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Film producer Pinewood Studios has revealed that it is in negotiations with the Isle of Man government to advise on a media development fund for an initial period of five years. If an agreement is reached, the company will source and advise on film investment opportunities for its £25m Media Development Fund (MDF)

The company has not proposed a dividend payment.

Moore believes that market demand for TEG's services remains strong, and said the company has a strong pipeline of tender opportunities. Demand for the group's own plant operations is on the rise, and the board expects this part of the business to put in a strong performance this year.

"The last year has proved to be challenging for the company and in particular the difficulties faced by the industry in securing project finance have had a significant impact, resulting in long delays and disappointments in losing key projects that the company had worked hard to secure," said Nigel Moore, non-executive Chairman of TEG. "The board has taken all the steps it could to secure funding and its strategic review considered all the options open to the company," Moore added.

Revenue from continuing operations slipped to £17.87m from £20.74m in 2010. Waste volumes grew by 32% with the group processing 244,000 tonnes in 2011 (2010: 185,000 tonnes) with average gate fees across plant operations continuing to rise, up 16% on the prior year. Loss before tax and exceptional items widened to £1.74m from a loss of £0.63m the year before. Once exceptional costs of £6.26m are factored in, the 2011 loss was heavier still, at £7.85m. The £6.26m charge was a non-cash impairment adjustment relating to the group's Perth IVC and Sherdley Farm IVC facilities.

All of the above resulted in cash flow problems for the company, as mentioned in previous stock exchange announcements. In all, the money being retained by the customer pending completion comes to around £1m. The proceeds from the open offer will alleviate TEG's working capital restraints. Once the money comes through from the delayed projects, the firm will then have money to invest in new projects. Despite all of the tribulations it faced, the group said trading results in 2011 were ahead of market expectations.

The first site, in Rochdale, ran into delays but the company is expecting payment for its work later this year, along with payment for work done on the sites in Bredbury and Trafford. Following a significant delay, the company received the instruction to proceed on a fourth site, in Bolton, in June 2011 only to run into technical difficulties because of sub-ground conditions. The facility is due to be completed and commissioned in the first half of 2013. As well as delays to the Greater Manchester project, closure on a facility in Dagenham, Essex, did not take place when it was expected back in the second half of 2011, while TEG also had to write off £100,000 in bid costs last year for a North East Wales project after its joint venture partner, NEAT Biogas, failed to raise the necessary finance

The open offer is subject to certain resolutions being passed at a general meeting which has been called for June 25th. Should the open offer not proceed and there be any further delays in the receipt of income from certain projects, the directors believe this will place the company in a position of significant uncertainty and the company's status as a going concern will require review. The projects alluded to chiefly relate to a contract awarded in 2009 for the provision of four TEG in-vessel composting (IVC) silo cage facilities to the Greater Manchester Waste Authority.

TEG is looking to raise around £1.8m (net) by means of an open offer to shareholders on the basis of 57 new shares at 3p each for every 100 shares held. Up to £1.2m of the open offer has been conditionally underwritten by Weekcorp, while separate undertaking agreements covering around £0.6m of the shares have been signed with TEG shareholders Bridges Ventures and Impax Asset Management. The offer price represents a 59% discount to the closing price mid-market price of 7.25p per Ordinary Share on June 1st, the last trading day in London prior to this announcement of the open offer

Up for sale green technology company TEG Group has decided to go it alone but it needs a cash injection from shareholders to tide it over while it waits for payment for completed work to feed through. The company put itself up for sale back in January and received some indicative proposals from interested parties, but discussions dragged on, leading to uncertainty, so the company intends to continue as an independent company.

The share price rose 0.7% to 357.50p by 12:58

"In the Falkland Islands, the Sea Lion discovery in the North Falkland Basin has confirmed the existence of commercially exploitable hydrocarbons. To the south, the Darwin well recently drilled by Borders & Southern Petroleum has proved the existence of a working hydrocarbon system and supports the prospectivity of the South Falkland Basin. Both outcomes make further exploration work certain."

"For the current year, trading has been satisfactory and in line with our expectations. Whilst we do not expect the rate of growth achieved across the group in the year ended March 2012 to be repeated in the coming year, in the medium term we are confident of further growth at Momart, steady progression at PHFC and in the Falklands our assets and businesses are well placed to take advantage of the transformational change which seems increasingly likely

Momart, the group's art handling and logistics business, continued the recovery seen in the first half and produced a much improved performance for the year. Helped by the strength of the commercial art market, total revenue increased by 13.5% to £15.0m (2011: £13.2m) and underlying operating profit rose by £0.43m (81%) to £0.96m (2011: £0.53m). Chairman David Hudd said: "Our market leading businesses continued to prove resilient and delivered good results in difficult economic conditions.

Divisionally, Falkland Island Company had a satisfactory year with a small decline in profits from £1.61m to £1.52m on revenues 0.4% higher at £14.98m, continuing record levels seen the previous year. Portsmouth Harbour Ferry Company (PHFC) delivered another robust performance with revenues rising by 11.5%, reflecting the increase in fares and mild winter weather, which more than offset the substantial increase in operating costs following the June 2011 installation of the new pontoon at Gosport.

The company believes that weakened consumer demand in the UK, the full utilisation of capacity, and increases to costs will all have an impact on the company's growth this year. However, the company was keen to emphasise that the medium term outlook remains positive and its financial position continues to be strong, with bank borrowings reduced to £3.0m at March 31st, while cash balances were £2.8m.

Falkland Islands, an international services group, offset news of a rise in both revenue and profits with warnings of a slowdown in growth. Underlying pre-tax profits for the year rose 18.7% from £2.73m to £3.24m, slightly higher than expectations of £3.0m, despite higher financing costs this time round. Revenues were up 7.1% from £31.84m to £34.11m, ahead of expectations of £32.0m. Diluted earnings per share increased from 20.6p to 26

Online customers are asked to enter a PIN code at checkout, which is verified by the bank that issued the credit card. The 3-D Secure program is supported by both Visa and MasterCard. The platform is designed to reduce operational costs and losses as a result of fraud. The agreement means Planet Payment customers can receive the fraud protection offered by the 3-D Secure programs.

Planet Payment, an international payment processing provider, has integrated its iPAY multi-currency eCommerce gateway with the 3D secure solution owned by CardinalCommerce Corp, known as the Cardinal Centinal, which provides online and mobile merchants with a solution to reduce fraudulent chargebacks, manual reviews and interchange rates.

Valiant Petroleum has terminated its contract with Awilco Drilling, following technical downtime, which occurred as a result of the suspension of drilling operations on the Timon exploration well in the UK North Sea, in which Valiant holds a 10 per cent stake. The well has been suspended for re-entry and the licence partners are currently investigating alternative rig options to complete drilling of the Timon prospect.