Like many small companies, Einstein is often undergoing change. Over the past few years, investors in this media group have been treated to strategic reviews, corporate restructurings, merger talks, and an acquisition or two. They have also endured many boardroom changes, adviser changes and one significant capital restructure. The latter saw each 10p ordinary share divided into one 0.5p share and 19 - worthless - deferred 0.5p shares. The latest development at the group, which operates a science TV channel and owns the rights to a chess competition, was news that it had purchased 51 per cent of Brendart - a 'local TV' broadcaster with license rights in the Home Counties, Essex and Scotland, among other places. For its stake, Einstein will pay current owner LBG £350,000 (in shares). As part of the deal, LBG will provide Einstein with a £200,000 loan (on terms yet to be agreed) and end up owning around 19.6% of company. While all of this is undoubtedly interesting, and somewhat complex, what many Einstein shareholders would probably like to see more than anything else is some financial details on the company. Einstein has not reported any figures to the market since it released its results for the year to December 2000. By our reckoning, a set of interim reports is overdue, and in a few weeks a full set of financials will be overdue too. The shares, issued at 40p after an £8m Collins Stewart-backed placing, now trade at 2p. They could be worth less. Avoid.

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