (10,030,400) 3.83% (2,750,000)

+11,270,912 +400,000

21/06/04 14/06/04 14/06/05

14.5p Finals were out 26/04. NAV £11.4m. Subject to a possible offer (13/06).

Healthcare Enterprise (HCEG)

Consulting Nigel Wray LPMCC

10% (13,457,521) 23.4% (35,062,000)

14/06/05 75p 1 for 25 consolidation effective (11/01/05). Finals were out 27/05.

Heywood Williams (HYWD)

Building Brandes Deutsche

7.3% (5,737,820) 11.1% (8,711,845)

04/02/05 09/02/05

99p AGM statement was out 05/05.

Hichens Harrison (HICH)

Finance Channel Hotels & Props (Kirch)

5.04% (605,000) 13/06/05 96p

Highway Insurance Holdings (HWY)

Insurance JO Hambro Laxey Partners

19.31% (39,260,000) <3%

+934,937 -625,000

03/05 17/03/05

43p AGM statement was out 12/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Hiscox (HSX) Property Lansdowne Partners

3.97% (11,465,673) 25/08/04 170p Finals were out 14/03/05.

Homeserve (HSV) Services Richard Harpin

16.95% (10,827,660) +55,425 24/03/05 1051p Finals were out 24/05. Some very canny share purchases in March. Finals were out 24/05.

Homestyle (HME) Furnishings Formal Property Management (Steinhoff) Steinhoff Europe

4.2% (10,870,000) 60.9% (157,665,000)

+650,000 23/06/05 27/06/05

85.5p Steinhoff has backed a recent financing at 55p per share.

Hornby (HRN) Miscellaneous Peter Wood 10.15% (3,763,000) 221p Finals were out 03/06.

HR Owen (HRO) Retail Trefick Nicolas Lancaster (MD)

12.1% (2,854,399) 19.6% (4,610,000)

+1,452,415 31/08/04 170p Last trading statement 17/06. Effectively up for sale.

Huntleigh Technolgies (HTL)

Medical products

JO Hambro 4.07% (2,048,983) +114,000 17/10/04 334p Last AGM statement 08/06.

IFX Group (IXF) Finance Tradition Deutsche

9.88% (2,784,000) 12.18% (3,431,348)

10/02/04 19/10/04

104p Tradition has bought the legacy management’s stake out. Finals were out 09/06.

Impax (IPX) Finance Swan Corporation (Duncan Duckett) UBS

9.07% (3,400,654) 11.7%

-2% +1.63%

15/09/04 16/06/05

5.13p Interims were out 25/05.

Imperial Energy (IEC)

Oil Peter Levine (CEO & Ch.) Lansdowne Partners

16.95% (3,962,777) 4.21% (983,000)

+20,000 04/05 05/05/05

303p Finals were out 21/04.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Independent Media Distribution (IMD)

Broadcast Charles Dunstone

11.9% (4,004,961) +1,000,000 14/11/03 37.5p Last AGM statement 26/05.

Indigo Vision (IND)

Electronics Paul Curtis Paul Scott UBS Goldman Oliver Vellacott

2.2% (150,000) 4.3% (297,042) 7.55% (522,629) 3.25% (225,100) 24.92% (1,724,915)

-130,000 -100,000 +90,000

26/01/04 20/04/05 09/03/04 05/02/04 16/12/04

119p The company has changed tack and is focusing on CCTV. Interims were out 22/03/05.

Inditherm (IDM) Electrics Cazenove Patrick O’Grady

19.08% (4,021,000) 9.5% (2,009,536)

+50,000 -200,000

01/06/05 01/03/05

26.5p Prelims were out 24/03/05.

Inflexion (IFX) Investment LMS Capital Luke Johnson

58.8% (106,714,000) 7.87% (5,150,000)

12/12/03

19.25p Net assets £13.4m, cash £9.5m. Luke Johnson has taken a stake at 13.5p. £100m funds under management. Finals were out 19/05. NAV 20p per share.

Inmarsat (ISAT) Satellite Lansdowne Partners

4.29% (19,595,000) +19,595,000 23/06/05 335p Floated at 245p on 17/06.

Innovation Group (TIG)

Applications software

Cantor Man Financial

11.38% (49,921,000) 3.56% (15,630,806)

14/06/05 06/05/05

32p

Interregnum (ITR)

Consulting Kenneth Olisa Liontrust

39% (36,060,000) 13.4% (12,360,385)

28/01/05

7.38p Interims were out 24/02/05.

I.S. Solutions (ISL)

Networking S Austen S Forward Southwind

5.72% (1,417,500) 6.31% (1,565,573) 18.8% (4,700,000)

+350,000 02/10/03 09/07/04 14/11/02

11.75p Finals were out 07/04.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Inventive Leisure (IVL)

Night Clubs Management Paul Fraser Paul Dawes Roy Ellis Neil MacLeod

48% 6.94% (1,650,000) 3.02% ( 720,104) 10.68% (2,546,415) 12.6% (2,986,000)

+950,000 +20,104 +83,334 +83,333

24/03/04 20/12/04 11/04/05 11/04/05

106p Interims were out 22/03/05.

