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Premaitha share issue - not a grovel sort of placement: BUY

By HotStockRockets | Friday 17 February 2017

Disclosure: Financial Investigative Media Limited, which is not owned by Tom Winnifrith but by a trust for his dependants, owns shares in companies mentioned in this article. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

After two pieces of good news in as many days you do not need to be cynic of the year to expect a placing. But this is not a placing as in the company's broker goes and grovels to fund managers. Premaitha (NIPT) was approached and asked it wanted cash and so has taken £1.487 million at 8.75p per share from Harwood Capital

There is no cash crunch but ahead of the Illumina case and with new orders for IONA coming in fast it is always good to have a buffer. We expect that this will be the last placement and it is not as if Harwood is going to flip into any strength - it is not that sort of investor.

And thus as we await more news on IONA rollout - and we do not expect to be waiting long - the shares are now back to 10.25p-10.75p and our stance remains BUY.

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