David Blackwell



Profile: Timeline
Full name: David Blackwell

Area of interest: Issues affecting smaller listed companies, Aim and Ofex (PLUS Markets Group)

Journals: Financial Times

Email: [mailto:david.blackwell@ft.com david.blackwell@ft.com]

Website: FT.Com / David Blackwell

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Career: FT's Commodities Editor and worked at the International Company News Desk Current Position/Role: Smaller Companies Correspondent


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Awards/Honours: London Stock Exchange Baker Tilly AIM Journalist of the Year, 2003; award for best research at the AIM 10th birthday awards, October 2005

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Financial Times: 'Small Talk'
Column remit: Issues affecting smaller listed companies, Aim and PLUS Markets

Section: Companies

Role: Smaller Companies Correspondent

Pen-name:

Email: [mailto:david.blackwell@ft.com david.blackwell@ft.com]

Website: FT.com / David Blackwell

Commissioning Editor:

Day published: Friday

Regularity: Weekly

Column format:

Average length: 850



Articles: 2011

 * highlights attraction of merchant banking model'' - The lack of available finance for small businesses has sparked a resurrection of trading methods dating back several hundred years - 14th April
 * budding romance with India not yet set in stone'' - The number of Indian companies on the junior market has risen from just three in 2005 to 24. Five joined in the second half of last year, raising £225m - 7th April
 * need common sense to swim in deep waters'' - Smaller companies cannot afford to match the corporate governance standards of the FTSE 100, but to satisfy their shareholders they should at least use their common sense - 31st March
 * Mines finds a rich seam in the third tier'' - Fresh listings have been thin on the ground this year, but it is cheering to know that the mining outfit has been able to make proper use of London’s markets - 24th March
 * for growth is way out of IPO doldrums'' - The initial public offering should be seen as a way to gain a new currency for growth and acquisitions rather than simply an exit for founders or private equity investors - 17th March
 * deficit swap should fuel Uniq revival'' - The chilled foods specialist that was once the UK’s largest milk and cheese distributor will become the first to have carried out a pension deficit-for-equity exchange - 10th March
 * prognosis for Deltex Medical’s outlook'' - Revenues for year to December 31 increased to £6.3m and pre-tax loss narrowed to £1.5m – so the group may at last be starting to move towards profitability - 3rd March
 * Britain Palm Oil profits rise sharply'' - Revenues at the group rise by almost half to $470.5m as a result of higher world prices and increased volumes following the acquisition of three Papua New Guinea plantations - 3rd March
 * signals end of the Chinese love affair with Aim'' - The move by the fingerprint and facial recognition systems group to seek a secondary quote on the Hong Kong Stock Exchange was seen as a bit of a blow for London’s junior market - 24th February
 * needs more than long tail of tiny sums'' - There is little doubt the market is in better shape than it was 12 months ago, with the total amount to be raised in 2011 expected to rise from £7bn to approaching £10bn - 17th February
 * from Torotrak set to raise eyebrows'' - Transmissions maker is not only reducing the size of its board to bring costs down to a more appropriate level, but the remaining directors are to take a cut in pay - 10th February
 * technology companies look at Nasdaq'' - UK groups with aspirations to move to New York will be told that there is a significantly greater pool of sophisticated institutional investors in the US - 3rd February
 * challenges await RGI non-executives'' - Turmoil at the Aim-quoted Russian property developer will make the overused word ‘challenging’ prominent on the job description, whatever the remuneration - 27th January
 * looks abroad to build on local success'' - For the supplier of software to local government that has tripled its final dividend, it is tempting to resurrect the adage that it takes 10 years to become an overnight success - 20th January
 * Gibbons eyes wedding bliss'' - The wedding of Prince William and Kate Middleton is expected to provide a fillip for the collectables specialist as it would generate several million pounds of revenues for the group - 17th January
 * unfounded as fledglings flock to Aim'' - The latest statistics from the London Stock Exchange show a late surge last year, with £1.36bn raised in December through primary and secondary issues - 13th January
 * should take Aim and target ISAs'' - Opening up companies listed on the junior market to ISA investors would be a simple, cost-effective way to encourage more people to put money into entrepreneurial companies - 6th January



