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Straight (STT)

Published: 08/03/2010

The environmental products and services group has announced the acquisition of the business and certain assets relating to the UK manufacturing operations of indebted AIM peer Helesi plc (AIM: HLS), a fellow supplier into the waste management industry. The total consideration of £1.65m in cash will be spread over a number of months.

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Agriterra
Published: 04/03/2010

The AIM listed company focussed on the agricultural sector in central and southern Africa issued an operations update on its maize processing, milling and cattle ranching operations in Mozambique.

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Pressure Technologies
Published: 09/02/2010

The leading designer and manufacturer of speciality engineering solutions for high pressure gas systems issued a trading update ahead of its annual general meeting on 10th February 2010; there was also news of an interesting acquisition.

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Pursuit Dynamics
Published: 01/01/2010

A broker research note suggesting a target price of 500p and market capitalisation of over £320m for this business surely fails to reflect commercial reality!

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Straight
Published: 15/12/2009

The environmental products and services group has announced that it has been awarded contracts by four local councils in England to supply kitchen caddy food waste containers and compostable food waste bags worth a total of £1.3 million.

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Agriterra
Published: 11/12/2009

Results for the period from 1st July 2008 to 31st May 2009 highlight the shift in strategy to agricultural sector and huge opportunity in central and southern Africa.

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Pressure Technologies
Published: 09/12/2009

The leading designer and manufacturer of speciality engineering solutions for high pressure gas systems came out with an encouraging set of full year results. Underlying operating profit was up 10% to £5.4m and cash generation was excellent, with the group finishing the period with net cash of £7.9m. The year end order book remained substantial at £16m.  The group’s new Chesterfield Biogas division will be a big beneficiary of the Government’s Renewable Heat Incentive which is due to be announced in January 2010. 

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Alvaro
Published: 03/12/2009

Following the earlier flotations of dispute investors Burford Capital (AIM:BUR) and Juridica (AIM:JIL),  Alvaro plc a litigation funding firm, is set to join AIM later this month.

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BorgWarner
Published: 23/11/2009

The need to lower CO2 emissions is driving demand for products in smaller, more efficient gasoline and diesel engines and alternative power trains in hybrid vehicles – the group should be a major beneficiary.

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Aero Inventory
Published: 18/11/2009

It was reported in yesterday’s Financial Times that the aircraft parts wholesaler that went into administration last week has received 25 expressions of interest from potential buyers. Let’s hope the administrators don’t have to spend too much time and money exploring all the various approaches!

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Aero Inventory
Published: 12/11/2009

Even by AIM’s somewhat looser standards of corporate governance yesterday’s announcement of the appointment of administrators to Aero Inventory plc, coming only 42 days after the Group announced an intention to move to the main market, is surely outrageous!

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Titan Europe
Published: 06/11/2009

The trading update from the AIM quoted manufacturer of steel wheels and undercarriages for the off-highway vehicles market was, in the context of previous updates, somewhat uneventful, with no big surprises. With two big industry shareholders, it remains an interesting one to follow

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Palm Inc
Published: 30/10/2009

In what is becoming a saturated market Palm will surely struggle to compete, lacking the financial muscle and killer product (the Pre is not that product!) to build a sustainable position

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Agriterra
Published: 28/10/2009

The central and southern African agricultural company announced a conditional placing of 63.9m new ordinary shares to both new and existing shareholders to raise £3.2m.
The funds are being raised to expand its subsidiary’s cattle ranching and feedlot production business in sub-Saharan Africa to meet the growing demand for beef in the area.

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Zenergy Power
Published: 26/10/2009

The superconductor energy technology company, has announced that it has received a further order for its superconductor induction heater.

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May Gurney Integrated Services
Published: 15/10/2009

The AIM quoted infrastructure services company, announced its appointment as preferred bidder for North Somerset Council’s recycling, waste collection and Household Waste Recycling Centres (HWRCs) contracts…

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Kentz Corporation
Published: 14/10/2009

The AIM quoted engineering and construction group announced the award of two contracts with a combined value of around AUD $109 million

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Metalrax Group
Published: 13/10/2009

The specialist steel products engineering group, encouraged the market with the announcement of the refinancing of its bank borrowings

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Clean Air Power
Published: 09/10/2009

The developer of Dual-Fuel™ combustion technology that enables heavy-duty diesel engines to operate on a combination of diesel and natural gas, has announced that it has entered into a Letter of Intent with another major global truck manufacturer

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Judges Scientific
Published: 05/10/2009

We have cast an initial glance at West Sussex-based Judges Scientific PLC (AIM: JDG) who recently reported very encouraging interim results to 30th June 2009

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Straight
Published: 02/10/2009

An excellent set of interim results with cash flowing through, considerable potential in overseas markets and the interim dividend lifted.

