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This week: More energy from ALK, Blooming e-sales for BMY, Higher gold recovery for CGNR

This week: More energy from ALK, Blooming e-sales for BMY, Higher gold recovery for CGNR

Last week saw a slight dip in the FTSE mid week before rising to close the

week at 6,163 points (having opened at 6,122). The AIM All share ended the

week where it started at 735 points. UK Retail Sales figures were announced

on Friday, which fell at a seasonally adjusted 0.1 per cent in December from

the month before, whilst US Retail Sales on the other hand in December

were up 0.5 per cent, and compared with the prior year were 4.7 per cent

up. UK and Eurozone inflation figures both came in at 2.7 per cent. This

week has seen President Obama inaugurated for a second term, where he

outlined his economic plans, including tackling problems such as the fast

growing net-debt (as a result of retirees), crumbling infrastructure and

need for education/training. Back in the Eurozone, the difficulties

continue, where France for example has seen continuing unemployment

problems (with a rate of 10.3 per cent having risen for 19 consecutive

months to approach a 15-year high), and which doesn’t look to be helped by

an agreement to allow companies to cut work time and pay as demand

slows, and extending benefits and raising a tax on employers. The week

ahead sees UK December unemployment figures, IMF World Economic

Outlook update and UK GDP Q4 first estimate being announced, and the

World Economic Forum in Davos also commences.


ABC Half Year Trading Update, ALK Trading update, ATC Lease Option,

BNO agreement with Telefónica and trading update, BMY Interim

Management Statement, BGL Prefeasibility Study, CAP Funding Award,

CGNR Excellent flotation results, CNS Trading update, CRW Trading

update, EKF Trading update, EVO Bid situation, FIP Diurnal enrolls first

patient into trial, IDEA Healthcare Contract Wins and New Appointments,

INTQ Trading Update, NET trading update, NEW Drilling Update, NYO

Drilling and Trading update, PRM Trading Statement, RTG Trading update,

SVR Trading update, SQS Trading update, SUN to benefit from £5.05m RGF

Grant, SYM Trading Update, TRS Indonesian acquisition, THAL Ecuador

Contract, Wipes approval in China


Abcam (LON:ABC)

Abcam, a global leader in the supply of protein research tools, this morning announced

a trading update ahead of its results for the six months ended 31 December 2012. The

business has performed well despite the continued pressures on centrally funded

research budgets. In the US, which is the largest market, the postponement of a federal

decision on future levels of research expenditure until the end of next month means that

the uncertainty and its impact on revenue growth will continue. Nevertheless Abcam

expects to report revenue growth in the period of approximately 28 per cent, or 30 per

cent on a constant currency basis, which, taking into account the unaudited revenues of

Epitomics and Ascent for the same period last year, represents underlying growth at

constant currency of just over 12 per cent. At 31 December 2012 the catalogue comprised

102,288 products, a 25 per cent increase on 31 December 2011. It is particularly pleasing

that the catalogue now includes over 4,100 rabbit monoclonal antibodies (RabMAb®),

sales of which are encouraging. The integration of the Epitomics business is proceeding

well, with almost two-thirds of all RabMAb® catalogue sales now being fulfilled through

the Abcam platform. Abcam plans to continue extending the range of RabMAbs® whilst

building awareness of their capabilities and their attractiveness to the research

community. The positive impact of the addition of the Epitomics business means that

gross margins for the six month period are expected to have increased over those

reported for the comparable period. Tight cost control remains a feature of the business

together with targeted investments aimed at the delivery of future growth. The Company

will report its interim results for the period in early March 2013.

Alkane Energy (LON:ALK)

Alkane Energy, the independent gas to power producer, has reported that it expects

results for the year ending December 2012 will be in line with market expectations.

Trading during the year was encouraging, with output increasing 19 per cent year-onyear

and expects to deliver full year electricity output of circa 167GWh (2011: 140GWh).

In H2 2012, output increase by 44 per cent to circa 101MWh compared with H2 2011.

This increase reflects the contribution of the seven sites acquired following the

successful acquisition of Greenpark Energy Ltd. which was completed on 26 April 2012.

