Small caps round-up: Timis eyes Sound Oil...

20th Oct 2009 09:52

Sound Oil is in discussions about a possible takeover of a private company majority-owned by a trust connected with Frank Timis with oil assets offshore West Africa.The transaction under discussion is expected to represent a reverse takeover under the AIM Rules and Sound has requested that trading in its shares be suspended. Frank Timis is the best known as the colourful ex-chief executive of Regal Petroleum and most recently for claiming ENRC is poised to buy African Minerals, another one of his companies.Oil drilling equipment group Plexus reports made strong progress in the second half of the financial year, and consequently reports a 14% increase in turnover to £15.1m for the year to 30 June 2009, and a 13% increase in underlying profit to £4.3m . Pre-tax prpfits fell to £1.8m from £1.09m."We view the current year with a degree of caution, remaining mindful of the economic slowdown and the resulting postponement of certain oil company investment decisions and associated exploration activity. The impact of these factors is a reduced forward order book as compared to this time last year and therefore less visibility," it said.Internet video streaming firm Forbidden Technology said its integrated internet video platform FORscene has been purchased by digital post-production company Clear Cut Pictures.Clear Cut provided FORscene to its client Endemol, best known for the programmes Big Brother and Deal Or No Deal?, during the production of 'Can You Bank On Me?'. Shares in miner African Eagle jumped after it reported further progress with its Dutwa Nickel project in Tanzania. 'We have chosen a contractor for a transport and logistics study and will appoint a contractor for advanced deposit modelling shortly,' said chief executive Mark Parker.Baobab Resources, which explores for iron ore and base and precious metals in Mozambique, has raised £2.75m to fund explorations projects in the southern African country. It placed 45.8m shares at 6p a time. Stock market tiddler Millbrook Scientific is seeking permission from its shareholders to delist from AIM. The company said the fees associated with its AIM listing were proving a burden to the company. It estimates it could save £50,000 a year by cancelling its listing.Film animation specialist OMG said full year turnover is expected to be in excess of £26m, generating full year profits broadly in line with market expectations. The pipelines for the group's businesses remain encouraging going into the new financial year, it added.Heywood Williams has called in the administrators after its shareholders rejected the group's proposed restructuring.