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Vivendi
Published: 29/09/2009

Solid first half performance with excellent cash generation. The business of old is a distant memory and the acquisition of GVT in Brazil would gain entry into high growth market

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Goldplat
Published: 28/09/2009

Described by some as ‘dull & boring’, Goldplat has just announced the completed acquisition of a formerly producing goldmine at Kilimapesa in Kenya. News of a fully ‘compliant’ measure of the amount of gold that it has in the ground could be forthcoming over the coming months along with more detailed plans for extracting it.

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Agriterra
Published: 25/09/2009

Agriterra’s investment in Mozambique agriculture looks to follow a low risk cash generative model and is a genuine socially responsible investment opportunity that looks to be creating wealth amongst the agricultural community in Africa.

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Vantis
Published: 23/09/2009

The delay issuing the accounts doesn’t look good (especially from accountants!) and what about those banking arrangements?

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Rentokil Initial
Published: 23/09/2009

The overall outlook appears to be stabilizing but the valuation looks somewhat stretched and what’s the long term plan?

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China Shoto
Published: 17/09/2009

The China based manufacturer of back-up batteries this week came out with what would, in normal circumstances, surely be considered a material announcement concerning management

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Straight
Published: 11/09/2009

Straight could be a big beneficiary of the Government agency WRAP’s (Waste Reduction Awards Program) decision to withdraw from the English home composting bin market. Interim results will be announced on 29th September.

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Drax
Published: 11/09/2009

Placing shores up balance sheet and making strides to diversify

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Reed Elsevier
Published: 10/09/2009

The fund raising is out of the way and the balance sheet in much better shape. The group has a material presence in professional markets and strong portfolio of key publications.

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Google
Published: 03/09/2009

It dominates its market (and many of our lives) but is it really worth cUS$146 billion or $453 a share? This article suggests not!

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National Milk Records
Published: 13/08/2009

A large requirement is developing for all food-producing farm animals to be traceable which National Milk Records is one of the best placed to fulfil. This little company fills a vital niche and has growth opportunities.

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Straight
Published: 31/07/2009

First half results ahead and cash balances also up

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Nighthawk Energy
Published: 09/07/2009

Update to our earlier commentary published on 30th June 2009

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Nighthawk Energy
Published: 07/07/2009

Our recent commentary issued on Nighthawk Energy plc generated a large response from subscribers. We would like to thank subscribers for the various comments received.

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Aggreko
Published: 03/07/2009

A fantastic track record, solid strategy and conservative financials. Probably the biggest issue is the likely impact on earnings from reducing the fleet.

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BAE SYSTEMS
Published: 26/06/2009

Risks are in the pension fund and slowing growth, however both are well documented. Much more widely spread by both product and geography than of old.

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Straight
Published: 26/06/2009

Shares in the recycling products and services group have had a good run since the beginning of 2009 reflecting the cash generative attributes of the business, its attractive dividend yield and strong market position.  The AGM statement on 1st June confirmed that it was confident of meeting half year expectations with the strong trading performance in the fourth quarter of 2008 having continued into the start of 2009. 

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Afren
Published: 05/06/2009

Interest in Kosmos Energy’s Ghanaian oilfield assets could encourage greater interest in Afren with Afren’s Keta Block apparently a similar play to the Jubilee and Odum discoveries of Kosmos.

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Hunting
Published: 22/04/2009

Trading in line but tough times ahead; the acquisition looks pricey but stripping out the cash Hunting shares appear decent value.

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Tanfield
Published: 08/04/2009

The impairment was anticipated but given the materiality of this and other factors we were anticipating a little more detail in the preliminary announcement - the strange segmental breakdown with the bulk of net assets allocated to ‘Other’ is also surprising to us!

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MAN Group
Published: 01/04/2009

The pre-close trading update for the financial year ending 31st March 2009 was actually quite promising, relative to what many appeared to be expecting anyway, and if there is a hedge fund business that will emerge stronger from the ordeal of the past few months MAN surely looks well placed to be that business.

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Sainsbury (J)
Published: 31/03/2009

Fourth quarter trading statement was promising but more detail on margins is surely needed in order to gauge if they are really making progress – congratulations to Marks for addressing this last point in their statement!

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Cape
Published: 20/03/2009

Preliminary results were surprisingly positive, cash is flowing, debt looks manageable and visibility is good for 2009. But there is no dividend and when can shareholders really hope to start reaping any real rewards - other than those that made 100% on the share price move this week!

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Weir Group
Published: 19/03/2009

Positive results, cash flowing, gearing modest, pension liability under control and bank facilities in place to support growth - it remains inherently resilient and financially sound

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Aero Inventory
Published: 18/03/2009

Focus will be on cash generation and the termination of contract negotiations with major airline is a positive in my book. With strong asset backing (albeit stock), a decent shareholder register, top up funds recently raised and debt likely to fall it looks worthy of further analysis - even the liquidity is reasonable fro AIM! 

