Thursday March 27, 09:13 AM
UK smallcap opening - Xploite lower as possible offer talks cease
LONDON (Thomson Financial) - Punters made for the exit in IT services company Xploite, 9 pence lower at 41-1/2, an in-line trading update being offset by news that possible offer talks have ceased.
Also heading lower, Wolfson Microelectronics
(LSE: WLF.L - news) retreated 30 to 112 after the company revealed 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.
Wolfson said the impact on second-half revenues, stemming from the loss of the contract, is expected to be mitigated by stronger than expected growth across its customer base and from other applications.
Still with the walking wounded, shares in Enova Systems (LSE: ENVS.L - news) , which makes electric and hybrid drive systems for vehicles, dropped 53 to 215 as full-year net losses widened and the company disclosed plans to raise 4.2 mln stg before expenses via a placing at 195 pence a share with institutional and other investors.
Another hungry for cash was Avanti Screenmedia, 0.6250 adrift at 2.750. The digital screen media company revealed widening half-year losses and said it is exploring ways to raise further immediate funding.
News of increased losses also upset the market in Oxus Gold (LSE: OXS.L - news) , 2 off at 20, and Cyan Holdings (LSE: CYAN.L - news) , 0.250 lower at 4.6250.
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