News

Growing losses at Braemore Resources had the nickel and platinum miner lower Monday, although it remains confident of the firm's intrinsic value.

The group, which recently raised £6.5m, reported a £1.41m loss for the year ended 30 June, out from £923,000 in 2007, on revenue of £8.96m.

Circle Oil lost $2.15m in the six months ended 30 June 2008, twice the figure for the previous year, due mainly to net financing costs associated with the $30m convertible loan drawn down in July 2007.

DHX Media has agreed to merge with entertainment content ownership firm Entertainment One in a deal that values the Canadian TV and interactive content producer at $1.59 a share, or $68m (£38m).

The tie-up will be structured as a reverse takeover of Entertainment One by DHX, with the combined company listed on both AIM and the Toronto Stock Exchange.

Mobile software developer i-mate is considering ditching its AIM quote after reporting a $134.5m drop in full year revenue and $61.6m loss in what it called a "disastrous" year.

The group blamed supply limitations for legacy products, product quality issues from new suppliers, patent-related delays, a legal dispute and delayed consumer acceptance of new products.

Kazakhstan based oil exploration and development company Roxi Petroleum has still not secured the medium term funding needed to develop its existing assets.

It said in May that more cash was needed, but talks with possible backers fell through. The company is in "advanced discussions" with several alternative potential funders to provide short and medium term development funding for its existing assets.

Reduced exploration activities helped gold miner Hidefield Gold narrow pre-tax losses to £423,000 in the year to June 30, compared with £731,000 over the same period a year ago.

The company has been held back by difficulties obtaining financing in the current market.

East Russia-focused base metal miner Amur Minerals said it had scaled back drilling efforts and posted pre-tax losses that narrowed to $1.06m in the year to June 30 from $1.16m over the same period a year ago.

Investment company Equity Special Situations slipped heavily into the red in the first half of 2008, with a pre-tax loss of £8.27m versus a profit of £2.32m the year before.

The aggregate value of its investment portfolio fell from £51.4m at the end of December to £50m at the end of June 2008.

Global Brands, the owner of the Domino's Pizza franchise rights in Switzerland, Luxembourg and Liechenstein, saw losses before tax almost unchanged in the first half of 2008, at SF.0.552m versus SF.0.553m a year earlier. However, exceptional charges of SF.0.76m relating to the reorganisation of the company and the replacement of the previous management regime pushed the company further into the red.

Since the new management came on board in March the group has seen an 8% improvement in same store turnover. The company plans to open two more stores in Geneva and one in Neon by the end of 2008 as part of its expansion programme.

Bulgarian residential property fund Lewis Charles Sofia Property Fund saw its net asset value per share rise 5% in the first half of 2008 to 122p.

Profit before tax was €5.3m after taking a gain of €8.7m on the revaluation of investment property.

Canada-focused miner Pan Pacific Aggregates has secured a new nominated adviser and had its suspension from trading on AIM lifted.

Dowgate Capital Advisers has been appointed as the company's new nominated adviser (Nomad).

The company is switching its operational focus to the development of an aggregates business in the Fraser Valley, after operations at the Pumptown quarry were curtailed due to the weakness of the bridge used to transport goods out of the quarry.

Negotiations are in hand to provide alternative access to the quarry without using the bridge.

By the end of the year the company intends to have two operating units in production.

Ireland-based Iranian explorer Persian Gold saw loss before tax in the first half of 2008 widen to £0.19mfrom £0.16m.

"We are alone in Iran with a choice of high class projects," claimed John Teeling, company chairman. "We expect to move forward with at least one of our current projects as well as acquiring new ventures. We are looking at options on how to finance these activities," Teeling added.

Skincare group DermaSalve's shares remain suspended after the company admitted it was unable to make payments on an outstanding £632,000 convertible loan held by Trafalgar Capital Specialised Investment Fund.

The company said it is seeking new sources of funding in both Europe and the US.