InvestinMedia (IVM)

Broadcast services

Talpa Beheer Richard Murray

20.01% (3,265,000) 19.7% (3,216,000)

+800,000 -150,000

19/01/05 28/01/05

98p Interims were out 24/06. Demerged from Avesco.

IP2IPO (IPO) Venture Capital

Lansdowne Partners Commerzbank UBS Tudor Merrill

8.38% (3,800,625) 4.7% (2,027,886) 6.07% (2,752,029) 9.22% (3,741,659) 14.31% (6,486,138)

-1,400,000

30/10/03 24/05/05 27/05/05 24/03/05 31/05/05

585p Finals were out 09/03/05.

Jacques Vert (JQV)

Apparel Waillim

26.3% (50,627,173) 07/04 14.75p Interims were out 13/01/05.

Jarvis Porter (JVP)

Cash shell Peter Gyllenhammar JO Hambro (North Atlantic smaller companies)

29.8% (14,275,000) 27.6% (13,250,000)

+1,500,000 +4,500,000

04/08/04 02/09/04

4.75p Finals were out 09/05.

JJB Sports (JJB)

Retail Family Baugur Tom Hunter Harris Associates (Herro)

c37.5% 0.5% 7% 5.19% (11,976,000)

+657,000

27/05/05

193p The family holds around 37.5%. Last AGM statement was 06/07.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

JKX Oil (JKX)

UKRGazprom Glengary Overseas

6.84% (9,957,214) 16.86% (24,560,862)

-1,822,828 +750,000

28/01/05 29/11/04

156p Last AGM statement 12/05.

John David Group (JD)

Retail John Wardle David Makin Manchester Square

15.1% (7,019,815) 21.68% (10,082,875) 57.1% (27,317,912)

05/05 05/05 23/06/05

220p Recent cash offer at 211.2p.

Jupiter Investment Trust (JIT)

Investment Trust

Laxey Partners Deutsche Citigroup

20.9% (7,268,000) 17.08% (5,803,000) 7.6% (2,650,000)

+944,990 03/05 08/06/05 17/03/05

32p NAV 51p. (11/07/05) Q1 were out 20/05.

K3 Business Technology (KBT)

Software Johann Claesson Altenberg Reval AS Giab

18.9% (2,943,000) 5.4% (840,000) 5.13% (800,000)

20/04/04 24/06/04 24/06/04

91p £3m cash. Prelims were out 02/06. Gyllenhammar has sold out.

Keller Group (KLR)

Engineering Terratest (Pedro Lopez Jiminez)

10.01% (6,541,985) +30,000 04/10/04 329p Last AGM statement 22/06.

Kensington Group (KGN)

Finance Martin Finegold (founder) Hurley Partners

18.05% (9,206,735) 15.99% (8,249,735)

-700,000 -57,000

11/02/05 28/06/05

558p Interims were out 07/07.

Kewill (KWL)

Software JP Morgan Chase Cantor

10.62% (8,342,000) 4.26% (3,365,247)

-884,740 06/05 22/03/05

74p Cash £24m, nav 24p, sales £21m. Hemmings holds a stake. Finals were out 07/06.

Kingston Communications (KCOM)

Demag (KKR) Kingston upon Hull Council

1.5% (7,600,000) 30.7% (157,500,000)

-114.3m 05/04

22/06/05 64p KKR have sold the majority of their stake at 65p.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Laing (John) (LNGO)

Laing Family 4% -4% 28/06/04 240p

Laing family recently placed 4% (7.5m) at 226p. Last AGM statement 19/05.

Liberty International (LII)

Real Estate Donald Gordon

11.93% (38,377,299) +74,103 21/03/05 988p NAV as at 30/04 891p. Interims due 21/07.

Lok’n Store (LOK)

Andrew Jacobs Simon Thomas North Atlantic Mercury Real Estate Advisors

21.2% (5,314,000) 9.7% (2,438,000) 8.58% (2,150,000) 10.42% (2,610,000)

+300,000 +100,000

22/09/04 06/04/05

144p Interims were out 12/04.

London & Boston (LBN)

Investment Southwind (Bob Morton) Julie Hester

9.86% (15,941,396) 17.03% (27,522,970)

+11,681,880 05/02/04 4.63p Bought at 4p. Stake in Croma. Last trading statement 24/01/05.

London Clubs International (LCI)

Casinos Genting Berhad Group Pictet & Cie Fidelity

29.9% (66,367,240) 4.02% (8,881,000) 13.08% (29,108,600)

+1,000,000 +1,000,000

12/05/05 18/03/04 31/05/05

114p Genting Berhad includes Resorts World and Palomino. Prelims due 21/07.

Lonrho Africa (LAF)

Diversified JO Hambro Peter Cundill & Assoc. Gyllenhammar Silverslaggen

26.37% (41,552,122) 9.32% (14,700,000) 12.08% (19,030,000)

-500,000 +250,000

22/02/05 04/07/03 03/08/04

14.25p NAV £38.5m (£8.1m overfunded pension scheme) Subject to a possible partial offer for 60% at 14.5p from East African. Interims were out 29/06.

Lookers (LOOK)

Retail GE Capital 24.2% (8,552,987) -1,422,526 07/05/03 320p Interims due 05/09.

