Or, in the future, it could sell its stake in the whole project. There's far too little headroom, far too high a chance that the money will - yet again - run out.JOHN LAINGUnlike most of the quoted companies bidding for lucrative government contracts to build schools, hospitals, roads, courts, whatever, under the Private Finance Initiative, Laing doesn't do any of the building or later maintenance work itself. The company raised £14.4m a year ago, but most has been spent.There's talk of profitability in the current year. There was similar talk in 2002, when we last wrote on this stock.
Much rests on signing licensing deals and trials of early-stage products. It is developing or helping to develop a handful of new drugs; treatments to reduce complications after surgery, to deal with kidney problems, and to tackle cancers There's also a business developing a novel inhaler. The stock is vulnerable to shocks as semiconductor sales growth slows and digital gadgets get cheaper, cutting ARM's royalty rates.ML LABORATORIESML Laboratories has a habit of running out of money. Very long-term investors can use these flurries as a buying opportunity Those with a one-year horizon are advised to steer clear. Just as the doubters had been won round, we got news this week of appalling results from Artisan in the final three months last year The jury was back out again on the whole deal. Avoid.ARM HOLDINGSWhen ARM Holdings unveiled the biggest acquisition in its history last August - the $1bn purchase of Silicon Valley-based Artisan - investors couldn't understand the point. These are perils enough ahead without a share price that is so high (at about 17 times earnings) it is vulnerable to shocks.
He fears it could mean that chocolate lovers no longer need to visit the high-street outlets and, worse, that supermarkets will become over-mighty clients, demanding supply in preference to Thorntons own stores, forcing down prices and ultimately taking the luxury sheen off the brand.Axeing supermarket sales altogether robs the group of top-line growth (such sales were the bright spot in an otherwise disappointing Christmas for Thorntons), and restructuring the manufacturing business to shore up profitability if it moves to a half-way house will not be easy. Thorntons is like a box of chocolates: you never know what you're going to get. Investors who buy the shares now are buying a historic chocolate manufacturer and owner of 600 shops where expansion opportunities and sales growth are limited, but which has instead been growing sales by supplying its luxury confectionery to supermarkets.But, next month, the company's newish executive chairman, Christopher Burnett, is unveiling a review of that supermarket strategy. She will benefit from tax relief of £28 for every £100 she puts into her pension.Advisers' views are given for information only.* For a free financial check-up in the Wealth Check column, write to The Independent, 191 Marsh Wall, London E14 9RS, or e-mail cash independent.co.uk.. Ms Bowes points out that as Ms Brookes has worked abroad, her National Insurance contributions are unlikely to be up to date It'svital that she makes private arrangements. Every employer with more than five staff members must offer "access" to a pension scheme, although they do not have to contribute to it. However, it may well be that her employer is willing to make a contribution.If Ms Brookes does not want to join her work-based scheme, Ms Bowes recommends that she joins a Stakeholder pension from the likes of Legal & General or Axa, and invests in equity-based schemes, as these are the most likely to grow.Mr Yearsley says that the sooner Ms Brookes starts saving for retirement, the more her funds will grow.
