News

Small caps round-up: Mercury Recycling, Desire Petroleum...

12 September 2008 08:34:00

Fluorescent light tubes firm Mercury Recycling said it was "hopeful" of paying dividends for the year as it reported a rise in first half profits.

The group said last year that it wanted to pay a dividend for this financial year. "On the basis of current trading and in the absence of unforeseen circumstances, I am hopeful that this intention might be fulfilled," said chairman Lord Barnett.

Pre-tax profit surged to £308,000 from £212,000 before on sales that increased to £1.5m from £1.3m.

North Falkland Basin-focused oil and gas explorer Desire Petroleum reported a loss for the half-year ended 30 June of £356,000 compared with a £628,000 loss for the previous half-year.

Administrative expenses rose to £445,000 in the period from £380,000 last time due to reduced recharges to joint venture licences. Cash at end of period stood at £21.6m compared with £21.2m previously.

Technology transfer firm UTEK Corporation has agreed to buy Social Technologies for an initial consideration of $5,088,438 in UTEK Corporation unregistered common stock.

Renewable power producer Econergy International's 25.6 megawatts Beberibe wind farm has started commercial operations. The wind farm, located on the coast of the state of Cearį in the north eastern part of Brazil, has a 20-year contract to sell electricity to Eletrobrįs, Brazil's national utility.

Insolvency specialist Begbies Traynor has raised £13m (gross) through a placing of 7.9m new ordinary shares at 165p each.

Chief financial officer Andrew Dick piggy-backed the placing by selling 1.2m of his own shareholding at the same price, reducing his stake in the company to 7.24% from 9.43%.

The funds raised from the placing will be used to provide working capital for the company, as it prepares for an expected sharp upturn in business at its insolvency practice.

As a result of the placing the issued ordinary share capital of the company will increase by 9.7%.

Investment firm Braveheart said it is no longer considering making an offer for technology company investor Angle.

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