Articles: 2010

 * takes stock as defections to Aim continue'' - Fuse8 moves to Aim to expand pool of potential investors - 30th December
 * Scrooges with tales of cheer'' - The tales of Chamberlin and Carclo, two long-term survivors as small public companies, should provide a little Christmas cheer to those still wondering if they will emerge from the recession intact - 28th December
 * Oil and RGI threaten to spoil Aim party'' - What should have been an end-of-year celebration for the junior market has been somewhat ruined by stories involving the exploration group and the Russian property developer - 23rd December
 * ends year with a smile on its face'' - More than £1bn was raised in November through initial public offerings and secondary fundraisings, making it the junior market’s best month of the year by far - 16th December
 * in tune with the government’s ‘Big Society’'' - Many insist that the BBC Radio 4 soap opera is grounded in rural reality as it underlines how David Cameron’s idea can be applied to help small companies lift the UK economy - 9th December
 * Aim exit thwarted'' - A 29 per cent stake in Aim-quoted asset-backed lender Davenham is up for sale via an auction that concludes on Sunday - 2nd December
 * mulls pay-out'' - Cambria Automobiles, the motor dealership that joined Aim in April, is expecting to pay a dividend this year - 30th November
 * ore scramble puts investors on their mettle'' - Capital can be recovered quickly, but investors – even those with nerves of steel – need to factor in that large mining groups are also looking at increases in production - 25th November
 * right on the money as banks put up their shutters'' - The latest London Stock Exchange statistics show that £446.3m was raised through secondary issues on the junior market last month, ahead of the £185.7m raised by IPOs - 19th November
 * companies need to tread carefully'' - The latest London Stock Exchange statistics show that last month there were four flotations, raising a total of £185.7m. That makes October the strongest month since March for money raised from new issues - 12th November
 * can prove an unsuitable catalyst'' - The junior market continues to attract companies even as the latest PwC survey finds that some ‘may not have been suitable or at least ready for IPO’ - 22nd October
 * a light on the tough outer shells of likely investors'' - ProPhotonix is beaten to Aim by Halosource, the maker of the natural biopolymer, after it had to postpone plans to raise £6m and join the market by the end of September - 15th October
 * groups take fresh look at Aim'' - If Standard Life is buying into the Chinese growth story on London’s junior market, other institutions may not be far behind - 7th October
 * action as HMRC time-to-pay plans terminate'' - The stories of 1st Dental Laboratories and Archial should serve as a wake-up call to any other companies that are experiencing cash flow problems - 1st October
 * investment helps small companies'' - TEG Group, the Aim-quoted specialist in composting technology, has in the past three months attracted two unusual investors that look set to put the company on a steady growth course - 24th September
 * for reality check for Aim’s zombies'' - Most boards of companies on London’s junior market should re-examine whether it is worth remaining a public company rather than moulder in a cocoon of cosiness - 17th September
 * Aim pins faith in call-centre operator'' - The junior market must be hoping that the arrival of iEnergizer, the Indian call-centre operator and supplier of back-office outsourcing systems, will lead to other worthy flotations - 10th September
 * reaps benefit of maintaining a dual listing'' - If you have ever wondered whether there are any advantages to maintaining a dual listing, Ithaca Energy has come up with a positive answer - 3rd September
 * strengths may obviate need for doom and gloom'' - Cost-effective flexibility and rapid dealmaking continue to attract companies amid a diminishing small-cap sector - 27th August
 * exodus exacerbates recovery prospects'' - While the running total of delistings at 117 so far this year is below the 178 at the same stage last year, the 25 groups that left last month is only three below the figure for July 2009 - 20th August
 * and NXT take plunge with strategic changes'' - One of the beauties and oddities of the small-cap market is that companies sometimes decide that what they need is a radical change of emphasis - 23rd July
 * relief effort elevates Qonnectis to level of survivor'' - The remote meter reading supplier is the latest unlikely Aim survivor after it resumed trading last week alongside news of a capital reorganisation and reverse takeover by American Leak Detection - 16th July
 * energy specialist slips into a faster lane'' - Italy-based company Acta found itself heading up a cul-de-sac but it now appears to be heading in the right direction and picking up speed - 9th July
 * conundrum refuses to abate'' - Investors were taken aback by the 44% discount offered by Green Compliance on a placing to raise £4m. But for some, it is quite an achievement to raise any money to back a buy-and-build strategy - 3rd July
