As foreshadowed here in August, Aim-listed shell Andaman Resources has confirmed it is in reverse takeover talks with Ofex-listed media group Galleon (formerly Synthetic Dimensions). Ben Cobley reports.

Northern Irish miner-turned-cash shell Andaman (AND) indicated when it came to Aim in January that it was looking for a profitable business in either the media or healthcare sectors. During the summer it emerged that it had happened across Synthetic, which changed its name to Galleon after acquiring fellow Ofex media firm A4 Holdings, a publisher recently focused on the licensing industry.

The enlarged Galleon group is a true media conglomerate, though still small, and valued at just £4.3 million when suspended on the J P Jenkins market at 42.5p after confirming it was in talks. Its operations incorporate 3D graphics animation for TV and computer games, building, managing and marketing consumer databases on behalf of external clients, a range of marketing services, and it is also focusing on intellectual property rights.

Galleon's chairman is Jim Driscoll (also of fully listed Sanctuary (SGB)) and chief executive is his brother Simon (formerly of Aim flop Zoa Corporation). A4 was bought from another family member, Adam Driscoll (also of Aim firm Channelfly (CNF)), after being moved into the same building as what was then Synthetic.

Another of the company's acquisitions, Probe Media, was bought from Sanctuary. The company has also got a stake in Ofex-listed Transad International, which sells advertising space on the back of airline seats and is chaired by Jim Driscoll with Simon, one of two managing directors.

As for results, Galleon's final figures have been delayed for some time pending the completion of negotiations. Its interims, released in March, showed a pre-tax profit of £44,405 made on £274,459 sales.

Andaman's shares are suspended after rising 60 per cent to 2p yesterday.