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MrC's Smallcap Sweeps for Jan 2022

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Bouleversee
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Re: MrC's Smallcap Sweeps for Jan 2022

#475849

Postby Bouleversee » January 24th, 2022, 8:18 pm

Hallucigenia wrote:
Bouleversee wrote:I was aware of the 30% rule but in my previous experience of such situations, the predator has been an outsider not the CEO presiding over the drop in prices and opportunistically taking advantage of a situation such as Covid to take the company private.


Business is all about taking opportunities. And just generally, we're going to see more public-to-private deals as there's lots of money sloshing round private equity and valuations of some public companies have been hit due to Covid. And who better to know the value of a company than its own management? As a recent high-profile example, see the Rothermere family taking the Daily Mail private.

Bouleversee wrote:I must check up on what is happening at Quarto where I thought someone had crossed the 30% barrier some weeks ago but that had not precipitated an offer.


The Takeover Code only applies to UK-domiciled companies, but the Quarto holding company is based in the US so (in this case) Delaware law applies.


Yeah, mug's game being a shareholder really. I see that the Morrison's CEO will be moving on before long as he is likely to have made around £20m as a result of the t/o, whereas I barely got my money back after several years I . I wonder if he will get another job or just put his feet up on a private yacht.

Thanks for the info. re Delaware law. That's one thing I didn't know. What are the rules there in takeover context? I'm trying to remember how I came to buy Quarto. I have a feeling it was one of John Lee's holdings that I copied. If so, no doubt he will have had the sense to have exited long ago..

Hallucigenia
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Re: MrC's Smallcap Sweeps for Jan 2022

#475860

Postby Hallucigenia » January 24th, 2022, 8:46 pm

Bouleversee wrote:Thanks for the info. re Delaware law. That's one thing I didn't know. What are the rules there in takeover context? I'm trying to remember how I came to buy Quarto.


It all gets rather complicated as you have federal and state laws intersecting (plus LSE rules), and Delaware is popular for corporate registrations due to its lax regulatory environment and negligible state taxes. The key thing I guess is that there's no equivalent of the 30% trigger in the US, there's a US$101m threshold for reporting under the Hart-Scott-Rodino Act but obviously that's more than 100% of QRT's market cap so is irrelevant here.

Bouleversee
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Re: MrC's Smallcap Sweeps for Jan 2022

#475872

Postby Bouleversee » January 24th, 2022, 9:56 pm

Many thanks, H. That can go on the back burner then. Still struggling with my tax return, or rather to understand last year's assessment.

MrContrarian
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Re: MrC's Smallcap Sweeps for Jan 2022

