Small Talk: Ramsden trio sued over fundraising failure

Eden update - Keep an eye on SI - Mondas revival

Three business associates of the racehorse owner Terry Ramsden are being sued for £15m over the botched fundraising by Financial Development Corporation. FDC has begun legal proceedings claiming breach of contract and damages.

FDC, formerly called Hansard Communications after the public relations firm it has since sold to management, raised only £6m of the £11m it planned from a placing of new shares in the summer. It said at the time that three proposed investors had failed to stump up the promised cash. Mr Ramsden himself increased his stake in the company at the time, although he has since sold out entirely.

Mr Ramsden's appearance on the share register in July sent FDC shares soaring. The placing proceeds were to be used to fund the purchase by FDC of another of Mr Ramsden's companies, which owned a plot of land in Barbados for development as holiday apartments. Although FDC still has an option to buy Griffin, that purchase has now collapsed. Instead, FDC is a rich cash shell looking for a reverse takeover.

Eden update

For those few shareholders in Eden Research who made it to the natural pesticides group's shareholder meeting on Friday there was more detail than usual on the development of its products for treating Pierce's disease, which attacks vines, and soil parasites. But not nearly enough. We learnt, in answer to the questions printed here last week, that Thallo Eco, which will distribute products in California and perhaps the rest of the US, is a specially created company with no infrastructure of its own as yet. We also discovered some of the details of the financial arrangements behind the deal. But, in a laughably opaque phrase, we learnt only that Thallo Eco "has been established by people with the relevant experience in commerce and industry".

There was also no engagement with the allegations of Eden's former business partner, Reed Smith, who says a key product has failed its trials. Eden characterises Mr Smith as a man with a grudge and insists that trials against Pierce's disease are progressing well. As for the listing on AIM, promised since the new year, the controversy stoked by Mr Smith means that plans for the move up from Ofex have been delayed indefinitely.

Keep an eye on SI

Surgical Innovations, the Leeds-based designer and manufacturer of surgical instruments, is being circled by brokers keen to snatch the company away from its current adviser, Westhouse. SI knows it has to grow if it is to survive, since this is an industry dominated by the medical devices giants of the US. Much hope is pinned on its recently launched scissors for keyhole surgery, for which it has just signed a distribution deal in the Benelux countries. If a City charm offensive by the management combines with a new broker keen to bring acquisition opportunities to the company, then SI shares could be worth watching.

Mondas revival

At last, the end of the horrible spat between Tim Simon, the founder of Mondas, a City trading software company, and the board which ousted him as chairman and chief executive in August after nearly a decade of mounting losses and missed promises. He failed in an attempt to have himself reinstated to the board last week, a move which would have scuppered a carefully negotiated financial rescue package.

With this threat lifted, with the company focusing on less technologically ambitious software and with the latest trading news showing progress, Mondas could become interesting to speculators.

PROMOTED VIDEO
News
Teeth should be brushed twice a day to prevent tooth decay
education
News
Bryan Cranston as Walter White, in the acclaimed series 'Breaking Bad'
news
Sport
footballChelsea 6 Maribor 0: Blues warm up for Premier League showdown with stroll in Champions League - but Mourinho is short of strikers
News
Those who were encouraged to walk in a happy manner remembered less negative words
science
Arts and Entertainment
Princess Olga in 'You Can't Get the Staff'
tvReview: The anachronistic aristocrats, it seemed, were just happy to have some attention
News
Renee Zellweger as Bridget Jones
i100
News
ebooksAn unforgettable anthology of contemporary reportage
Life and Style
tech

Board creates magnetic field to achieve lift

News
There have been various incidents of social media users inadvertently flouting the law
news

Life and Style
Stack ‘em high?: quantity doesn’t always trump quality, as Friends of the Earth can testify
techThe proliferation of online petitions allows us to register our protests at the touch of a button. But do they change anything?
News
Bourgogne wine maker Laboure-Roi vice president Thibault Garin (L) offers the company's 2013 Beaujolais Nouveau wine to the guest in the wine spa at the Hakone Yunessun spa resort facilities in Hakone town, Kanagawa prefecture, some 100-kilometre west of Tokyo
i100
Sport
CSKA Moscow celebrate after equalising with a late penalty
footballCSKA Moscow 2 Manchester City 2: Premier League champions let two goal lead slip in Russia
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Helpdesk Analyst

£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...

Senior Helpdesk Analyst / Service Desk Co-ordinator

£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...

Senior Pensions Administrator

£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...

Corporate Actions Administrator / Operations Administrator

£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...

Day In a Page

Indiana serial killer? Man arrested for murdering teenage prostitute confesses to six other murders - and police fear there could be many more

A new American serial killer?

Police fear man arrested for murder of teen prostitute could be responsible for killing spree dating back 20 years
Sweetie, the fake 10-year-old girl designed to catch online predators, claims her first scalp

Sting to trap paedophiles may not carry weight in UK courts

Computer image of ‘Sweetie’ represented entrapment, experts say
Fukushima nuclear crisis: Evacuees still stuck in cramped emergency housing three years on - and may never return home

Return to Fukushima – a land they will never call home again

Evacuees still stuck in cramped emergency housing three years on from nuclear disaster
Wildlife Photographer of the Year: Intimate image of resting lions claims top prize

Wildlife Photographer of the Year

Intimate image of resting lions claims top prize
Online petitions: Sign here to change the world

Want to change the world? Just sign here

The proliferation of online petitions allows us to register our protests at the touch of a button. But do they change anything?
Ed Sheeran hits back after being labelled too boring to headline festivals

'You need me, I don’t need you'

Ed Sheeran hits back after being labelled too boring to headline festivals
How to Get Away with Murder: Shonda Rhimes reinvents the legal drama

How to Get Away with Murder

Shonda Rhimes reinvents the legal drama
A cup of tea is every worker's right

Hard to swallow

Three hospitals in Leicester have banned their staff from drinking tea and coffee in public areas. Christopher Hirst explains why he thinks that a cuppa is every worker's right
Which animals are nearly extinct?

Which animals are nearly extinct?

Conservationists in Kenya are in mourning after the death of a white northern rhino, which has left the species with a single male. These are the other species on the brink
12 best children's shoes

Perfect for leaf-kicking: 12 best children's shoes

Find footwear perfect to keep kids' feet protected this autumn
Anderlecht vs Arsenal: Gunners' ray of light Aaron Ramsey shines again

Arsenal’s ray of light ready to shine again

Aaron Ramsey’s injury record has prompted a club investigation. For now, the midfielder is just happy to be fit to face Anderlecht in the Champions League
Comment: David Moyes' show of sensitivity thrown back in his face by former Manchester United manager Sir Alex Ferguson

Moyes’ show of sensitivity thrown back in his face... by Ferguson

Manchester United legend tramples on successor who resisted criticising his inheritance
Two super-sized ships have cruised into British waters, but how big can these behemoths get?

Super-sized ships: How big can they get?

Two of the largest vessels in the world cruised into UK waters last week
British doctors on brink of 'cure' for paralysis with spinal cord treatment

British doctors on brink of cure for paralysis

Sufferers can now be offered the possibility of cure thanks to a revolutionary implant of regenerative cells
Ranked seventh in world’s best tourist cities - not London, or Edinburgh, but Salisbury

Lonely Planet’s Best in Travel 2015

UK city beats Vienna, Paris and New York to be ranked seventh in world’s best tourist destinations - but it's not London