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With football club Chelsea Village effectively being taken over by Russian oil tycoon Roman Abramovich and train operator GB Railways receiving a big bid from FirstGroup, important news has not been lacking on Aim of late, despite the relative quietitude that summer brings to the markets. Almost unknown in this country, Abramovich shot to fame immediately after Chelsea chairman Ken Bates and associates (representing just over 50 per cent of the shares) accepted a 35p-per-share bid, which values the company at £59.3 million.

Meanwhile, GB recommended that shareholders accept FirstGroup's takeover, which was pitched at 250p per share, plus up to 250p more conditional on the company being successful at winning extra franchises from the Strategic Rail Authority.

For Aim as a whole, the moment's main issue concerns the European Commission's proposals to streamline prospectus and reporting regulations across the EU — a move that some reckon could render Aim's special status redundant. However, a London Stock Exchange spokesman reassures that 'we are very happy with the shape of Aim... and we are confident that Aim will remain as it is.' He adds that 'there are a number of options that we are considering', including simply removing Aim from the list of markets covered by the directive — 'in practical terms this wouldn't mean very much'.

Plot thickens at Hansard

Public relations outfit Hansard shot up 2.25p, or 22 per cent, to 12.5p after saying it was in talks with one of its clients, stockbroker Sky Capital, that may lead to an offer for the group. Only a fortnight beforehand Hansard had pulled out of takeover talks with another Aim company, NWD. Sky itself recently acquired former licensed share dealer Everett Financial Management.

Elsewhere, a couple of prospective deals have fallen through, notably for former market darling Sportingbet, which edged back half a penny to 24.5p. The sports betting website operator went on to state that it has successfully rescheduled its earn-out obligations in respect of 2001 US acquisition Sportsbook. Similarly, garden centre operator Blooms of Bressingham was stable at 30.5p on news that the board 'unanimously' rejected bid proposals presented to it.

Pubnet calls time

Shares in Public Network have been suspended – this time seemingly for good — as the company has called in the liquidators. The fledgling operation never really got off the ground in its bid to install internet booths in pubs and clubs.

Telecoms group Convergent Communications, meanwhile, has called in the administrators following its forlorn attempts to sell off its remaining business. Trading has been suspended since 29 May.

Several other of the junior market's lesser lights look set to follow these two into oblivion, after a record day for Aim suspensions on 1 July. Altogether, 13 companies failed to produce results on time – though a few of these have subsequently been restored – after delivering their figures late.

Results and updates

But going into suspension or administration does not necessarily mean doom and gloom, as final figures from mobile phone retailer Celltalk proved. The long-troubled venture, which has been in and out of administration, saw its shares improve 92 per cent to 6.25p on the back of a move into pre-tax profit of £74,000 in the year to March, helped by swingeing cost cuts. Sales dropped two thirds to £8.3 million.

Over in the mobile data arena, Transcomm jumped 12 per cent to 9.25p after it said that trading had been 'strong' during the first half, with average 'revenue per unit' showing a welcome 23 per cent increase. Profits before tax and goodwill will come in at least £200,000.

Data capture systems group Belgravium Technology did not please followers though, admitting that the green shoots of recovery that it reported seeing at the time of its AGM in May had proved to be a mirage. The company has received 'few firm orders' for the second half of its year, which is likely to result in a 'significant shortfall' in turnover and profits for the year compared to market expectations. Its shares fell 26 per cent to 10p.

Fayrewood figures upcoming

Pan-European computer distributor Fayrewood produces its interim figures on 7 August. On the same day, subsidiary ComputerLinks AG, quoted on Frankfurt's Deutsche Borse, will also report. In May's upbeat AGM statement, chairman Pierce Casey said trading was ahead of budget in the first four months of the year.

House broker and adviser Arbuthnot has shaded in pre-tax profits of £10.4 million and earnings per share of 8.6p for the year. At 63.5p a share, the stock is on a forward rating of only 7.4 times.