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UK small caps open higher with Arthro Kinetics solid on FDA OK for Vesalius
Wed, 7th Nov 2007 09:53
LONDON (Thomson Financial) - UK small caps were higher in early trade, bucking the easier trend in blue chip issues, with Arthro Kinetics solid on the back of US FDA approval for the company's Vesalius system.
The FTSE Small Cap index was 7.0 points ahead at 3,795.1 by 9.33 am. The FTSE 100, however, was 15.7 adrift at 6,459.2.
Heading the risers, Arthro Kinetics notched up a gain of 5-1/4 pence to 14-1/4, as the AIM-listed orthopedics company disclosed that the US Food & Drugs Administration has approved its Vesalius radio frequency generator and spinal probe system for soft tissue ablation.
Good progress was also seen in Central African Mining & Exploration, 9-3/4 up at 43-1/2, following news that the company and Prairie International plan to set up a joint venture in the Democratic Republic of Congo to operate and develop the Mukondo Mountain cobalt mine.
On the bid front, shares in Synexus Clinical Research shot up 12-1/2 to 74 in response to the agreed 18.1 mln stg, or 78 pence a share, cash offer from Sigma Acquisitions, which was incorporated in October by Lyceum Capital and a management team for the purpose of making the offer.
An upbeat trading statement provided the spur to Cagney, 1/2 firmer at 3. The integrated group of marketing services firms anticipates full-year gross profit of at least 7.6 mln stg, which would represent an increase of 38 pct on the figure reported for 2006.
These growth figures include the effect of acquisitions.
And Avanti Screenmedia made headway, rising 1.0 to 8.6250 after the AIM-listed digital screen media specialist signed new five-year contracts with three of its existing malls owned by Land Securities, namely Clapham Shopstop (Clapham Junction), N1 Shopping Centre (Islington) and Victoria Centre SW1.
Elsewhere, Sportech attracted support and moved up 3/4 to 11 following news that the company has conditionally agreed to buy the Vernons football pools business from Ladbrokes for 51 mln stg, and it expects the acquisition to add to its earnings in 2009.
The acquisition will give it control of three major football pools brands in the UK - representing about 99 pct of the total football pools market.
To part fund the acquisition, Sportech plans to raise about 41.4 mln stg, gross of expenses, via a placing and open offer of 41.4 mln new shares. The company also plans a 1-for-10 share consolidation.
Buyers came for Bateman Litwin, 13-1/2 higher at 249, after the energy contractor revealed a 31 pct rise in its full-year pretax profit and said that it is favourably positioned for sustainable growth in the future.
Modest progress was seen in Tangent Communications,
3/4 up at 13, as the technology-led digital marketing company revealed a 169 pct increase in underlying operating profit at the half-way mark.
Amomg AIM newcomers, Coastal Energy started life, post the share consolidation, at 121-1/2 pence, while Greenko Group, the owner and operator of clean energy projects in India, was quoted at 104-1/2, compared with an issue price of 97.6 pence.
Asia Distribution Solutions, which provides distribution and manufacturing services for foreign and People's Republic of China (PRC) companies to import and sell their branded beverage and food products in the PRC, began at 29-1/2. Elsewhere, London & Stamford, a newly formed closed-ended investment company based in Guernsey, ticked up to 102 from the offer price of 100.
On the downside, Charterhouse Communications dropped 27 pct - or 0.375 to a penny - after the company warned it is not certain at this stage it will meet the current year's overall profit expectations.
The company blamed uncertainty in the mortgage broker industry, and advertisers' current unwillingness to commit to marketing of products both in print and online.
Also on the backfoot, Vividas Group ran back 9-1/2 to 28 as traders reacted to widening full-year pretax losses and plans to raise 2.5 mln stg, before expenses, via a placing at 25 pence each to fund its overseas opportunities.
Elsewhere, Alphameric retreated 6-1/4 to 24 after the company moved to raise around 11.1 mln stg via a 7-for-10 rights issue at 12 pence a share and warned it expects pretax losses of about 5 mln stg for the full-year chiefly due to deteriorating trading and losses associated with the Amalgamated Racing (AMRAC) joint venture.
It added that any adverse determinations in the litigation against it by BAGS and four major bookmakers could have a material adverse effect on the group's business.
Alphameric also said the discussions regarding possible offers for all or part of the company are ongoing with a number of interested parties, but are at an early stage.
The rights issue, representing 41.2 pct of the enlarged share capital, will provide further funding to AMRAC -- the group's joint venture with Racecourse Media Services.
Finally, OCZ Technology Group plunged 74-1/2 - or 55 pct - to 61 as the company warned its full-year pretax will be significantly below market expectations but said it is confident of strong trading in the next three months.
