UK SMALLCAP ROUNDUP: Scottish Resources Plans GBP25M IPO

28th Jun 2010 12:29

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 SCOTTISH RESOURCES GROUP, a coal miner, said Monday it is seeking to raise GBP25 million in an initial public offering in London to fund investment in new mining sites and its portfolio of land. CONNAUGHT PLC (CNT.LN), a support services firm, shares declined after the company late Friday warned profit will be hit by planned public spending cuts by the U.K's new coalition government. At 1047 GMT, shares +61.4 pence or 29% at 152.6 pence. THEO FENNELL PLC (TFL.LN), a jeweler, posted a far narrower fiscal year pretax loss in the same year it carried out a restructuring of the business, and said the new fiscal year has started strongly. At 1047 GMT, shares flat at 40 pence. SCOTT WILSON GROUP PLC (SWG.LN), an engineering consultancy, said it agreed a GBP161 million takeover by U.S. peer URS Corp. (URS), but a second firm said it is considering a bid for the company too. At 1046 GMT, shares +103 pence or 86% at 222.5 pence. ENCORE OIL PLC (EO.LN), an oil explorer, said it made a second discovery at the Catcher prospect in the North Sea. Encore said Catcher could contain as much as 300 barrels of oil in total. At 1046 GMT, shares +16 pence or 45% at 51.5 pence. MEARS GROUP PLC (MER.LN), a home maintenance company, reported continuing strong trading across all divisions despite the U.K. coalition government's recent spending cuts in its maiden Budget, and said it isn't experiencing any pressure on spending in social housing business. At 1046 GMT, shares flat at 249 pence. TURBOTEC PRODUCTS PLC (TRBO.LN), a maker of heat exchangers, posted a 49% fall in fiscal year pretax profit after it experienced reduced demand for the past five quarters, and said most indicators show "little or slow" improvement for the rest of the calendar year. At 1045 GMT, shares flat at 33.5 pence. RAVEN RUSSIA LTD. (RUS.LN), a commercial real estate company, said it is planning to move to the main market of the London stock exchange from its current home on the junior Alternative Investment Market. At 1045 GMT, shares -0.5 pence or 1.2% at 4.5 pence. FIBERWEB PLC (FWEB.LN), a fabrics maker, said it expects to beat market earnings expectations for 2010 due to a rise in sales volumes. At 1044 GMT, shares +2 pence or 3.7% at 56 pence. DOMINION PETROLEUM LTD. (DPL.LN), an oil and gas explorer, said independent estimates put the resource at its Alpha prospect offshore Tanzania at 134 million barrels of oil, after adjusting for exploration risk. At 1044 GMT, shares +0.37 pence or 7.2% at 5.5 pence. DJ UK Smaller Cos +0.1% AIM +0.5% By Jason Douglas and Rachael Gormley, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires June 28, 2010 07:29 ET (11:29 GMT)