Shares in Aim-listed northern Irish cash shell Andaman Resources gained 25 per cent today and rumours have it that the ex-miner could be in line for a reverse takeover by an Ofex-listed media firm. Ben Cobley reports.

Andaman's (AND) directors have been looking for a profitable business in either the media or healthcare sectors. According to some in the market, they have found it and are on the edge of approving the transaction, which concerns a suspended Ofex media company.

Andaman raised £520,000 for its entry to Aim in January through an underwritten open offer handled by adviser Nabarro Wells and brokered by Astaire & Partners, pricing the shares at 1p. They have had a topsy-turvy ride since and reached 1.25p after today's gains, which were based on a couple of trades, one of 500,000 shares.

A market maker at Winterflood commented today that 'there is nothing untoward' about the movement, as a big seller that had been dragging down the price had exited the market, leaving only potential buyers, and therefore hiking up the price.