Small caps round-up: Dwyka, Panther Securities, St Modwen ...

8th Jun 2009 09:10

Dwyka Resources has received further backing for its possible all share offer for Minerva Resources from Golden Prospect Precious Metals. The letter of intent from Golden Prospect, which owns 3.5m Minerva shares, or 2.3% of the company, takes the level of support for the deal to 69m shares, or 44.9%.Dwyka said last week that it made a bid approach for fellow miner Minerva in May at not less than a penny.Property investment firm Panther Securities says the combined liability on financial derivatives fell to £7.5m on 29 May, down from £9.9m at the end of March and £12m three months earlier.If the combined financial derivative liability remains at this level until 31 December 2009, there will be a contribution to profits of about £4.5m, it said.Property developer St Modwen Properties, raising £107.4m to cut debt and lower gearing, has received 85% take-up for its open offer at 135p a share.The remaining 15% has been allocated to certain institutional shareholders and other investors.Zambia-focused miner Kiwara shot ahead Monday as drill results continue to confirm the intersection of significant widths of copper mineralisation at Kalumbila.Timan Oil and Gas has had its shares temporarily suspended after the explorer said it won't publish 2008 results by 30 June.Bosses expect the of Timan's results to be completed by the beginning of August, subject to appropriate funding being in place. The group also confirmed it received $388,000 from Kamanisk Holdings last week and is due another $1m from a loan arrangement this week.The Disney Channel has licensed Chuggington, the train-based pre-school series owned by media investment company Ludorum.The series will air on the Playhouse Disney service in the US in the spring of 2010. Sirius Real Estate said this is a challenging environment for real estate companies but its results demonstrate the resilience its business model as it achieves increases in average rents from €3.84 to €4.15 per m². The group saw pre-tax losses surge to €51.3m from €1.5m for the year on gross rental income that rose to €43.7m from €20.6m before. Gross rental income rose to €43.7m from €20.6m before.As part of its credit arrangement with GEM Global Yield Fund, oil and gas firm Ascent Resources has issued 17.35m new ordinary shares to GEM at 7.4p each, representing a discount of 9% to the average closing price of Ascent over the last 15 trading days. The funds will be used to develop Ascent's exploration assets.Oil and gas firm Providence Resources has upped production levels at its 50%-owned Vermillion 60 field. Following re-completion activities carried out in May, the new production zone is currently producing 10m standard cubic feet per day of gas, double the previously reported figure.