These sites are producing greater output than originally anticipated. Electricity pricing

has shown greater stability over recent months and as at 31 December 2012,

approximately 68 per cent of the expected 2013 output is contracted at an average price

of GBP54/MWh. In December 2012, Alkane was granted planning permission to extract

natural gas at Nooks Farm, Staffordshire to generate electricity using the Company's

core gas to power skills. Preparation for drilling has commenced and the drill

programme is expected to be completed in the spring of 2013. The Nooks Farm site has

estimated contingent resources of 1.5bcf of gas, which is expected to provide 2MW

electricity output for up to 15 years.

Atlantic Coal (LON:ATC)

Atlantic Coal, the opencast coal production and processing company with activities in

Pennsylvania, USA, announced that it has exercised its lease option over the fully

permitted 410 acre Pott & Bannon anthracite mining property in New Castle Township,

Schuylkill County, Pennsylvania. Further details of the lease option agreement are

contained in the Company's announcement on 3 January 2012. Atlantic Coal's

Managing Director, Steve Best, said: "We intend to pursue an early route to production

at the Property and are currently in the process of producing a detailed mine plan and

updated Reserve report. We intend to commence operations over the next 12 months

and envisage this to be a stand-alone project, benefitting from excellent local

infrastructure and robust regional demand. Additionally, with only 25 miles separating

Pott & Bannon from our existing Stockton Colliery, where we recently reported record

production, we believe that we will be able to take advantage of the potential synergies

that exist with our current operations. Importantly, we also continue with our due

diligence process over additional anthracite assets in Pennsylvania, further details of

which are contained in the Company's announcements on 15 February 2012 and 29

October 2012. These are in line with our long-term strategy of increasing the Company's

reserves and production profile, particularly in the Pennsylvania Anthracitic Belt."


Bango (LON:BGO)

The mobile payments and analytics Company announced that it has signed a Global

Framework Agreement with Telefónica Digital and also separately announced a general

update for the nine month period to 31 December 2012. Over the course of the period

Bango continued to expand on its commercial relationships and extend its geographic

reach - including into several emerging markets. Following the successful fundraising of

£3m in May 2012, Bango executed on its plan to prepare for significant scaling-up in

future transaction volumes; Bango made key hires to boost its executive team, invested

in its data centres and operational teams, and continued to innovate in its payment

platform and analytics products. Ray Anderson, Chief Executive Officer said: “…We are

delighted to have built such client momentum across our marketplace, and are pleased

to see it continuing into 2013...At the beginning of 2012 we announced that our focus

was on preparing for growth with key new payment customers such as Amazon and

Facebook. Additionally, Bango Analytics transaction volumes have continued to grow,

and Analytics is seeing interest from new customers, particularly those who want to

understand web to App monetization...Bango sees significant opportunities for growth

through the roll-out of services with our established partners, as well as in emerging

markets, where limited access to credit cards and bank accounts alongside the

penetration of non-Apple operating systems benefit carrier-billing. We therefore

continue to view the future with confidence.” Bango also announced a Global Mobile

Payments Partnership with Telefónica, combining Bango’s frictionless payment

experience with Telefónica’s BlueVia Payment APIs (Application Programming

Interface). By integrating the single BlueVia billing API into the Bango Payments

Platform, app stores will benefit from Bango’s enhanced user experience for mobile

devices, which is designed to generate higher payment conversion rates, especially from

Wi-Fi-connected and other “off-network” devices. This is particularly important for the

future of mobile payments as more than half of smartphones browsing app stores use

Wi-Fi connections. The ability to pay for digital goods and services via a mobile phone

bill or prepay credit is a key way for content owners and developers to fully monetize

their products. This is especially the case in developing markets, such as Latin America,

where penetration of bank accounts and credit cards is very low.


Bloomsbury Publishing (LON:BMY)

Bloomsbury Publishing last week issued its Interim Management Statement in respect

of the period 1 September 2012 to date. In the four months ended 31 December 2012,

Group operating profits from title sales were up year on year because of lower relative

costs of production in the new digital environment and a lower returns rate as the

proportion of online sales increased, in spite of a 2 per cent decrease in title sales. Key

title sales (which excludes Rights & Services) in this period have come from Paul

Hollywood’s How to Bake, Hugh Fearnley-Whittingstall’s Three Good Things and

J.K.Rowling’s Hogwarts Library. E-book sales continue to show good momentum

growing by 58 per cent year on year, in the four months ended 31 December 2012,

particularly in the UK. The recent expansion of the Information division has contributed

to an increasing pipeline of Rights & Services contracts. Budgeted income includes

