Emess emerges from the shadows

Nothing seems to dent the market’s confidence at present. The oil price surged again, above $66 a barrel, and holidaymakers were hindered by a dispute amongst British Airways' caterers at Heathrow but the FTSE 100 still ambled ahead 37.6 points to 5352.3. Following this lead, AIM put on 10.5 points to 1080.1.

One of AIM’s larger cash shells, Emess (EMSS), moved up 42 per cent to 11p as investors started to notice the company’s £24.3 million cash pile. After this week’s spurt the group is valued at £31.3 million. Emess moved to AIM at the end of March. There are suggestions that a possible deal is not far away. Net assets stood at £22.94 million at the end of last year â“ £6.2 million represents a freehold property.

Shares in All IPO (ALP) jumped 69 per cent to 45.5p after gaining FSA approval and immediately unveiling its first flotation candidate to its customers: OFEX hopeful Israeli Acquisitor I. This helped financial website operator ADVFN (AFN), from which All IPO was spun out, rise 10 per cent to 3.35p.

US-focused Ocean Power Technologies (OPT) rose 17 per cent to 91p on hopes that the US Energy Bill might include financial incentives for providers of energy from the sea’s waves.

YooMedia (YOO) advanced for the second week in a row, up 17 per cent to 11.12p. The interactive media concern followed last week’s launch of two new mobile telephone products by unveiling a new satellite channel – YooPlay TV – in a joint venture with terrestrial broadcaster Five.

Avionic crashes

Coinciding with the Heathrow holdups, administrators finally landed at Avionic Services (ASR), which, prior to its July suspension from AIM, installed air traffic control systems at small airports. Directors advised that they do not anticipate any return to either equity shareholders or loan-stock holders.

There was a happier feeling in the air at Aerobox (ARX), as shares in the containers innovator soared 96 per cent to 11.25p following an initial order for 500 cargo containers from American Airlines, one of the world’s largest operators.

Orders also helped Bright Things (BGT) up 19 per cent to 188.5p, as it shipped its Bubbles pre-school educational games console for the first time. A national advertising campaign begins at the end of this month for the product, which will include games based on the Teletubbies, the Tweenies, Noddy and Thomas the Tank Engine.

Meanwhile electronic training equipment maker Feedback (FDBK), worth less than £1 million, unveiled a return to profit during the year to March, as a £965,400 loss became a £97,000 pre-tax profit. The shares fizzed up 40 per cent to 7p.

This was eclipsed by tech investor Brainspark (BSP), up 130 per cent to 1.25p on hopes of selling half its stake in Geosim Systems for £3.5 million in a complicated transaction with a US private equity firm. That is substantially more than Brainspark’s £2.3 million market cap.

Finally Alkane Energy (ALK) put on 0.5p to 32.75p after long term investor Apax Partners offloaded part of its stake to various institutions including Gartmore and UBS. After selling 11 per cent of the shares, Apax retains a 26 per cent stake in the renewable energy concern with coal mine methane interests, whose shares have trebled this year.

Telecom floats

Broadband satellite service provider Gilat Satcom (GLT) jumped 12.5p to 132.5p after floating on Tuesday, despite raising only £4.6 million, only two thirds of its target. Formula Telecom Solutions, a provider of integrated billing and software solutions to the global telecommunications industry, which has pulled in £4.2 million thanks to a Seymour Pierce placing, will be hoping to replicate this performance when it starts trading this Thursday.