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.
RCG to leave AIM
Biometrics to RFID tagging group RCG (RCG) has decided to cancel its AIM quote due to low trading volumes compared to its Hong Kong listed shares.
Just four days ago RCG issued an announcement stating it was unaware of the reason for the rise in its share price but that it was considering leaving AIM. RCG joined the junior market in 2004 and has also been traded on PLUS since 2007 with a dual listing in Hong Kong secured two years later.
Of the total shares in issue some 80 per cent are registered in the former colony so it is hardly a surprise that the trading volumes are much lower in the UK. Due to the costs associated with its listing ranging from brokers through to other advisers and registrar fees RCG intends to delist, this should take effect from mid April.
In December the group warned on profits due to falling profit margins, a move that forced broker Evolution to slash its profits forecasts in half. Increasing competition in Asia has forced pricing pressures and RCG is also suffering from implementation delays in certain projects. Efforts are afoot to broaden its client base, indeed just last month the group took a 5 per cent stake in Spartan Gold - a mining and exploration operator in Alabama and Nevada.
RCG has also received a £3.77 million investment following a 19.8p a share subscription by two technology focused investors. These are Seychelles registered Chiefland Trading and Rare Minerals Group, specialising in South America and Asia based investments. The shares have fallen 15 per cent to 19.5p this morning. Current investors wishing to retain their holding should contact their broker to move the holding to the Hong Kong branch share register.
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