STOCKS NEWS UK SMALL-Irvine Energy plunges on funding fears
STOCKS NEWS Reuters Results diary
Europe [STXNEWS/EU] Real-time Equity News [E] [GB/EQUITY]
UK [STXNEWS/UK] Stocks on the move [HOT-RTRS]
UK smallcaps [STX/UKSC]
09:44GMT 11Nov2008-Irvine Energy plunges on funding fears
---------------------------------------------------------
Irvine Energy Plc (IVE.L) shares plunge 57 percent -- the biggest fall on AIM -- as the il and gas exploration group says it has incurred cost over-runs on its seismic programme in Kansas and may need to raise additional finance. The group said it is also in talks regarding potential asset sales.
Evolution Securities says this news is a "major blow" to the group's expansion plans, and withdraws both its investment recommendation and earnings forecasts for the company pending clarification of the situation.
For more click on [ID:nWLB3301]; company statement [ID:nRnsK8617H]
malcolm.locke@thomsonreuters.com; +44 207 542 0964
09:41GMT 11Nov2008-Tanfield down on gloomy 2009 outlook
-------------------------------------------------------
Shares in Tanfield (TAN.L) plunge as much as 18 percent after the electric vehicle and lift platforms maker reinforces its September trading statement by saying it sees no sign that poor current trading levels will improve next year. Although the group is cutting costs to save cash, it forecasts nothing better than a break-even performance in 2009.
"Management reiterates its previous statement, in which it indicates that trading conditions remain difficult, not least due to the lack of credit to its end customers and a global reduction in demand. The business is now running at break-even and management has indicated that it expects a similar trading environment for 2009," says Arbuthnot analyst Xavier Gunner. Continued...
