Beyond the Footsie: Tuesday close

THE smaller cap index was dominated by a spate of corporate news today, with Ireland's

The group was last week requisitioned by Israel's Red Sea Hotel Group, which is a 28.25% shareholder, to call an extraordinary general meeting to remove four directors from its board.

Gresham said the move was a sign Red Sea 'is endeavouring to seize control of the company without making an offer to all shareholders'. Having initially risen, the shares slipped back 1p to 64p.

The FTSE Smaller Cap index closed at 2,355.4, up 5.7 points.

Forbidden Technology shares remained in demand, however, adding 5 1/2 pence to 38 after signing a video content agreement with Mobile Entertainment Corp.

Meanwhile, well-received results gave a lift to First Property, up 1/2p at 5 1/2p , Jaques Vert, ahead 1/2p at 16p, and Dobbies Garden Centres, up 15p at 482 1/2p .

But Goal shares shed 22% in value, losing 5 1/2p at 19 1/2p , after news of continuing full-year losses, although the pretax deficit did narrow to £2.072m, from a £4.27m loss last year.

And Knowledge Support Systems shares shed 2p to 13p as it announced it has sacked chief executive David Mushin and warned that full-year revenues for 2002 will fall significantly below current market expectations as a result of a continuing shortfall in the performance from the group's retail division.

AIM-listed healthcare company Alltracel Pharmaceuticals lost 2p to 21 1/2p after announcing it expects to complete at least one joint venture agreement before the end of this year to raise additional funds, according to chief executive Gerard Brandon. The company reported a slightly increased pretax loss of e1.83m on sales up to e601,658 from e186,232 last time.