#475902

Postby MrContrarian » January 25th, 2022, 7:54 am

Smallcap Sweep. 25-Jan-22
Sucking the blood from virgin news

Frontier IP (FIPP) sells shares in Exscientia for £2.9m, a £1.38m gain. [SP=87.2 Cap=48m]
MyCelx Technologies (MYX) sucessful trial of its PFAS toxic chemical remediation system. Shows it completely removes all detected chemicals to non-detectable concentrations in a single pass. [SP=65.45 Cap=13m]
Yü (YU.) guides FY(Dec) rev over £150m and adj EBITDA significantly ahead of market expectations. "Strong forward visibility for FY22 with £156.5m of contracted revenue," [SP=290 Cap=47m]
Ergomed (ERGO) guides FY(Dec) rev up 37%. Adj EBITDA ahead of market expectations, [SP=1060 Cap=521m]
Novacyt (NCYT) guides FY(Dec) financial performance "in line with expectations, excluding ongoing dispute with the DHSC". Hang on, rev £95.8m is 4% below guidance. EBITDA over £36m ie margin over 37% cf c40% guided. New CEO's strategy "will shift from being a "development led" to a "market led" business, changing how success is measured at the Company from the number of products developed to building a greater understanding of its customers' needs and developing solutions to best meet them. As a consequence, plans have been put in place to conduct more comprehensive upfront market opportunity assessments prior to determining how best to invest to deliver value.". [SP=238.9 Cap=202m]
Ten Lifestyle (TENG) contract wins and renewals with wealth managers in Europe, the Middle East, and Africa region. That's one region! [SP=111 Cap=93m]
tinyBuild (TBLD) guides H2(Dec) ahead of expectations. Contribution from acquisitions is also ahead of expectations. No £££. [SP=177 Cap=360m]
EKF Diagnostics (EKF) guides FY(Dec) ahead of already upgraded market expectations. Core business rev up over 13%. "Further investment in enzyme fermentation is scheduled for FY22 in this key strategic growth area. Growth and investment in the core business is complemented by a strategy to exploit expanded capabilities to meet the demand for contract manufacturing service." [SP=67 Cap=311m]
Staffline (STAF) guides FY(Dec) re up 1.6%. U/L op profit c. £10m 11% above mkt exp. "Momentum is expected to continue into 2022, supported by a strong new business pipeline, a lower overhead cost base and the expected post-Covid recovery of historically strong Staffline recruitment sectors." [SP=57 Cap=94m]
Intelligent Ultrasound (IUG) extension to exclusive women's healthcare AI agreement with GE Healthcare to enable GE to utilise the ScanNav Assist AI software in a new segment of automated ultrasound image analysis. No £££. [SP=13.54 Cap=37m]
Sopheon (SPE) guides FY(Dec) comfortably in line with market expectations. Rev over $34m (and ARR over $20.5m) and adj EBITDA over $6m. [SP=870 Cap=92m]
Eleco (ELCO) guides FY(Dec) rev £27.3m, up 8%, and EBITDA £7m (£6.7m) both above market expectations. F/C were rev £26.9m and EBITDA of £6.7m [SP=92.05 Cap=77m]
Pebble Beach Systems (PEB) guides FY(Dec) rev up 26% and adj EBITDA up 19%, ahead of market expectations. Rev includes two large orders worth £1.5m which were delayed from 2020. [SP=11.66 Cap=15m]
Fonix Mobile (FNX) guides H1(Dec) gross profit up 20% and adjusted EBITDA up 20%, ahead of mgmt exp. [SP=150 Cap=150m]
Northcoders (CODE) guides FY(Dec) U/L performance in line. Non-underlying costs expected lower than expectations so reported result will be ahead of market expectations. [SP=252.1 Cap=NA]
PCF Group (PCF) unsuspended. [SP=23.8 Cap=60m]

In line: ANCR, PTRO
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

MrContrarian
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Re: MrC's Smallcap Sweeps for Jan 2022

#476452

Postby MrContrarian » January 27th, 2022, 7:58 am

Smallcap Sweep. 27-Jan-22
Tsunami of results

Air Partner (AIP) 125p rec offer. [SP=NA Cap=NA]
Fuller, Smith & Turner (FSTA) managed like for like sales in the four weeks to 1 Jan 28% down on 2019 but 19% down in 43 weeks to 22 Jan. Have gained further momentum in last week. [SP=700 Cap=279m]
SAGA (SAGA) guides FY(Jan) small U/L pretax loss due to poor cruise mkt. [SP=281.6 Cap=395m]
SEEEN (SEEN) two new contracts. No £££. [SP=22 Cap=12m]
Headlam (HEAD) guides FY(Dec) rev in line and U/L pretax slightly ahead of market expectations. recent trading 'encouraging'.# [SP=424.15 Cap=362m]
Impact Healthcare REIT (IHR) £50m placing and OO at 114p, a 3% discount. [SP=117.2 Cap=411m]
AO World (AO.) trading in line. Strategic review of its German business due to increased competition, marketing costs. [SP=106.9 Cap=513m]
Wilmington (WIL) guides FY(June) profit comfortably ahead of expectations (whose?) after strong H1. [SP=216 Cap=191m]
Speedy Hire (SDY) Q1-3 hire rev up 4%. Jan up 7%. £30m buyback. [SP=56.6 Cap=299m]
Fintel (FNTL) guides FY(Dec) rev up 4.5%, marginally ahead of expectations (whose?). Adjusted EBITDA in line. [SP=233 Cap=240m]
Eagle Eye Solutions (EYE) gyudes FY(June) ahead of mgmt exp. H1 rev up 40%. [SP=595 Cap=155m]
IDE (IDE) guides FY(Dec) rev-cont up 20% and EBITDA £2.5m+. "The board are exploring resolutions for the Shareholder loan notes (the only debt the business has), which would be the final stage of the restructuring." [SP=1.22 Cap=6m]
Foxtons (FOXT) guides FY(Dec) rev up 42% and adj op profit £7m, at the top end of market expectations. Outlook "further improvement in adjusted operating profit, supported by the profit contribution from the D&G lettings business, increasing rental levels in the London residential market and the implementation of improved digital marketing capabilities". [SP=40.35 Cap=129m]
RBG Holdings (RBGP) guides FY(Dec) adj EBITDA c. 10% ahead of market expectations. 3p div. [SP=111 Cap=106m]
Empresaria (EMR) guides FY(Dec) adj pretax slightly above recently upgraded market expectations. [SP=84.61 Cap=42m]
Cambridge Cognition (COG) guides FY(Dec) rev up 50% and posttax £0.5m, ahead of market expectations. [SP=110 Cap=34m]