£2.7m from contracts scheduled to be completed between now and the year end. In the

Academic & Professional division, the sales of Bloomsbury Professional’s new online

Tax Planner Service, which launched in October 2012, are ahead of expectations. The

division has also just launched a bespoke e-book platform exclusively for the use of

PricewaterhouseCoopers staff around the world to download e-book versions of their

various Manual of Accounting titles. Bloomsbury continues to expand areas of its

business in which a significant amount of content has been amassed through the

formation of leading online portals or Knowledge Hubs such as Drama Online, which

will be launched in February 2013, and the Churchill Archive, which launched in

October 2012. At 31 December 2012 the Group had net cash of £7.7m (31 August 2012:

£10.6m). Bloomsbury has been very active acquiring further rights and is pleased to

announce that in 2013 it will be publishing the two major potential bestsellers: And the

Mountains Echoed by Khaled Hosseini and Elizabeth Gilbert’s novel The Signature of

All Things.

Bullabulling Gold (LON:BGL)

Bullabulling Gold, whose primary asset is the wholly owned Bullabulling Gold Project

located near Coolgardie in Western Australia, has announced that the preliminary

mining schedule and cash cost estimate produced during the previous quarter strongly

supports the financial viability of the Bullabulling Gold Project and progression to full

feasibility study. The production schedule indicates that 1.95m ounces of gold would be

recovered from an initial mine life of just over ten years. The initial estimate of average

life of mine cash costs was A$1,104/oz. However in line with previous guidance, cash

costs in early years will be materially lower with 650,000 ounces produced in the first

three years at an estimated cost of A$884/oz. Pre-production capital costs are expected

to be in the range of $297m to $333m, with capital payback achieved in the third year of


Clean Air Power (LON:CAP)

Clean Air Power, the developer and global leader in Dual-Fuel engine management

software for heavy duty vehicles, announced that it has been awarded R&D funding by

the Niche Vehicle Network's collaborative research and development programme. The

funding award will be shared with project partner Eminox Ltd, a world-class developer

and manufacturer of advanced exhaust after-treatment systems. The project will deliver

prototype after-treatment packaging for use on Euro 6 compliant Dual-Fuel heavy duty

vehicles, expected to be completed in Q1 2013. Packaging the Exhaust after-treatment

systems is an important step towards applying their Dual-Fuel technology to Euro 6

vehicles and the Company believes that this award is recognition of the place that Dual-

Fuel technology holds in the UK's low-carbon vehicle roadmap.


Conroy Gold and Natural Resources (LON:CGNR)*

Conroy, the gold exploration and development Company developing a gold mine at

Clontibret in Co. Monaghan, Ireland, announced further excellent results of the

Metallurgical test work by Goldfields Ltd. These relate to the Flotation test work and the

results, which include gold flotation recovery of 90 per cent, are highly positive. The

gold flotation recovery, at 90 per cent, is higher than assumed in the Scoping Study.

This is most encouraging both technically and financially. The results also indicate an 8

per cent sulphur grade in concentrate whereas in the Scoping Study a grade of 12 per

cent had been assumed. The lower sulphur grade in the concentrate is highly

advantageous as it will reduce process operating costs. The Company estimates that the

effect of these results would increase the IRR from 49.4 per cent (in the Scoping Study)

to over 55 per cent and would increase the NPV from $72.3m to over $90m using the

base case gold price of $1,372 per ounce as used by Tetra Tech in their Scoping Study

and thus substantially increase the overall financial attractiveness of the project. The

importance of these tests is that they simulate what might be achieved when the

processing plant of the mine is in continuous operation. Steady state conditions were

achieved as soon as the fifth and sixth cycles. This is a very satisfactory outcome as the

results suggest an efficient and smooth running flotation process. Commenting,

Chairman, Professor Richard Conroy said: "Further metallurgical test work is ongoing.

The results to date are very positive and fit in with the Company's plan to bring a mine

into production in three years' time."


