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Smaller companies report: Tuesday close

By This Is Money
Updated: 12:19 EDT, 6 June 2006

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UK small caps slid further at the close, reaching day lows and tracking the sharp fall in the wider market, where inflation concerns returned to haunt investors, dealers said.

At the close, the FTSE Small Cap index was 52.6 points adrift at 3,385.7, while the FTSE 100 ended 92.3 points off at 5,669.8.

Shares in International Molybdenum topped the losers board, shedding 2¼p at 8¼p after the resignation of CEO Graham Mascall. Mascall will be replaced by Morris Beattie with immediate effect.

High up among the losers, Antisoma shares shed 3¼p at 15¾p, under pressure from news yesterday that drugs giant Roche has returned the rights to two of the biotechnology company's cancer drugs.

Regent Inns also proved a major casualty, sliding 16p to 90p after the company confirmed that talks with a potential bidder have collapsed.

Following the news, Bridgewell Securities remained 'overweight', saying it believes the company will either make a value-enhancing acquisition or be snapped up itself.

Meanwhile, shares in Pentagon Protection fell by 0¼p to 1¾p with the negative market sentiment, despite news it has signed a £150,000 contract with Hilton Hotels Corp to upgrade windows at its St Helens hotel.

Still with the losers, Bits Corp ran back by 1¾p at 15p on news Headstart Global Fund has bought 935,454 new issued shares at 10.69p each after exercising part of its convertible loan option.The new shares are expected to list on AIM on June 9.

Neutec Pharma led the gainers board, up 422¼p at 925p, a rally of more than 83% after confirming it is in talks regarding a possible offer for the group.

Ramco Energy also benefited, 10p firmer at 28½p, on news a court of appeals has reversed the trial court judgement that was awarded against Ramco and Ramco Oil & Gas, and adding that a further announcement will be made shortly.

Meanwhile, Tricorn Group was another winner, adding 2p to 17¼p after swinging to profit of £601,000, up from a loss of £256,000 on sales of £6.2m, up from £6.1.

Finally, Telecom Plus edged higher, up 9½p at 116p, as the multi-utility company brushed off full-year losses, with the market focusing on the reduced exposure to wholesale energy prices following the disposal of the group's energy units to Germany's RWE AG unit npower in February.

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