In line: DOTD, KETL, ZTF, CMO, PGH, LSL, RCDO, CTO, MNZS, BIOM, TRX
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

MrContrarian
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Re: MrC's Smallcap Sweeps for Jan 2022

#476761

Postby MrContrarian » January 28th, 2022, 7:47 am

Smallcap Sweep. 28-Jan-22
Lying awake with a baseball bat under the embargo bed

Avon Protection (AVON) trading in line. £18.5m share buyback. [SP=1048 Cap=325m]
Amigo (AMGO) finds a temporary CFO to drink from the poison chalice for a few months. [SP=2.3 Cap=11m]
Brandshield Systems (BRSD) £1.5m placing via bookbuild. Guides FY(Dec) rev up 57%. [SP=15.5 Cap=18m]
Character (CCT) 630p tender offer for up to 10% of cap. Trading in line. [SP=620 Cap=133m]
Surface Transforms (SCE) guides FY(Dec) up 20%. Problems with new furnace resolved. [SP=42.01 Cap=82m]
Hornby (HRN) £9m shareholder loan extended to end 2023. [SP=46.72 Cap=78m]
Treatt (TET) AGM trading stmt: sounds in line. [SP=1110 Cap=665m]
Chill Brands (CHLL) H1(Sep) rev £1.07m. Abandons rollout timeline announced in Feb "with the benefit of new intelligence". Dreamy essay on its glorious future: "Chill Brands will become an iconic brand synonymous with creating a "Chill State of Mind"...aspirations to join the ranks of the world's largest brands. How we laughed when Sinclair was going to conquer electric transport. [SP=13.24 Cap=26m]
LPA (LPA) FY(Sep) poor as warned with pretax -£0.39m (+£0.55m). Outlook "The start of our 2022 financial year has continued to provide challenges as the project delays wash through and supply chain issues continue. We anticipate a loss to be reported in the first half of the 2022 reporting year but we are confident, supported by our record order book, in our second half recovery and our overall strategy." [SP=66 Cap=9m]

In line: TWD
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian

MrContrarian
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Re: MrC's Smallcap Sweeps for Jan 2022

