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HAYS PLC (HAS.LN), the U.K. recruitment company, Wednesday cut
its interim dividend by more than half and continues to reduce its
cost base, but the company said it still sees long-term growth
opportunities.
In an interview with Dow Jones Newswires following the its
half-year earnings, Chief Executive Alistair Cox said the decision
to cut the dividend to 0.83 pence, from 1.85 pence, was a difficult
one. However, he added that it wanted to rebase its dividend, which
had been uncovered for the past two years, to a level that is more
appropriately covered by earnings and cash flow.
At 1520 GMT, shares +6.5 pence, or 8%, at 87.5 pence.
ROYAL DUTCH SHELL PLC (RDSB), the Anglo-Dutch oil company,
proposed a GBP992.4 million cash offer to buy U.K.-listed COVE
ENERGY PLC (COV.LN), marking the company's first foray into Kenya
and Mozambique, the latter of which already shows significant
potential for liquefied natural gas projects.
Shell is one of the world's largest LNG producers, with equity
sales volumes of 18.83 million metric tons a year in 2011. Adding
Cove's assets to its portfolio is designed to strengthen and
diversify Shell's existing global LNG portfolio of production and
development projects at a time when demand for natural gas is
expected to rebound due to China's rising energy needs.
Cove's shares were +39.3 pence, or 25.4%, at 193.8 pence.
ANGLO PACIFIC GROUP PLC (APF.LN), a company that acquires mining
production royalties, is looking to make its first foray into
Africa, its Chief Executive John Theobald told Dow Jones Newswires
Wednesday.
"We haven't done any business in Africa yet, but there are
certain countries in Africa we would consider," he said, noting
that a good legal system and a stable political system would be a
prerequisite.
Shares -0.2 pence, or 0.1%, at 314.8 pence.
BARRATT DEVELOPMENTS PLC (BDEV.LN), a U.K. housebuilder, said it
swung to a half-year pretax profit and that recent trading has been
strong, reflecting the benefits of new, higher-margin land coming
onto its estate.
"Even given the prudent assumption of a flat market, we will
continue to see improvements coming through this [fiscal] year,"
Chief Executive Mark Clare said. "We expect a further step up in
margins and profit in the second half."
Shares +7.2 pence, or 5.6%, at 136.9 pence.
MADAGASCAR OIL LTD. (MOIL.LN) said it has raised about $26.5
million in a share placing to accelerate its work program and get
its Tsimiroro oil field in Madagascar into production.
The company issued 59,900,000 new common shares at a placing
price of 28 pence a share.
Chairman and Chief Executive Laurie Hunter said: "This
strengthening of our balance sheet marks another important step
towards the successful development of our assets and enables us to
further prove-up our significant resource base."
Shares +3.4 pence, or 11.6%, at 32.5 pence.
ST. JAMES'S PLACE PLC (STJ.LN), a U.K. wealth manager, raised
its final dividend by a third and said another similar increase was
likely in 2012 as it reported a 30% jump in full-year pretax
profit.
"This performance, in market conditions that were far from
helpful, is a testament to the strength of the partnership and the
breadth of our investment proposition.," Chief Executive David
Bellamy said in a statement.
Shares -5.7 pence, or 1.5%, at 367.6 pence.
BEACON HILL RESOURCES PLC (BHR.LN), a Mozambique-focused coal
producer, said a study by independent consultants has confirmed the
economic viability of the Minas Moatize coking coal project based
on an operation producing about 2.2 million metric tons of coking
and thermal coal a year.
Financial modeling, using a 13% discount rate, demonstrates a
net present value of $662 million and an internal rate of return of
79.5%, based on an 11.5 year mine life, the company said.
Shares flat at 10.3 pence.
KEFI MINERALS PLC (KEFI.LN), a precious metals explorer, said it
has raised around GBP1.9 million in a share placing to fund
continued gold and copper exploration in Saudi Arabia.
Kefi raised the funds in "a significantly over-subscribed
placing" of 61,666,667 ordinary shares at 3 pence each.
The funds will be used for the next stages of Kefi's current
exploration program as the technical partner in the Gold &
Minerals joint venture with 60% partner, industrial conglomerate
ARTAR.
Shares +0.05 pence, or 1.6%, at 3.2 pence.
FTSE Small-Cap -0.3%
AIM -0.3%
-By Peter Evans, Jana Weigand, Alex MacDonald and Iain Packham,
Dow Jones Newswires; +44 (0) 20 7842 9296;
uksmallcaps@dowjones.com