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UK small caps close lower, Pure Wafer slumps on profit warning, Tersus up on bid
Thu, 8th Nov 2007 17:35
LONDON (Thomson Financial) - UK small caps closed lower Thursday, with Pure Wafer off sharply after issuing a profits warning although Tersus Energy jumped 60 pct after confirming it is in talks over a possible takeover.
By the close, the FTSE Small Cap index was off 41.2 points at 3,700.6, while the FTSE 100 index had bounced from earlier losses to close only 3.2 lower at 6,381.9.
Pure Wafer led the index lower, down 94 pence to 86 pence - a 60 pct fall - as it said it expects its 2008 full-year turnover and pretax profit to be significantly lower than market expectations, hit by the strengthening of the sterling against the US dollar and increased competition.
The silicon wafer reclaim services company said it expects shipments of the new product line will not recommence until the second half of the year, adding it is unlikely they will contribute significantly to its 2008 results.
The company also said it is unable to predict the likely revenue streams its new product will generate during 2009.
And laundry services provider Johnson Service crumpled 19.25 to 78.5 after admitting that the recent poor trading performance of its three non-core businesses means the prospects of receiving proceeds from them are 'limited' in 2007.
Dollar woes beset Western Canadian Coal, which ran back 21-1/2 pence to 95 pence, as it warned the weak US dollar and low prices will hurt full-year sales by over 50 mln cad, adding that with the low revenues and operational issues at the Wolverine mine, its expectations have not been met.
The company said it has seen a 25 pct increase in the Canadian dollar relative to the US dollar since its fiscal year-end.
Delek Global Real Estate lost 11 pence in early deals, down to 106 pence, as it found itself caught up in a possible violation of publicity regulations by another company.
SWX Swiss Exchange, the Swiss bourse operator, said it has started an investigation against Swiss retail and real estate group Jelmoli Holding AG about a possible violation of publicity regulations.
A preliminary investigation conducted by the SWX has revealed that rules may have been broken in connection with the sale of the company's real estate portfolio.
Delek Global Real Estate Ltd, the proposed buyer, recently announced that the consortium led by it has decided not to complete the 3.4 bln sfr acquisition, citing recent developments in the real estate market which were not adequately reflected in the portfolio's price.
Elsewhere, Character Group ended 15 pence adrift on 174 pence, following its late news yesterday that Bindeez toys, which it distributes in the UK and Republic of Ireland,
have been withdrawn as a precautionary measure.
The company awaits the results of independent toxicology tests that it has already instituted.
Bankers Petroleum ran back 4 pence to 40 pence from its recent share price increase, which the company said it knew no reason for.
However on the upside, Tersus Energy rose 1.55 to 4.60 after confirming that it is in talks with a third party which may or may not lead to an offer being made for all or part of the company.
The company made the announcement following the recent movement in its share price.
On Sept 28, the company had said it will need additional finance in the short term, and it continued to explore a number of avenues to access additional capital.
And Condor Resources rose 1-1/4 pence to 6-1/4 pence as it said it is confident of further significant gold mineralisation at the El Cacao Project in Nicaragua after it completed the first phase of drilling, with the tests indicating excellent width and better grade mineralisation.
The mineral explorer said it identified at least two mineralised zones containing high-grade shoots over a strike length of 330 metres at the project and will advance the Cacao project with further testing along strike through mapping and trenching and at depth through further drilling in December.
NXT was 0.75 higher to 9 pence, as it said it has received 77.7 pct valid acceptances for its open offer and that the offer is now closed.
On Oct 17, the company had announced a placing of 8.50 mln new shares and open offer of up to 28.35 mln new shares at 8 pence each, of which 21.87 mln shares were being placed subject to clawback to satisfy valid acceptances under the open offer.
And there were plenty of smiles over at Angel Biotechnology Holdings, up 0.02 at 0.146 as it won a GMP manufacturing contract extension from UK-based stem cell therapy business ReNeuron Group. Terms of the contract were not disclosed.
Angel said as per the existing contract, started in the second quarter this year, it is manufacturing a cell bank and clinical grade material for ReNeuron's ReN001 stem cell therapy for chronic stroke disability.
The company said the original contract has been extended to undertake additional cell expansion work.
Contract news also lifted Ultrasis by 0.10 to 1.09 pence, as it won a contract from British United Provident Association (BUPA) for an initial 500 treatment courses of its flagship anti-depression product 'Beating the Blues' for use within the BUPA Wellness Programme. Financial details were not disclosed.
Finally, Intellego Holdings moved up 0.125 to 2-1/4 pence on a narrowed first-half pretax loss due to a 78 pct increase in sales, adding it is confident of delivering continued growth over the next six months given the current sales prospects and opportunities to grow by acquisitions.