 * godmother BlueGem rides to MCG’s rescue'' - For years there has been a progressive withdrawal of capital from the UK’s small quoted companies. But once companies are perceived to be undervalued, there is always someone willing to seize the initiative as was the case when BlueGem came to the rescue of Management Consulting Group - 25th June
 * green dragon fades'' - China Biodiesel, which uses a unique catalyst technology to convert waste oil into fuel, has been squeezed by the rising cost of waste oils and falling price of diesel and plans to delist from Aim - 18th June
 * pains no reason to spoil junior market’s party'' - The London Stock Exchange is staging a party next week in Paternoster Square as Aim turns 15 years old this month, but market participants should not expect another extravagant birthday bash - 11th June
 * hopes to catch light in Asia listing'' - If the solar cell maker attracts a higher valuation in the fast-emerging Hong Kong market, it could be a blow to the perception of Aim as something more than a fund-raising market for new companies - 4th June
 * gains tax plans would penalise risk-takers'' - If the coalition government is as keen to create jobs and growth as it wants us to believe, it should take some notice of the Quoted Companies Alliance’s concerns about the proposed changes - 28th May
 * shareholders escape shipwreck'' - Some believe the marine electronics specialist was sold too cheaply, but investors are getting much more than they can have hoped for six months ago - 21st May
 * enterprises lose out as Aim goes abroad'' - The latest Aim statistics look positive but a closer look shows that Aim is not fulfilling its original purpose of supplying venture capital with a quote to embryonic UK companies. It is mainly raising funds for companies operating abroad - 14th May
 * to fall for Japanese love hotel fundraiser'' - About 2m Japanese visit a love hotel each day and most rooms are used twice a day during the week. As results from Japan Leisure show, they appear to be insulated from the downturn - 7th May
 * freeze helps groups warm to Aim'' - Data from Deloitte finds 16 new admissions to London’s junior market compared with just five last year, but only four of the listings raised £20m or more - 30th April
 * to address thorny issue of Aim pay'' - Scrutiny of executive remuneration is likely to rise following a rule change from the London Stock Exchange, which requires full disclosure of directors’ remuneration in annual audited account - 23rd April
 * in ‘cool technology’ Toumaz could turn red hot'' - The Aim-listed, Imperial College London spin-out has rarely attracted much attention from investors but is now causing a stir in the healthcare industry with its disposable ‘digital plaster’ - 15th April
 * test mettle to win control of ZincOx'' - A battle has broken out between two zinc industry veterans for control of a small mining company that has had more than its share of bad luck and trouble since floating on Aim - 9th April
 * recovery is not like a stroll in Mansfield Park'' - Since late 2009 there has been much talk of a resurgence in the market for initial public offerings, but up to the beginning of this week there has been little evidence - 26th March
 * causes stir in Mumbai'' - Aim investors would have been surprised by the interest generated in India at the prospect of owning shares in the animation specialist - 19th March
 * of the affair for AIM and China'' - China’s small companies are looking for opportunities away from AIM on Hong Kong and Singapore exchanges which offer higher volumes of share trading and higher valuations - 12th March
 * helps software group access more cash'' - Amid the economic gloom there are still plenty of Aim companies making progress - 5th March
 * jump on early dividend bandwagon'' - It’s not only the large companies that are bringing forward dividend payments to avoid the coming 50p tax rate on income - 26th February
 * gains first 2010 member, but don’t expect a rush'' - The London Stock Exchange statistics for January show no sign of a decline in the number of companies leaving the junior market - 12th February
 * IPO market belies evidence of green shoots'' - There is no lack of optimism in the Aim world at the moment, including plenty of talk about a pipeline of companies just itching to join the junior market - 5th February
 * of destiny tries luck in another ball park'' - The struggles of two very different companies that were due to list this week - 29th January
 * wrinkled brow over joining Plus'' - A company founded by a group of American doctors who claim to have a unique face cream that holds back the inevitable advance of wrinkles has struggled to get it to market - 22nd January
 * welcome shrinkage of junior market’s long tail'' - Investment opportunity in reasonably sized junior companies has almost doubled as now 147 companies have a market capitalisation of more than £100m - 15th January
 * for perfect storm blow across small caps'' - Tim Ward, head of the Quoted Companies Alliance, is calling for the Treasury to set up a working group ‘to design an appropriate structure for equity markets for the UK’, but a better route is to follow the example of Christine Lagarde, the French finance minister, who has appointed a consultant to consider a small business listings act - 8th January



