Two letters have been sent to them since the suspension the last in June dealt with board changes

Two letters have been sent to them since the suspension; the last, in June, dealt with board changes.Talk in the gossipy drinks trade is that a few outlets have been sold, including some lap-dancing clubs, but there is no evidence the Bar Med bars chain has attracted a buyer.It is time Mr Lawson got around to communicating with his shareholders, informing them about trading, how the disposal programme is going and what, if any, progress has been made with the banks.My guess is that SFI, which I suggested buying at 28.5p, will return eventually to the stock market but shareholders will have to accommodate a hefty rights issue.Although still deep in trouble, MyTravel, the old Airtours, did not seek the obscurity which can accompany a share suspension. But, as is so often the case, the shareholders have been treated shamefully, almost given the cold shoulder. Once called Surrey Free Inns, the group has had little to say for itself since its shares were suspended shortly after I alighted on them.I gather it promised to keep shareholders informed of developments. The company, now being investigated by the Financial Services Authority, is deep in the pit of despair.It is heavily in debt and trading is difficult for any group struggling for a profit in the tough, high-street drinks environment. All is not lost, but Stuart Lawson, who became chairman in June, faces a daunting task. The other two have handsomely rewarded the brave investor.SFI, the pub chain, is the most serious casualty.

It is not necessary to look beyond Marconi, once Britain’s most powerful group but now a shadow of its former self. It managed to avoid the corporate graveyard.But long-term shareholders who stuck with the old General Electric, one of the bluest of blue chips, when it tottered on the brink and its shares became known as Marconi, penny dreadfuls have seen the value of their investment almost wiped out.My quartet has not felt the cold blast of complete disaster, although two are still under pressure and their future is far from secure. With their very survival under threat, their once high-flying shares were friendless and unwanted, bumping along near all-time lows.
The dangers of trying to reap rewards among the walking wounded are there for all to see. Nearly a year ago, I put forward an outrageous investment gamble, a share portfolio solely for the brave or just plain stupid I alighted on four companies in deep trouble. Any readers, above or below retirement age, who have found the same difficulty in claiming a rightful entitlement should get in touch.s.o’grady independent.co.uk. Having written to the Security of State for Work and Pensions, the Rt Hon Andrew Smith MP, and not had the courtesy of a proper reply, we’ve had a letter from the Leicester Pensions Office telling us that a member of the team would shortly be in touch to sort things out Needless to say they haven’t.

Trebles all round, if you’ll pardon the pun.I couldn’t possibly end the column without reminding readers about my tedious, debilitating, dispiriting battle to secure my dear old mum’s pension credit. But the results last week looked healthy enough, with a 23 per cent rise in annual pre-tax profits to a record £39.7m, on turnover of £175m from better gate receipts and an increased share of television revenues. The £15.9m proceeds from Beckham’s transfer to Real Madrid helped to raise Man U’s cash balances to £28.6m, and the company paid a special dividend of 1.5p on top of the increased total basic dividend of 2.5p. Some of us shareholders who don’t understand football properly are still a bit worried about the loss of David Beckham and Peter Kenyon, the former chief executive poached by Roman Abramovich to look after Chelsea.

Mr Glazer sounds like an interesting chap, being the owner of the Tampa Bay Buccaneers American football franchise. Now he’s also the fifth-largest shareholder in Man U, alongside the likes of Rupert Murdoch and J P McManus and John Magnier, the Irish horseracing millionaires.Of course it’s not all rosy at Man U. Now I notice yet another investor, Malcolm Glazer, has built up a stake of 7,144,550 shares, somewhat larger than my holding. You don’t even have to have a particularly rosy view of Man U’s long-term prospects to realise the role vanity plays in the acquisition of such a company It is, needless to say, no ordinary plc.