Good morning! I'm using a different computer today, so hopefully the formatting will be  a bit better than yesterday's shambles! Although lying in a hammock in the garden is presenting some challenges with respect to posture whilst typing this, but it seemed too nice an idea not to try out!

Johnston Press (LON:JPR)

The result of their Rights Issue has been announced this morning. I'm scratching my head wondering why there was only 92% acceptance for the new shares at 3p, given that at all times the market price of these shares has been well above that (in percentage terms). So the people who failed to take up their Rights have handed an instant profit to the underwriters, which seems most odd. Presumably then the underwriters will bank that profit by selling the 355m spare shares in the market at 3.9p, bagging a 30% gain? That seems the logical thing for them to do.

Therefore the price might come under some short term pressure possibly?

I'm not familiar with the terms of underwriting agreements, so it might be that they are obliged to find third party buyers for the shares instead?

EDIT: Another announcement has been issued saying that the rump shares have been placed at 3.5p (down from around 3.9p earlier) which explains the price weakness today. The surplus of 0.5p per share over the 3p Rights Issue price will be paid to the people who let their Rights lapse.

Transense Technologies (LON:TRT)

There is a profit warning from this maker of tyre pressure control systems, but it's not a disastrous one, and the company emphasises that it has enough cash.

"The delays in placement of certain new orders is expected to result in an EBITDA loss for the current year, rather than the previously anticipated breakeven result. However, given the encouraging trends in the business including the strong top line growth, robust gross margins in line with expectations and better-than-expected overheads, the EBITDA loss for this financial year will be less than half that sustained in the previous year."

The shares are down about 10% this morning to 6.6p. That values the company at just under £20m. The valuation rests on hopes of future turnover growth, but at least they have a viable product that is selling, albeit not yet in properly commercial quantities. So it's not a complete punt, and…

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