YooMedia yanks up AIM

The markets kept their nerve, despite the death of Saudi Arabia’s King Fahd. Despite the oil price remaining above $60 a barrel, the FTSE 100 picked up 31.1 points to 5,314.7, enjoying Thursday’s quarter per cent cut in interest rates to 4.5 per cent. AIM put on another 16.7 points to 1070.1, its fifth weekly increase in a row.

After launching two new products in the mobile sphere, interactive television channel operator YooMedia (YOO) zoomed up 90 per cent to 9.5p. The stock has suffered since the resignation of respected chief executive David Docherty earlier in the summer.

Of the two new services, one is linked with its Avago TV channel and gives users telephone access to its mobile gaming facilities, the other is a mobile phone video dating service, operated by the 3 mobile network and YooMedia’s Dateline subsidiary.

Ptarmigan soars

Ptarmigan Capital (PPL), a Guernsey-based land developer, flew to a 9.5 per cent premium at 109.5p, following its flotation today having raised £9 million from private individuals out of a targeted £20 million.

The outfit has designs on acquiring brownfield and rural sites, and intends to then persuade local councils to change planning use to allow residential building in order for Ptarmigan to sell the land off to house-builders. Two sites have already been acquired in Devon and Cornwall.

Radicle Projects (RDP), which arrived on AIM yesterday having raised £6.2 million, performed even better, jumping 16p, or 21 per cent, to 91p. The company will take advantage of the Australian government’s Managed Investment Scheme, which gives tax breaks to encourage investment in projects involving horticulture, viticulture and forestry. The group’s first project is a forestry plantation in Queensland.

Latin American rural electrification backer Rurelec (RUR), chiefed by the self-styled ‘Arthur Daley of the power market’ Peter Earl, has gained approval for the £6 million purchase of half of Patagonia Energy and pulled off a £3.5 million placing at 40p. The Patagonian electricity plant supplies oil giant BP and the local community in the southern tip of Argentina. The news failed to energise the shares, down 2p to 48.5p.

Trading software concern Patsystems (PTS) coupled a move into quarterly operating profitability with the £3.8 million purchase of derivatives-focused Tamesis. Initially forking out £62,000 cash for loss-making Tamesis, Patsystems will pay up to £3.5 million by issuing shares at 15p between now and September 2007 if performance targets are met. The shares fell 0.5p to 14.5p.

Reefton suspended

Gem prospector and would-be uranium play Reefton Mining (RTM) has been suspended from AIM at 2p following the resignation of nominated adviser Grant Thornton and broker HB Corporate. These moves came after the Namibian government refused to allow Reefton to explore for nuclear fuels.

There was more bad news at travel promotions counter Landround (LDR), whose shares slipped 22 per cent to 227.5p after the company revealed it is writing-off a £1 million debt after the ‘unexpected’ liquidation of one of its substantial debtors. The board also admitted current trading is ‘proving to be volatile’ and that results (even before the write-off) are behind budget.

Looking forward

Aiming to float next Friday, with a £9 million fundraising organised by broker and adviser Collins Stewart, is stem cell specialist ReNeuron. The Guildford-based company wants to apply its stem cell technologies in the development of groundbreaking therapies to serve significant unmet or poorly-met clinical needs, a potential market the directors estimate will exceed $10 billion by 2013.