UK SMALLCAP ROUNDUP: GW Pharmaceuticals Wins Sativex Approval

18th Jun 2010 16:00

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps GW PHARMACEUTICALS PLC (GWP.LN), a drug developer, Friday said it received a license for its cannabis-derived multiple sclerosis medicine Sativex from the U.K. drug regulator, paving the way for Sativex's launch throughout Europe. At 1424 GMT, shares +10 pence or 7.8% at 139 pence. AGRITERRA LTD. (AGTA.LN), an agriculture company, said it is eager to expand its operations outside of Mozambique, and is considering moves into Zambia, Tanzania and other African countries. Executive Director Euan Kay told Dow Jones Newswires Agriterra wants to set up similar operations to its maize processing and cattle ranching businesses in Mozambique. At 1423 GMT, shares -0.1 pence or 3.1% at 3.1 pence. Small-cap investors Friday welcomed changes set to make fundraisings and rights issues by small and mid-cap companies simpler and cheaper after the European Union parliament late Thursday voted through amendments to the EU Prospectus Directive. "This is the first time the EU has recognized that one size does not fit all," Tim Ward, chief executive of the Quoted Companies Alliance told Dow Jones Newswires. "Small and mid-cap companies can be treated differently to the large caps," he added. SEAENERGY PLC (SEA.LN), a renewable energy firm, said it is seeking a buyer for its wind farm development unit and will focus instead on servicing offshore turbines, after investors balked at funding its projects off the U.K. coast. Chairman Steve Remp told Dow Jones Newswires SeaEnergy has received several approaches for its SeaEnergy Renewables Ltd. unit over the past year and is confident it will be able to do a deal. At 1423 GMT, shares -7.75 pence or 22% at 27.75 pence. CAPE PLC (CIU.LN) shares continue their ascent after saying late Thursday it has received a "very preliminary approach" from a third party, without giving any further information. Collins Stewart analyst Michael O'Brien, says the very preliminary nature of the approach highlights that the process has a long time to run and, given due diligence requirements in respect to contracts and the now largely quantified asbestos liabilities, he believes a short-term conclusion resulting in a successful bid is unlikely. At 1423 GMT, shares +28.5 pence 0r 13% at 256 pence. STOBART GROUP LTD. (STOB.LN), a transport company, said its performance since the beginning of March is ahead of the same period last year due to new and enhanced contracts, including chilled volume work from supermarket Tesco PLC (TSCO.LN) and a 10-year contract for the movement of wood product with A. W. Jenkinson. At 1422 GMT, shares -0.6 pence or 0.4% at 147.4 pence. STAFFLINE GROUP PLC (STAF.LN), a U.K. recruitment company, said it expects both first-half and full-year earnings to be "significantly ahead" of current expectations due to a raft of new business wins and the impact of recent acquisitions. Analysts expect the firm to post pretax profit of GBP4.2 million on revenue of GBP125.6 million, according to FactSet. At 1421 GMT, shares +13 pence or 18% at 84 pence. INNOVISION RESEARCH & TECHNOLOGY PLC (INN.LN) said it has accepted a recommended cash offer by U.S. semiconductor firm Broadcom Corp. (BRCM), which values the company at about GBP32 million. The company intends to ask shareholders to agree to the 35 pence a share takeover by Broadcom, whose chips power Apple Inc.'s (AAPL) iPad. At 1416 GMT, shares +14.5 pence or 76% at 33.5 pence. MINOAN GROUP PLC (MIN.LN), a leisure resort developer, said it plans to begin its buying spree of renewable energy licenses as it looks to diversify its business. The company said it will resume its program of license acquisition when it is satisfied with new legislation in Greece for renewable energy projects. At 1416 GMT, shares flat at 13.5 pence. MOBILE TORNADO GROUP PLC (MBT.LN), a mobile technology firm, said it has won an order to provide its push-to-talk technology platform to a major Indian mobile operator. Mobile Tornado will also install and configure the system in the unnamed operator's network. At 1416 GMT, shares +0.38 pence or 7.3% at 5.5 pence. TRACSIS PLC (TRCS.LN) said it has won a three-year contract worth more than GBP150,000 with a major U.K. train operator, but said revenue it expected to receive this year will now come in 2011 following a delay in the retendering process of several contracts. The firm--which provides operational planning software and consultancy services to the rail industry--said the contract with the major U.K. train operator, which it didn't name, secures licence revenue for its recently released TRACSRoster optimization suite for a period of three years. At 1416 GMT, shares flat at 51.5 pence. CHURCHILL MINING PLC (CHL.LN), a U.K.-based coal miner, said it has taken direct ownership in the Ridlatama Tambang license area of the East Kutai Coal Project, in accordance with a new Indonesian mining law. Managing Director Paul Mazak said direct ownership gives Churchill more flexibility over its East Kutai Coal Project and will help to speed up its development program. At 1415 GMT, shares -1 pence or 1% at 100 pence. WARNER ESTATE HOLDINGS PLC (WNER.LN), a U.K. property management firm posted a narrower full-year pretax loss, but said although the property market has had a good run since last summer, it is now showing signs of running out of steam. The company added that property values have been improving since July but not enough to fully reverse the decline in Warner' property values earlier in the year. At 1415 GMT, shares -2.75 pence or 9.8% at 25.25 pence. QMULUS NV (QML.LN), a private home letting, real estate and financial services group, said it expects to cancel its listing on London's Alternative Investment Market after a shareholder with an stake of almost 81% called a meeting to propose the move. At 1414 GMT, shares -4.25 pence or 19% at 18.25 pence. DJ UK Smaller Cos +0.14% AIM +0.14% -By Rachael Gormley, Jason Douglas & Hannah Benjamin, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires June 18, 2010 11:00 ET (15:00 GMT)