IPO & City News

Private shareholdings halve in 18 months

The value of private shareholdings in the UK stock market fell to £138 billion by September as a result of net selling and falling valuations. Monday, 20th October 2008

Rathbone starts offshore sell-off

London-based wealth management specialist Rathbone Brothers has sold its trust operations in Jersey to its management team. Wednesday, 15th October 2008

‘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’. Tuesday, 30th September 2008

VCT investment opportunities ‘reduced’

Andrew Boyle, chairman of the Apollo VCTs, says that there are fewer opportunities matching the funds’ investment criteria due to the economic downturn. The statement comes as the VCTs report ‘stable’ performance in the six months to July. Monday, 29th September 2008

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. Wednesday, 24th September 2008

Market sentiment holds back SPARK VCTs

The managers of the three SPARK VCTs say poor market sentiment is restricting exit opportunities and constraining them from making new investments. They add that the environment for both disposals and funding ‘shows no sign of improving in the short term’. Tuesday, 2nd September 2008

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. Tuesday, 2nd September 2008

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. Tuesday, 2nd September 2008

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. Tuesday, 2nd September 2008

VCT’s fundraising falls short

Edge Performance VCT, which aimed to raise £25 million in an offer of ‘D’ shares straddling two tax years, has brought in £19.2 million. The VCT, which focuses on the entertainment industry, fell short of its targeted sum despite twice extending the offer’s closing date. Tuesday, 19th August 2008

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Deal Zone AIM, VC and PLUS deals as they happen

Latest Deal Zone deals
Company	Industry	Market	Raised	Date
Clash-Media	Sales & Marketing	VC	£1.5 million	Nov 2008
Argo Group	Investment	AIM	nil	Nov 2008
Medilink-Global	Health	AIM	£2.1m	Nov 2008
Enara	Health	VC	£20 million	Nov 2008
Knomo	Retail	VC	£490,000	Nov 2008
LM Technologies	Electronics	VC	Undisclosed	Nov 2008
The Carlyle Group	Aerospace	VC	Undisclosed	Nov 2008
Willowbrook Healthcare	Health	VC	£53 million	Nov 2008