ITE, running exhibitions in Russia and which was once paint group Cementone, has won the support of United News & Media, which has acquired a 4.76 per cent stake. Part of the shareholding is the result of United exchanging royalties for shares. ITE is the creation of Lawrie Lewis who sold the Blenheim exhibition business to the newspaper group. United paid 77.5p for its ITE shares; they rose 3.5p to 77p.
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MICROCAP Growth Trust, specialising in hi-tech shares, made its debut at 52.5p. It is 48.4 per cent owned by an Ofex-traded investment company, MAH, which has also acquired 25 per cent of Chelverton Asset, manager of MicroCap. The trust intends to concentrate on companies with capitalisations of up to pounds 15m. Its partly paid shares were floated at 50p with a further 50p due in September. MAH is traded at 30.5p, giving a pounds 3.4m capitalisation. It arrived on Ofex last month.