News

Aurum Mining had its shares suspended after its subsidiary Andash Mining was named as third party to a civil case to be heard in Kyrgyzstan.

"The case concerns a historical transaction involving the transfer of a number of assets (of which the Andash asset is one) prior to Aurum's acquisition of Andash Mining Company in January 2005," it said.

As a result of the civil proceedings, the court has ordered a temporary cessation of any further financial transactions within all named third parties, including Andash Mining.

"In the light of the lack of clarity surrounding the situation, trading has been suspended in the company's shares with immediate effect," it said.

Digital ad specialist Independent Media swung into a full year pre-tax profit and said it expects to make further profitable progress in the current year.

Pre-tax profit rose to £1.25m in the year ended 31 December compared to a loss of £208,000 last time on turnover up 59% to £6.89m. The total dividend for the year is up 5.6% at 1.03p.

Intec Telecom has won a multi-million dollar convergent billing contract with government-owned Uruguayan operator Antel.

The telecoms billing software firm said it is the largest contract it has secured to date.

"We are delighted to confirm this significant convergent billing contract which helps underpin our expectations for growth in the Caribbean and Latin America region for 2008 and 2009," said chief executive Andrew Taylor.

Ideal Shopping Direct reported a 14.6% increase in like-for-like sales for the year to end December, but pre-tax profits fell to £5.8m from £6.1m, mainly due to restructuring costs.

The TV shopping firm said it has made an encouraging start to 2008 with sales up 6.4% over 2007.

"This year has started well and we are confident that the investments made in 2007 position us to make good progress in 2008 and beyond," said chairman David Williams.

Hot Tuna has raised £585,000 by placing 58.5m new shares with certain institutions and other investors.

The group, which provides surf clothing, also announced that David Lenigas will replace Ranjit Murugason as non-executive chairman.

Upstream oil and gas firm Salamander will sign a cross-assignment agreement with PetroVietnam Exploration, in relation to both companies' respective acreage in Lao PDR.

Salamander will assign a 25% working interest in its operated Savannakhet to PetroVietnam in return for a 20% working interest in PetroVietnam operated Champasak & Saravan, both licences in Lao PDR.