Market Report: Taking Stock

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The Independent Online
ITE, formerly Cementone, returns to market on Tuesday, having raised pounds 38m through a placing and open offer and taken over, in a pounds 65m deal, a business organising exhibitions in the former Soviet Union.

The cash call was made at 47.5p; there are hopes the shares will start trading at 62p.

ITE represents the market comeback of Laurie Lewis, founder of Blenheim, the exhibition business taken over by United News & Media.

Middlesex, the metals group with extensive interests in the former Soviet Union, held at 4.75p. Talks continue with Reo Gazprom, the oil giant, to buy a stake, initially 15 per cent, in the company.

The holding is likely to be eventually lifted to 25 per cent. Middlesex, run by Masoud Alikhani, is due to announce profits in the next two months. They could emerge at around pounds 6m, down from pounds 8m.

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