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• Investors deserting small-caps, says VCT

  Julian Avery, chairman of Invesco Perpetual’s AIM VCT, says the sharp decline in the fund’s assets reflects ‘extreme aversion to investment in UK companies with low market capitalisations’. Net assets shrunk to £28.4 million in the year to May, a decline of 41.4 per cent.

• Cancer vaccine specialist in PLUS IPO

  A company developing a pipeline of cancer vaccines has raised £1.55 million in an initial public offering (IPO) on PLUS. Scancell raised the money through AIM-listed broker St Helen’s Capital. 

• RAK Real Estate floats on PLUS

  A cash shell for investing in Middle Eastern and North African property businesses has floated on PLUS. RAK Real Estate, which is incorporated in the British Virgin Islands, intends to complete a reverse takeover of a suitable company through an issue of shares, at which point it will become a trading business.

• BioEnergy Africa raises £8.6 million

  A company focused on the production of ethanol from sugar cane in southern Africa has listed on AIM. BioEnergy Africa raised £8.6 million through a placing at 12.5p, representing 20.7 per cent of its enlarged share capital.

• ‘Severe illiquidity’ hurts AIM VCT

  Pennine AIM VCT has announced a year-on-year decline of more than one-third in its net asset value per share, from 70.7p to 44.1p, as Chairman Hugh Gillespie says the fund’s management is constrained by the ‘severe illiquidity of most AIM stocks, along with the restrictions imposed by the VCT regulations’.