Smaller companies report: Tuesday close
SHARES in UK smaller companies closed in negative territory, in line with the blue chip market. At the close, the FTSE SmallCap index was 0.2 of a point lower at 3,667.5, with the Footsie 12.1 points down at 6,086.6.
Aim-listed ReEnergy fell 10p to 33½p after announcing a placing of 42.5 mln shares at 30p a share to raise £12.75m before expenses. It needs the funds following the failure of Boston Equities International, one of the company's original institutional investors, to keep to its commitment of subscribing for £1.25m of shares in ReEnergy at 75p each.
The UK's biggest computer games retailer, Game said pretax profit excluding one-off costs for the year to January 31 fell to £8.4m from £29m a year earlier. The company blamed lower profit margins for older games consoles and a shortage of new consoles. Game's shares fell 2½p to 79½p. Broker Altium Securities reiterated its 'sell' recommendation and 65p price target.
Miners continued to benefit from positive newsflow. Rambler Metals & Mining rose 10½p to 44p following a bullish update on drilling projects in Canada.
Gold exploration company Ariana Resources added 2½p at 14½p on good news from western Turkey. And Europa Oil & Gas advanced 3½p to 34¾p after reporting a 159% increase in net profits at the half-way mark.
Shares in Central African Gold were suspended at 23½p, up 6½p, following confirmation the company is in talks that may lead to a takeover.
Elsewhere, property group Medsea Estates rose 4p to 17½p after saying progress in the first quarter has exceeded expectations, due partly to its new Italian operations. First-quarter pretax profit rose to €432,000 from €132,000 in the same period last year.
Marketing services group Delling rose 1¾p at 11½p following the award of a number of contracts in Scandinavia in the screen media area in the final quarter of 2005 and the first quarter of this year.
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