Low Carbon Accelerator (LCA), an AIM-listed investor in low-carbon technologies, has disposed of its entire shareholding in solar power specialist Heliodynamics. The progress of the company, in which LCA had a significant minority stake, had lagged the investment firm’s expectations.
London’s tertiary exchange, PLUS, says it has grown its share in trading of small- and mid-cap stocks that are also listed on the London Stock Exchange (LSE). It also claims to be making inroads into large-cap trading in the UK.
A company formed to invest in growth businesses operating in China has raised US$25.38 million (£13.1 million) on AIM. Yangtze China Investment will invest in unlisted companies that it expects to benefit from rising spending by the expanding Chinese middle class.
An online back-up and recovery business with data centres in the UK and Iceland has gained a new CEO and non-executive chairman. Securstore has appointed Orn Gunnarsson and Bjarni Armannson respectively to the roles, each of whom will take a stake of 25 per cent in the business.
A minerals process and project management services provider to the mining industry is poised for growth after a £4.4 million flotation on AIM.
The management of the Noble Health Fund VCT says the decline in its net asset value (NAV) per share is due to the poor share price performance of the AIM-listed companies in its portfolio. The trust’s final results show a fall in NAV of 14 per cent to 77p over the year to January, or six per cent to 90.5p when dividends are taken into account.
A London group that specialises in the exploration and mining of iodine and natural gas is to expand its operations after securing fresh funding through an admission to AIM. Iofina, which has interests in the US, raised more than £15.1 million through the IPO after placing some 27.4 million ordinary shares at 55p each.
Initial public offerings (IPOs) of private equity-backed companies outperform other IPOs by nine per cent in their first year of listing, according to research from Cass Business School in London.
City professionals are split down the middle when it comes to their plans to curb their personal spending, according to a survey from recruitment network eFinancialCareers. Almost half of respondents (48 per cent) are planning major cutbacks, while the remainder are more confident in their ability to sustain past levels of spending.
Leisure & Media VCT, which was established by investment firm JO Hambro and chartered surveyor Humberts Leisure, will be placed in voluntary liquidation in 2009, according to its management. The company is making no new investments and has halved the size of its board in preparation for the wind-up.
Entrepreneur John Florey is seeking to raise between £750,000 and £1.25 million in a pre-float funding for The Kalashnikov Joint Stock Vodka Company (1947). The company, maker of ‘AK47’ and other vodka brands, intends to tap AIM later this year for a £6.6 million funding programme.
An investment vehicle established to invest in the Vietnamese property market has raised US$90 million (£46 million) on AIM. Vietnam Property Fund’s initial public offering (IPO) is the largest this month, raising more than all other AIM IPOs combined.
Shore Capital, manager of the Puma VCTs, has said the trusts have shown resilience in the face of wider turmoil in the financial markets. In the 14 months to February, Puma VCT and Puma VCT 2 suffered falls of 3.7 and 3.5 per cent respectively in their net asset value (NAV) per share including dividends.
The value of trades on PLUS was £3.04 billion last month, according to data released by the tertiary market. Some 364,000 trades were made, an average of 19,159 per day, against 16,554 a day on AIM.
Companies from the Middle East and North Africa have raised a total of £1.37 billion in AIM initial public offerings (IPOs), according to a report from Growth Company Investor, a sister title of GrowthBusiness.
A company which invests in and advises businesses in China has floated on PLUS. Shares in Geo Genesis Group surged more than 60 per cent to 56p on their first day of dealings and have increased further since the announcement of a partnership with a Chinese bank.
Some £219 million was raised by venture capital trusts (VCTs) over the 2007/2008 tax year, down 18 per cent on the year before. But this was better than expected, according to the Association of Investment Companies (AIC), which compiled the figures.
A New Jersey-based manufacturer of animal health and nutrition products has floated on AIM, raising $45 million (£22.8 million). Phibro Animal Health raised the bulk of the money from institutional investor 3i, which paid $97.2 million (including a previous investment) for a stake of 29.9 per cent in the company.
Shareholders in technology-focused Gateway VCT have voted to appoint asset management firm Aberdeen as investment manager for the fund. The decision comes after four consecutive years of pre-tax losses, culminating in a loss of £1.8 million in the year to March 2007.
One of the managers of the Income & Growth VCT, Matrix Private Equity Partners, has taken over the sole investment mandate for the trust. The move reflects the VCT’s increased focus on management buy-outs and move away from technology investments.
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