Corero (LON:CNS)

The AIM listed network security and business software provider last week announced an

update on trading for the year ended 31 December 2012. Group revenue for the full year

ended 31 December 2012 is expected to be in the range $20.0m to $21.0m and show

solid growth over the previous year (2011: $18.0m). The Corero Network Security

(CNS) business will, in a year of significant internal change and market repositioning,

and adverse macroeconomic factors in Europe, report revenue in line with revenue

reported in 2011 ($11.0m). The Corero Business Systems business (CBS) has delivered a

strong year-on-year performance in terms of both revenue and profit growth. The

Group’s consolidated operating loss before depreciation, amortisation and financing is

expected to be in the range $3.0m to $3.5m (2011: profit $0.4m) reflecting the

investment in CNS and including a $0.3m unrealised exchange loss on intercompany

balances (2011: $0.1m unrealised exchange gain). The Group had a gross cash balance of

$4.9m at 31 December 2012 (2011: $6.7m), with borrowings of $6.2m (2011: $5.8m).

The CBS division performed very strongly in 2012 and the Group expects this to

continue into 2013. Significant progress has been made in the CNS division with the

focus now being to deliver revenue growth, with a differentiated network security

product and services offering, through a channel centric sales model. Accordingly,

Ashley Stephenson, who joined in March 2012 as Executive Vice President Product

Marketing and Strategy, has been appointed Chief Executive Officer of the CNS division

and will lead this drive. Corero is committed to continuing to invest in the CNS division,

both in terms of sales and marketing, and its First Line of Defense next generation

product which the Group envisages will broaden significantly its addressable market.

Corero will release preliminary results for the 12 months ended 31 December 2012 at the

end of March 2013.


Craneware (LON:CRW)

Craneware, the Edinburgh headquartered provider of automated revenue integrity

solutions for the US healthcare market, provided a trading update this week for the six

months to 31 December 2012, in which it stated that it expected revenue to grow to

$20.1m (H1 2012: $18.8m) with further growth at the adjusted EBITDA level of

approximately 15 per cent compared to H12012 of $4.65m. The Company stated that

these are in line with its own expectations and that the growth in revenue in particular

has resulted from the increased levels of sales activity mentioned at the time of final

results back in September 2012. Fiscal and regulatory pressures in US hospitals have

helped drive interest in the Company’s suite of software solutions.


EKF Diagnostics (LON:EKF)

EKF Diagnostics, the point-of-care diagnostics business, has reported that in the

financial year ending December 2012 unaudited revenues rose around 20 per cent to

£26.1m. Adjusted EBITDA for the period is expected to be ahead of previously upgraded

market consensus, showing an improvement of nearly double that of the previous year.

This outperformance in adjusted EBITDA is a direct result of the Board’s continued

sales focus on higher margin products. Cash generation was strong and cash as at 31

December 2012 was £4.2m. Sales of higher margin reagents, particularly Beta-

Hydroxybutyrate (BHB) have continued to perform strongly. The second half also

benefitted from the growing contribution of HemoPoint H2 instruments and cuvette

sales through Alere in the US. In 2012 Alere sold 2,460 HemoPoint H2 instruments into

the North American market compared to 608 sold by Stanbio in the previous year,

which demonstrates the significant growth opportunity in the US, particularly as sales

through Alere only began on 15 April 2012. At the end of 2012, EKF received a further

order from the Instituto Mexicano Del Seguro Social, the Mexican Institute of Social

Security, for cuvettes for the HemoPoint H2.


Evocutis (LON:EVO)

Evocutis, which is focused on advanced laboratory and clinical evaluations of skincare

products and subject to a formal sale process as defined in the Takeover Code since

December 2012, has secured ten new contracts with a total value of £280,000, including

early direct sales of its LabSkin(TM) living skin equivalent. The contract values range

from £9,000 for early exploratory research to £88,000 for larger scale product

development analysis. The contracts, all with well known global consumer healthcare

companies, are expected to be delivered over a two to six month period.


Fusion IP (LON:FIP)*

The university commercialisation company which turns university research into

business announced that Diurnal has successfully enrolled the first patient into the

CATCH (Chronocort(R) As Treatment for Congenital Adrenal Hyperplasia) trial. Based in

Cardiff, Diurnal is developing a novel approach to drug delivery that will help patients

suffering from reduced levels of the key hormone cortisol (hydrocortisone).

Chronocort(R) is a modified release therapy that delivers hydrocortisone in a manner

that mimics the body's normal circadian rhythm (the body's natural 24 hour hormone

cycle). This therapeutic approach has the potential to help patients suffering from

diseases due to cortisol deficiency: congenital adrenal hyperplasia and adrenal

insufficiency. Each of these diseases requires life-long treatment and Diurnal's novel

approach to drug delivery has the potential to significantly improve patients' lives.

