Small caps round-up: Petrel, Titanium Resources, RCG ...

26th Apr 2010 10:11

Petrel Resources rocketed higher Monday after announcing work is to restart in Iraq after settling all outstanding issues on the Subba and Luhais oilfield development in the south of the country. The AIM-listed oil and gas explorer no longer has any liability or exposure to any possible project losses, but maintains a profit share. It's received $2m and expects to get a further $5m in 2 tranches over 12 months.There's also good news for Titanium Resources after it reached a final settlement with all remaining insurers in its subsidiary Sierra Rutile Limited's legal action relating to the capsize of Dredge D2 in July 2008.SRL will receive $7.5m from the remaining insurers, most of which will be paid within two working days. Biometrics and surveillance software firm RCG has agreed to buy 70% of Strong Aim Limited, a research and development firm which sells a radio-frequency identification (RFID) Phone and RFID tags.An initial HK$127.6m (£10.6m) payment will be made up of 11 million consideration shares worth HK$8.20 each and HK$37.4m (£3.1m) in cash. An extra 7 million consideration shares will be payable if Strong Aim meets certain profit target over the next four years. Alternative investment group Integrated Asset Management moved back int0 the black in 2009. Profit after tax from total operations was £2.7m compared to a loss of £17.9m the year before. Assets under management were substantially lower at $0.3bn compared to $1.21bn the year before, reflecting, in part, the sale of the company's fund of funds business to Sal Oppenheim.Biotechnology company Plant Health care has bought the Myconate intellectual property portfolio from Bayer CropScience. Myconate s a patented, synthetic compound which encourages plant growth. "This agreement allows us to wrap new patents around this exciting technology with a view to securing further commercial opportunities in the near future. The current interest in Myconate is substantial and the addition of this new portfolio will allow us the potential to extend the patent life significantly into the future and enhance the value of this important technology," said John Brady, chief executive officer of Plant Health Care.Outsource utility support services provider Spice has conditionally agreed to sell its telecoms business for £25.5m to SIATEL Holdings, a vehicle backed by funds managed by Gresham. SIATEL will also take on £7.3m of debt and other liabilities of the acquired business.Spice revealed last Wednesday that it was in talks to sell the business as part of its plan to reduce its debt burden.Specialist book publisher Quarto said trading stabilised in the first three months of 2010. Though revenues were of a similar level to the first quarter of 2009 at £19.9m, operating profit rose by 14% to £0.29m from £0.25m the year before. The pre-tax loss narrowed to £0.51m from £0.68m the year before. "Business has stabilised and, in some respects, improved, in our major English-language markets, and is growing in geographies where local economies are improving. Co-edition sales to the major Eurozone economies are tougher than a year ago, and display evidence of greater caution on the part of licensees," said Laurence Orbach, chairman and chief executive officer of Quarto.