City talk: The mystery deepens at Display.IT

Shares in Display.IT, the Ofex-traded software concern, were suspended last week at 245p after it lost its chairman, David Familiant, and Tom Mackay, the company secretary and a partner with lawyers Taylor Johnson Garrett, which also resigned as the company's solicitor. Mr Mackay left, it was reported, because of "his inability to obtain certain information from the company about its affairs".

The information in question relates to Display.IT's contract with a Luxembourg- based company, Alsina, to pay a sum of pounds 11.5m for copies of the company's Internet browser program. The browser enables users to access a data feed from Reuters, without having to pay for the privilege. The problem stems from the fact that no one has been able to ascertain what Alsina is or does, or equally important, who owns it. Chief executive Peter Levin, however, remains bullish. He told me on Friday that money from Alsina would be with the company, as stated in the terms of the contract. However, he refused to divulge a telephone number for Alsina. "It's not something we give to the press," he said. He added that the company did not face bankruptcy and that "investors' money is safe and secure." The company has said it will announce interim figures to the end of June on "or about" 15 August. They will make interesting reading.

Still on Ofex, GPA Group has just raised pounds 210,000 through an offer for subscription. The chief asset of GPA is the House of Detention, a tourist attraction in London's Clerkenwell. GPA is run by Andreas Chatalos, who used to manage the London Dungeon when he was managing director of Kunick Holdings. The House of Detention was under-capitalised under its previous owners, and Mr Chatalos is confident visitors can be boosted substantially from the current level of 30,000 a year.

On AIM, SEA Multimedia is expected to announce a distribution deal for a new computer game it has developed. @Range is an on-line game which allows up to 3,600 users to play simultaneously over the Internet. SEA, based in Israel, has signed an agreement with Mpath, a US company, which will make @Range available over Mplayer, its new zone for online games.

There was an unusual trio of family-linked directors' sales last week. David Sieff, son of the former Marks & Spencer chairman Lord Sieff, sold 13,000 shares at 561p each to take his holding down to 52,700 shares. He was appointed as a non-executive director in April, having served as an executive director, but his latest move raised questions from shareholders.

At Sainsbury's, non-executive director Sir Timothy Sainsbury sold 1.05 million shares at 431p each, while at Manchester United chief executive Martin Edwards sold 910,000 shares at 650p each to leave him with a 9.72 million stake. Mr Edwards said he had no intention of selling any more shares for the foreseeable future.

By contrast, directors of Medeva, the generic drugs firm, piled into the market despite a profit warning which saw shares slump. Three directors bought 19,000 shares between them, at prices of 218p to 220p, after the shares had fallen 13 per cent.

So it was not to be; the FT-SE 100 failed to breach the magical 5,000 mark, touching 4,998.1 on Friday morning before sliding back to 4,877.2 at the close of play. The damage came from a large fall on Wall Street, but as ever when there's a bit of panic, food stocks performed well. AB Foods gained 13.5p to close at 557.5p, topping the list of advancers. Asda was also on the move, up 3.5p to 147.5p, and Tesco gained 1p to 428.5p. BT continues to suffer from the troubles at MCI, the US telecoms carrier and its partner in the Concert merger.

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Arts and Entertainment
Under the skin: Sarah Kane in May 1998
theatreThe story behind a new season of Sarah Kane plays
Arts and Entertainment
Preening: Johnny Depp in 'Mortdecai'
filmMortdecai becomes actor's fifth consecutive box office bomb
Sport
Bradford City's reward for their memorable win over Chelsea is a trip to face either Sunderland or Fulham (Getty)
football
News
Lars Andersen took up archery in his mid thirties
video
Voices
Focus E15 Mothers led a protest to highlight the lack of affordable housing in London
voicesLondon’s housing crisis amounts to an abuse of human rights, says Grace Dent
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

Ashdown Group: Client Services Manager - Relationship Management - London

£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...

Recruitment Genius: Credit Controller / Customer Service

£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...

Guru Careers: In-House / Internal Recruiter

£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Day In a Page

Woman who was sent to three Nazi death camps describes how she escaped the gas chamber

Auschwitz liberation 70th anniversary

Woman sent to three Nazi death camps describes surviving gas chamber
DSK, Dodo the Pimp, and the Carlton Hotel

The inside track on France's trial of the year

Dominique Strauss-Kahn, Dodo the Pimp, and the Carlton Hotel:
As provocative now as they ever were

Sarah Kane season

Why her plays are as provocative now as when they were written
Murder of Japanese hostage has grim echoes of a killing in Iraq 11 years ago

Murder of Japanese hostage has grim echoes of another killing

Japanese mood was against what was seen as irresponsible trips to a vicious war zone
Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea