UK SMALLCAP ROUNDUP: Regulator Rejects Uniq's Pension Plans

19th Jul 2010 09:30

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 UNIQ PLC (UNIQ.LN), a convenience food maker, Monday said the U.K. Pensions Regulator has turned down its proposals to tackle its retirement fund's finances. Uniq, which makes sandwiches for customers including retailer Marks & Spencer Group PLC (MKS.LN), said the regulator said its proposals didn't meet all of its criteria for clearance. It didn't elaborate. At 0744 GMT, shares -5.5 pence, or 35%, at 10 pence. UK COAL PLC (UKC.LN) said it expects to report a wider pretax loss for the first six months of the year because of production problems and the costs of refinancing its debts. The coal producer said first-half production was 2.7 million metric tons, down from 3.7 million tons a year earlier, due to delays to new coal seams coming into production and the declining yield of older seams. At 0744 GMT, shares -1.5 pence, or 4%, at 36.5 pence. BEACON HILL RESOURCES PLC (BHR.LN), a resource group, said it has entered into an agreement with Consolidated Minerals Pte Ltd and Global Coke Ltd for a $55 million investment to rapidly advance development at its Minas Moatize coal mine in Mozambique. At 0750 GMT, shares +1.5 pence, or 22%, at 8.38 pence. STHREE PLC (STHR.LN), a recruiter, said first-half pretax profit more than doubled after it reduced its staffing significantly on the year. The company said the recruitment market is improving but not yet fully recovered, and compared with the extremely distressed market last year, the first half of 2010 saw more benign conditions. At 0744 GMT, shares -12.8 pence, or 4.2%, at 280.8 pence. GEM DIAMONDS LTD. (GEMD.LN), a diamond producer, said full-year production may be behind target after strikes, rain and other problems hampered first-half production at its Letseng mine in Lesotho and Ellendale in Australia. At 0745 GMT, shares -11 pence, or 5%, at 210 pence. BAOBAB RESOURCES PLC (BAO.LN), an iron ore explorer, said it agreed an exploration deal for its Changara base metals and manganese project in Mozambique with Australia's Southern Iron Ltd. Under the terms of a preliminary joint venture agreement, Southern Iron will invest $1.5 million in exploring Changara over two years in exchange for 50% of the project, Baobab said. At 0745 GMT, shares +0.13 pence, or 1.6%, at 8.13 pence. FENNER PLC (FENR.LN), an engineer, said it is confident about its short- and long-term outlook after third-quarter trading benefited from improving U.S. sales of seals and hydraulics. At 0745 GMT, shares -0.2 pence, or 0.1%, at 215.6 pence. E2V TECHNOLOGIES PLC (E2V.LN) said trading in the 2011 fiscal year has so far been "significantly ahead" of a year earlier and current demand levels indicate this year's trading has the potential to be near the upper end of its expectations. At 0746 GMT, shares +1.5 pence, or 2.4%, at 64 pence. SCIENTIFIC DIGITAL IMAGING PLC (SDI.LN) reported a higher fiscal-year profit but sait although its markets have proved resilient during the recession there is a danger customer spending could now be harmed by U.K. government cuts to research budgets. The digital imaging company, known as SDI, added it plans to acquire other imaging companies in the life sciences sector. At 0746 GMT, shares flat at 21.5 pence. TURBOTEC PRODUCTS PLC (TRBO.LN) said its subsidiary has been named as a defendant in two actions filed in the U.S. by Wells Fargo Bank against Turbotec's major shareholder Thermodynetics Inc. (TDYT). Turbotec said that in filings made in the State of Connecticut Superior Court, it is alleged that Thermodynetics is in default on two loans secured on two properties in Windsor, Connecticut, which are leased to Turbotec Products, Inc. At 0746 GMT, shares flat at 31.5 pence. CARR'S MILLING INDUSTRIES PLC (CRM.LN), an agriculture products firm, said profitability in fiscal 2010 will be "well above" last year's underlying result due to a strong third quarter which was ahead of market expectations. At 0750 GMT, shares +35 pence, or 7.1%, at 525 pence. DJ UK Smaller Cos -0.1% AIM -0.4% -By Rachael Gormley, Jason Douglas & Hannah Benjamin, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires July 19, 2010 04:30 ET (08:30 GMT)