Lorien (LRG)

Human Resources

Unicorn Southwind Multi Group

24.7% (4,841,360) 17.45% (3,250,000) 4.56% (850,000)

+1,000,000

05/05 13/05/05 31/05/05

36.5p Talks with Multi Group off, deemed to be in concert with Southwind. Last AGM statement 05/07.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Low & Bonar (LWB)

Plastics JO Hambro Afl Fjarfestingarfelag hf (Icelandic hedge fund)

<3% 21.18% (21,132,500)

-500,000 +200,000

15/10/04 14/04/05

107p Interims due 19/07.

Mallett (MAE)

Auction House Trefick Ltd Laura Weinstock

29.61% (4,085,830) 29.9% (4,130,000)

+100,000 10/08/04 258p The company is now investigating selling Bourdon House in Mayfair (4000 sq feet on balance sheet at £3m, valued 10 years ago) if it successfully enfranchises the leases. Petchey’s failed tender was at 225p per share. Finals were out 17/03/05.

Manganese Bronze (MNGS)

Autos Toscafield (Martin Hughes) Lansdowne Partners Morgan Stanley

28.12% (5,319,500) 9.4% (1,774,500) 11.36% (2,149,475)

+1,000,000 +224,500 +200,000

23/05/05 30/04/04 11/04/05

183p Jamie Borwick has sold his 38% stake at 190p. Interims were out 21/03/05.

Marylebone Warwick Balfour (MWB)

Real Estate Active Value 23.67% (26,000,000)

10/04 126.5p Interims were out 29/03/05.

Matalan (MTN)

Retail John Hargreaves Abacus Trust Man Financial

27.28% (114,603,000) 22.1% (92,905,000) 3.81% (16,007,594)

+3,000,000

03/11/04

192p The family holds around 52% in total. Last AGM statement 07/07/05.

McKay Securities (MCKS)

Real Estate Pears family 3.57% (1,614,000) -200,000 02/03/04 295p Finals were out 08/06.

Meridian Petroleum (MRP)

Oil RAB Capital Tony Mason (CEO)

26.08% (14,760,000) 43.65% (24,700,000)

+875,000 04/01/05 12.5p Finals were out 11/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Microcap Equities (MEQ)

Investment Libra Investments

13.33% (6,049,692) +380,000 14/11/03 0.3p Previously Underwriting & Subscription. Finals were out 29/06.

Micro Focus International (MCRO)

Software Golden Gate 56.76% (113,157,000) 165p Finals were out 01/07.

Milestone Group (MSG)

Radio Landfinance Ltd (BVI)

19.03% (5,253,906) +50,000 13/05/05 19p Part of Guyzeller Bank, British Virgin islands based. Recent placing of 5.5m shares at 20p. Interims were out 27/06.

Millfield (MIL)

Investment Management

Lansdowne Partners Goldman Sachs Amvescap

4.87% (5,759,379) 3.4% (4,045,641) 20.48% (24,228,000)

+250,000 +500,000

08/04 06/04/05

31p Recently merged with Inter Alliance. Last trading statement 09/05.

ML Laboratories (MLB) Now renamed Innovata (IOV)

Medical Colin Blackbourn Channel Hotels & Props.

3.55% (9,750,000) 9.62% (22,000,000)

+1,000,000 -1,000,000

21/04/04 24/06/06

21.75p Recent placing at 19p. Trialling anti-AIDS gel in Africa this year.

Molins (MLIN)

Machinery Redbird Holding

3.22% (650,000) +50,000 26/04/05 146p Last trading statement 30/06.

Moneybox (ATM)

Finance TRM Daniel Cohen SVG

8.79% (17,850,000) 2.69% (5,350,000) 9.1% (18,477,659)

+1,000,000

01/02/05 01/02/05

42.5p Subject to a 43p cash bid from Cardpoint.

Montpellier Group (MPL)

Construction Browallia Johan Claesson Forvaltnings AB Bronsstadet Christineborg Fastigheter

zero 7.57% (5,931,723) 9.58% (7,500,000) 12.7% (10,000,000)

-600,000 -500,000

23/12/04 03/05 10/03/05

30.25p Bronsstadet & Christine are connected parties. Interims were out 30/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Monsoon (MSN)

Retail Family Deutsche

75.5% 5.94% (10,662,189)

-3,500,000

04/02/05

333p The stock is now on AIM. Interims were out on 17/01/05.

MonsterMob Group (MOB)

Internet TecCapital (Barclays Bros.) Martin Higginson

6.78% (2,541,620) 26.79% (10,035,860)

+600,000 -700,000

22/03/05 22/03/05

339p Recent placing at 285p.

MOS International (MOI)

Oil Mike Bernard 21.4% (243,000,000) 0.47p Interims were out 31/12/04.

Moss Bros. (MOSB)

Retail Cantor Moss & Gee families Elit Realisations 3 (Kevin Stanford) Man Financial

22.5% (22,546,932) 38% 29.2% (25,896,932) 4.13% (3,801,382)

19/06/04 15/02/05 30/06/05

99p 20,746,932 (22.6%) of Stanford’s stake is held by Cantor against a CFD. Ahmed has now effectively sold his CFD out to Stanford @ 80p. Year-end net cash £17m. Last AGM statement 26/05. Stanford is the co-founder of Karen Miller. Stanford’s stake is made up of 1m shares, 20.7m CFDs & 5.15 through Elit.

