Another blow for the Mean Fiddler

BROKERS to concert promoter Mean Fiddler Group have slashed profit forecasts after the collapse of last week's share placing and acquisition.

The deal would have seen chairman Vince Power cash in his 35% stake in the group for £11.8 million.

The group would also have acquired for £8 million Media Internet Telecom, its joint venture partner in a digital download business.

The deal was based on an earnings-per-share profit forecast from broker Evolution Beeson Gregory of about 6.5p a share for next year.

But newly appointed broker Daniel Stewart & Co has issued institutions with new guidance that profits will be only about 4.2p a share.