Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Transformation for AIM brokers
Further changes are in prospect at broking and investment group Blue Oar, following its recently aborted merger with WH Ireland. Blue Oar, whose co-founder Edward Vandyk calls the shots through a 65 per cent stake held by investment vehicle Evolve Capital (which itself made an unsuccessful bid not so long ago), is losing corporate finance chief Ranald McGregor-Smith as it refocuses on smaller companies, scales back institutional trading and prepares to invest some of its £12 million cash pile directly into some of the smaller companies it likes.
Some insiders at Blue Oar, formerly Corporate Synergy, favour another name change, arguing the case for Astaire, the name of an established broker bought by the company last year for £1.7 million. It is understood that McGregor-Smith had been considering securing backing to buy out parts of Blue Oar’s securities side, and further moves on this front could still be in the offing.
Blue Oar chief executive Justin Lewis is returning to his native Australia. He says the slimming down is ‘more suited to today’s markets’. It is felt at Blue Oar that investing its own money into small companies would add a ‘new dimension’ to its business. Former boss Andrew Monk still has a stake, and the role of Evolve is clearly crucial.
The WH Ireland deal, a mooted £16.2 million shares-and-cash takeover of Blue Oar, fell through after Ireland’s recent results showed a £4 million annual loss. The AIM ratings of all the companies involved have suffered from market traumas, with Blue Oar at 4p against 29.5p in 2006, Evolve at 5.75p against 11p in 2007 and WH Ireland down from 194p in 2007 to 50.5p today.
By contrast, another AIM-quoted broker, Cenkos Securities, at 107p, is in expansive mood despite a 79 per cent profits drop to £5.1 million. The company is acting in a £100 million deal, having recently raised £130 million for Omega Insurance and £80 million for Juridica Investments.
Chief executive Andy Stewart wants to hire key people leaving the stricken mega-brokers and insists ‘there have never been more opportunities for a small operation like ours’.
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