Taking Stock

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Cementone, vehicle of Laurie Lewis, founder of the Blenheim exhibitions group, is raising pounds 4.5m and could face a share suspension. It is selling its paint business and will become an unquotable cash shell unless it finds a suitable target before the deal is clinched. Mr Lewis is hunting for a leisure or media acquisition.

The paint sale raises pounds 9.5m with pounds 4.5m paid immediately and pounds 2m later; a 20 per cent stake in the buyer is valued at pounds 3m.

Petra Diamonds has signed up another extensive diamond concession in Angola. To develop its operations there it is likely to tap shareholders for up to pounds 6m. The company raised pounds 2.1m when it arrived on AIM in April. The shares rose 2.5p to 112p, a peak. They were floated at 30p.