The major recent story on PLUS has been the recommended £81.6 million offer for Premier League club Manchester City by ousted Thai prime minister Thaksin Shinawatra (through his UK Sports Investments vehicle) who faces corruption charges in his homeland. Broker to the deal was Seymour Pierce chairman Keith Harris, the renowned banker to the soccer glitterati and former Football League chairman who had a major hand in the takeovers of both West Ham and Chelsea.

Amid new issues, the flow of cash shells to PLUS continues apace. Newcomers include Hartfield Securities, brought to market by adviser St Helen’s Capital and an experienced board led by chairman Norman Fetterman and directors Malcolm Coleman and Clive Gartson. Having completed a private placement raising £860,000, the company is looking for a suitable reverse deal or deals in the high-growth areas of the financial, property, technology, healthcare or marketing services sectors. Management pointedly prefers the label “investment vehicle” to cash shell.

Another newcomer, Halcyon River Investments, is a shell looking for deals in the natural resources sector, having filled its coffers with a £500,000 fundraising. Behind the business are serial dealmakers Brian Rowbotham and Gavin Burnell.