Residential developer Oakdene Homes is seeking �9.75 million (net) after a 33 per cent profits drop to �5.5 million.

Headed by entrepreneurial chief executive Carl Turpin, Reigate-based Oakdene hopes to raise the cash, after expenses, at 50p, through broker Panmure Gordon, to fund ‘future potential acquisition opportunities’. These could appear in the form of land-rich company takeovers or additions to the AIM-quoted company’s land bank, for which it claims a market value of �109 million, rising to an estimated �169 million with planning permission.

Oakdene blames the UK’s ‘difficult financial situation’ in the second half-year for a �10 million 2007 turnover fall to �36 million. Chairman Philip Stephens says the company is continuing to build a ‘quality and well-priced product’ in south-east England and expects to generate sales ‘for the rest of the year’, despite present uncertainties.

Floated in 2004 at 110p, Oakdene shares hit 215p at the beginning of last year, but fell to 47p last month. Now 56p, down 0.5p this morning, they value the company at �23 million.

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Oakdene Homes	AIM	�3.89m	7.75p	0.00p
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