Poor old GCap

If GCap Media's share keeps dropping the way it's been going you'll be able
to buy the company from Tescos with your baked beans soon:

http://media.guardian.co.uk/radio/story/0,,1839851,00.html

GCap Media value dips below £300m

Julia Day
Tuesday August 8, 2006
MediaGuardian.co.uk

The value of Capital Radio and Classic FM owner GCap Media sank below £300m
for the first time today as its share price hit a new low.

GCap's share price fell to 183p at 2.15pm today, giving the company a market
value of £299.76m, which is £411m less than when it was formed in May 2005
from the £711m merger of GWR and Capital Radio.

At their highest point last year, GCap's shares were worth 353p. But
analysts believe the share price will fall still further, which could spark
fresh speculation about takeover bids.

Last week the company recorded a dismal set of radio ratings, with its
flagship station, Capital, posting its lowest-ever audience, share and
breakfast show figures.

Capital Radio has lost 300,000 listeners over the past year, bringing its
audience to a record low of 1.64 million.

Year on year, Capital's audience has declined by 15.4%. Its share of the
market has fallen from 6.1% this time last year to 5%, according to the
latest figures from radio measurement body Rajar for the period from March
27 to June 25.

GCap's operations director, Steve Orchard, said Capital's poor set of
results was not unexpected, adding that he believed the station had hit rock
bottom and was now confident audience figures would improve to take it back
to the number one slot in London.

The company's Choice and Capital Gold stations also recorded falling
audiences, but Classic FM and Xfm provided bright spots for GCap.

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Hint to Ralph Bernard: there's obviously something wrong when the market
capitalisation of your company is less than Quentin Howard's salary.

SteveBroker advice: Sell at current levels. Start buying again once the
price reaches 23p when it should become the target of takeover bids, which
will be successful and the company will be asset-stripped and their MP2
encoders sold off to the Museum for Broadcasting Antiques and Nick Piggott
will be human trafficked to Uzbekistan, where he will be chained to a post,
made to graze grass and occasionally be milked by a local farmer with a big
stick.


--
Steve - www.digitalradiotech.co.uk - Digital Radio News & Info

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