o Marine & Mercantile, the oil group with a 4.2 share presence, has raised pounds 2m through a placing among institutional shareholders at 133p. The cash is said to be needed for exploration operations in Romania and Bulgaria. The company also has interests in the Ukraine. M&M, run and controlled by former Ultramar executives, was last traded at 135p.
o Gowrings, the Ford dealer that has developed a chain of Burger King hamburger restaurants, has advanced to 99p, highest for four years. Interim figures are due soon. The family-controlled group is thought to be trading well with its catering operations providing the main impetus. Its last full-year figures were distorted by exceptional charges stemming from reorganisation.
The shares were floated at 160p in 1989.
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