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Michael Sprung Menu Foods Income Fund MEW.UN-T DON'T BUY Apr 11, 2007

In a very serious position with the hit on the recall of pet foods. There will be class action lawsuits.

Michael Sprung

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WATCH

Management has done a good job. Long-term outlook is positive, but short term shipping to the US was halted because of the mad cow scare. Costs have gone up. Could be currency concerns.

BUY

Had some operating difficulties in the last couple of months in that one of their large customers took less volume than what was expected. 1st quarter was quite a bit softer than what was expected. Looks like they are coming back on track operationally although the rest of the year will be somewhat challenging for them.

HOLD

We currently own it. Manufacture wet pet food. Stock has come off quite a bit, cut distribution. Comfortable that things wont get any worse. Going to hold onto our position.

COMMENT

He only buys companies that have been around for 10 years. If this had been around for 10 years and was at the bottom of its range, it would be one he would be going over the financials, etc. Could be a turnaround story.

DON'T BUY

Producers of Pet Foods, which was recently subject to a massive recall and they are not over this yet. Debt levels are going up.

COMMENT

He never buys anything that has not been listed for at least 10 years. He wants a long-term track record.

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Michael Sprung Menu Foods Income Fund MEW.UN-T DON'T BUY Apr 11, 2007

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