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Small caps round-up: Better Capital, Adili, Matica.........

Date: Wednesday 03 Feb 2010

Jon Moulton’s new AIM-quoted investment vehicle Better Capital has announced the first acquisition by its BECAP Fund. BECAP is buying aerospace parts supplier Gardner Group. Gardner was profitable in the year to August 2008 but declines in demand meant that the business had to be restructured. Gardner Group was bought out from the AIM-quoted L Gardner, which went bust in 2003.

BECAP has invested £15m in the business and expects this figure to increase to £20m.

Shares in Adili have been suspended pending clarification of its financial position. At the suspension price of 1.25p a share, online ethical fashion retailer Adili is valued at £1.48m. Adili has said it needed additional cash. There was £307,000 left in the bank at the end of October 2009. Management is considering its options.

Matica’s chief executive is requisitioning an EGM in order to get Matica to cancel its Aim quotation. Matica boss Sandro Camilleri owns 18.43% of the Italy-based supplier of card printing, embossing and mailing machines. He also owns or controls companies with shareholdings in Matica. Added together he is deemed to control 65.24% of Matica, which means he is well on the way to success. He requires 75% of the votes cast for the resolution at the EGM.

A seven-for-two rights issue at 10p a share and placing at 10.5p a share at the end of 2009 raised £2.05m. The April 2007 flotation price was 100p a share.

Isle of Man-based online gaming company Webis slumped into loss in the six months to November 2009. Revenues were one-fifth lower at £56.4m, while a profit of £252,000 was turned into a loss of £58,000. Webis warns that its betinternet business is in an increasingly competitive market.

Casino developer and operator Queenco Leisure International says that its subsidiary has been served with a motion to issue restraining orders. It was filed in the Tel Aviv Dsitrict Court by Nisan Khakshouri and a company owned by him. The motion covers 20 respondents including Queenco chairman Ron Be’ery. The motion relates to accusations that Moshe Bublil is promoting an acquisition of shares in Casino Austria International.