Good morning! 

Not a very busy day on the RNS feed for small-caps so I might devote some time to ASOS (LON:ASC), which is up 15% with its final results.

Other stories to mention:

  • Fishing Republic (LON:FISH) - suspended, out of funds, new CEO won't be joining.
  • Tristel (LON:TSTL) - final results.

Fishing Republic (LON:FISH)

  • Share price: 5.25p (suspended)
  • No. of shares: 52 million
  • Market cap: £3 million

Statement re Appointment of CEO

I mentioned this last month at its interim results, arguing that the c. £2 million market cap was "about right", and that it was a delisting risk.

The delisting has happened faster than expected, although it's yet to be made official.

For now, the shares are merely suspended. According to an RNS yesterday:

Group sales have been significantly affected by strong competitive pressures.  This difficult trading environment has continued and the Board has been informed that certain major shareholders are no longer willing to provide further short-term financial assistance to the Group.

It's the end of the road for the business in its current form (and possibly any form?)

An inconvenience for the new CEO, who was supposed to join today! His appointment has been cancelled.

There was a point in time when I thought this might have turned out ok for shareholders, but it become clear soon enough that the offering was not competitive and that its financial characteristics were too ugly (e.g. massive inventory requirements) for it to earn a good return on capital.

We still have Angling Direct (LON:ANG) as a publicly-listed contender in the fishing space, although it's very highly rated and I'm not sure how its own rating is justified. The Stocko algorithms aren't sure either, assigning it a very weak Value Rank. So I wouldn't be in a rush to buy shares in that one either!

Tristel (LON:TSTL)

  • Share price: 257p (-8%)
  • No. of shares: 44 million
  • Market cap: £112 million

Final Results

Tristel plc (AIM: TSTL), the manufacturer of infection prevention and contamination control products, announces its audited results for the year ended 30 June 2018.

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