Mucklow A&J (MKLW)

Real Estate Trefick 13.02% (7,811,943) +110,000 17/08/04 394p Interims were out 09/03/05. Adjusted NAV 351p.

Mulberry (MUL)

Retail Challice Ltd. (Club 21) Kevin Stanford

52.73% (25,712,144) 25.01% (12,200,000)

+150,000

26/04/05

176p Finals were out 23/06. Christina Ong who owns Challice, has a Rule 9 waiver.

Multi Group (MLT)

Rental Eaglet Southwind (Bob Morton)

17.7% 53.9%

3.5p Recent reverse takeover of Berry Recruitment. Finals were out 27/06.

nCipher (NCH) Internet Top Technology Ventures

6% (1,676,286) 26/05/05 223p £39m cash. Q1 were out 20/05.

Netstore (NES)

Internet Paul Barry-Walsh

15.69% (15,972,109) +100,000 29/03/05 39p Interims were out 14/02/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Nettec (NTC)

Cash shell Dawnay Day Lander JN White (Ch.) Acquisitor Steel Partners LLP Credit Agricole

13.3% (14,282,000) 26.17% (32,000,000) 27.1% (33,152,529) 21.41% (25,900,000) 7.39% (9,032,000)

-2,000,000 +2,000,000 +2,100,000 +1,000,000

17/05/04 15/11/04 12/11/04 10/06/05

7.5p Jonathan Lander is now on the board. Jeremy White is the former Chairman. Company holds around £10m in cash and some tax losses. Finals were out 18/03/05. Contingent liabilities are preventing a return of cash to shareholders but that hasn’t stopped Steel and Acquisitor boosting their stakes. Now moved to AIM.

NeuTec Pharma (NTP)

Medical Victory Capital

2.8% (817,500) -382,500 26/07/04 478p Interims were out 14/03/05. Evershed’s nap.

Newcastle United (NCU)

Sports Shepherd Brothers

26.58% (34,205,318) +100,000 11/07/05 48p

New Media Spark (NMS)

Internet GPG 3.75% (17,371,874) -3,000,000 15/03/05 10.5p Finals were out 14/06.

Newport Networks (NNG)

Networking

Lansdowne Partners Commerzbank Terence Matthews

9.3% (5,852,988) 5.24% (3,300,000) 34.2% (21,578,684)

07/10/04 89p Last AGM statement 03/06.

NMT (NMT) Medical Volvere Roy Mitchell

7.48% (651,500) 3.36% (292,400)

+50,000 16/06/05 10/05/05

57.5p

£7m cash. Last trading statement 11/07.

Nord Anglia Education (NAE)

Schools Principle Capital (Julian Myerson)

9.1% (3,435,000) 24/06/05 136p Interims were out 27/05.

Numis (NUM)

Finance Staff Intercapital Private

60% 10.13% (10,580,965)

+125,000

12/07/05

225p

NWF Group (NWF)

Distribution Fjarfestingarfelagio

11.2% (892,000) +77,500 01/02/05 465p

Last trading statement 27/04.

Oakdene Homes (OKD)

Building Nigel Wray 17.4% (4,684,275) +2,300,000 20/05/05 145p Recently bought Honeygrove. Last trading AGM statement 31/05.

Oryx International Growth (OIG)

Investment JO Hambro ING

22.3% (1,970,000) <3%

08/07/05

231p NAV 250p per share. (31/05/05). Interims were out 21/12/04.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Oxford Biomedica (OXB)

Medical Credit Agricole Man Financial Sputnik Group (Boris Jordan)

10.06% (37,817,000) 6.5% (24,420,600) 3.77% (14,147,000)

+900,000 +1,122,000

30/06/05 29/06/05 03/05

36p Last AGM statement 10/05. Sputnik are in a concert party with Garboldi & Sulidad.

Parity Group (PTY)

Computer Services

North Atlantic Value

9.62% (27,758,829) -2,000,000 11/02/05 8.75p Last AGM statement 30/06.

Parkdean Holidays (PDH)

Travel North Atlantic Value

4.52% (2,255,000) +600,000 12/07/05 215p Interims were out 27/06.

Pathfinder Properties (PFP)

Real Estate Kerrington (Gerard Lee) Sunnyview David Barry (Value Investments)

9.27% (7,414,219) 8.76% (7,014,219) 3.66% (2,919,000)

+7,014,219 26/03/04 29/03/04

7.75p Finals were out 29/06.

Patsystems (PTS)

Applications David Ashman 4.02% (5,970,000) +270,000 07/06/04 13p Last trading update was 01/07.

Peter Hambro Mining (POG)

Mining Lansdowne Partners Pavel Maslovsky Peter Hambro

4.4% (3,322,342) 26.82% (19,844,524) 8.66% (6,539,800)

+500,000 -3,000,000 -1,000,000

19/05/05 24/09/04 24/09/04

626p Next update 20/07. Placed 10m new shares at 400p.

Photo-Me International (PHTM)

Photo equipment

Serge Crasnianski

19.67% (71,143,000) 28/10/04

112p Finals were out 21/06.

Pilkington (PILK)

Glass DJ Nippon Sheet

19.9% (256,110,000)

121p

Finals were out 26/05.

