UK SMALLCAP ROUNDUP: Avis Europe To Raise GBP151 Million

25th Jun 2010 09:30

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 AVIS EUROPE PLC (AVE.LN), a car rental company, Friday said it plans to launch a discounted rights issue to raise about GBP151 million, and as part of the fundraising has also entered into a new senior revolving credit facility for EUR375 million. It will issue 1,035,589,553 new shares at a price of 15 pence a share, which is a 56.8% discount to its closing share price prior to the announcement of 34.75 pence. At 0800 GMT, shares -5.25 pence, or 15%, at 29.5 pence. DEVRO PLC (DVO.LN), a sausage casing maker, said it had a stronger finish to its first half than expected, as sales gradually improved over the period, while pricing also remained strong. The firm--which in May said it had made a strong start to 2010--said since May it has seen continued progress in sales, pricing, volume growth and manufacturing efficiency. At 0800 GMT, shares +4.5 pence, or 2.4%, at 194.25 pence. CINEWORLD GROUP PLC (CINE.LN), a U.K. cinema company, has signed a deal for an undisclosed sum to operate the 11-screen multiplex cinema at the O2 arena in London. Cineworld has agreed a 25-year lease with the Waterfront Limited Partnership, which is part of the Anschutz Entertainment Group, to operate the cinema from June 25. At 0800 GMT, shares +3 pence, or 1.5%, at 200 pence. ILA GROUP LTD. (ILA.LN) Friday said budget fashion retailer New Look Group PLC has placed an order for its Ila Pebble compact key ring alarm, which will be trialed in 50 New Look stores. The firm--which makes women-focused branded personal security products--said New Look is the second retailer to stock the Pebble, which is a compact key ring alarm that emits a 130 decibel siren. At 0800 GMT, shares flat at 1.09 pence. NORTHERN PETROLEUM PLC (NOP.LN), an oil and gas explorer, Friday announced a placing to raise GBP10 million to accelerate its growth strategy and said it will sell some assets to raise more funds. Northern Petroleum wants to accelerate the development of its existing pipeline of projects in the Netherlands and Italy. At 0800 GMT, shares flat at 93 pence. ORIGO PARTNERS PLC (OPP.LN), a private equity company, Friday said it is to pay up to $6.65 million for a 20% stake in Chinese recycling systems provider Jinan Eco-Energy Technology Co. Ltd. Origo will subscribe to $3 million of redeemable preferred stock for an initial 10.5% stake in Eco-Energy and has an option to invest an additional $3.65 million for a fully-diluted 20% stake in the business. At 0800 GMT, shares flat at 29.5 pence. DJ UK Smaller Cos +0.04% AIM -0.05% -By Hannah Benjamin, Dow Jones Newswires; +44 (0) 20 7842 9298; [email protected] (END) Dow Jones Newswires June 25, 2010 04:30 ET (08:30 GMT)