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Small caps round-up: Care Capital, Alliance Pharma, Pressure Technologies...

Date: Monday 08 Feb 2010

Shares in CareCapital were up by more than 50% after the healthcare real estate developer said it sold 14 primary care investment properties in the UK for £23.5m.

The properties, which are being sold to Primary Health Investment Properties, had been valued at £22.95m on September 30.

‘This transaction has strengthened our balance sheet and provides a base from which to progress the opportunities in the remaining development pipeline,’ said CareCapital chairman Michael Sinclair.

Shares in Alliance Pharma jumped after the speciality pharmaceutical company said it would acquire Irish peer Cambridge Laboratories, funding the takeover through a placing.

Alliance will pay between £14.3m and £16.4m for the company and will gain ownership of Cambridge’s treatments such as ImmuCyst, used to treat bladder cancer, and a liquid formulation of Vitamin E.

The transaction involves a £14.3m ‘base consideration’ plus a ‘deferred contingent consideration’ of between £1.6m and £2.1m. Alliance is raising £7.5m by way of a placing of 28.85m shares at 26p each. The rest will be paid in cash.

Shares in oil and gas equipment supplier Pressure Technologies moved in the opposite direction after it announced the acquisition of Al-Met, a niche manufacturer of specialised, precision-engineered valve wear parts used in the oil and gas industries.

It will pay up to £2.5m including an initial £2m plus a ‘contingent consideration’ of £250,000.

Aim-listed property group First Property’s subsidiary, First Property Asset Management has signed a contract to establish a seven year closed ended fund to invest in UK commercial property with a cash commitment of £106m.

The fund will be called The UK Pension Property Portfolio and the external investors are exclusively UK pension clients of Stamford Associates. First Property Group will co-invest £1m in the fund. Once invested, the cash commitment will represent an approximate 30% increase in First Property’s assets under management to approximately £400m.

Dyson Group has exchanged contracts with JEMMTEC and completed the sale of its Precision Ceramics business for a sum of £100k.