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While companies in the blue chip FTSE 100 index have recovered ground over the past month, buoyed by a seemingly good start to the war with Iraq, smaller companies have not enjoyed such gains.

In fact the Aim index has dropped four per cent to 545.1, as a run of good-looking results from many of its higher-profile constituents and a few takeover bids have been overshadowed by some rather more unwelcome corporate activity.

End of an era for Seymour Pierce?

After a long-running bid saga, it seems that Aim specialist investment 'boutique' Seymour Pierce is to split into two, having revealed that it is negotiating to sell its investment banking and fund management operations separately, rather than as one.

Venture capitalist John Moulton, of Alchemy Partners, and Seymour Pierce chairman Keith Harris are understood to be poised to buy out the broker's investment banking business, while former Jupiter boss John Duffield's New Star Asset Management is considering acquiring the investment management side. Shares in the company slid 24 per cent to 3.26p on a monthly basis though.

However, Seymour Pierce client Park Row, a financial advisory business, surged 48 per cent to 55.5p as it confirmed rumours of an approach 'which may or may not lead to an offer'. Results for the 15 months to December were also announced, showing a loss of £9.3 million.

Meanwhile, enamels and giftware manufacturer Bilston & Battersea announced that it has recommended that shareholders accept a 28p per share offer from US-based giftware conglomerate Enesco.

On a more downbeat note, it will soon be time to say goodbye to engineer L Gardner, whose banks have now appointed receivers to the whole of the business. Also, dating agency OneSaturday confirmed that it is to take its shares off the market, having deciding that it will be unable to secure sufficient extra financing. Its shares collapsed a further 70 per cent to 0.5p.

Doing the business

But rather better tidings have been flooding in from Aim's bigger names, with particularly powerful full year figures coming from support services group Enterprise, one of the largest companies on the junior market. Numbers for the year to December were typically strong, showing profits before tax up almost £5 million to £12.9 million.

Helped by supportive comments from analysts, its shares moved up eight per cent to 225.5p. But fellow property services group Interior Services dropped nine per cent to 124p, as it released interims showing pre-tax profits stable at £4.2 million (excluding exceptional costs). The group has £30.6 million of net cash on its balance sheet for security though.

A number of Aim's financial services companies also reported. Invoice discounting firm Dynamic Commercial Finance was up a penny at 70.5p after announcing reduced full year losses and stake building from top executives. Private & Commercial Finance, a provider of car loans and equipment leasing facilities, was stable at 55p having reported annual profits up by more than a fifth to £1.4 million.

Meanwhile, buy-to-let mortgage specialist Bristol & West Investments edged up to 7.13p as it shrugged off fears of a property price crash by saying it continues 'to benefit from good levels of business' before it announces results on 27 May. Analysts expect around £1.6 million in pre-tax profits, with 1.2p of earnings per share, putting the highly geared group on a prospective p/e of under six.

The return of new issues

After a period from the beginning of February to mid-March when the only new issues (apart from ex-Full List companies) were mining hopefuls Capricorn Resources and HPD Exploration, the new issues marketplace seems to be picking up.

American container innovator AeroBox started matters by arriving on 20 March. But a much bigger fundraising is being attempted by Teather & Greenwood, which is looking to raise £20 million for Property Investment for Pensions. This specialist vehicle is designed specially for SIPPs, SSASs and FURBs with the money earmarked for investment in residential property around Greater London.

Elsewhere, Seymour Pierce is attempting to attract £750,000 for the flotation of Pentagon Protection, a company that provides protective glass products for the cars of the rich and famous. WH Ireland is looking for £105,000 for a developer of five-a-side football pitches called Taskcatch. Pre-school nurseries operator The Creative Educational Corporation is to be introduced on 8 April, with Perth-based Aussie miners Consolidated Minerals and GMA Resources due to arrive at around the same time.