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

Tuesday, Jul 13 2010 by
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…

Unlock this article instantly by logging into your account

Don’t have an account? Register for free and we’ll get out your way


This document should not be relied upon as being an impartial or objective assessment of the subject matter and is not deemed to be "independent research" for the purposes of the Financial Services Authority (FSA) rules. As a consequence the research (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research; and (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research (although Hybridan does impose restrictions on personal account dealing in the run up to publishing research as set out in our Conflicts of Interest Policy).

The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual partners and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document.

This document has been issued by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments. The information contained herein is based on materials and sources that we believe to be reliable, however, Hybridan LLP makes no representation or warranty, either express or implied, in relation to the accuracy, completeness or reliability of the information contained herein. Opinions expressed are our current opinions as of the date appearing on this material only. Any opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. None of Hybridan LLP, its affiliates or employees shall have any liability whatsoever for any indirect or consequential loss or damage arising from any use of this document.

In the UK, this report is directed at and is for distribution only to persons who (i) fall within Article 19(1) (persons who have professional experience in matters relating to investments) or Article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended) or (ii) are Professional Clients or Eligible Counterparties of Hybridan LLP (all such persons together being referred to as "relevant persons"). This report must not be acted on or relied up on by persons in the UK who are not relevant persons.

Neither this report nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this report comes should inform themselves about, and observe any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of UK or US securities law, or the law of any such other jurisdictions.

Investments in general involve some degree of risk, including the risk of capital loss. The services, securities and investments discussed in this document may not be available to or suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Past performance is not necessarily a guide to future performance and an investor may not get back the amount originally invested. Where investment is made in currencies other than the investor?s base currency, movements in exchange rates will have an effect on the value, either favourable or unfavourable. Levels and bases for taxation may change. When Hybridan LLP comments on AIM or PLUS Markets shares investors should be aware that because the rules for those markets are less demanding than the Official List of the London Stock Exchange the risks are higher. Furthermore, the marketability of these shares is often restricted.

Hybridan LLP and/or its associated companies may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the partners, directors and employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests. Neither the whole nor any part of this material may be duplicated in any form or by any means. Neither should any of this material be redistributed or disclosed to anyone without the prior consent of Hybridan LLP. Hybridan LLP is Authorised and Regulated by the Financial Services Authority and is a member of the London Stock Exchange.

Hybridan LLP
29 Throgmorton Street, London EC2N 2AT

If you would like to receive other research reports from Hybridan, or would like to unsubscribe, please e- mail research@hybridan.com, title e-mail "research reports" or "unsubscribe me" Hybridan LLP is authorised and regulated by the Financial Services Authority Member of the London Stock Exchange

Do you like this Post?
5 thumbs up
0 thumbs down
Share this post with friends

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
Mkt Cap (£m)
P/E (fwd)
Yield (fwd)

  Is LON:ABH fundamentally strong or weak? Find out More »

Please subscribe to submit a comment

About 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 »

Stock Picking Tutorial Centre

Let’s get you setup so you get the most out of our service
Done, Let's add some stocks
Brilliant - You've created a folio! Now let's add some stocks to it.

  • Apple (AAPL)

  • Shell (RDSA)

  • Twitter (TWTR)

  • Volkswagon AG (VOK)

  • McDonalds (MCD)

  • Vodafone (VOD)

  • Barratt Homes (BDEV)

  • Microsoft (MSFT)

  • Tesco (TSCO)
Save and show me my analysis