For the first-half to end-September, the e-learning group posted a pretax loss of 149,111 stg compared with a 315,825 stg loss last year, as sales rose to 740,557 stg from 416,379 stg earlier.
tf.TFN-Europe_newsdesk@thomson.com
nma/ak
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
By the close, the FTSE Small Cap index was off 41.2 points at 3,700.6, while the FTSE 100 index had bounced from earlier losses to close only 3.2 lower at 6,381.9.
Pure Wafer led the index lower, down 94 pence to 86 pence - a 60 pct fall - as it said it expects its 2008 full-year turnover and pretax profit to be significantly lower than market expectations, hit by the strengthening of the sterling against the US dollar and increased competition.
The silicon wafer reclaim services company said it expects shipments of the new product line will not recommence until the second half of the year, adding it is unlikely they will contribute significantly to its 2008 results.
The company also said it is unable to predict the likely revenue streams its new product will generate during 2009.
And laundry services provider Johnson Service crumpled 19.25 to 78.5 after admitting that the recent poor trading performance of its three non-core businesses means the prospects of receiving proceeds from them are 'limited' in 2007.
Dollar woes beset Western Canadian Coal, which ran back 21-1/2 pence to 95 pence, as it warned the weak US dollar and low prices will hurt full-year sales by over 50 mln cad, adding that with the low revenues and operational issues at the Wolverine mine, its expectations have not been met.
The company said it has seen a 25 pct increase in the Canadian dollar relative to the US dollar since its fiscal year-end.
Delek Global Real Estate lost 11 pence in early deals, down to 106 pence, as it found itself caught up in a possible violation of publicity regulations by another company.
SWX Swiss Exchange, the Swiss bourse operator, said it has started an investigation against Swiss retail and real estate group Jelmoli Holding AG about a possible violation of publicity regulations.
A preliminary investigation conducted by the SWX has revealed that rules may have been broken in connection with the sale of the company's real estate portfolio.
Delek Global Real Estate Ltd, the proposed buyer, recently announced that the consortium led by it has decided not to complete the 3.4 bln sfr acquisition, citing recent developments in the real estate market which were not adequately reflected in the portfolio's price.
Elsewhere, Character Group ended 15 pence adrift on 174 pence, following its late news yesterday that Bindeez toys, which it distributes in the UK and Republic of Ireland,
The company awaits the results of independent toxicology tests that it has already instituted.
Bankers Petroleum ran back 4 pence to 40 pence from its recent share price increase, which the company said it knew no reason for.
However on the upside, Tersus Energy rose 1.55 to 4.60 after confirming that it is in talks with a third party which may or may not lead to an offer being made for all or part of the company.
The company made the announcement following the recent movement in its share price.
On Sept 28, the company had said it will need additional finance in the short term, and it continued to explore a number of avenues to access additional capital.
And Condor Resources rose 1-1/4 pence to 6-1/4 pence as it said it is confident of further significant gold mineralisation at the El Cacao Project in Nicaragua after it completed the first phase of drilling, with the tests indicating excellent width and better grade mineralisation.
The mineral explorer said it identified at least two mineralised zones containing high-grade shoots over a strike length of 330 metres at the project and will advance the Cacao project with further testing along strike through mapping and trenching and at depth through further drilling in December.
NXT was 0.75 higher to 9 pence, as it said it has received 77.7 pct valid acceptances for its open offer and that the offer is now closed.
On Oct 17, the company had announced a placing of 8.50 mln new shares and open offer of up to 28.35 mln new shares at 8 pence each, of which 21.87 mln shares were being placed subject to clawback to satisfy valid acceptances under the open offer.
And there were plenty of smiles over at Angel Biotechnology Holdings, up 0.02 at 0.146 as it won a GMP manufacturing contract extension from UK-based stem cell therapy business ReNeuron Group. Terms of the contract were not disclosed.
Angel said as per the existing contract, started in the second quarter this year, it is manufacturing a cell bank and clinical grade material for ReNeuron's ReN001 stem cell therapy for chronic stroke disability.
The company said the original contract has been extended to undertake additional cell expansion work.
Contract news also lifted Ultrasis by 0.10 to 1.09 pence, as it won a contract from British United Provident Association (BUPA) for an initial 500 treatment courses of its flagship anti-depression product 'Beating the Blues' for use within the BUPA Wellness Programme. Financial details were not disclosed.
Finally, Intellego Holdings moved up 0.125 to 2-1/4 pence on a narrowed first-half pretax loss due to a 78 pct increase in sales, adding it is confident of delivering continued growth over the next six months given the current sales prospects and opportunities to grow by acquisitions.
For the first-half to end-September, the e-learning group posted a pretax loss of 149,111 stg compared with a 315,825 stg loss last year, as sales rose to 740,557 stg from 416,379 stg earlier.
tf.TFN-Europe_newsdesk@thomson.com
nma/ak
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
