Small Cap Value Report (Tue 6 Aug 2019) - VCP, W7L, ANX

Good morning, it's Paul here.
Yesterday saw a sharp downturn in US markets. The Samp;P 500 is down 7.5% in the last week. The catalyst seems to have been an escalation of the US-China trade war, and China devaluing its currency. How this affects UK small caps? Who knows!
My view is that the avalanche of takeover bids, is the more interesting story, and a good reason to remain invested in UK shares.
Please see the header for the companies I intend writing about today. Plus of course I always read the subscriber comments below, and if anyone makes a good case for why a particular company's results/trading update looks interesting, then I follow up on those when time permits.
Estimated completion time today is about [edited, as VCP took me longer than expected]:  7pm-ish, and I'll sign off once there will be no more updates. Hopefully the above manages expectations, especially for newer subscribers who haven't quite got the hang of the erratic way that I work.

Jack Wills
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