UK SMALLCAP ROUNDUP: Zimbabwe Investment Co Eyes $25M AIM IPO

2nd Aug 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 MASAWARA, a Zimbabwe-focused investment company, Monday said it is aiming to raise $25 million in an initial public offering on London's junior Alternative Investment Market August 16. Masawara, which invests in commercial property in Harare and owns a stake in TA Holdings Ltd. (TAHLDS.ZB), an investment company, said it expects to have a market capitalization on admission of $80 million. TULLETT PREBON PLC (TLPR.LN), a interdealer broker, posted a 14% fall in first-half pretax profit, due in part to broker defections in North America to BGC Partners Inc. (BGCP), but said it expects higher levels of activity in the second half. Tullett said revenue will also be in lower in the second half following the broker defections. At 0757 GMT, shares +8.6 pence, or 2.5%, at 349 pence. BELLZONE MINING PLC (BZM.LN), an iron ore mining and exploration company, said it agreed terms for a multi-billion dollar financing package to fund the development of a mine in Guinea. Bellzone said China International Fund Ltd. has agreed to provide $2.7 billion in financing to pay for the construction of a railway, port and associated infrastructure at the Kalia project and another $1.2 billion to build the mine. At 0757 GMT, shares +0.01 pence, or 2.6%, at 0.39 pence. ULTRA ELECTRONICS HOLDINGS PLC (ULE.LN), a defense electronics company, reported a 43% decline in first-half pretax profit, after gains on derivatives a year earlier weren't repeated, and said orders at June 30 were 8% higher than a year earlier at GBP832 million. At 0757 GMT, shares +21 pence, or 1.3%, at 1,635 pence. KELLER GROUP PLC (KLR.LN) reported a 72% fall in first-half pretax profit following a slump in building work in the U.S. Keller, which specializes in ground engineering services like preparing ground for construction, grouting and building foundations, said although orders have been improving since December 2009, lingering worries about the global economic recovery and intense competition mean margins are under pressure. At 0758 GMT, shares +17.5 pence, or 3.2%, at 566.5 pence. FIDESSA GROUP PLC (FDSA.LN) posted a 54% leap in first-half pretax profit as it cut costs and said it expects to deliver "good growth" for 2010 as a whole, despite tough market conditions. The firm, which supplies trading systems and market data to financial services clients, said while it expects to grow this year, the level of growth is likely to slow on last year. At 0758 GMT, shares +17 pence, or 1.2%, at 1,480 pence. SENIOR PLC (SNR.LN), an aerospace engineer, reported a 43% rise in first-half pretax profit, attributed to a pick-up in sales and the benefits of cost-savings, and said it expects full-year earnings to better market expectations. At 0758 GMT, shares +7.3 pence, or 5.7%, at 134.8 pence. ARENA LEISURE PLC (ARE.LN), a horseracing event organizer and racecourse operator, said first-half pretax profit fell 15% on year, in part due to the cost of its new hotel, and said it remains cautious about the outlook for attendance numbers and spend per head at its tracks. At 0759 GMT, shares -1 pence, or 2.7%, at 36 pence. XP POWER LTD. (XPP.LN) said first-half pretax profit doubled after sales soared 23% on the back of new product launches, and said it expects an improved sales performance in the second half, underpinned by a record order book. XP Power's pretax profit in the six months to June 30 climbed to GBP7.2 million from GBP3.6 million a year earlier. At 0759 GMT, shares +69.5 pence, or 11%, at 709.5 pence. FIRST DERIVATIVES PLC (FDP.LN), a software provider to investment banks and hedge funds, said it has acquired a Toronto-based data management and financial information consulting company for an unknown cash payment and 82,602 new shares. At 0800 GMT, shares flat at 312.5 pence. XCHANGING PLC (XCH.LN), a business outsourcing company, said it expects its full-year revenue growth to be slightly lower than it had previously anticipated due to lower procurement volumes, as its customers remain quite cautious. "The completion of further large new deals in 2010 will be challenging," the company said. At 0800 GMT, shares -29.1 pence, or 15%, at 170.9 pence. MISSION CAPITAL PLC (MCAP.LN), an investment vehicle, said it is in preliminary discussions over an acquisition, which would be regarded as a reverse takeover, adding that it hopes to submit the details to shareholders for approval in time for it to complete by early February. At 0800 GMT, shares suspended at 0.5 pence. DJ UK Smaller Cos +0.7% AIM +0.3% -By Rachael Gormley, Jason Douglas & Hannah Benjamin, Dow Jones Newswires; +44 (0) 20 7842 9272; [email protected] (END) Dow Jones Newswires August 02, 2010 04:30 ET (08:30 GMT)