Leisure industry software developer Gladstone has unveiled plans to transfer its listing to Aim on 28 May. According to chief executive Ben Merrett, Gladstone has been toying with the idea for some time and finally decided to make the move due to the 'increasing profile of Aim'. Brewin Dolphin has agreed to act as nominated adviser and broker, replacing former representative Beeson Gregory. Beeson's analyst David Johnson explained that, given Gladstone's current size, 'Brewin Dolphin are probably better for them at this point in time'. He also reiterated his opinion that the company 'does have real potential'. News of the listing change accompanied the release of improved results for the six months to February. Revenues on continuing activities climbed from £3m to £4m, while losses eased to £3.4m (£4.5m). The figures are encouraging when you consider how turbulent the past 12 months have been. In June e-learning business Transware was demerged and a number of key directors have since departed. Adding insult to injury Gladstone has had to write-off a £180,000 tax liability, which arose when former chairman Brian Raven and finance director Oliver Cooke exercised options and made a £400,000 gain. Raven and Cooke subsequently left for Transware and Gladstone was left to pick up the tax bill. Management is now in discussion with its legal advisers 'regarding the responsibility for this liability'. Hold.

Gladstone	AIM	£11.91m	24.50p	0.00p
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