Chronocort(R) has already received two related Orphan Drug designations from the

European Medicines Agency, which affords ten years of market exclusivity after the

grant of marketing authorisation in Europe. Fusion's shareholding in Diurnal is 43.1 per



Ideagen (LON:IDEA)

Ideagen a supplier of compliance based information management, announced that it has

signed £280k of new contracts and has appointed two business development

professionals within its recently acquired healthcare business, Plumtree Group Limited.

The Company also announced its unaudited interim results for the six months ended 31

October 2012. Revenue increased by 51 per cent to £2.58m (2011: £1.71m). Adjusted

PBT increased by 44 per cent to £0.69m (2011: £0.48m) and adjusted diluted EPS

increased by 15 per cent to 0.63p (2011: 0.55p). Net cash fell to £1.21m (30 April 2012:

£1.39m.) David Hornsby, CEO, commented: “We have made further progress during the

first half of this year in terms of operating profit, whilst making considerable investment

in our product, sales and technical resources. These results are therefore comfortably in

line with the board’s expectations. Furthermore, our increasing recurring revenues, new

contract wins within the healthcare sector and the acquisition of Plumtree Group Ltd

underpin our confidence in the outlook for the rest of the year.”


InternetQ (LON:INTQ)

InternetQ, a provider of mobile marketing and digital entertainment solutions for

mobile network operators and brands, issued a trading update for the twelve months

ended 31 December 2012. The Board reported that InternetQ has continued to generate

strong levels of organic growth during 2012 and they anticipate revenues to be more

than €70m, in line with market expectations; representing organic growth of over 45 per

cent. Margins have improved in the second half and EBITDA and after tax profitability

is therefore expected to be ahead of market expectations for the year to 31 December

2012. The Group's strong performance continues to be driven by its core Mobile

Marketing and Mobile Entertainment activities, including InternetQ's social media and

entertainment platform, whose revenues are up 90 per cent year on year. Key growth

regions remain South East Asia, Africa and Russia where mobile marketing and mobile

entertainment services are established as a powerful business development tool.

InternetQ maintains a strong balance sheet with cash in excess of €9.5m, providing

sufficient capacity for the further significant growth expected in 2013, both in Mobile

Marketing and Mobile Entertainment.


Netcall (LON:NET)

Leading customer engagement software provider this morning gave an update on

trading for the six month period ended 31 December 2012. Trading is comfortably in

line with management expectations, with order in flows and double digit sales growth

maintained. The Serengeti acquisition is now contributing to Group earnings. The

Company has a strong cash position, at 31 December 2012 net cash balance increased to

£8.2m (31 October 2012: £7.7m) Henrik Bang, CEO commented: “...Along with new

customer wins such as North Wales Housing, we are pleased with the level of cross-sales

achieved in the period such as the sale of an Eden solution to The Warranty Group, an

existing workforce management customer.” Netcall will be announcing interim results

for the 6 month period ended 31 December 2012 on 20 February 2013.


New World Oil and Gas (LON:NEW)

New World Oil and Gas, the oil and gas exploration and development Company focused

on Belize and Denmark, has reported that as of 21 January 2013, the Blue Creek #2A

side track had drilled to a Measured Depth of 11,490 feet. The total depth of the Well is

11,880 feet. The Well is targeting a potentially significant trap in the Hillbank and Y3,

the two oil bearing formations seen in the Blue Creek#2 vertical well. Drilling

operations have been halted whenever sections of interest in the targeted Hillbank and

Y3 formations have been encountered so that core samples can be taken. As a result, the

rate of drilling has been slower than that anticipated in the announcement of 10 January

2013. A further update will be made once the total depth is reached, at which point a

decision will be made regarding testing the Well.


Nyota Minerals (LON:NYO)

Nyota Minerals, the East Africa focused gold exploration and development Company,

has reported the final results of the Feeder Zone drilling programme which started in

September 2012 at its Tulu Kapi Gold Project in Ethiopia. The drilling has demonstrated

the potential for a significant high grade resource that would be developed via an

underground mine; new high grade intersections include: 15.04g/t Au over 9.45m,

10.55g/t Au over 13.96m, 5.34g/t Au over 12.25m and 5.24g/t Au over 26m. Initial inhouse

estimates at the Company suggest an Inferred Resource of 1.1m tonnes at an

average grade of 5.4g/t containing 188,000 ounces of gold. However, the Company is

being forced to make significant cost cutting measures immediately as expenditure on

the drilling and delays to the issuance of a Large Scale Mining Licence mean a shortfall

in working capital for the quarter ahead based on its prior budget. The Company is in

discussions with a number of potential funding parties and expects to be able to make a

further announcement very shortly.


