UK SMALLCAP ROUNDUP: Avanti Communications Raises GBP70M

12th Jul 2010 16:00

Dow Jones smallcap news is now on Twitter, allowing you to catch up on the news away from your desk. Go to http://twitter.com/DJ_UK_Smallcaps AVANTI COMMUNICATIONS GROUP PLC (AVN.LN), a broadband-by-satellite company, Monday said the launch of its first satellite will be delayed by up to six weeks, as it also announced it has raised GBP70 million through a placing to fund its third satellite and repay bank loans that financed the first. Avanti has raised GBP70 million by placing more than 16 million shares with existing and new institutional shareholders. At 1430 GMT, shares -7.5 pence, or 1.5%, at 487 pence. FALKLAND OIL & GAS LTD. (FOGL.LN), an oil explorer, said it didn't find oil at an exploration well off the coast of the Falkland Islands, marking the second disappointment in a mixed campaign by a small group of U.K. companies looking for oil in the waters near the disputed south Atlantic territory. Falkland Oil & Gas said it plugged and abandoned the Toroa well, located some 120 kilometers due south of the islands' capital, Stanley, after failing to find any hydrocarbons during drilling to depths of almost 2,500 meters. At 1434 GMT, shares -102.5 pence, or 51%, at 99.25 pence. BEOWULF MINING PLC (BEM.LN), an iron ore explorer, said the latest drilling results from its Kallak project in Sweden show ore is present at much deeper levels than previously thought. The company has completed roughly half of a 3,500 meter drilling program at Kallak North and said results are highly encouraging, as they show the ore body extends much deeper than expected. At 1435 GMT, shares +0.25 pence, or 6.5%, at 4.13 pence. DOMINO'S PIZZA UK & IRL PLC (DOM.LN), a pizza delivery company, said the soccer World Cup and its sponsorship of prime-time television show Britain's Got Talent helped drive a 31% increase in first-half pretax profit, with the launch of a new lunchtime menu set to continue boosting earnings in its second half, when it faces "very tough" comparatives. At 1435 GMT, shares -5.7 pence, or 1.4%, at 397.4 pence. KIER GROUP PLC (KIE.LN), a U.K. construction firm, said it expects fiscal 2010 underlying pretax profit to be toward the upper end of current market expectations and ahead of last year, and remains confident for the fiscal 2011 despite expecting further cuts to public sector spending. At 1435 GMT, shares +40 pence, or 4.2%, at 983 pence. GRIFFIN MINING LIMITED (GFM.LN) said it produced record levels of zinc, gold and silver during its first half. The firm said it processed 260,317 metric tons of ore at its Caijiaying zinc gold mine in northern China in the six months to June 30, compared with 81,281 tons of ore a year earlier. The firm said its production and financial results are expected to continue improving. At 1435 GMT, shares +2.25 pence, or 5.5%, at 43.25 pence. IMMUNODIAGNOSTIC SYSTEMS HOLDINGS PLC (IDH.LN), a diagnostic company, increased its dividend 21% after booming sales of its vitamin D tests meant fiscal-year profit more than doubled. The company added Chief Executive Roger Duggan will stand down in October and will be replaced by Chief Operating Officer Ian Cookson. At 1436 GMT, shares +55 pence, or 7.4%, at 800 pence. ANGEL MINING PLC (ANGM.LN), a gold, zinc and lead explorer, said it agreed a $4.5 million loan that will enable it to begin full production at its Nalunaq gold project. Angel Mining added it is in talks with a third party about a debt facility of up to $100 million. Such a facility would enable the company to resolve its default and clear its existing loans, Angel Mining said. At 1437 GMT, shares -0.9 pence, or 13%, at 5.6 pence. WEATHERLY INTERNATIONAL PLC (WTI.LN), a copper miner, said it signed a preliminary agreement with East China Mineral Exploration and Development Bureau to jointly develop Weatherly's Berg Aukas lead and zinc project in Namibia. The company said it signed a letter of intent with East China Mineral Exploration and Development Bureau to form a new company focused on Berg Aukas and float it on London's junior Alternative Investment Market. At 1437 GMT, shares +0.05 pence, or 1.5%, at 3.38 pence. FIRESTONE DIAMONDS PLC (FDI.LN), a diamond miner, said it began mining operations at its BK11 mine in Botswana. The start of operations follows the granting of a mining license for the project. At 1437 GMT, shares +0.25 pence, or 0.7%, at 36.5 pence. DJ UK Smaller Cos +0.2% AIM -0.07% -By Rachael Gormley, Jason Douglas and Hannah Benjamin, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires July 12, 2010 11:00 ET (15:00 GMT)