Beyond the Footsie: Friday close

12 April 2012

A smattering of excitement among the smaller caps was overwhelmed by negative news as the FTSE SmallCap index closed down 15.8 points at 2031.3.

Electronics components maker Pressac tumbled 4 3/4P to 23 1/2p as the group announced the break-down of takeover talks that could have led to a bid in excess of 30p a share.

Industry sources believe that TT Group, which raised its stake in the company from 8.2% to 14%, was the main bidder. Eaglet Investment Trust holds 23% of the Pressac equity.

Pressac, which over the past year has seen its share price collapse from over 300p as several profit warnings have taken their toll, saw pre-exceptional pretax earnings collapse to just £2.5m in 2001.

Elsewhere, Surface Technology lost half its market value after issuing a warning for the first-half and the full year - plunging 35p to 35p.

Medal Entertainment & Media lost 16 1/2p to 73 1/2p after announcing a £3.4m placing to fund its purchase of Leisureview and Fountain Television for £8m from Avesco.

Murchison United plunged 11 1/4p to 2 1/2p on news it will not be buying Rio Tinto's 49% stake in Sociedade Mineira de Neves Corvo (Somincor) due to problems with governmental approval and as a result the conditional sale of the Renison Bell mine to Sirocco Resources will also not be going ahead.

The collapse of these deals means the company is reliant on the support of Westpac Banking Corp, it said.

On the upside, Learning Technology jumped 13% after Amshold said it has launched a recommended 40p-a-share cash offer for the company, valuing it at £35.6m.

Danka Business gained 9 1/4p to 53 1/4p after well-received results for the first quarter and Safeland was boosted by news of a 3.2 million share buyback, gaining 6p to 37 1/2p.

Coffee Republic was up 40%, or 1p at 3 1/2p, boosted by institutional buying.

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