#477411

Postby MrContrarian » January 31st, 2022, 7:56 am

Smallcap Sweep. 31-Jan-22
Rapidly regurtitating RNSs

Aquila Energy Efficiency Trust (AEET) slow investment deployment leads to "comprehensive review of investment strategy with a view to ascertaining how best to accelerate deployment, whilst maintaining the Company's prudent credit criteria and return objectives". Makes first investments since IPO. 2 NEDs scarper. [SP=88.16 Cap=NA]
Quadrise Fuels (QFI) claims its fuel can lead to 13% increase in diesel engine efficiency and NOx 45% lower. [SP=2.04 Cap=28m]
Belvoir (BLV) guides FY(Dec) rev up 36%. Profit comfortably ahead of management's expectations. [SP=245 Cap=91m]
MJ Hudson (MJH) guides FY(June) U/L rev ahead of market consensus after strong H1. [SP=36.5 Cap=63m]
Tandem (TND) guides FY(Dec) rev £41m and pretax slightly ahead of the market expectations. H2 rev up 7%. "2022 has begun more slowly for the Group, with some customers delaying orders into future months. However, we remain confident that we have secured the strongest wheeled toy licences and have some exciting developments planned for the year." [SP=509 Cap=26m]
Omega Diagnostics (ODX) confirms talks on potential equity fundraising. "Market conditions remain challenging and accordingly any issue of equity would be at a discount to the current share price." Shock. [SP=10.65 Cap=19m]
Studio Retail (SRG) cuts FY adj pretax guidance to £28-30m. Last 5 weeks of Q3 much better with rev up 9%. Q3 total rev down 10%. Higher stock levels going into Q4, "We expect to revert to more normal trading conditions in Q4 this year, assuming no further lockdown restrictions. This is also a period where consumers traditionally spend less on discretionary retail, and this is likely to be compounded due to the higher living costs,..We expect to revert to more normal trading conditions in Q4 this year, assuming no further lockdown restrictions. This is also a period where consumers traditionally spend less on discretionary retail, and this is likely to be compounded due to the higher living costs," [SP=NA Cap=NA]
Devolver Digital (DEVO) guides FY(Dec) rev-cont up over 40%, slightly ahead of market expectations. Normalised adjusted EBITDA up over 55%, slightly ahead of market expectations. [SP=197.5 Cap=878m]
Journeo (JNEO) 3-year framework services agreement valued initially at £0.7m with GB Railfreight. [SP=103 Cap=9m]
Inspired (INSE) guides FY(Dec) rev up 48%, ahead of market consensus. Adjusted EBITDA c.55% up, in line. Outlook "Despite an absolute increase in the order book due to the contribution of the acquired order books, the impact of high energy prices has led to the underlying orderbook contracting during the year. Management observe this is a point of timing as to when customers will renew and the duration of those renewals, with customer retention remaining strong during the year. [SP=18.85 Cap=185m]
Ebiquity (EBQ) guides FY(Dec) rev in line but U/L op profit £4.7m+, materially ahead of market expectations. Buys C$1.1m rev Canadain business. [SP=57.04 Cap=45m]
Venture Life (VLG) guides FY(Dec) rev up 8%. Q4 rev up 59% on Q3. Adjusted EBITDA in line with mkt exp. [SP=37.67 Cap=47m]
Active Energy (AEG) CoalSwitch (mfr in Utah) combustion testing results demonstrate the superior quality of the fuel over existing biomass fuels. Meets exp. [SP=0.17 Cap=10m]
Craneware (CRW) guides H1(Dec) rev in line, adjusted EBITDA up 75%. ARR ahead of management's expectations at $165m. Sees FY in line. [SP=2220 Cap=793m]
WANdisco (WAND) deepens strategic relationship with Oracle. "Oracle will provide customers and partners fully funded access to WANdisco LiveData Migrator to accelerate their data lake migrations to Oracle Cloud Infrastructure (OCI) without incurring any additional cost." [SP=276 Cap=165m]
KRM22 (KRM) guides FY(Dec) rev £4.1m. ARR £3.8m at Dec. Adjusted EBITDA loss of £0.8m. "New contract with a global "tier one" bank, expected to be signed in the fourth quarter of FY2021, has been delayed to 2022...2022 will be a transitional year and the Company expects to add sales, marketing, and development resource to support both its direct sales efforts and the TT distribution agreement, but the pace of this investment will need to be considered against the prevailing challenging business environment." [SP=46 Cap=17m]
Van Elle (VANL) H1. Guides FY ahead of market expectations. [SP=42.5 Cap=45m]

In line: STM, FA., XPD, TRB
Notes SP & cap are 20m delayed
DYOR, E&OE etc etc. I may have a position in any or all of the shares covered.

RNSs
http://www.investegate.co.uk/index.aspx?limit=-1

@MrContrarian


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