Pinewood Shepperton (PWS)

Motion Pictures

Lansdowne Partners

8.21% (3,760,000)

+660,000 16/02/05

185p Floated at 180p. Last trading statement 20/06.

Pipex Comms (PXC)

Telecoms UBS 18.07% (398,700,000) +6,750,000 11/07/05 7.88p Previously GX Networks. Last trading update 08/07.

Planit Holdings (PLN)

Computer Graphics

Southwind 9.2% (8,450,000) 24/03/05 27.5p Last trading update 01/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Poole Investments (PIV)

Building David Cicurel Starlight Inv. Judges Capital Peter O’Reilly Trafalgar

2.22% (4,100,000) 7.7% (14,250,000) 3.08% (5,700,000) 8.32% (15,390,000) 2.24% (4,150,000)

+2,550,000

18/06/04 11/07/05

3p Gallagher has now exited. Interims were out 10/02/05.

Potential Finance (POT)

Finance Eaglet Silverslaggan Frank Lafford

12.34% (1,292,500) 8.98% (942,500) 16.34% (1,711,400)

+362,500 +865,000 +14,000

17/02/04 13/04/04 15/03/05

48p Interims were out 29/06.

Premier Direct (PDR)

Advertising Gragher Capital Credit Agricole Man Financial

3.9% (160,000) 4.4% (178,750) 8.9% (363,200)

12/05/05 16/06/05 16/06/05

573p Interims were out 12/04.

Preston North End (PNE)

Sports Guild Ventures

35.5% (923,765) +524,000 21/09/04 110p Interims were out 24/03/05.

Private Equity Investor (PEQ)

Investment Trust

Laxey Partners Deutsche

27.27% (13,634,800) 15.09% (7,544,268)

+50,000

07/04 27/04/05

112p NAV 123p (30/06). Prelims due 19/07.

Proteome Sciences (PRM)

Medical CACI Lansdowne Man Financial Aventis Research

3.75% (4,921,875) <3% 4.18% (5,496,000) 13.72% (18,000,000)

+240,000

13/05/05 22/06/05 20/06/05

91p Last AGM statement 04/07.

Psion (PON)

Computers David Potter (Chairman)

11.66% (48,686,245) -500,000 24/03/05 68p Imminent cash distribution.

Punch Taverns (PUB)

Pubs Lansdowne Partners

4.05% (10,126,181) 738p Interims were out 28/04.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

QA (QA) Computers David Hughes Aberforth Partners

4.77% (13,663,000) 18.21% (52,162,042)

+2,500,000 13/11/02 25/01/05

2.38p Training & consultancy. Interims were out 12/07.

Quadnetics (QDG)

Electronics Montpellier

9.3% (1,095,492) 260p Interims were out 31/01/05.

Quantica (QTA)

Human Resources

Unicorn

15.35% (6,200,000) +200,000 24/05/04 58p Last trading update 07/04.

Quarto (QRT)

Publishing JO Hambro Ennismore

26.6% (4,969,000) 3.34% (625,000)

194p Last AGM statement 05/05.

Quintain Estates & Dev. (QED)

Real Estate Lansdowne Partners Taube Hodson Stonex

4.03% (5,224,895) 8.5% (11,037,000)

+974,895 07/01/05 06/05

558p Finals were out 07/06.

QXL (QXL)

Izaki Group Florissant

26.24% (459,335) 28.4% (490,052)

+68,901 11/05/05 07/04/05

3590p Q1 results due 21/07.

Radamec (RDM)

Electronics Leonard Whittaker (Chairman & CEO)

49.886% (9,329,000) 30p Finals were out 30/06. Company is proposing a members voluntary liquidation.

Raft International (RFT)

Internet Paul Scott Asim Shah Charles Priestley

2.5% (1,625,800) 29.8% (19,599,000) 19.2% (12,624,000)

+400,000 -3,000,000

10/03

6.75p Interims were out 05/07.

Raven Mount (RAV)

Special Purpose vehicle

Laxey Partners Schroders Deutsche Country & Metropolitan Silchester

4.66% (3,990,000) 16.019% (13,713,103) 6.07% (5,199,615) 3.04% (1,895,000) 8.92% (7,640,500)

+500,000 +50,000 +200,000

24/05/04 21/06/05 16/06/05 12/10/04 22/03/05

60p Prelims were out 21/03/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Redbus Interhouse (RBI)

Networking Sputnik (Boris Jordan) UK2 Group John Porter

27.04% (69,271,082) 18.57% (47,568,418) 4.88% (11,346,518)

+100,000 +500,000 -14,000,000

24/05/05 13/05/05 09/09/04

15.75p UK2 (controlled by Bo Bendsten) once held a stake in Netbenefit. Last AGM statement 09/06.

Regen Therapeutics (RGT)

Therapeutics Colin Blackbourn Dr. P Garrod

2% (7,000,000) 11.3% (38,750,000)

+1,000,000

15/07/03 13/06/05

1.6p Colin Blackbourn, the Black Prince has taken a 3% stake. Last AGM statement 26/04. Recently raised £500,000 with a placing at 2.75p.

Regent Inns (REG)

Pubs Cantor Directors

10.06% (11,316,666) 23/06/05

79p Last trading statement 07/07.

