Hybridan Small Cap Wrap: Angel’s a delight, go far with Bglobal and SureTrack paves the way

Tuesday, Jul 13 2010 by
5
Hybridan Small Cap Wrap Angels a delight go far with Bglobal and SureTrack paves the way

Angel’s a delight, go far with Bglobal and SureTrack paves the way

AH Medical Properties (AHMP 31.5p/£20.68m)

Since we last wrote on the Company, the opportunistic bid approach has been successfully rebuffed and £2m has been raised in the form of a convertible loan to facilitate the acquisition of 3 new primary healthcare properties, along with bolstering working capital.

The convertible has a 2 year term, an interest rate of 6 per cent and a conversion price of 38 pence. The three primary care properties are to cost £9.8m in total and between them will produce a gross initial yield of 6.75 per cent (£661,661). This looks a very judicious use of funds.

With a published NAV of 42.8p as at 30 April 2010 (up 50 per cent on 2009) and a historic yield on the shares of 4.76 per cent the shares look very attractive. If one factors in the NAV of 45.9p per share should Management achieve the conversion of the Company to REIT status, we would expect the shares to outperform over the rest of this year, as they appear to us to be materially undervalued.

Angel Biotechnology Hldgs (LON:ABH) (ABH 0.22p / £4.53m)

Angel, the contract manufacturer which provides extremely high grade materials for the biotech industry, recently announced the appointment of Lorna Peers (FCCA) as Group Financial Controller and Company Secretary (taking over from Roger Jones on the 1st August). Lorna was previously Financial Controller and Company Secretary at Stem Cell Sciences Ltd and is therefore familiar with the advanced biologicals field, and has experience of the dynamics and deal structures particular to the biopharma sector. She is expected to be appointed to the Board as Finance Director within the next 12 months. With her varied experiences, strong reputation and in-depth knowledge of the industry, we feel that Lorna’s appointment is a most suitable one.

BGlobal Plc (LON:BGBL) (BGBL 36.25p/£35.96m)

The provider of smart meter solutions announced its results for the year ended 31 March 2010. Revenue increased by 99.3 per cent to £13.23m, and an improvement was seen in losses before tax which was £0.67m for the year (2009: loss of £4.28m). Whilst admin costs were brought down by £0.7m to £4.95m, high cost of sales continue to result in low margins, though this has improved to 33 per cent (from 23 per cent). The Company recently acquired…

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Gulfsands Petroleum plc is an independent oil and gas exploration, and production company. The principal activity of the Company is that of provision of services to its subsidiaries, which are engaged in oil and gas production, exploration and development activities. Its segments include Syria, Morocco, Tunisia, Colombia and Other. It holds interests in oil and gas exploration projects in Morocco, Tunisia and Colombia. It is the operator of an onshore oil and gas exploration permit covering an area of approximately 2,820 square kilometers in northern Morocco. The Company holds interest in the operated Chorbane exploration permit onshore Tunisia covering approximately 1,940 square kilometers. The Chorbane permit contains an Eocene/Cretaceous light oil prospect. The Company has exploration and production contracts over two onshore contract areas in Colombia, including Llanos Block 50 and Putumayo Block 14, covering approximately 510 square kilometers and over 460 square kilometers. more »

LSE Price
1.5p
Change
-1.6%
Mkt Cap (£m)
n/a
P/E (fwd)
n/a
Yield (fwd)
n/a




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About Hybridan

Hybridan

Hybridan is a corporate broker and PLUS markets corporate advisor specialising in fundraising, research and after-market support for small and micro cap companies. We utilise our market knowledge to provide creative financing solutions and strong after-market support. We build long term durable relationships with companies and investors, for the benefit of both. This long term approach, coupled with a high degree of selectivity, yields investments that outperform the market. more »



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