News

Software specialist Flomerics said it continues to believe that Mentor Graphics' bid undervalues the company, adding that it is actively assessing other alternatives available, including potential interest expressed by a number of other parties.

Any discussions with other interested parties are at an early stage and there can be no certainty that an alternative offer will be forthcoming, the group said.

Eco City Vehicles confirms that it is in advanced negotiations that may or may not lead to a substantial commercial contract. The company said it anticipates that a further announcement will be made to the market in the near future.

Increased expenditure on drilling pushed full year losses at Beowulf Mining to £362,638 from £318,276, although it believes it could take Grundträsk forward to a mineable stage with further positive drill results. The firm, which has six projects in Northern Sweden, said it will work hard during the rest of 2008 to boost the value of its exploration and development assets.

Shares in Valiant Petroleum sank as it revealed drilling on UK North Sea blocks 9/22 & 9/23c , on the Globe prospect, had been abandoned after nothing was found. The secondary target, Roebuck was also dry.

"While the Globe result was disappointing, we view our exploration program on a portfolio basis and look forward to drilling the rest of the prospects in our 2008 exploration campaign during the second half of the year," chief executive Peter Buchanan said.

Oxford BioMedica has seen more positive results from Phase II trials of TroVax in metastatic (advanced) renal cancer. "These updated analyses of three trials in metastatic renal cancer further support the mechanistic rationale that the immune response induced by TroVax has potential for clinical use in this setting.

In addition, the results provide important safety and immunogenicity data for TroVax when administered in combination with two standard therapies for metastatic renal cancer, " Mike McDonald, Oxford Biomedica's chief medical officer said.

"We look forward to the results from the ongoing Phase III TRIST study of TroVax in metastatic renal cancer, anticipated in the first half of 2009," he added.

Global Energy picked up on a successful test result for the Boral 1 exploratory well within the Colombian Rio Verde contract. The final stabilised test rate using a submersible pump was 630 barrels daily with a water cut of 11.6%.

"We are delighted with the success of the Boral 1 well, especially considering it was an exploratory well. The success not only greatly supplements the company's production volumes but it also now allows for the development of the Boral field which holds several further drilling locations and the reclassification of reserves," managing director Stephen Newton said.

Investment bank and stockbroker Blue Oar has bought independent agency stockbroker and bespoke private client discretionary fund manager Astaire & Partners for £1.67m in acsh and shares.

Aim-listed Timestrip, which makes disposable labels that monitor lapsed time, saw full-year pre-tax losses widened to £1.7m compared to a restated loss of £1.1m last time, but said it remains confident in its ability to secure large contracts with major corporations.

Shares in Ramco Energy moved higher after it announced the formation of a new wind farm subsidiary. Ramco will have an 88% interest in SeaEnergy Renewables, which recently completed the Beatrice wind farm development for Talisman Energy and Scottish and Southern Energy, with the founding management team owning the remainder.

"I have been searching for the right entry point to the marine renewables business since first realising the enormous future potential that this industry has," chairman Steve Remp said.

"With the Beatrice wind farm team in place, I believe SeaEnergy has the key to start to unlock that potential."

Mexico-focused silver miner Arian Silver saw its working capital dive 60% in the first quarter of 2008 as it racked up losses of $0.9m.

Working capital fell to $1.34m at the end of March 2008 from $3.5m at the end of 2007, but since the end of the first quarter the company has raised C$3m through a placing of 12m units at C$0.25 per unit.

The company's first quarter loss of $0.9m was an improvement on the loss of $1m in the first quarter of 2007.