Renishaw (RSW)

Electronics David McMurtry

36% (26,377,000) 750p Interims were out 26/01/05.

Renold (RNO) Machinery Steel Partners II

3.06% (2,125,000) 16/06/05 53.5p

Robert Walters (RWA)

Human resources

JO Hambro Unicorn

7% (5,928,200) 15.5% (12,413,000)

+573,000

25/05/05 07/05

122p Last AGM statement 04/05.

Robotic Technology Systems (RTS)

Electronics Automated Controls

25.1% (15,273,875) +180,000 18/12/02 49p Finals were out 06/04.

Rugby Estates (RES)

Real Estate David Tye Trefick Thames River

23.3% (2,651,000) 3.01% (342,343) 12.7% (1,450,000)

+105,000

07/05 02/12/04

330p Last AGM statement 23/06.

St James Place (STJ)

Life Insurance HBOS 59.9% (263,600,000) +80,000 02/05 232p Q1 were out 11/05.

St. Modwen Properties (SMP)

Real Estate Clarke & Leavsley families

40% 447p Interims were out 11/07.

SABMiller (SAB)

Brewery Altria Group 23.8% (262,588,976) +27,640,206 21/02/05 880p Atria’s lock up expired June 2005. Finals were out 19/05.

Safeland (SAF)

Real Estate Peter O’Reilly Safeland Holdings

6.47% (1,192,850) 57.2% (10,545,000)

+100,000 08/03/05 82.5p Finals were out 20/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Sainsbury (SBRY)

Supermarkets Sainsbury family

c38% 283p Last trading AGM statement 13/07.

Sanctuary Group (SGP)

Broadcast Jon de Mol (Talpa Beheer)

19.42% (72,060,500) +5,000,000 14/04/05 21.5p Interims were out 28/06.

Savills (SVS)

Consulting Trammel Crow 19.6% (12,939,199) 26/04/05 700p Last trading update 29/06. Trammell subscribed for 5.24m shares at 701.28p

Scapa (SCPA)

Manufacturing Silchester 12.61% (18,252,760) -100,000 29/11/04 20p Finals were out 02/06.

SCi Entertainment (SEG)

Entertainment Cantor

6.45% (4,664,208)

+2,218,333 01/06/05

349p Interims were out 17/06.

Scottish & Newcastle (SCTN)

Brewing Trevor Hemmings

4% (35,607,000) 02/05 480p Hemmings was a director from ’89 to ’96. Finals were out 23/02/05.

Scotty Group (SCO)

Telecomms Colin Blackbourn

6.553% (51,000,000) +23,500,000 16/06/05 1.75p Recently placed 136m shares at 1.2p

Serviced Office Group (SVO)

Investment Peter O’Reilly Safeland

6.4% (5,625,000) 25%

+500,000 07/09/04 9.38p Finals were out 15/06. Other holders include Larry Lipman (Chairman), Nick Leslau & Mike Edelman. Formerly TECC-IS.

Shanks (SKS) Waste JO Hambro

<3% 14/07/05 148p Finals were out 02/06.

Sherwood Group (SHW)

Textiles Peter Gyllenhammar Zoar Invest APS Trafalgar Peter O’Reilly

8.02% (8,900,000) 27.8% (29,300,000) 3.8% (4,000,000) 8.65% (9,388,307)

+250,000 -300,000 +750,000

11/02/05 03/05 03/05 16/05/05

10.75p Last AGM statement 26/04.

Silentpoint (SLP)

Advertising Smit Berry Goldman Sachs Keith Edgar Stanley

29.99% (5,249,999) 6.57% (1,150,000) 6.29% (1,100,000)

7.5p Cash shell, still seeking a reverse take-over candidate. Finals were out 30/03. Smit Berry is an entrepreneur. Cash balance £1.2m, last raised £1.37m at 10p.

Simon Group (SMON)

Warehousing JO Hambro GPG

17.3% (27,432,000) 3.29% (5,227,228)

+100,000 +1,600,000

04/05 09/06/05

42p Last AGM statement 09/06. In bid talks.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Sinclair Pharma (SPH)

Medical Andrew Sinclair

9.76% (5,645,000) +300,000 02/06/05 136p Interims were out 31/03.

Smith (James) Estates (SJE)

Property Trefick 17.6% (2,981,699) +500,000 13/01/05 450p Prelims were out 23/05. Now quoted on AIM.

Soco International (SIA)

Oil Lansdowne Partners Pontoil Intetrade

6.05% (4,354,000) 20.56% (14,910,543)

-500,000

16/06/05

620p Last AGM statement 24/06.

Somerfield (SOF)

Food Tchenguiz Family Cantor Man Financial

5.56% (30,075,000) 4.86% (26,718,086) 1% (5,462,139)

-306,500

13/07/05 09/07/05 15/07/05

207p Now subject to a bid approach. Tchenguiz has bought Baugur’s stake.

Spirent (SPT)

Telecomms Lexa BV 12.65% (120,000,000) +1,000,000 02/05 48p Interims due 11/08. Some recent director buying.

Sportingbet (SBT)

Internet Mark Blandford DBS Advisors

3.8% (12,480,173) zero

-2,500,000 -18,700,000

09/08/04 350p Q3 results were out 02/06/05.