Proteome Sciences (LON:PRM)

Following the Company's announcement on 31 December 2012, regarding the improved

cognitive function demonstrated by Proteome's CK1D compounds, the Board is pleased

by the strong interest it has received from pharmaceutical companies, and is actively

pushing the CK1D programme forward with the pharmaceutical industry in order to be

able to bring the compounds to clinical trials. The Directors are encouraged by the

trading prospects for the PS Biomarker Services(TM) division although they are

disappointed that the signing of the largest services contract negotiated by the Company

to date which had been expected to close at the end of 2012 has been delayed and is now

expected to be concluded in Q1 2013. As a result of this delay, there will be an adverse

impact on the Company's results for the year ended 31 December 2012 although this will

have a correspondingly positive effect on the Company's expectations for FY13.

Christopher Pearce, the CEO, has confirmed his willingness to provide additional

working capital should it be required, by way of a short term loan of up to £1m. This

would be repayable post receipt of the proceeds of the major contract referred to above.

The Board expects strong revenue growth across the Company's three main divisions in

2013 and looks to the future with confidence.


ReThink Group (LON:RTG)

Rethink, a recruitment and consulting company, provided a trading update. In

September, the Company announced that full year results were expected to be

substantially below market forecasts as a result of declines in permanent revenue in the

Recruitment Division. Since then, there was a temporary return to more normal levels,

but overall activity remained subdued and significantly below management expectations

during Q4 2012. Management now expect the Group to report a loss for the year. With

increased investment and action taken throughout H2 2012, the Board is confident that

the cost base of the Company is now at an appropriate level, and strong trading in 2013

has resulted in the Board looking cautiously optimistic for the year ahead.


Service Power Technologies (LON:SVR)

AIM listed market leader in field management provided a trading update for the year to

31 December 2012, in which it stated that revenues for the year are expected to be

approximately 17 per cent lower at £11.1m (2011: £13.3m), whilst an EBITDA loss of

approximately £1.3m is expected, and loss before tax of approximately £1.8m. A net

cash balance of approximately £4.5mis expected at the year end. Interestingly,

previously protracted contract negotiations for several significant contracts are now

progressing positively and the Company expects to conclude contracts worth over £1m

in revenue for 2013 by the end of the month. Earlier in the month, the Company

announced the appointment of Marne Martin as Chief Financial Officer (CFO), having

previously been CFO of AIM listed Norcon (LON:NCON), a UK

based telecommunications and defence consulting company, and President at East West

Resources Corporation and Digicel Holdings Ltd.



Specialist in software quality services, provided a trading update for the year to 31

December 2012 in which the Company stated that it expects revenues to be slightly

ahead of consensus forecasts largely as a result of a higher share of contractor service

delivery (though this is typically lower margin business). Some of the larger managed

services contracts had elected to suspend their extended engagements for a period prior

to the end of 2012 in order to contain their expenditures for the year, resulting in

approximately EUR1m lower revenue, therefore resulting in a PBT which is expected to

be below consensus. Order intake during 2012 was EUR101m against EUR67m during

2011 with an order backlog (revenues still to be delivered) of EUR98m at the year end,

whilst on the balance sheet the net debt position at 31 December 2012 was circa EUR7m

against EUR12.3m as at 31 December 2011.


Surgical Innovations Group (LON:SUN)

Surgical Innovations (SI), the designer and manufacturer of innovative medical devices,

announced it has formally signed the Regional Growth Fund (RGF) Final Grant Offer

Letter, worth up to £5.05m to SI in Government funding. The grant will be used to

develop a state of the art research and development facility and clinical training centre,

with a reasonable expectation of creating over 300 jobs in the Leeds City region. The

RGF is a £2.4bn fund operating across England to be invested over a three year period.

The fund supports projects and programmes that lever private sector investment

creating economic growth and sustainable employment. It aims particularly to help

those areas and communities currently dependent on the public sector to make the

transition to sustainable private sector-led growth and prosperity. As part of the

agreement SI will commit to £8.7m in capital investment by the end of 2015. The

Company also announced that the second batch of 5mm PretzelFlex® was shipped

under the CareFusion agreement in December as expected.


