New Media Spark TMT ripe for recovery

Excellent results - Mergermarket will soon be throwing off cash. NMS could do worse that to sell everything off and reverse into Mergermarket.

Aspex is still a problem but could easily be written up. Other investments all doing well.

Just need to keep up the buy-backs. Means it should be a no brainer up to 13-14p.

An investment in NMS reflects a very safe option for 20% uplift in 1 year. Of course it could be a lot higher but this still beats a bank account by some way.

Each sale increases cash and reduces risk.

Trusts usually trade below NAV however, question is what are they going to spend the cash on - I vote for buybacks to return cash to shareholders.

My only reservation is that £2.8m expenses. Basically I believe NMS have too many staff that are paid too much. Directors are also paid a lot for not actually doing anything - these companies run themselves.