LOCAL RADIO

At least price has stabilized. Appears fall was due to rumours that the company is considering raising cash through a discounted rights issue. It needs to cover the costs of new local radio station start-ups it won licences for and is interested in purchasing some of the GCap stations that are up sale.

One source of income is it's joint owned saleshouse - First Radio Sales. This also represents former Wireless Group stations now owned by Ulster TV. So if Ulster decided that it was interested in TLR as well then we might see some reasonable SP rebound.