Small caps round-up: Ariana, Haynes, Music Festivals...

26th Jan 2012 15:15

Ariana Resources, a gold exploration and development firm, has secured a $2m loan facility to assist with the funding of the Red Rabbit Project in Western Turkey. The remaining components of the feasibility study for the Kiziltepe sector of the project are being compiled, while plans for a storage facility are underway. Ariana has agreed to make a short-term loan of $0.6m to Proccea Construction, joint venture partners of the Red Rabbit project. Managing Director Dr. Kerim Sener said: "The development of our flagship Red Rabbit Gold Project continues to progress as we achieve key operational and corporate milestones. In line with this, our current focus is on the publication of our Feasibility Study, which is now nearing completion, with current work concentrating on minimising strip ratio and reviewing process engineering designs to ensure capital and operational efficiencies."Haynes Publishing has seen a fall in both revenue and operating profit for the six months ended November 30th. Revenue fell from £15.7m to £14.3m year-on-year, while operating profit dropped by a third, from £3m to £1.9m. Pre-tax profit was £1.8m, compared to £2.7m. However, the period did see a strong generation of net funds, at £5m compared to £3.8m in the same period the previous year. The firm declared an interim dividend of 6.2p, the same amount paid at the same date in 2010. Music Festivals, a company which owns, develops and produces music festivals, has revealed that band New Order will headline at its 2012 FIB Festival held in Benicassim, Spain. The Festival is scheduled to take place between July 12-15th 2012.Chief Executive Vince Power said: "New Order join an already great confirmed line-up for FIB Festival. I am confident that the festival will appeal to a huge range of music fans across Europe."ATH Resources, one of the UK's largest coal producers, has reported that group sales for the year ended October 2nd grew 7% to £84.2m. The firm also reduced its net borrowings for the third consecutive year by £3m to £31.5m. However, loss before tax from continuing operations rose to £5.8m, compared to £4m the previous year. As a result, the board has not recommended the payment of a dividend. Sales volumes also fell, from 1.79m to 1.67m. Enova Systems, a clean energy system maker, has announced the first pre-production vehicles which are the result of the recently announced initiative from Enova and Freightliner Custom Chassis (FCCC). FCCC and Enova plan to gradually deploy a total of 3,000 alternative-fuel vehicles beginning in the second half of 2012 as a result of the initiative, known as the Green for Free Program.