Thursday March 27, 12:14 PM
UK small caps stay higher at midday; Ardana soars 90 pct on bid approaches
LONDON (Thomson Financial) - UK small caps remained higher at midday, lifted by wider market strength, with Ardana (LSE: ARA.L - news) soaring nearly 90 pct as it said it has received approaches regarding a possible offer for the company.
At 11.49 am, the UK Small Cap index was 6.9 points higher on 3,011.8, while the FTSE 100 index rose 49.7 points to 5,710.1.
Ardana gained 8-1/2 pence to 18 pence, as it confirmed it has received a number of approaches which may or may not lead to an offer for the company.
The pharmaceutical firm said the sale process has generated significant interest in potential licensing opportunities for its products.
It (Frankfurt: A0MLX5 - news) added that it sees no reason for the significant fall in its share price since the announcement of proposed sale or merger of the company on Feb 19.
Niche Group (LSE: NGP.L - news) rose 0.05 penny to 0-1/4 as it gave a half-way trading update. Cosentino Signature Wines (LSE: MCOZ.L - news) was up 3 at 24 following a swing to full-year profits and a confident statement. Reacting, Seymour Pierce stayed 'hold', noting the group's 'dramatic turnaround' from a problematic 2006 post-Initial Public Offering.
Northern Bear (LSE: NTBR.L - news) was 5 better at 96-1/2, as the holding company for a portfolio of Northern-based building services businesses said it expects full-year turnover and pretax profits to be at the upper end of market expectations.
Laura Ashley rose 1-3/4 to 21-1/2 after a full year pretax profit rise, which prompted Numis to keep a 'buy' rating on the stock.
Airsprung Furniture (LSE: APG.L - news) stayed 4 up to 39-1/2 after saying current indications are that full-year group sales and operating profits will be ahead of the previous year's.
A bullish update from simulation software company Flomerics Group lifted shares 9 to 93.
In deal news, Business Direct Group (LSE: BDG.L - news) gained 0-1/4 penny to 1.375 after signing a 3-year deal with Parcelforce Worldwide, part of the Royal Mail Group, for access to Business Direct's network of over 4,200 ParcelXchange intelligent locker secure drop-boxes.
Silanis International climbed 1-1/2 to 11 after its Silanis Technology Inc unit won a 400,000 usd contract to provide online electronic signing technology to a US-based Fortune 250 financial services company.
Allied Gold took on 5-1/2 to 40 following news that Barrick Gold Corporation, the world's largest gold producer, will fund up to 20 mln aud in order to gain a 70 pct interest in the exploration licence that encompasses Big Tabar and Tatau Islands. Barrick will subscribe for 17.6 mln ordinary shares in Allied Gold at 0.85 aud a share, thereby injecting 15 mln aud into Allied Gold.
Your Space (LSE: YSP.L - news) ticked up 12-1/2 to 106, following an upbeat trading statement, as it said the current financial market turmoil is presenting it with numerous opportunities for commercial use of prime location buildings with relatively low cash contributions from the company.
Petrolatina Energy (Frankfurt: A0D9AP - news) edged up 0-3/4 penny to 6-3/4 after the Colombia-focused oil and gas company proposed a 1-for-5 share consolidation and said it plans to increase its authorised share capital.
Salamander Energy (LSE: SMDR.L - news) rose 1 to 293-3/4 as it reported a swing to full-year pretax profit, which prompted Merrill Lynch (NYSE: MER - news) to keep a 'buy' rating on the stock.
Modest progress was also seen in William Ransom, 0-3/4 penny firmer at 10-1/2, after the natural healthcare company confirmed the appointment of Ivor Harrison as chief executive.
Harrison was previously managing director of Maximuscle, where he repositioned the brand, and was responsible for a significant improvement in financial performance which led to a successful exit for private equity investors.
But Avanti Screenmedia was hard-hit, dropping 0-3/4 penny to 2.625 -- more than a 20 pct slump -- as it said its first half pretax loss widened on restructuring costs, adding that it is exploring ways to raise further immediate funding.
Enova Systems (LSE: ENVS.L - news) fell 53 to 215, as the maker of electric and hybrid drive systems for vehicles reported a widened full-year net loss.
It cited rising costs related to the winning of new business, which offset a sharp increase in sales.
Cyan Holdings (LSE: CYAN.L - news) was also lower on widened losses, down 0-1/2 penny to 4.375, as was Oxus Gold (LSE: OXS.L - news) , down 2 at 20.
The end of possible offer talks knocked 9-1/2 from Xploite, on 41, offsetting the IT services company's in-line trading update.
Meanwhile, Wolfson Microelectronics (LSE: WLF.L - news) shed nearly 25 pct with a drop of 35 to 107, after revealing it has failed to win a media player design contract from a major customer. However, it still expects to meet the market's full-year revenue forecasts, thanks to growth in other areas.
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