Articles: 2009

 * groups turn to inventive fundraising methods'' - The quality of innovation necessary for all small companies struggling to grow in a recession has not been restricted to their business models. Their powers of invention have also been extended to the method of raising funds - 18th December
 * lot of Aim frogs need to be kissed to find a prince'' - Aim should be an incubator market for companies planning to grow into candidates for the full list. So what better guide is there to companies with reasonable prospects than a man who has already made a fortune by using Aim as its founders intended? - 11th December
 * party no one should be sorry to have missed'' - Aim’s purpose as a nurturer of companies before they move to the main market has been dented by events that suggest trouble ahead when a full listing is announced - 4th December
 * of the IVA revolution streaks ahead'' - In business terms there has not been a more classic case of Aesop’s fable of the tortoise and the hare for Relax - 27th November
 * fine puts focus on Aim regulation'' - The record £600,000 fine for numerous, serious breaches of Aim rules has turned the spotlight on to the junior market’s regulation - 20th November
 * eyes growth with liquidity message'' - It is not just the companies on the junior market that suffer over lack of liquidity, all quoted companies below a certain size are affected - 13th November
 * get too carried away about unleashing brilliance'' - The Aim conference agenda looks like a return to basics for the exchange, which has diverted energy to recruiting overseas companies in recent years rather than focusing on British business - 30th October
 * coaster ride to get Venue Solutions off ground'' - Oliver Iny is anxious to hang on to the Aim quote for Venue Solutions, where he is chief executive, convinced that, once the company is on an even keel, institutional investors will see the potential value - 23rd October
 * companies seek funds at home'' - Indian companies with Aim quotes appear to be returning to the domestic market to raise money – however, there are only two Aim-listed business in the country - 16th October
 * energy is stuck in the doldrums'' - Renewable Energy Generation is planning to sell off its Canadian wind farms for C$119m as investors and banks shun its efforts to raise funds - 9th October
 * opera-style saga may still have long way to run'' - A knowledge of how soap operas are put together might not be considered of much use to fund managers. But there is always an exception to be found on Aim and FDM is turning out to be such a case - 2nd October
 * Estates joins the flock raising funds at Aim'' - Songbird Estates has announced one of Aim’s biggest fundraisings, with a complex package to bring in more than £1bn to help repay debt - 25th September
 * combats Wilde’s aphorism with reward scheme'' - The junior stock exchange is tackling the perennial problem of illiquidity in small cap stocks with a proposal to share revenue from its data sales with its marketmakers - 11th September
 * more micro cap fundraisers'' - Open offers from micro caps are a bit like buses at the moment. You wait ages for one to turn up, then another follows quickly - 14th August
 * law a lesson for prospective shareholders'' - There is nothing like an early profits warning to knock the stuffing out of new shares. They fell from a placing price of 82p and have bumbled along with little liquidity since. So it is no surprise that some investors are keen to sell at 12p a share to Cyberplex - 7th August
 * seam of information unearthed by African Eagle'' - African Eagle’s managing director Mark Parker searched on Google to untangle the changes to regulations that allowed the company to make an open offer - 31st July
 * – and then there was one'' - Board of Aim-listed Belgian telecoms group narrows down to a single non-executive chairman - 24th July
 * outing of minnow’s superbug ‘breakthrough’'' - Superbugs, Michael Jackson and a former Tory leader are the unlikely stars of a tale of an Aim minnow - 17th July
 * ebb tide has not reached point of slack water'' - News of a couple of fundraisings a month ago, coupled with an encouraging set of statistics for the month of May, suggested that the appetite for risk was making a comeback on Aim, but the tide is still on the ebb - 10th July
 * chief reassures junior market of its importance'' - New head leaves no doubt as to the significance of small companies and the role the Aim can play in bridging the funding gap - 3rd July
 * nomads learn difference between mad and bad'' - Nominated advisers that bring companies to the Alternative Investment Market will attend the annual conference hosted by Lawrence Graham, the law firm - 26th June
 * rolling in Rift Oil’s favour thanks to Lady Luck'' - An obscure Aim-listed oil and gas exploration company two years ago raised £11m at 3¾p a share and this week was bought for £115m - 19th June
 * and Plus turn guns outward to end minor civil war'' - Plus announced last September it would be taking the LSE to court over a rule that it claimed prevented trading in Aim securities on other markets. The group,was attacking the rule as ‘unnecessary and disproportionate, representing an abuse of the LSE’s dominant market position’ - 5th June
