Companies: ACT    APC    ARX    BLVN    CCG    FSH    FTI    GETM    WAM   

Disappointing drilling results affected two of AIM’s recently floated oil prospectors.

A third of the value was knocked off of Cameroon-focused oil explorer BowLeven (BLVN) as, like Frank Timis’ Regal Petroleum (RGP) earlier in the year, a potential well drilling ‘did not encounter’ any oil. Floated at 363p last December, the shares now sit at 445p, virtually half September’s high of 815p.

And newcomer Wham Energy (WAM) more than halved as findings from an exploratory well suggested that ‘hydrocarbons are not present in commercial quantities’. Wham raised £10 million at 90p when it floated last month but its share have now plunged to 42.25p.

The dry wells contributed to a dark week on AIM, as more than the weather turned sour in the City. The FTSE 100 had its worst day of trading this year and ended off 2.5 per cent at 5138.4. On Tuesday AIM trickled below the 1,000 mark for the first time since early July and shed 48.4 points during the week to 985.6.  

Bad signals from CRC

More gloomy news came from mobile-phone repairer CRC (CCG), which halved to 131.5p after confessing that profits and earnings are expected to come in ‘substantially below current market expectations’ after trading in the third quarter deteriorated. Deferred projects at its German operations and lower volumes in the UK were both unexpected and have hit both areas hard.

Getmobile Europe (GTM), an online and direct seller of mobile phone contracts, slumped 36 per cent to 38p after warning that it expects results for the interim period to December to be impacted after a crucial German deal fell though. The company, also listed in Dublin, cautioned that market conditions in Germany, its principle market, have been adversely affected by the impact on consumer spending from higher oil prices and the recent election saga.

Action at Actif

Branded clothes designer and distributor Actif (ACT) has launched a drastic reorganisation after losing £482,000 in the year to July. The producer of the Elle clothing brand blamed weak retail sector demand, rising property costs and delays in ordering by wholesale customers. The shares at 2.5p now stand 83 per cent below 2000's 15p float price.

Restaurant group FishWorks (FSH) turned a £670,000 loss into a £158,000 net profit in the year to last February, but the company decided to change its year end to July. This meant a £228,000 loss was made over those 17 months. The company wants to open more outlets following June’s £3.8 million placing at 33p. The shares were scaled back seven per sent to 41p.

Aerobox looks east

Air cargo container maker AeroBox (ARX) fluttered up 41 per cent to 7.38p after securing a five-year contract worth at least $6 million (£3.7 million) with a Middle Eastern airline. AeroBox will deliver lightweight ‘unit load devices’, the result of ten years’ research, with a minimum value of $1.2 million in the first half of each calendar year.

Cash shell Future Internet Technologies (FTI) shot up 94 per cent to 8.25p on no news. And electronic components tiddler Advanced Power Components (APC) jumped 64 per cent to 9p, defying the market gloom.

Finally, AIM’s first Bangladeshi company joined the market on Friday. Beximco Pharmaceuticals (BXP), a maker of generic drugs, raised £12 million at 60p and immediately sat at a 5p premium.