ProVen VCT produced a positive total return for investors last year thanks to a number of profitable exits, including that of marketing group Gyro International. Though the company’s net asset value per share fell 6.2 per cent to 121.6p in the year to February, dividends of 13p lifted total returns to 2.5 per cent.
An index has been launched to track the performance of 450 green companies worldwide. The FTSE Environmental Opportunities All-Share Index has been produced by environmental investment specialist Impax Group in partnership with FTSE and contains companies from the new energy, waste management and pollution control sectors.
Social housing maintenance provider Mears is to leave AIM and join the Main Market of the London Stock Exchange in order to offer improved liquidity to its investors. The group, which generated turnover of £305 million last year, will also list its shares on PLUS.
A Guernsey-incorporated fund has raised almost £100 million to invest in India’s power and energy sector after completing a dual listing. KSK Emerging India Energy Fund has a market capitalisation of £101 million after its shares started trading on AIM and the Channel Islands Stock Exchange.
An oil and gas exploration and development company is to expand its interests in India after raising £25 million on AIM. Indus Gas has been valued at £300 million following the IPO, which was managed by nominated adviser Arden Partners.
Pegasus, an Arizona-based manufacturer of two-seater kit helicopters, has floated on PLUS with a market capitalisation of £23 million at 11.5p per share. The helicopters will cost between £60,000 and £75,000 and the company already has an order for 25 units.
Venture capitalist Octopus Investments has launched its Titan 3 VCT. The fund plans to raise up to £25 million in the 2008/09 tax year and aims to support up to 30 unquoted companies headquartered in the UK.
Investors in shipbuilding support business TGE Marine have generated a return of more than 20 times their investment after the company’s initial public offering (IPO) on AIM. London-based private equity firm Caledonia Investments and Swiss co-investor Capital Dynamics retain a minority of their holdings in TGE following the £67 million IPO.
Northern 3 VCT has announced an increase in its net asset value per share from 95.2p to 96.3p, excluding dividends, in the 18 months to March. The trust’s performance was boosted by the sale of business events organiser Ithaca Holdings to United Business Media for £14.25 million, and that of HR software supplier KCS to FTSE-100 software group Sage for £20 million.
Tim How, chairman of Framlington AIM VCT, says that the junior market is unlikely to overcome its current problems until trading volumes return from their ‘current very low level’. How’s comments come as the VCT announces a fall of 33 per cent in its net asset value, including cumulative dividends, in the year to March.
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.
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The three-man team at Top10.com, who have only ever been entrepreneurs in the internet world, are looking to take their comparison platform to the world following a new venture capital funding round.
Fox Williams partner Peter Ashford and associate Evie Meleagos examine the issue of cross-border litigation and present the facilitators and impediments.
It's that time of the year again, when George Osborne unveils his latest batch of economy boosting ingredients.