Small caps: Iofina, WYG, Akers Biosciences

WYG, a management and technical consultancy to the built and natural environment says it will report a small operating profit in the first six months of the current year. The group is also poised to buy all three of WYG Ireland's subsidiaries in Northern Ireland, securing the jobs of around 90 employees in Belfast. WYG Ireland is going through a liquidation process.

By MoneyWeek

published 17 September 2012

Iodine explorer and producer Iofina has reported like-for-like losses of £0.67m in the six months to the end of June. That compares to a loss of £0.43m in the same period of 2011. Revenues have also fallen from £5.95m to £4.9m. The group has however completed construction of its "IO#1" extraction plant with construction also underway on a second facility. The group's shares have gained 170% in the last 12 months as iodine prices have strengthened.

Akers Biosciences, which makes diagnostic and screening products, has raised $450,000 through an investment from US entrepreneur Thomas Knox. Knox has received 30m shares for his investment, which was made at 1.50 cents per Akers share, representing a small premium to the closing mid-market price of 1.2 cents (0.75p) on the trading day before the placing announcement. In addition Knox has provided a $225,000 3% promissory note in exchange for 10m preferred shares at 2.25 cents each. The preferred shares are convertible at any time into common shares, at the rate of 5 common shares for each preferred share, for an additional payment of $0.05 per converted Preferred Share. This conversion price is equivalent to $0.0145 per commons share and, if all the preferred shares were converted, would raise an additional $0.5m. The group has also reported revenues for the half year falling from $1.09m in the first half of 2011 to $0.787m this year. Losses have also widened from $0.838 to $1.02m.