Good afternoon.

Yet again, I'm running late, but have the rest of the day free now, to catch up with what's going on in the small caps space. So please update this article later for more sections.

Revolution Bars (LON:RBG) 

(at the time of writing, I hold a long position in this share)

Have you sold your shares in the market (after the recent big rise), or are you holding out for the mooted 200p cash bid? Or possibly even a higher competing offer? I'm interested to hear what readers have done. I was tempted to bank some profit, but the share price settling around 175p was leaving far too much on the table for someone else. So I've not sold any to date. I think 190p+ might tempt me into banking some profit though.

The nice thing about RBG is that I think it's still good value at 200p. So it's an easy hold for me. If the bid does fall through (unlikely, in my view), then I reckon the share price would probably fall back to say 150p. The potential bid from Stonegate has flagged up that this share is undervalued. So even if the bid falls through, there's likely to be more stock market interest in the company, I reckon. Anyway, we'll see.

Note that the latest LFL sales (up 2.7% in the last 6 weeks) were improved. Plus the company recently confirmed results would be in line with market expectations. New sites are performing well. Also I recently saw a broker note which upped its forecasts. So it seems that the severe reaction to the profit warning in May 2017 was very much overdone. That created a fairly obvious buying opportunity.

Although I can also understand why many people feared that another profit warning might come. Bid interest on top of a recent positive trading update, makes me much more comfortable to hold this share. As with lots of undervalued stocks, it was a difficult hold at the time when the value was greatest, paradoxically.

Johnston Press (LON:JPR)

Share price: 10.9p (unchanged)
No. shares: 105.9m
Market cap: £11.5m

Interim results - for the 26 weeks to 1 Jul 2017.

This is such a fascinating special situation. It's still a substantial business - operating many local newspapers, plus the…

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