Beyond the Footsie: Wednesday close

13 April 2012

SHARES in smaller UK companies ended a listless session broadly unchanged, with Reliance Security slumping in the wake of a profits alert and Cluff Mining weighed down by a fundraising move. At the close, the FTSE SmallCap index was 1.5 points higher at 2650.9.

Cluff Mining was one of the worst performers, as investors digested news that the company is to raise around £12m via a placing with institutional and other investors to meet its immediate funding requirements. A further cash call will be required to fund ongoing exploration by the end of the first quarter of 2005, said Cluff. The shares fell 12p to 91 1/2p.

Placing news was also the catalyst for a fall by DDD Group. The 3-D imaging software company's shares sank 2p to 28 3/4p after the company said it raised £380,000 via a placing of 1.3m new ordinary shares.

DDD reported a pretax loss of £2.1m to Dec 31 2003, which was £0.5m less than last time.

Reliance Security was big faller. Its shares tumbled 100p to 597 1/2p after the group warned that its year to April results will be slightly below market expectations, as a result of the pressures in security services

Meanwhile, Brammer fell 6p to 126 1/2p after the European services group disclosed sharply higher full-year losses - after exceptionals - and issued a mixed statement on current trading.

On the upside, Tanfield Group surged more than 60% after the technical and assembly solutions group revealed it has won a £1.6m order from an existing customer for work in the defence sector. The shares jumped 3.50p to close at 9.25p.

In other news, Aim-listed cash shell Zyzygy rose 0.28p to 0.85p after venture capital company Billam revealed it has a 26.76% stake in the group.

And Compact Power rose 3p to 12p after announcing the sale of its Avonmouth plant to for £5m.

Bingo clubs operator Top Ten Holdings rose 0.62p to 7.62p after the company disclosed that results for the year will be slightly ahead of market expectations. It expects to pay a maiden final dividend.

ServicePower Technologies added 3p to 46 1/2p in response to news it has signed contracts with US Digital Television and eWest Advantage to provide installation services for digital set-top boxes.

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