Companies: DWSN    MBH    VELO   

Demand for low-cost Zenergy?

Low-cost superconductor developer Zenergy Power is expected to begin trading on AIM tomorrow, ushered in by broker Teather & Greenwood at 84p to value the company at around £30 million. It is raising no new money but will automatically convert its 'existing unsecured convertible loan notes' into ordinary shares upon admission.

Zenergy develops applications using superconductive materials for commercial use and hopes to 'improve the efficiency, costs and usability' of technologies in the renewable and traditional energy sectors. The low-cost materials could be 'the fibre-optics of the energy sector', says chairman Mike Fitzgerald.

Also expected to begin trading on Tuesday is natural resources and exploration investment concern Investika. The Sydney-based company locates prospective resource investment opportunities and aims to develop them to the point at which they are suitable for bringing to market. WH Ireland is acting as broker and adviser to the float.

In a positively frenetic week for new arrivals, on Thursday AIM will admit Probability, a developer and operator of gambling services for mobile phones. Raising £4.1 million at 76p, the company wants to tap into a mobile gambling market project to be worth $23 billion annually by 2011, according to 'the latest analysis from Juniper Research' the company helpfully cites.

Jersey-based oil and gas quality control play Velosi enjoyed its first day of dealings on Monday after raising £10 million of fresh cash from an institutional placing. The net proceeds will be used to repay existing loans and provide financing for intended acquisitions. Ending their first day at 97p, the shares were up 7p on the issue price.

Results pipeline

Producer of handmade bricks Michelmersh Brick is expected to announce half-year results to June tomorrow. Michelmersh floated on AIM on May 2004 and is currently capitalised at just over £40 million. According to the company, sales for the period to date are anticipated to be ahead of last year, despite a decline across the industry as a whole. In a statement ahead of its annual meeting, chairman Eric Gadsden said that 'energy costs have continued to be volatile during the spring while industry product prices have not increased to fully recover these costs'.

Also expected to announce this week is Dawson International, which operates in every aspect of cashmere 'from goat to garment'. City eyes are hoping that Dawson isn't up the creek and will show signs of recovery on Thursday, following a period of reorganisation at its 2005 acquisition Dorma. A disrupted supply chain, which meant Dawson wasn't able to get new products through as swiftly as hoped, recently caused 'customer service damage'. Thursday's figures will tell all.