Springboard (SPG)

Venture Capital

JO Hambro Commerzbank Brian Fenwick-Smith Stephen Ross (Ch.) Amodeo Investments

6.49% (533,850) zero 3.93% (360,000) 13.17% (1,084,250) 15.86% (1,306,150)

-121,150 -1,000,000 +120,000 +20,000

05/07/05 03/06/05 21/01/05 29/06/05 05/07/05

101.5p Will convert to an investment trust at some stage, however still has substantial unutilised tax losses. NAV 148p. Interims were out 15/03/05. Commerzbank have sold their holding, clearing the overhang. Now buying back shares. Recent tender offer.

SRS Technology (SGY)

Electronics John Gunn 5.763% (3,739,000) 05/04/05 2.55p Interims were out 18/02/05.

Stagecoach (SGC)

Transport Brian Souter Ann Gloag

13.37% (141,910,000) 10.96% (116,352,000)

-785,000

13/09/04 20/01/04

115.5p Final results were out 22/06.

Standard Chartered (STAN)

Banks Estate of Tan Sri Khoo Teck Phat

4.76% (61,663,714) -97,260,000 02/05 1086p The stake is being divided up between beneficiaries. Final results were out 16/02/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Stanley Gibbons (SGI)

Collectables Paul Fraser Timothy Dunningham Morgan Stanley

9.125% (2,226,719) 10.4% (2,679,500) 10.25% (3,025,000)

-1,000,000 +500,000

04/03/05 09/03/05 13/06/05

91p Last AGM statement 13/04.

Stanley Leisure (SLY)

Gambling Genting Berhard Lord Leonard Steinberg

20.26% (26,187,421) 11.1% (14,458,314)

+1,000,000 22/04/05 536p Prelims due 18/07.

Stilo (STL)

Applications software

Paul Curtis David Ashman Mossland

1.5% (1,350,000) 8.76% (7,900,000) 4.2% (3,800,000)

-250,000 +900,000 +1,000,000

17/09/03 19/05/04 08/11/04

2.38p Last AGM statement 18/05.

Stylo (STYL)

Retail Andrew Perloff Michael A Ziff Wetherby Fashions Trefick

5.7% (2,417,000) 7.47% (3,139,867) nil 24.4% (8,726,000)

-1,439,000 +50,000 -1,755,000

04/04 27/04/05 07/09/04 04/05

70.5p Family run company with valuable freeholds. Property portfolio net assets £52.1m (01/08/03). Finals were out 26/04. NAV £53.2m =122.9p per share, net debt £18m.

Superscape (SPS)

Virtual Reality ARM Holdings

8.87% (15,889,000) 05/05 32p Now conducting a ‘strategic review’

Sutton Harbour Holdings (SUH)

Warehousing Rotlok Holdings M E Winser (Chairman)

29.75% (3,614,108) 7.29% (885,731)

+87,000 +250,931

03/02/02 01/07/04

197p Rotolok MD Dan McLauley says no firm intentions to bid, he has built up the holding over six years after a failed approach to sit on the board. Sutton is changing direction and setting up a regional airline. Subject of a bid approach from a £5m recently listed AIM company, believed to be Conygar Investment. Finals were out 26/05.

Sygen International (SNI)

Biotech Phoenix 11.86% (35,001,096) 31/08/04 37p Interims were out 09/02/05.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Tarsus (TRS)

E-commerce Clive Smith Neville Buch Luxrule

7.4% (3,500,000) 24.9% (11,798,155) 4.9% (2,601,481)

-1,000,000 +50,000

16/03/04 06/09/04 23/06/05

126p Last trading update 30/06.

Ted Baker (TBK)

Apparel Ray Kelvin 40.3% (17,337,276) 491p Last AGM statement 16/06.

Telecom Plus (TEP)

Telecoms Nigel Wray Charles Wigoder

2.31% (1,420,000) 23.28% (15,898,541)

+500,000

01/03/04 28/06/05

174p Finals were out 10/6.

Television Corp. (TCP)

Television Talpa Beheer (Jon de Mol) Terry Bate

18.75% (7,780,296) 15.22% (6,318,000)

+500,000 16/12/04 03/05

96p

Placing and open offer at 81.5p. Last AGM statement 19/05.

Tenon (TNO)

Consulting Southwind (Bob Morton) Goldman Sachs

6.9% (11,000,000) 3.2% (5,100,000)

-500,000 27/09/04 25/05/04

32.25p Interims were out 24/03/05.

Tepnel Life Sciences (TED)

Bio-Rad Technologies

3.87% (8,230,000) 11/07/05 10.25p Now in bid talks with Bio-Rad Technologies.

Thomson Intermedia (THN)

Internet Steve Thomson Sarah Thomson Herald Eaglet

22.55% (6,482,393) 22.55% (6,482,394) 10.86% (3,121,060) 7.87% (2,263,298)

-800,000 -800,000

26/01/05 26/01/05

197p Last AGM statement 05/07.

Thorntons (THT)

Food Trident European (JOHCM)

5.37% (3,379,400)

+485,000 30/11/04 142p Interims were out 22/02/05.

Tinopolis (TIN)

Investment Acquisitor 4.38% (1,089,385) 57p Interims were out 30/06.