 * burns bright on the slope of enlightenment'' - It should be boom time for the UK’s emerging renewables and clean energy technology companies - 29th May
 * the footsteps of Henry Dow along the iodine trail'' - Iodine is a chemical element that is essential to humans, but not easy to find in commercial quantities. The inhabitants of Wales can ingest sufficient iodine by eating the national delicacy known as laverbread, a type of seaweed. But for most of us it is consumed as an additive in table salt - 26th May
 * characters in search of Aim adventures'' - The lunacy of the scramble to join Aim reached a peak in mid-October 2007, when among candidates vying for investors’ attention were Japan Leisure Hotels, Boomerang Plus and China Pub Company, whose adventures have been as varied as their businesses - 21st May
 * two lords a-chatting and head for the FTSE 250'' - Next Fifteen Communications must find it flattering to be wooed by a couple of lords with a view to marriage - 15th May
 * hitters enticed by broker’s prospects'' - The news that Hanson Westhouse was reversing on to Aim and has attracted many big-hitting names to serve on its board has to be a tonic for the small-cap market - 8th May
 * interest in plantations'' - New Britain is the first plantation company to arrive on the London market for two generations. It might not have been enough to revive the sector, but it has at least sparked renewed interest - 1st May
 * spent £700,000 fighting off takeover'' - The exceptional cost to fight off the hostile bid from bigger Canadian rival Constellation Software knocked pre-tax profits from £756,000 to £98,000 - 25th April
 * Capital leaves Aim by folding its nomad’s tent'' - The tragedy that is unfolding as many small companies across Britain struggle with the credit crunch is encapsulated by the story of General Capital Group - 24th April
 * market pins liquidity hopes on VCT changes'' - Two weeks ago the shares of EG Solutions, a small software company in the Midlands, rose more than 80 per cent in a single day. There was little volume behind the buying and after investigation with its brokers, the company said it knew of no reason for the rise. This isn’t an isolated incident, but it illustrates the problem of liquidity on London’s junior market - 17th April
 * many Plus points in opting for London'' - Seven Arts Pictures joined Aim in 2004, but had to leave in February 2007 when Insinger de Beaufort decided to stop being a nominated adviser. So it decided to switch to Plus, which it saw as an upcoming market better suited to its needs with the additional benefit of lower costs. However, nothing happened - 11th April
 * benchmark index should not create bars to entry'' - Quoted professional services companies can be found in many different market sectors, including the obvious general financial and the less obvious real estate - 3rd April
 * power group is on an upward incline'' - It was refreshing to find a cheerful Aim chief executive. “The world is going to hell out there, but we are succeeding,” says Peter Bance, of Ceres Power - 27th March
 * in a sea of junior delistings'' - Another 19 companies left the Aim junior market in February. Some are going with a good deal more grace than others while other companies have been ready to take advantage of Aim when it suits them, only to quit once the going gets tough - 13th March
 * to taking on Aim resists downturn'' - Survey reveals remarkably upbeat attitude to membership of the market despite the turbulence of recent months - 6th March
 * group added to cash shell makes a big Plus'' - One of the biggest companies to join Plus Markets (formerly Ofex) for many years arrives next week - 27th February
 * matters when trying to beat the small-cap bears'' - The boards of many small companies must be in despair over what needs to be done to attract investors while the markets are in the doldrums - 20th February
 * chapter for publisher'' - Beautiful Books is looking for funding to back up the success of ‘Glassblower or Murano’ - 13th February
 * hobbled in attempt to venture forth'' - Some believe that urgent reform of the rules on VCTs is necessary in order to counter a widening equity gap - 6th February
 * dram of comfort as Helius warms to its task'' - ‘The company has met and exceeded the milestones set at its admission to Aim some two years ago’ – a rare statement in the current climate - 30th January
 * tales may wish for a happy ending'' - A London Stock Exchange conference on Aim was enlivened by a chief executive’s tale of the struggle to bring his company to market. Retold in these tougher times, it emphasises the hard work needed to get an Aim listing - 23rd January
 * ends year on a positive note'' - In contrast with Aim, the small companies market ended 2009 with more companies than it had at the start of the year - 16th January
 * US investors seem to do optimism with more enthusiasm - In the week that began with what is generally agreed as the most stressful day of the year, there has been a surprising amount of optimism in the world of Aim. Whether that optimism is well founded remains to be seen - 9th January
 * growing problems leave brokers with headache'' - If last year proved a testing time for Aim, let no one be in any doubt that 2009 is set to be tougher - 2nd January



