Member Info for EdgeFund

2.5 2.75

fearless!!!!

opportunity IMHO Tick up 2.25 / 2.75

2.125 2 / 2.25 Down 57.5%

a ridiculous spread!

5.75 6.25

lp

Our revised, but still cautious, pre-tax profit expectations for the financial years ending 31 December 2010 and 2011 are £9.7 million (+51.6%) and £11.3 million (+50.7%) respectively. At 27.125p, the market capitalisation is £52.42 million but the Enterprise Value is £83.84 million, which is 7.53 times forecast 2009 EBITDA of £11.13 million. We estimate that by the end of calendar 2011 net debt should have been reduced to £12.52 million and that if the shares trade on the same EV/EBITDA multiple as today then, based on our conservative 2011 forecasts, the share price should be trading at 42.1p and hence we reiterate our recommendation of BUY. UK-Analyst

7th January 2009Analyst: Philip Morrish philip.morrish@t1ps.com 020 7562 3362 Alliance Pharma: Buy at 27.125p – Price target increased from 25p to 42.1p Key Data EPICAPH Share Price27.125p Spread27p – 27.25p NMS5,000 Total Number of issued shares193.32 million Market Cap£52.42 million Net Debt £31.4 million (including convertibles) 12 Month Range3.63p – 27.5p MarketAIM Websitewww.alliancepharma.co.uk SectorPharmaceuticals ContactJohn Dawson Chief Executive Officer 01249 466966 A positive pre-close trading update released on January 6th has reaffirmed that Alliance has achieved critical mass and that value creation steps will be more substantial than has been the case historically. Full year results will exceed comfortably our earlier and demanding expectations when released on 24 March. In view of the strong trading momentum established together with a full year of the recent acquisitions, we are increasing our estimates for the financial years ending 31st December 2010 and 2011. Consequently, our target price has been lifted from 25p to 42.1p and we reiterate our recommendation of BUY. The Company has reported that turnover for the year ended 31st December 2009 will be approximately £31 million; this is 10.7% higher than our £28 million estimate. Alliance Pharma has further added that it expects pre-tax trading profits to be no less than £8.5 million; again leaving our £6.2 million expectation (and that of the market) trailing far behind. It should be noted that Alliance Pharma has indicated a second half pre-tax profit of £5.6 million, which is not only 2.33 times that for the whole of the 2008 financial year (a record year) but well in excess of total pre-tax profit (excluding exceptional items) of £3.715 million for the last four financial years. The Company had previously restricted investment in its drug develop projects to very modest levels until it could secure third party support, which meant suspending clinical trials for its labour induction drug, Isprelor. Consequently, the Company will reassess the £2.8 million balance sheet carrying value for Isprelor to determine whether any impairment should be recognised. The charge (non-cash item) would be treated as an exceptional and disclosed when the 2009 full year results are released on 24 March. The Group is a prodigious cash generator and we estimate that net debt at 31 December 2009 should be around £31.4 million, despite spending £7.5 million on two acquisitions. For the next two years, we anticipate only modest sales growth. This assumes that there are no further acquisitions (unlikely) and a near 20% point loss of market share for Deltacortril due to a possible new market entrant. Nevertheless, pre-tax profit will continue to grow rapidly because of the Group’s better overhead recovery and the rapid repayment of debt from cashflow. Our revised, but still cauti

So it seems that it is just me then What a boring wait for this to fruit!

that RNS will kill this?

to pick up any Good luck to you Another 200% tomorrow as well!!!

if you can get the shares -Incredibly short of stock Well done if you are in though!

Bets are being taken on how far this will retrace 30% 70% ?????

thundering ahead 1.675 1.65 / 1.7 UP 235% Time to get off the boat now if you can -or are you a bit greedy?

Yes to the drop tomorrow try 30% of whatever it has gained today as a starter

220% UP on no news!!!!!

A retrace tomorrow or a possible opportunity to get in on another breakout again? The SP held well throughout the day and didnt retrace at all

changed to Duracells hence double SP today!!

LP 1.625 1.5 . 1.75 Spread only etup for next year which will close up Next yr is another year Zen Its al about time The impatient reward the patient