Town Centre Securities (TCSC)

Real Estate Ziff family Trefick

39% 7.6% (4,546,000)

359p Arnold Ziff is Chairman, his son Edward CEO. NAV 239p per share. The company has bought back 50% of its shares in the last four years. Interims were out 02/03/05.

Trifast (TRI)

Metal Products

Unicorn 14.8% (10,536,176) -3,090,000 30/09/04 73.5p Finals were out 22/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

TRL Electronics (TRL)

Electronics JO Hambro Herald Inv.

9.52% (2,372,500) 4.1% (1,025,000)

+412,500 +125,000

17/01/05 22/04/05

233p Finals were out 16/06. Floated 21/07/04. Recent directors’ buying.

Ultimate Finance Group (UFG)

Finance Dawnay Day WH Ireland

29.74% (5,947,805) +540,973 17/11/04 21.5p Interims were out 01/03/05.

Ultimate Leisure (ULG)

Retail Dawnay Day Properties Cantor CAIC Sean Lyne Bear Stearns

8.92% (2,202,463) 12.01% (2.965,542)CFD 17.31% (4,378,000) 11.1% (2,745,542) 5.86% (1,447,266) 13.4% (3,313,943)

+200,000 +1,050,000

04/07/05 12/07/05 05/07/05 12/07/05 14/07/05

278p Last trading statement 11/07.

UNIQ (UNIQ)

Food Steel Partners II LP Duke Street

7.45% (8,555,398) 3.1% (3,582,775)

+1,000,000 14/07/05 27/10/05

151p Finals were out 23/05. Significant pension fund deficit

Uruguay Mineral Exp (UGY)

Minerals Paul Curtis Saad Investments

3.09% (1,326,500) 9.06% (4,179,400)

+35,000 28/01/05 28/04/05

199p Interims were out 27/01/05.

Vardy (Reg) (VDY)

Retail Peter Vardy Trefick

20.1% (11,538,000) 5.85% (3,355,561)

+1,663,584

25/01/05

552p Prelims were out 13/07.

Vastox (VOX)

Medical Lansdowne Partners

6.77% (2,120,000) +500,000 01/07/05 182p Prelims were out 25/04.

Vedanta Resources (VED)

Metals Agarwal Lehmans

60% 5.662% (16,194,000)

525p Q1 figures due 28/07.

Vislink (VLK)

Broadcast Bob Morton 3% (4,075,000) 36p Last trading statement 12/07.

Volex (VLX) Electric Unicorn Eaglet Cycladic Capital Sterling Investment (Tettamanti)

18.45% (5,452,016) 7.55% (4,182,231) 20.34% (11,264,907) 11.97% (6,628,988)

+18,300 -260,000 +811,078

26/11/03 12/07/05 13/06/05 01/07/05

114p

Finals were out 06/06.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

VP (VP)

Rental Jeremy Pilkington

51.266% (23,685,000)

200p Jeremy Pilkington is Chairman and CEO. Prelims were out 11/06.

VTR (VTR)

Multimedia Peter Cundill North Atlantic Mark Dixon (Mr & Mrs)

9.91% (1,100,000) 16.2% (1,798,000) 14.49% (1,605,000)

+50,000 +125,000

13/11/03 05/04/05

43p Last trading statement 14/07.

Walker Greenbank (WGB)

Home Browallia (Union Discount)

29.96% (17,680,728) +825,000 01/09/03 16p Finals were out 26/05.

Warner Estates (WNER)

Real Estate Trefick Ltd 23.9% (12,818,000) +50,000 06/04 614p Finals were out 14/06.

Whatman (WHM) Filtration JO Hambro 5.16% (6,535,000) -725,000 04/05 269p Last trading statement 12/07. Hambro are selling down.

WI Link (WLK)

Financial services

Peter Wakeham (CEO) Nigel Wray

18.97% (1,622,970) 19.75% (1,690,355)

-46,730 +46,730

15/11/04 15/11/04

290p Undergoing strategic review.

Young & Co’s Brewery (YNGA)

Brewing GPG 28.8% (732,091) 1775p Last AGM statement 12/07.

WH Ireland (WHI)

Finance Eaglet Unicorn

6.99% (1,118,334) 10.5% (1,650,000)

134p

Robert Wiseman (RWD)

Dairy products Alan Wiseman Robert Wiseman First Milk

23.36% (17,646,314) 19.78% (14,939,896) 15% (11,332,197)

-3,114,055 -2,636,452 +11,332,197

17/11/04 17/11/04 17/11/04

260p Last AGM statement 07/07/05.

Workspace Group (WKP)

Real Estate Nick Roditi 3.34% (5,634,550) 08/07/04 253p Finals were out 13/06.

Wyevale Garden Centres (WGC)

Retail Laxey Partners Millennium Partners Trefick

18.66% (10,451,037) 10.115% (5,660,000) 5.07% (2,837,928)

-490,500 28/06/05 05/05/05 22/06/05

518p Last trading update 13/07.

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Strategic stakes and holdings – July 2005

Company Activity Holder Declared stake Last change

Date Market Price

Notes

Zotefoams (ZTF)

Chemicals Alveo AG (Sekisui Chemical) Liontrust

9.56% (3,465,762) 11.1% (4,029,608)

+200,000

07/03/03 03/05/05

89p Last AGM statement 28/04.