STOCKS NEWS UK-Allergy Therapeutics falls after placing
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1131 GMT 12Jun2009--Allergy Therapeutics falls after placing
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Shares in hayfever vaccine specialist Allergy Therapeutics (AGY.L) tumble 14 percent to 15.3 pence per share after the company announces that it is raising up to 22.4 million pounds through a placing at 12 pence per share.
While the price is at a discount to Thursday's closing of price of 17.25 pence, the company said it represents a 28 percent premium to the average share price for the 90 days ending on the day before the date of first talks with Azure Ventures, which has taken over half of the new shares.
A sector analyst said it remains to be seen whether Azure, owned by the Weinstein family of Chile, whose interests include pharmaceutical companies across South America, can transfer its experience to Allergy's markets.
To see Allergy's statement please click on [ID:nRnsL7969T]
Reuters messaging rm://ben.deighton.thomsonreuters.com@reuters.net
1120 12Jun2009 FTSE Small caps down 0.3 pct midday
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The FTSE Small Cap index .FTSC falls 0.3 percent in mid-session trade, as the wider UK market remains lower, with the FTSE 100 .FTSE and the FTSE 250 .FTMC both down 0.3 percent as well.
British-based oil and gas explorer Regal Petroleum (RPT.L) falls 12.1 percent after the company says it plans to raise around $100 million through a share sale, after talks to raise debt failed, to develop fields in Ukraine.
LSL Property Services (LSL.L) gains 8.3 percent on management share-buying after the British residential services provider announces that group chef executive officer Simon Embley accquired 250,000 ordinary shares on Thursday at a price of 135 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
0855GMT 12Jun2009 GKN up; Cazenove says "outperform"
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Shares in GKN (GKN.L) gain 5.1 percent as Cazenove says the the auto and aerospace parts group is "well placed for the auto industry recovery", while repeating its "outperform" rating.
"Aggressive cost-cutting together with stable end-market demand should result in a sharp bounce in earnings. We expect EPS to rise from 0.8 pence in 2009 to 29.4 pence in 2011."
The broker says the restructuring programme at GKN's driveline unit is sizing the business to be profitable and should enable it to continue to grow its 44 percent global market share, with estimated margins rising to 6 percent in 2011.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
0822 GMT 12Jun2009 De La Rue up as passport stamped
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Shares in De La Rue (DLAR.L) rise 3.2 percent, lifted by news late on Thursday that the world's largest non-government bank note printer has won a 10-year contract worth 400 million pounds ($655.2 million) to design and produce the UK biometric passport.
Panmure Gordon says in a note that the new contract should both materially improve the performance of De La Rue's Identity Systems division over time and provide further visibility.
More importantly, the broker says it believes the deal "represents a strategic watershed given the potential for further wins in this growing area and the increased profile as a result of this win."
Panmure Gordon reiterates its "buy" rating and 1,009 pence price target on De La Rue.
For more double click on [ID:nBNG393032]
Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net
0810 GMT 12Jun2009 Cape up on Middle East contract win
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Shares in Cape (CIU.L), the British energy services group, rise 2 percent after saying it received new and renewed contracts in the Middle East, all in Qatar, for up to $37 million, prompting Evolution Securities to repeat its "buy" rating.
Evolution Securities says the news "highlights how the company is successfully converting project related contracts into long term maintenance contracts."
The broker says the contracts further underpin its full-year forecasts, with pretax profit of 44.4 million pounds, an EPS of 28.6 pence and revenues of 627.1 million pounds.
"Concerns on the balance sheet have subsided and the de-rating is reversing. The shares are now trading on a PER of 6x, which provides some scope for further upside," it says.
For more double click on [ID:nBNG434157]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
0732 GMT 12Jun2009 FTSE Small caps flat at the open
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The FTSE Small cap index .FTSC is flat in opening trade, as UK markets endure a subdued start to the final trading session of the week, with the FTSE 100 .FTSE and the FTSE 250 .FTMC down 0.1 percent each.
ACM Shipping Group (ACMG.L) gains 2.8 percent as Daniel Stewart issues a "buy" note on the stock.
"ACM shares look good value and offer upside of 11 percent to our target price of 206 pence which would be a multiple of 8 times our March 2010 forecast," the note says.
UK-based oil and gas explorer Regal Petroleum (RPT.L) is down 5.4 percent after saying it plans to raise around $100 million through a share sale, after talks to raise debt failed. [ID:nLC279504]
Reuters Messaging rm://david.brett.reuters.com@reuters.net
