Small caps round-up: Toledo Mining, Gasol, Novae...

20th Aug 2009 10:25

Toledo Mining fell back after it said a shipment of nickel ore from the Berong mine in the Philippines to mining giant BHP Billiton had been delayed due to bad weatherBHP is lodging a claim for the delay.Africa-focused oil and gas explorer Gasol has raised a further £1m through a placing of shares with its majority shareholder African Gas Development Corporation (Afgas).Gasol has already raised £2m through two placements so far this year.In the latest fundraising, Afgas said it will invest £500,000 in Gasol immediately and underwrite another £500,000 equity placement within two months. Gasol said the £3m it has raised in total will be used to 'fund its general business development activities and working capital requirements.' Underwriter and specialty insurer Novae Group improved Thursday on news it has formed a new unit writing an international and predominantly reinsurance account.Novae Re, made up of 12 senior underwriters and 8 actuarial and support staff, will write new business from 1 January 2010 and is expected to write gross premium income of about £100m.The cost of setting up the new unit should be less than £3m and cost about £7m a year to run.Electronics group Filtronic has named Mike Brennan as its new finance chief to take over from Stephen Mole on 1 September Brennan, 49, was previously finance director of AIM-listed renewable fuels company GTL Resources.Pub owner London Town surged after it said it is still considering a number of strategic options with regard to the net liability position shown by its recently published balance sheet. "These options include a potential debt for equity swap with its major shareholders expected to be at no more than 5p per share. A further announcement will be made in due course," it added.Media firm Dori Media saw pre-tax profits fall to $1.4m from $4.3m last year on revenue that slipped 8.6% to $25.4m.Internet video streaming firm Forbidden Technology shot higher after it said its web-based tools will be used by IBC TV News to syndicate news footage of the IBC 2009 electronic media exhibition in September.Shares in Birmingham City rallied on news that Grandtop, the company owned by Hong Kong businessman Carson Yeung, has put down a £3m deposit with a view to buying the football club.