Northern Rivers UpdateFYI, from Hugh Cleland's Dec 20 report. You can access the whole letter below, I will just highlight a few key points here.
https://www.northernriversfunds.com/assets/downloads/Cleland%20-%20November%202007.pdf
The uncertainty and fear in the general markets is in stark contrast to the remarkably positive developments in a large number of our portfolio stocks. One of the many encouraging things I have noticed recently is that insider buying has continued in a number of our portfolio companies....
Vendtek
...Sudan is already a larger market for prepaid cellular than Canada....
...fiscal year 2008 will see new and growing revenue and cash flows from the US, China,Sudan, and a number of other countries expected to launch in 2008....2007 revenues and cash flows were derived only from Canada and the UAE...
Ron Shuttleworth at Jennings Capital is now expecting Vendtek to earn
$0.09/share in FY2008; the four analysts covering Vendtek have 1-year targets ranging from $1.85 to $2.50.
...Insider buying ...during the summer, as the CEO picked up shares around $0.85.
A regional deal for large countries such as Saudi Arabia should be a major catalyst for significant upward earnings revisions in early 2008.
Gladys