Articles: 2008

 * land of Aim encounters challenges aplenty'' - It was almost the seven years of plenty of biblical fame. Between 2002 and 2006 the amount of money raised on Aim virtually doubled every year - 30th December 2008
 * winter bites on Aim’s hopeful minnows'' - The yearning for better times expressed in the 1960s pop classic “California Dreamin” must strike a chord with many Aim boards - 19th December 2008
 * Constructive Melorio shows all is not lost on Aim - Melorio is a provider of vocational training to workers on building sites. It has also proved itself a fast learner by managing to expand through acquisition - 12th December 2008
 * conclusion to a year Aim would rather forget'' - With impeccable timing, the business that took Aim briefly through the 1,700 companies barrier in January has decided to leave the market - 5th December 2008
 * of companies join Aim’s growing list of leavers'' - Anyone who is in any doubt about the impact of the global economic crisis on Aim should study the following list of companies that are leaving - 28th November 2008
 * moves from growing pains to a mid-life crisis'' - At the end of last year there were 1,694 companies quoted, and even after a slowdown in the rate of flotations in 2007 the momentum took the total above 1,700 in January. But at the end of this week the number had fallen to 1,592 - 21st November 2008
 * listing provides cautionary tale for Aim'' - The economic shake-out will no doubt see more Aim companies struggle. The example of Mobestar, which appointed administrators last month, does the reputation of London's junior market few favours - 21st November 2008
 * proves cruelest month for Aim fundraising'' - For the first time in 10 years a calendar month has passed without Aim raising any new money, according to London Stock Exchange figures - 14th November 2008
 * listing provides cautionary tale for Aim'' - The economic shake-out will no doubt see more Aim companies struggle. The example of Mobestar, which appointed administrators last month, does the reputation of London's junior market few favours - 7th November 2008
 * small fry that look as cheap as chips'' - Aim chief executives could become depressed very quickly if so inclined. The Aim All-Share is at record lows and getting coverage and service in the market will be harder when the squeeze hits brokers - 24th October 2008
 * of growth among tomorrow’s Asian oak trees'' - Dame Clara Furse described Chinese companies arriving on Aim as “tomorrow’s oak trees”. The trouble is that oak trees take such a long time to grow - 17th October 2008
 * hopes for an Indian summer of new offerings'' - Noble, the nomad, believes there are many suitable candidates from India waiting to join Aim. It will be staging a conference in Mumbai and expects 25 mid-cap companies to attend - 19th September 2008
 * appears to be in the right part of the market''Annual results look good, with operating profits up 21 per cent to £8m in the year to June 30 and sales up from £58.6m to £73.8m - 11th September 2008
 * for crock of gold at the end of the rainbow'' - Enfis is a phonetic rendering of the Welsh for rainbow, an apposite name for a Swansea-based company that specialises in light emitting diodes - 22nd August 2008
