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UK SMALLCAP ROUNDUP: Resaca Exploration Shelves Share Sale

Wed, 30th Jun 2010 16:00

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps RESACA EXPLOITATION INC. (RSOX.LN), an oil and gas company, said Wednesday it postponed a planned share issue due to market conditions. Resaca planned to sell 20 million shares to raise an unspecified amount as part of a deal to merge with peer Cano Petroleum Inc. (CFW). Talks about the merger are ongoing, Resaca said. Shares suspended at 58.5 pence. HMV GROUP PLC (HMV.LN), a CD and DVD retailer, said its strategy of diversifying its business away from CDs and DVDs remains on track, although the CD market didn't decline as much as it had expected in fiscal 2010. It posted a rise in fiscal 2010 pretax profit, driven by a record sales performance, although its overall result was dragged down by a weaker performance at its Waterstone's bookstore chain. At 1427 GMT, shares +7 pence, or 12%, at 64 pence. NORTHGATE PLC (NTG.LN), a van rental company, said it will continue to increase its rental rates and finish restructuring its U.K. operations in an effort to grow earnings, after raising rates and trimming its fleet helped it swing back to a fiscal-year profit. At 1426 GMT, shares +19.5 pence, or 13%, at 171.75 pence. SCOTT WILSON GROUP PLC (SWG.LN), a U.K. engineering consultant, said its board will give its recommendation to shareholders on the company's bidding war Thursday after the U.K. Takeover Panel set a deadline for a revised offer from U.S. firm URS Corp. (URS). URS must confirm to Scott Wilson by 1600 GMT Wednesday that it intends to match or improve upon CH2M's cash offer for Scott Wilson or the Scott Wilson board can withdraw its recommendation for the URS Offer. Either way, URS must also confirm its intentions by no later than 0630 GMT Friday. At 1426 GMT, shares flat at 261 pence. FUTURA MEDICAL PLC (FUM.LN), a pharmaceutical company, has signed a deal with GlaxoSmithKline PLC's (GSK.LN) consumer healthcare unit to develop a painkiller. GlaxoSmithKline will be responsible for the clinical and regulatory development of Futura's TR100 and Futura will receive "modest" annual payments, the company said. It wasn't more specific. At 1426 GMT, shares +1.75 pence, or 4.3%, at 42.75 pence. CHORION PLC, a privately-held media company, said it plans to exploit its brands across newer platforms like Apple Inc.'s (AAPL) iPhone, as it posted an 11% rise in fiscal 2010 earnings before interest, tax, depreciation and amortization, driven by the launch of its brands in new territories like the U.S. MANAGEMENT CONSULTING GROUP PLC (MMC.LN), a professional services group, said the trading climate has eased from the extremely difficult conditions last summer. The group's Alexander Proudfoot unit--which offers services to companies to improve efficiencies and cut costs--has significantly more leads for new business than at any stage in 2009, it said. At 1426 GMT, shares flat at 24 pence. ATH RESOURCES PLC (ATH.LN), a coal company, said it received an approach to purchase its land regeneration business. The unit recovers the remaining coal from old mine sites and cleans up the land so it can be sold on or developed. At 1425 GMT, shares -4.5 pence, or 6.6%, at 63.5 pence. GW PHARMACEUTICALS PLC (GWP.LN), a drug maker, agreed to extend a research collaboration with Japan's Otsuka Pharmaceutical Co. Ltd. for another three years. The two companies have worked together for the past three years, testing whether compounds derived from cannabis can be used to treat a variety of illnesses, including cancer and diseases of the central nervous system. At 1425 GMT, shares -3.5 pence, or 2.8%, at 120 pence. CARECAPITAL GROUP PLC (CARE.LN), a healthcare property company, said it teamed up with Proton Therapy USA to set up a network of five proton therapy centers in the U.S. and U.K. The two companies have formed Proton Therapy Global Management, which is seeking to raise several hundred of millions of dollars to invest in proton centers. At 1424 GMT, shares +0.13 pence, or 1.5%, at 8.75 pence. CINEWORLD GROUP PLC (CINE.LN), a U.K. cinema company, posted a 3.7% rise in first-half sales on the year, boosted by the release of 3D blockbusters like Avatar and Alice In Wonderland, and said it expects to benefit from a significant number of 3D releases in the second half. Cineworld's box office sales rose 4.1% on the year in the 26 weeks to July 1, with films like Iron Man 2 and Sex and the City 2 also proving popular with customers. At 1424 GMT, shares -3 pence, or 1.5%, at 198 pence. CLARKSON PLC (CKN.LN), a shipping services group, said first-half trading is ahead of its expectations, reflecting an improvement in shipping markets and foreign exchange benefits. At 1424 GMT, shares +28.5 pence, or 3.3%, at 888.5 pence. BIOCOMPATIBLES INTERNATIONAL PLC (BII.LN), a medical technology firm, said its licensee and marketing partner Merz Pharmaceuticals GmbH has temporarily suspended shipments of its aesthetics injectable filler Novabel after some patients reported adverse reactions. At 1423 GMT, shares -6.5 pence, or 2.5%, at 255 pence. MATTIOLI WOODS PLC (MTW.LN), a pension consultant, said it is positive for fiscal 2011 and said it was still looking to make acquisitions within the self-administered pension schemes and self-invested personal pension markets. At 1423 GMT, shares +1.5 pence, or 0.7%, at 208.5 pence. DJ UK Smaller Cos +0.4% AIM -0.1% -By Hannah Benjamin, Rachael Gormley and Jason Douglas, Dow Jones Newswires; +44 (0) 20 7842 9272; uksmallcaps@dowjones.com (END) Dow Jones Newswires June 30, 2010 11:00 ET (15:00 GMT)
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