Oct 5th 2008, 12:54 SAS Special Situations
by Wenden Xeno

SAS September Financials

SAS Sep financials

* 0.029L Dividend paid for the August period
* Stock Assets 30% up on IPO level
* 21,000L Cash retained last month used to buy up more stock

I announce a dividend for the September period of 0.0287L which has just been paid out after what has been a conservative month where we have made modest earnings whilst boosting up our portfolio.

Our current share portfolio is worth 358,400L- this is an improvement of 30% on our IPO cash and nets us over 8,000L a month in dividends alone.

On top of our dividend income- this month we made 18,551L from share sales- mostly involving BDVR- which we have sold half our stake in at massive profits.

Last month we set aside 21,000L in cash to be used for investment into the gaming industry following an initial assessment. I have decided not to pursue this avenue and so have used this cash pile to strengthen our portfolio- doubling our stake in ISE to 10,000 shares (a move that is already paying off) and increasing our holdings in BNT to 40,000 shares.

So if overall hardly a month to match the RL financial markets in terms of excitement- September has seen us make enough profit to meet our 0.03L target whilst strengthening our portfolio.

Our target of paying dividends of 0.03L for the rest of the year looks extremely realistic- just take a look at our portfolio below- and over Christmas I shall probably ask SAS shareholders to vote on if they want this level maintained, reduced or increased.




Regards,

Wenden Xeno



MONTHY BALANCE SHEET (SEPTEMBER)


Income 48339
Expendiature 29189
Profit (loss) 19150


75% profit paid out as dividend= 14363
25% profit used for stock buyback= 4788
Dividend to be paid (per share)= 0.0287

Assets 387891
(+/- IPO) + 28.9 %

Share Price= 2.4
(+/- IPO) +140%

Market Cap 1200000




Income-

Dividends 8490

Stock sales 18551
Cash carried over 21000

Report sales 298

TOTAL 48339

Expendiature-

Stock purchases 28509
texture uploads 680
Rent 0


TOTAL 29189




Assets

liquid assets 19491


short term investments 358400



data package 10000

TOTAL 387891


OUR CURRENT SHARE PORTFOLIO
(CURRENT TOTAL VALUE = 358400L)
(VALUE AT IPO WAS = 276000L)
(=130% IPO benchmark)

Stock: ACE
No. shares: 20000
Mean Buy price: 0.83L
Current price: 0.64L
Value: 12800L
Gain/loss (L$): -3800L
Gain/loss (%): -22.9%

Stock: JAM
No. shares: 75000
Mean Buy price: 1L
Current price: 3.5L
Value: 262500L
Gain/loss (L$): +170500L
Gain/loss (%): +185.3%

Stock: BDVR
No. shares: 10000
Mean Buy price: 1.4L
Current price: 2.25L
Value: 22500L
Gain/loss (L$): 8500L
Gain/loss (%): +61%

Stock: BNT
No. shares: 40000
Mean Buy price: 0.23L
Current price: 0.22L
Value: 8800L
Gain/loss (L$): -400L
Gain/loss (%): -4.3%

Stock: ISE
No. shares: 10000
Mean Buy price: 3.1
Current price: 3.12
Value: 31200L
Gain/loss (L$): 200L
Gain/loss (%): 0.6%

Stock: JCF
No. shares: 20000
Mean Buy price: 1.00
Current price: 1.03
Value: 20600L
Gain/loss (L$): +600L
Gain/loss (%): +3%