Smaller companies report: Monday close
SMALL caps closed sharply in the red, mirroring a weak performance across the blue chip market, while Game Group slumped 20% after takeover talks failed.
At the close of trade, the FTSE Small Cap index was down 54.8 points at 2,855.6, while the FTSE 100 was 644.5 off at 4,827.1.
Among the many fallers, Game Group slid 17½p to 70¼p as it said discussions regarding a possible offer for the company have ceased. Game had said at the end of March that it was in talks that may or may not lead to an offer for the company.
Smart Approach dropped 2¼p to 9¾p, after the company warned it expects a slightly greater full-year trading loss for the year to 31 March than market forecasts. The group added that it is to significantly scale down its US operations and that, as part of the process, Glenn Bartholomew, sales and marketing director in Washington, is to leave.
Incite Holdings was another casualty, resuming trading on Aim 23¾p lower at just 3¾p, down more than 85%. The company returned to the market as a cash shell this morning, having recently put its only trading subsidiary into liquidation.
Long-suffering shareholders however, can now look forward to a major reverse takeover deal materialising in the coming weeks, according to Saturday's Daily Mail, sister newspaper of This is Money. Plantation & General Investments said it is to raise £8.57m in a rights issue to pay down debt and provide working capital for the enlarged company, following its completion of the purchase of Jensen Group. The shares fell 9p to 52p.
Meanwhile, SPG Media dropped 1p to 6.75p following disappointing half-yearly numbers. Upbeat interims however, provided a boost to Europa Oil & Gas shares, up 1¼p to 36p.
The exploration group posted a half year net profit of £162,000, while group chairman Michael Oliver said the company is set to achieve its targeted production of 1,000 barrels per day in 2006.
Mano River Resources was another gainer, adding ¼p to 11½p, after announcing that its Diamonds division has signed an agreement with African Auro Resources for diamond exploration in Liberia.
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