Small caps round-up: Provexis, Renew, Source BioSciences...........

31st Mar 2010 16:08

Functional foods developer Provexis expects to have net cash of £7m at the end of March 2010. It has also entered into a three-year, £25m equity financing facility provided by Evolution Securities through its subsidiary Darwin Strategic. This could be used to help finance acquisitions. Renew Holdings says that it has signed a £44m contract for a project to provide a new campus for the Kirklees College in Huddersfield. This contract should be completed before the start of the 2012-13 academic year. Renew says that trading is in line with expectations and the AIM-quoted construction and specialist engineering company's interim results for the six months to March 2010 will be published on 25 May. Fully listed-Source BioSciences is providing a "companion diagnostic genetic testing service for lung cancer patients in the UK" funded by AstraZeneca. NHS clinicians will be able to use the service to assess whether, based on their genetics, lung cancer patients will be sensitive to tyrosine kinase inhibitor therapies.Chinese cement supplier and iron ore trader Prosperity Minerals Holdings says that it will not complete the sale of its main cement operations by the end of March 2010 as originally expected. Certain conditions have not been fulfilled. The AIM-quoted company's directors believe that the sale will be completed by the end of May 2010. The aggregate consideration for the disposal is HK$3,800 (£300m). Prosperity shareholders approved the disposal on 1 March. Foreign exchange trader Baydonhill says that Ekwienox FX is converting its £700,000 loan to the company into 11.67m shares at 6p each. Ekwienox FX has also been granted 300,000 warrants exercisable at 12p a share.Ekwienox FX will own 71.85% of AIM-quoted Baydonhill. AIM-quoted Weatherly International has sold its Kombat mine for $3m. Grove Export CC is buying Kombat, which was flooded late in 2007. East London property investor O Twelve Estates has sold a Swanley industrial estate for £24.4m, against its most recent valuation of £17.8m. This has helped cut its loan from Nationwide Building Society to £145m. This gain on NAV will help to wipe out the net liabilities on the O Twelve Estates balance sheet.