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Spirax-Sarco Engineering
Published: 13/03/2009

Excellent results from another specialist engineer that is very resilient and financially sound, but perhaps a little conservative for some – we like conservative, especially with cash in the bank, a 4.5% yield and loads of growth to go for!

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Tikit Group
Published: 12/03/2009

Margins up, strong cash generation and yielding over 5% but many remain concerned about weakness in key UK legal market

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Wynnstay Group
Published: 10/03/2009

Strong balance sheet, good cash flow, a well covered dividend and modest gearing – from agricultural supplies and pets!

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IMI
Published: 05/03/2009

A decent set of numbers for 2008 and even the dividend was maintained (c8% yield) but all eyes are on 2009 and the potential downturn in certain key markets

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Rotork
Published: 04/03/2009

An outstanding performer over the past 6 years consistently growing earnings, cash and distributions to shareholders. The results didn’t disappoint this week and the outlook remains positive

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Hunting
Published: 27/02/2009

Management appears to have delivered up to now – who would bet against them doing it again!

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All Leisure
Published: 27/02/2009

The results weren’t bad, forward bookings are encouraging and the group remains awash with cash; it’s just a pity about the prior year accounting adjustments and reduced dividend!

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Albemarle & Bond
Published: 24/02/2009

Decent results from Albemarle, but if you want exposure to the pawnbroking sector, and can invest outside AIM, seemingly much better value can be found in principal shareholder, Nasdaq quoted EZCORP

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Begbies Traynor
Published: 20/02/2009

Obvious defensive attractions but clear need to diversify into other areas. Valuation looks up with events with better balanced peer TENON (AIM:TNO) the favourite of many  

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The Indian Film Company
Published: 20/02/2009

Former dissident shareholders have conveniently gained appointment to the board and are overseeing the stratetegic review. Have the lunatics now taken over the asylum?

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Advanced Medical Solutions
Published: 18/02/2009

US FDA clearance for LiquiBand™ Topical Skin Adhesive is great news – clarification needed on prospective US market position relative to competing products, of which there appear to be many.

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Hargreaves Services
Published: 18/02/2009

Encouraging interim results from this rapidly expanding and increasingly diverse group. You now get coal, coke, rubber recycling, bulk haulage, renewable energy, engineering and a canal barge fleet with this one!

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Tanfield
Published: 13/02/2009

Investor interest surrounds Zero Emission Vehicles, with a huge Goodwill impairment already taken on Powered Access shouldn’t they try and off load this (whatever the price) and focus on Smith Electric Vehicle?

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Weir Group
Published: 10/02/2009

Appears inherently resilient and, despite the higher debt compared with past years, also financially sound

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Pressure Technologies
Published: 10/02/2009

Strong full year results, order book & cash position bodes well for 2009.
Very exciting position in biogas.

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City of London Investment Group
Published: 06/02/2009

Expected fall in funds management but new institutional mandate is encouraging & dividend is safe, for now.

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Mattioli Woods
Published: 06/02/2009

Positive results and defensive attributes. Valuation and peer group comparison is tough!

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Discover Leisure
Published: 06/02/2009

It’s far from out of the woods but the AGM statement and a strong Euro brings hope to the caravan retailer. The doubt remains - a ten bagger or debt laden disaster?

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Somero Enterprises
Published: 06/02/2009

A strong presence in its niche market, good cash generation, reduced debt and operating costs already materially cut – market cap is currently c65% of net assets excl Goodwill and those strange capitalised Customer relationships!

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Nationwide Accident Repair Services
Published: 02/02/2009

The snowy conditions suggest that crash repair companies are worth assessing – especially if they come with a 6% yield and decent cash generation!

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FDM Group
Published: 30/01/2009

Another one that’s cash rich and continues to deliver, without the need for costly acquisitions

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Eleco
Published: 28/01/2009

The trading update appears to have caught many by surprise – should it have? The valuation is at rock bottom, financial position looks strong and product offering looks compelling. Worth a look?

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Kentz Corporation
Published: 28/01/2009

Pre close trading statement – ahead of estimates and finally the shares get a boost. The sector classification in Construction & Materials appears questionable given the oil and gas exposure.

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James Halstead
Published: 28/01/2009

It’s consistently delivered for so long that trading updates are always a tense affair – but why worry, JHD always delivers!

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Jetion
Published: 22/01/2009

A positive trading update and shares currently trading at approx 78% of plant value alone, or 31% of net asset value (based on interims at 30th June 2008). Group has also reported a positive second half.

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Wey Bridging
Published: 11/12/2008

An AIM float over the Chritsmas period - no, you aren’t seeing things!
Wey Bridging is a short term lender to experienced residential property developers within the M25 who are in need of short term finance and quickly!  All loans are asset backed and apparently the company has never had a bad debt. An interesting story, read on…

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Zytronic
Published: 05/12/2008

Compelling technology, excellent results (and cash flow), and a confident outlook from management - what more can one ask for!

