Small caps round-up: Eleco, Optos, Vernalis...

3rd Jun 2009 11:07

Construction components and software group Eleco said an anticipated improvement in market conditions has failed to materialise.In February, the firm said recent progress in order prospects for precast concrete activities offered grounds for cautious optimism that it would see an upturn in performance. However, it now expects revenues in that area to be 'significantly below previous expectations."Optos chief financial officer Allan Watson is to step down from the retinal imaging company to take up the same position at speciality pharmaceutical company Prostrakan.Vernalis said proceeds from a recent fundraising, coupled with cost containment efforts provide the pharmaceutical firm with cash resources through the first half of 2011. Medical technology firm Advanced Medical Solutions said the difficult global economic conditions are affecting its partners and it expects to see a significant effect on half-year phasing with a higher than normal second half loading this year.Finders Resources has appointed Michael Stirzaker to the board as finance director.US-focused oil group Nighthawk Energy said analysis for the first of these reports covering the Devon project is well advanced and the current preliminary results are considered to be well in line, if not markedly better, than expectations. Final results are anticipated before the end of June. Evaluation for Buchanan, which is a considerably larger project area than Devon, is underway. Results of this study are expected during Q3 2009, it said. Sarantel, manufacturer of filtering antennas for mobile and wireless devices, has completed the sale and leaseback of its fixed assets to Close Leasing Limited, a subsidiary of Close Brothers Group, for a total value of £600,000, which will realise net proceeds of £311,000.The long running saga of European Nickel's Çaldag nickel laterite project in Turkey has moved a step closer to completion as the company completed payment of the forestry permit fee for the project.Payment of the $3.7m fee will enable European Nickel to start preparing the site for earthworks and development once the project funding is in place. The company expects to raise the necessary project funding in the second half of this year.Bob Holt, the chairman and chief executive of housing repairs group Mears said at the company's AGM Wednesday that the group continues to experience strong trading across all its divisions, and is set to benefit from the evolution of the Social Housing and Domiciliary Care markets. 'The group is performing strongly, has excellent visibility in the order book for the current year and next and a growing bid pipeline,' Holt said. AIM-listed oil explorer and developer Roxi Petroleum is to receive a £15m cash injection from GEM Global Yield Fund. In return, GEM has been granted the right to subscribe for Roxi shares over a three year period at a discount price. Roxi has also agreed to issue to GEM warrants to subscribe for up to 9m shares at a price of 13.75p per share at any time over the next five years.The company has also raised a further $0.5m through the issue of 3.22m new shares at 10p each. Victoria Oil and gas has completed a successful passive seismic survey over the West Medvezhye Project, in Russia. The survey indicated a significant extension to the structure discovered by Well 103 and a further large hydrocarbon prospect to the northeast of the well at the West Medvezhye gas and condensate project in Western Siberia, Russia.Worldwide Natural Resources (WNR) has made an offer to buy AIM-listed miner Condor Resources for about £1.5m. WNR replaces Classdrive in making the offer after acquiring the company as of today.Prostar has withdrawn its offer for German commercial real estate investment firm Deutsche Land. "The company is no longer in discussion with any party in relation to a possible offer and the Board is no longer considering a sale of the whole Company, which is no longer in an offer period," said Deutsche Land.