Small caps round-up: Allocate, Omega Diagnostics, Forum...
Nov 27, 2009
Print this article
Workforce optimisation software company Allocate Software is to acquire Time Care, a Swedish rival focused on the healthcare markets, for around £8.7m. The acquisition is expected to be 'significantly earnings enhancing' in the first full year of ownership.
The company intends to fund the acquisition through a placing of 15.1m shares at 55p each, which will raise £8.3m.
Medical diagnostics firm Omega Diagnostics saw underlying pre-tax profit rise 22% to £0.26m in the six months to 30 September, from £0.22m the year before. Reported profit before tax, which includes exceptional items, amortisation and fair value adjustments, slumped to £7,000 from £67,000 the year before.
Revenue rose 9% to £2.87m from £2.64m, with growth being seen in most of the regions in which the company operates.
Oil and gas group Forum Energy has raised £1.5m from a placing at 50p a share to satisfy the minimum cash requirements set by the Philippine Department of Energy for the first sub-phase commitments in respect of the GSEC101 licence.
Security specialist Legion Group has also drummed up support for a placing to pocket £1m at 1.88p a share. The money will be used to fund further working capital.
The firm boosted pre-tax profit for the six months ended 30 September to £964,000 from £129,000 after it bought contracts of Craft Services Group, integrated them with SectorGuard and Legion Group
Orsu Metals, formerly European Minerals Corporation, has begrudgingly settled a class action claim against it linked to the restatement of its interim results in 2007.
It will split the C$2.2m it owes equally with its insurer.
"The company's directors believe that this settlement resolves the dispute relating to the claim which was inherited from the company's previous management and which the company's directors believe threatened to divert the company's funds and focus away from its future corporate goals," said executive chairman Sergey Kurzin.
"The amount payable under the agreement is significantly less than the original amounts claimed under the class action."
Related articles
-
Mar 19, 2010
-
Mar 19, 2010
-
Mar 19, 2010
-
Mar 19, 2010
FREE - MoneyWeek's daily investment email
Our free daily email, Money Morning, is an informative and enjoyable analysis of what's going on in the markets. Written by our Editor, John Stepek, and guest contributors.
Sign up FREE to Money Morning here.