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Geong
Published: 03/12/2008

The order book might look good and further contract wins encouraging but cash outflow is now a major issue and it’s hard to gauge how this business can continue to trade (and grow) as it has been unless there is a material improvement in cash collection..

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Bolt Technology Corp
Published: 08/11/2008

Shares have more than halved in the last month - they looked cheap a month ago - Q1 results were disappointing but cash remains.

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Bateman Litwin
Published: 07/11/2008

The shares soared this week following the departure of management and some broker support. Was this share price surge warranted and is this still a buying opportunity; the Champion comments! 

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Tanfield
Published: 31/10/2008

Despite the lowly PER and reassurance over cash, the access business remains a big worry and we aren’t convinced that it looks that attractive yet – a great pity because this is surely just the sort of business we should be supporting in the current climate!

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Glisten
Published: 24/10/2008

Performance has been excellent up to now and the valuation looks cheap, but debt has increased, and the ghost of Inter Link Foods still haunts. It’s also unclear how they will perform in a recession.

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Vertu Motors
Published: 22/10/2008

Ok, it’s not operating in the most attractive sector at the moment (what is!), but they have just issued highly encouraging interim results and this business comes with a load of tangible asset backing

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Shieldtech
Published: 22/10/2008

More detail needed please, especially on the finances

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Lamprell
Published: 17/10/2008

The order backlog is very good protection, the balance sheet robust and there doesn’t appear to be too much investment risk on a PER of 3.6x 2009 estimated earnings - another one takes a beating!

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Titan Europe
Published: 17/10/2008

Since issuing a damning commentary on 12th Sept, recent dramatic falls in the share price and avid Director buying has compelled us to have yet another look – we still aren’t sure!

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Lupus Capital
Published: 02/10/2008

It looks cheap but for good reason – management has been richly rewarded for a diabolical performance!

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Kentz Corporation
Published: 29/09/2008

Fantastic results, great cash flow and loads of visibility – just look out for any contract muck ups!

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Jetion
Published: 25/09/2008

A fabulous set of interims, a highly positive outlook, but no one is interested at the moment!

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Bolt Technology Corp
Published: 23/09/2008

Cash rich but currently looks a one product company with c60 day visibility - management are intent on expanding by acquisition.

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Titan Europe
Published: 12/09/2008

The shares may only be trading at 3.4x current year estimates but a wholesale change of senior management is surely the only thing that’s going to encourage investors now

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Discover Leisure
Published: 10/09/2008

The news isn’t good but much as expected – a ten year ten bagger or debt laden disaster?

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Renewable Energy Holdings
Published: 15/08/2008

Wind, Wave and Biomass – you get the lot with this little company, but will it ever make decent returns?

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Powerflute
Published: 08/08/2008

The interim results were fine, it’s the short term outlook that doesn’t look so good!

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ZincOx Resources
Published: 24/07/2008

Scepticism aside, it looks an interesting play at the current price of c130p, however, if current stock market conditions persist, the zinc price remains weak and if there are material delays in the plant openings the price could fall a lot more – management has a big job on its hands

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Jetion
Published: 15/07/2008

The Chairman resigns and investors are spooked, but then comes a very positive trading update - business as usual!

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Pressure Technologies
Published: 04/07/2008

Great results – a joy to behold in the current small cap market!

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Tanfield
Published: 02/07/2008

Investor’s Champion warned you back in March 2007, and again in July 2007, again in 28th Sept, again…...
We even highlighted the cash problems at the end of April 2008- we hope you took note!
In the current climate, if they don’t get to grips with the cash management the shares could fall a lot further.
We see no evidence that the board has what is takes to sort things out!

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ACM Shipping
Published: 26/06/2008

Another set of excellent results but, in the short term, how much more is there left in the tank?

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Plant Offshore Group
Published: 21/06/2008

The shares look cheap but for good reason!

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Geong
Published: 20/06/2008

It’s all happening at Geong – Results, contract wins and Directors loading up!

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Hamworthy
Published: 13/06/2008

Full year results looked good but need to be at the current rating. Nevertheless, Hamworthy is the leader in the Clubhouse (US Open this week!) of the Investor’s Champion Small Cap Scoreboard, overtaking CVS Group and Inspace, with the latter having been acquired.

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Discover Leisure
Published: 02/06/2008

Share price 6.62p
Management team has made terrific progress over the last few months but nobody is likely to be interested in this one in the short term!

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KVK Energy
Published: 28/05/2008

Operator and developer of power plants in India – yes, another one!
Market capitalisation cUS$200m (pre new money)
Raising US$100m – sound familiar!

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