Symphony Environmental Technologies (LON:SYM)

Symphony Environmental Technologies, the specialist in advanced plastics technologies

announced a trading update for the financial year ending 31 December 2012. This was

further to the announcement made on 5 December 2012 when it had announced that a

trading loss of approximately £1.1m was expected for the financial year. Revenues for

the month of December were significantly less than anticipated on 5 December, and as

such the trading loss for the year will be materially higher than £1.1m. The Directors

believe that the fall in revenues and increased trading loss is principally a result of

delays to a number of new large potential territories from which initial d2w(R) additive

sales were expected. As such, they regard this as a matter of timing as initial shipments

for these new territories are now expected during the first quarter of 2013. Following the

statement in December, the Group has received initial orders from three of the new

territories with positive indications of interest for future sales, albeit the timing is not

yet confirmed. Additionally there was a delay in shipments to some existing territories

around the year end period. The Group continues to work hard to establish its global

distribution network and leverage changes to legislation in favour of controlled-life

plastic technology.


Tarsus (LON:TRS)

The international business-to-business media group has agreed to acquire 51 per cent of

Indonesian exhibition organiser PT Infrastructure Asia (PTIA) from PT Event Pro

International. PTIA currently owns and organises three annual business-to-business

exhibitions and one seminar series in Indonesia. Tarsus will pay an initial cash

consideration on completion of US$0.5m (approximately £0.3m) for the 51 per cent

interest, with estimated total deferred payments of approximately US$2.4m

(approximately £1.5m) in aggregate during 2014 and 2015. Tarsus and PTIA have

conditional put and call options at various points in 2016 and 2017 in respect of the

outstanding 49 per cent shareholding in PTIA. The total consideration for 100 per cent

of PTIA has been capped at US$23m. The acquisition provides Tarsus with an important

hub in the fast growing Indonesian exhibition market. It will enable the Group to

develop a range of infrastructure sector exhibitions and provide a platform with which

to launch a number of new exhibitions, primarily drawing on Tarsus’s existing brands.

The founders and the existing management will continue to run the business post

acquisition. The consideration will be met from Tarsus’s existing cash resources. It is

expected to be earnings enhancing in the current financial year ending 31 December

2013 and thereafter. For the year ended 31 December 2011, PTIA recorded an unaudited

break even profit before tax.


Thalassa Holdings (LON:THAL)

Thalassa announced that its subsidiary, WGP Energy Services Ltd., has entered into a

contract with SMG Ecuador, the Ecuador business of State Sevmorgeo Company, the

Russian geological sea survey company, with an initial value of US$4.175m. The

contract involves the provision and operation of Thalassa's Portable Modular Source

System (PMSS(TM)) as part of seismic data acquisition surveys being conducted in

Ecuador by SMG Ecuador. The surveys are scheduled to commence on 14 February 2013

and last until 15 June 2013. Work on pre-mobilisation is already underway. Thalassa's

Chairman, Duncan Soukup, commented: "We are delighted to be working with the SMG

Group again, following the successful surveys in the Arctic in 2011 and 2012, on this

occasion outside of Europe during a period when we had not budgeted for any work."


Tristel (LON:TSTL)

Tristel, the manufacturer of infection prevention, contamination control and hygiene

products, announced that it has received a licence from the Health Department of the

People's Republic of China to import and sell the Tristel Wipes System. The system

comprises three individual wipes that perform the functions of cleaning the device,

disinfecting the device and then rinsing it to remove any chemical residues before use on

the next patient, and is able to achieve high-level disinfection in less than two minutes

on non-lumened medical devices. Examples of such devices include flexible endoscopes

used for ear, nose and throat investigations; intra-cavity ultrasound probes used in

urology, obstetrics and gynaecology; instrumentation used in IVF clinics; ultrasound

probes that image the heart in cardiology, and in ophthalmology. Also announced was

the publication of two articles in peer-reviewed journals that describe the benefits of

Tristel products, in The Laryngoscope, the journal of The American Laryngological,

Rhinological and Otological Society, and the other being publication of a study

undertaken in the Prince of Wales Hospital, Hong Kong.

*A corporate client of Hybridan LLP

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