The high-performance computer components company also cautioned its full-year sales will be slightly lower than market expectations, but said it sees record revenues and unit volumes for the 14 months to Feb 2008.
tf.TFN-Europe_newsdesk@thomson.com
fjb/slm
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.
The FTSE Small Cap index was 7.0 points ahead at 3,795.1 by 9.33 am. The FTSE 100, however, was 15.7 adrift at 6,459.2.
Heading the risers, Arthro Kinetics notched up a gain of 5-1/4 pence to 14-1/4, as the AIM-listed orthopedics company disclosed that the US Food & Drugs Administration has approved its Vesalius radio frequency generator and spinal probe system for soft tissue ablation.
Good progress was also seen in Central African Mining & Exploration, 9-3/4 up at 43-1/2, following news that the company and Prairie International plan to set up a joint venture in the Democratic Republic of Congo to operate and develop the Mukondo Mountain cobalt mine.
On the bid front, shares in Synexus Clinical Research shot up 12-1/2 to 74 in response to the agreed 18.1 mln stg, or 78 pence a share, cash offer from Sigma Acquisitions, which was incorporated in October by Lyceum Capital and a management team for the purpose of making the offer.
An upbeat trading statement provided the spur to Cagney, 1/2 firmer at 3. The integrated group of marketing services firms anticipates full-year gross profit of at least 7.6 mln stg, which would represent an increase of 38 pct on the figure reported for 2006.
These growth figures include the effect of acquisitions.
And Avanti Screenmedia made headway, rising 1.0 to 8.6250 after the AIM-listed digital screen media specialist signed new five-year contracts with three of its existing malls owned by Land Securities, namely Clapham Shopstop (Clapham Junction), N1 Shopping Centre (Islington) and Victoria Centre SW1.
Elsewhere, Sportech attracted support and moved up 3/4 to 11 following news that the company has conditionally agreed to buy the Vernons football pools business from Ladbrokes for 51 mln stg, and it expects the acquisition to add to its earnings in 2009.
The acquisition will give it control of three major football pools brands in the UK - representing about 99 pct of the total football pools market.
To part fund the acquisition, Sportech plans to raise about 41.4 mln stg, gross of expenses, via a placing and open offer of 41.4 mln new shares. The company also plans a 1-for-10 share consolidation.
Buyers came for Bateman Litwin, 13-1/2 higher at 249, after the energy contractor revealed a 31 pct rise in its full-year pretax profit and said that it is favourably positioned for sustainable growth in the future.
Modest progress was seen in Tangent Communications,
Amomg AIM newcomers, Coastal Energy started life, post the share consolidation, at 121-1/2 pence, while Greenko Group, the owner and operator of clean energy projects in India, was quoted at 104-1/2, compared with an issue price of 97.6 pence.
Asia Distribution Solutions, which provides distribution and manufacturing services for foreign and People's Republic of China (PRC) companies to import and sell their branded beverage and food products in the PRC, began at 29-1/2. Elsewhere, London & Stamford, a newly formed closed-ended investment company based in Guernsey, ticked up to 102 from the offer price of 100.
On the downside, Charterhouse Communications dropped 27 pct - or 0.375 to a penny - after the company warned it is not certain at this stage it will meet the current year's overall profit expectations.
The company blamed uncertainty in the mortgage broker industry, and advertisers' current unwillingness to commit to marketing of products both in print and online.
Also on the backfoot, Vividas Group ran back 9-1/2 to 28 as traders reacted to widening full-year pretax losses and plans to raise 2.5 mln stg, before expenses, via a placing at 25 pence each to fund its overseas opportunities.
Elsewhere, Alphameric retreated 6-1/4 to 24 after the company moved to raise around 11.1 mln stg via a 7-for-10 rights issue at 12 pence a share and warned it expects pretax losses of about 5 mln stg for the full-year chiefly due to deteriorating trading and losses associated with the Amalgamated Racing (AMRAC) joint venture.
It added that any adverse determinations in the litigation against it by BAGS and four major bookmakers could have a material adverse effect on the group's business.
Alphameric also said the discussions regarding possible offers for all or part of the company are ongoing with a number of interested parties, but are at an early stage.
The rights issue, representing 41.2 pct of the enlarged share capital, will provide further funding to AMRAC -- the group's joint venture with Racecourse Media Services.
Finally, OCZ Technology Group plunged 74-1/2 - or 55 pct - to 61 as the company warned its full-year pretax will be significantly below market expectations but said it is confident of strong trading in the next three months.
The high-performance computer components company also cautioned its full-year sales will be slightly lower than market expectations, but said it sees record revenues and unit volumes for the 14 months to Feb 2008.
tf.TFN-Europe_newsdesk@thomson.com
fjb/slm
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.
