Slater duo put Galahad into black

Patrick Hosking12 April 2012

FATHER-and-son investment duo Jim and Mark Slater have steered their fledgling acquisition vehicle Galahad Capital into the black, thanks to a profitable punt on a cash-laden internet stock.

Alternative Investment Market-listed Galahad today reported a £208,000 first-half profit, compared with a £23,000 loss last time. It revealed it made a £268,000 turn by buying and selling a 4.9% stake in TEAMtalk Media Group, the sports radio and internet group. Galahad started buying into TEAMtalk in April, attracted by the cash in its balance sheet, and snapped up shares for as little as 3p. Within two months TEAMtalk had surrendered to a 6p-a-share bid from online gaming company UKbetting.

'It was very quick and a very nice profit,' said executive chairman Mark Slater, who owns 38% of Galahad. Jim, the renowned investor and stock market pundit, owns 7 1/2%, but takes a back seat. Galahad, which tries to winkle out value from companies trading at less than their net cash, reported the value of investments at 30 June was £608,000, compared with the £518,000 at which they were bought.

It was 'quietly building holdings in several interesting companies' and was 'actively monitoring a number of situations, waiting for the right price to start buying'.

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