H1F15 Report, page-39

All 3 companies mention had unexpected announcements - it happens and conversely positive announcements occur

Not company destroying events, setbacks to be managed.

In this volatile market downgrading of any share price is instant.

Certainly your appetite for risk/reward has to be at the higher end of the scale when dealing with small caps or any stock for that matter.

There is no infallible formula and you can only go on the numbers as presented and the updates as they occur from the company