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.
Cupid raises £12m
Internet dating group Cupid (CUP) has raised £12 million through broker Peel Hunt to fund further acquisitions.
The AIM-quoted company behind websites including 'casual encounters' site benaughty.com, niche sites MatureDatingUK.com and PlanetSappho.com as well as more traditional sites such as Flirt.com raised the money through the issue of £5 million of new shares and the sale of £7 million worth of shares from CEO Bill Dobbie and director Max Polyakov at a price of 110p a share.
Dobbie enthused that the placing 'will enable us to continue our acquisitive strategy and further strengthen our position' adding that 'trading remains exceptionally strong with revenues in the first quarter of the financial year reaching record levels since the company commenced trading.'
In an interview with Growth Company Investor Dobbie remarked that the placing was taken up by institutions including Gartmore and Artemis and added that the plan for Cupid was to focus on opportunities in France, Germany and India adding that 'I think this gives us enough to look at an acquisition in continental Europe' noting that Cupid is already 'looking at a number of potential acquisitions.'
Following the placing analysts at house broker Peel Hunt retained forecasts of £8.9 million pre-tax profits for 2011 on turnover of £44 million (2010: £25.7 million.) EPS of 8p and 11.5p are pencilled in for 2011 and 2012, respectively.
Recommended by Growth Company Investor at 117.5p in November last year the placing has knocked the share price by three pence this morning to 124.5p. With the access to larger cash reserves increasing its war chest the shares remain a buy, and are trading at just over fifteen and a half times 2011 earnings.
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