2 September 2010

AIM NEWS

29/10/2007

Though the results season has past, AIM has been anything but quiet, with corporate activity keeping market watchers busy. Office maintenance and landscaping outfit OneSource Services, chaired and 74 per cent-owned by former Conservative Party financier Lord Ashcroft, agreed a pricey US$365 million (£178.3 million) bid from US group ABM Industries, valuing the loss-making group at nearly eight times its earlier prevailing price. Another multi-million dollar deal boosted marine transportation company Globus Maritime, whose share price sailed 78 per cent higher on a new two-year agreement with Korea Line Corporation worth around $43 million.

Recent economic turbulence has, of course, had deleterious effects. Despite an otherwise bullish interim report, Dutch-based property and financial services provider Direct Wonen shed more than a third of its value on news that full-year revenues will disappoint, with the company blaming interest rate increases and earlier operational difficulties within its financial services division. Similarly, aviation and distribution counter Dart informed investors that first-half operating profits ‘will be significantly below last year’s levels’ despite turnover being well ahead, with margins under pressure in both businesses. Despite assurances that ‘the outlook for the full year is still expected to be approaching market expectations’, the shares surrendered more than 20 per cent.

Sector: General Financial

Companies: OneSource Services , Globus Maritime , Direct Wonen , Dart

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