Companies: WGP    YOU   

AIM set for Silicon injection

More than 100 companies from Silicon Valley, a centre for high-tech businesses in California, are apparently considering flotation on AIM, with the high cost of listing in the US under Sarbanes-Oxley working in AIM's favour. The news follows a period of intense profile-raising in the area by London Stock Exchange officials last year. According to lawyers Pillsbury Winthrop Shaw Pittman, enquiries regarding London's junior market have been gushing in over the past six months and a number of companies have already begun to meet with potential nominated advisers.

Pending new issues

Astek Group, a Cheshire-based company focused on developing products for the worldwide dental market, is looking to raise £1.25 million ahead of a flotation on AIM. HB Corporate is broker and nominated adviser to the company.

Elsewhere Hoare Govett is set to usher in investment vehicle Low Carbon Accelerator this week, with first days' dealings scheduled for Wednesday. The group will seek to invest in a diverse range of private companies in the UK, Scandinavia, Germany and California, whose 'products or services lead to net reductions in green house gas emissions immediately'. The company will then look to realise its investments within 2 to 5 years, either through a sale or through flotation.

Teleset Networks Public Company is due to join AIM on Thursday, though it isn't looking to raise any additional funds. The company operates a local digital fixed-line telecoms network for personal and business users in Kazan, the capital of the Republic of Tatarstan in the Russian Federation. Corporate Synergy is on board as adviser, but Teleset has yet to appoint a broker.

On Friday, watch out for debut dealings in Guernsey-domiciled Japan Residential Investment Company. The business plans to pull in £100 million, and will look to invest in Japanese residential property. Management has already identified a portfolio of around 30 properties with an estimated value of over £100 million and plans to be 'fully invested' within 12 months.

Financials and updates

With the frenzied results season slackening, investors warmed to full year numbers to July from market research and opinion poll play YouGov. Sales more than tripled to £9.5 million (£2.9 million), with pre-tax profits soaring from £1 million to £4.1 million. The shares nudged 1.5p higher to 696.5p on the news.

And following the recent developments with regard to US legislation pertaining to online gambling, World Gaming requested that trading in its shares be suspended this morning. Following discussions with 'all key parties' and having taken legal advice, the company expressed doubts over its ability to continue trading. The recently passed 'Unlawful Internet Enforcement Act' seeks to prohibit 'the processing and acceptance of financial transactions in connection with certain types of internet gambling' and once enacted, is likely to hit the company's operations hard.