The evolution of Ora

Former Welsh sheep farmer Richard Griffiths, founder of broker Evolution, has shepherded his new investment boutique, Ora Capital Partners, to AIM alongside a £35.2 million funding at 120p, valuing the group at £120 million on its debut. Among its interests, Ora holds stakes and has board representation in two AIM-listed ventures, Kanyon and Oxeco, and is now armed with cash resources of around £60.5 million. The shares received an enthusiastic reception on their debut on Tuesday, and the current 134p values Ora at more than £134 million.

This week has proved another lively one on the new issues front, with newcomers joining the AIM fray including that of respected investor and entrepreneur Bob Morton. His new vehicle, Guernsey-registered, closed-ended investment venture St Peter Port Capital (SPPC), where he is chairman, managed to raise a substantial £75 million for its new pre-IPO fund in a float that attracted strong institutional investor appetite, although the company was hoping for double that amount last month.

Avanti Screenmedia (ASG) de-merged its satellite communications arm Avanti Communications (AVN) onto AIM on Monday, with shares in the new counter orbiting higher from 228.5p to 243p in first day’s dealings. The new communications counter currently provides satellite telecommunications services in Europe using leased satellite capacity and, in December 2008, plans to launch its own satellite known as HYLAS, through which it intends to sell wholesale capacity to telecommunications and media network operators.

Another newcomer is Vancouver-based Versatile Systems (VVS), a provider of IT and telecoms ‘technology solutions’ to businesses, which listed earlier this week with a £2.1 million placing run by Irish broker NCB. Shares in the Toronto-listed company are already trading at 32.5p, a modest premium to the 29p issue price.

Results round-up

On Monday, recent arrival Somero Enterprises (SOM), a US designer and provider of laser-guided machinery to ensure concrete floors are level, issued maiden AIM results for the year to December. With no competition apart from traditional methods involving planks of wood, the company managed to increase its sales by 32 per cent to £27.8 million ($55.9 million) and profits by 31 per cent to £4.1 million.

Bulgarian property developer Orchid Developments (OCH) has bloomed into profits, after disposing of its Porsche Business Centre in Sofia for £8.8 million (€13 million). The company, which raised a secondary £16.9 million last June, swung from a loss last time to a £2.4 million pre-tax profit as it continued to experience ‘strong demand’ for its residential apartments.

Results from Invu (NVUK), the small business-focused document management software designer, reflected a ‘pivotal year’, according to chief executive David Morgan, as the group launched its Series 6 version. In the 12 months to January, revenues at the Northampton-based venture grew 36 per cent to £6.5 million and pre-tax profits by 68 per cent to £1.98 million. The shares are up 2p this week at 28p.