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.
More share swaps for New Opportunities
As foreshadowed here in August, New Opportunities Investment Trust, whose shares were listed today on the London Stock Exchange, has agreed an £850,000 share swap with Aim-listed ZincOx Resources, a £1 million swap with ReGen Therapeutics and a £440,000 swap with ADVFN, as well as swaps with Offshore Telecom and two Ofex counters, Croma and Insensia. Robert Tyerman reports.
New Opportunities has so far raised £11.1 million in cash and share swaps at a nominal £1 a share, according to its broker Keith Bayley Rogers, which says the shares have opened at 90p to 100p. Keith Bayley's Howard Drummon says he expects the trust, which recently clinched a £350,000 share swap with Aim-listed investment group London & Boston, to raise up to £30 million, against a maximum target of £60 million.
ZincOx is seeking to impress with its zinc treatment process, claimed as economic even at depressed prices. Floated on Aim this year after a £3 million placing by broker Charles Stanley at 120p, its shares have fallen to 38.5p, though 2.2 million of them – worth nearly £850,000 – are being exchanged for one million New Opportunities £1 shares, plus 200,000 five-year warrants exercisable at £1.
ReGen, which is testing Colostrinin, a drug derived from sheep's milk, to treat Alzheimer's disease, is to exchange 21.2 million shares at a bombed-out 5p for 1.06 million New Opportunities shares at £1.
Loss-making Offshore Telecom is exchanging £315,000-worth of Aim-listed shares at a depressed 0.35p for 315,000 of New Opportunities'.
Out-of-favour internet games developer On-Line is taking 440,000 £1 New Opportunities shares for 12.5 per cent of Aim-listed financial website operator ADVFN at a lowly 1.25p.
Croma, planning an Aim move on prospects for its security and surveillance kit, is exchanging 2.5 million of its shares at 11.25p – down from their 15p float price – for 281,250 New Opportunities at £1.
Loss-making financial news and investor relations concern Insensia is swapping one million shares at 1p (half its float price) for 100,000 New Opportunities shares at £1. Stakes can be sold in three months and, with the trust likely to go first to an appreciable discount, it is a bet on a stock market recovery.
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