Monday 6th August 2007

Dear Reader,

Tack Fat: as clear as Mudd (6-Aug-07) takes a close look at the latest accounts of garment maker Tack Fat (0928), and finds plenty to worry about. Amongst other issues, Tack Fat is fast approaching a 30-Sep expiry of an option to increase its stake in Mudd or lose the premium, and investors and the auditors do not have enough information on Mudd to reach a view. Meanwhile there was a previously undisclosed deposit at least 2 months before the latest $330m acquisition of XXESS.

Egana update (6-Aug-07)
We update you on the Egana (0048) situation, and the answers management provided to some of the questions in a recent conference call with investors. A recording of the call is now available for download from, in the interests of fair disclosure.

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David M Webb