 * springs eternal in volatile world of oil and gas'' - Granby Oil & Gas took its name from its early office space above The Marquis of Granby pub in London's Covent Garden - 15th August 2008
 * statistics will give succour to gloomy Cassandras'' - Trying to look into the future by studying statistics is probably about as much use as the practice by ancient seers of examining the entrails of sacrificial animal - 8th August 2008
 * Junior index must aim higher to improve reputation - Aim has made a conscious effort in the past 18 months to restore its reputation but a recent report from PwC suggests there is more to do - 25th July 2008
 * International small-caps raise doubts on Aim listing - Bleating from smaller companies about their share ratings has become a familiar sound in the City but some of it is justified - 18th July 2008
 * Investors might add a little Spice to their portfolios - 11th July 2008
 * Clash of trading rules complicates miner's promotion - Murchison United might sound like a football club, but it is in fact an Australian mining company that has never climbed out of the junior league - 4th July 2008
 * Aim drops from institutional investors' sights - Arbuthnot’s latest survey, which include venture capital trusts and private client brokers, suggest that willingness to invest in the junior market has fallen sharply - 28th June 2008
 * Meridian backers may yet have something to say - It was Aim’s 13th birthday on Thursday – and it proved unlucky for Meridian Petroleum. The US-focused oil and gas explorer became only the second company to be publicly censured for reckless conduct under tougher rules introduced by the London Stock Exchange in February last year - 19th June 2008
 * Secondary list looks good when numbers do not add up - These are tough times for smaller quoted companies. Nevertheless glimmers of hope can spring up in the most unexpected places - 12th June 2008
 * Rivals take on LSE's smaller company research - Eyebrows have been raised in the City regarding the London Stock Exchange’s launch of a sponsored research service intended to boost the liquidity of smaller quoted companies - 5th June 2008
 * Life's little ironies on trail of small-company research - Research into small quoted companies – or more correctly the lack of it – continues to be a thorny subject - 22nd May 2008
 * When the going gets tough, the innovative get going - Aim was founded to encourage entrepreneurial groups. But in current tough conditions, some of the more outlandish find it hard to raise funds through the straight issue of equity - 15th May 2008
 * Public relations immaturity in getting message across - The perception of many chief executives that small caps are too often ignored has been exacerbated by the success of Aim in attracting more than 1,700 companies - 8th May 2008
 * Bullish Ambran disregards history to buy Nabarro (Nabarro) - 1st May 2008
 * Dividends prove crucial to Aim investors' perceptions - The conventional wisdom of most boards of Aim companies is that dividends are not so important as capital growth - 24th April 2008
 * Textbook case of how to develop a company on Aim - Investors far-sighted enough to predict the surge in oil prices might have been prepared a year or so back to risk a punt on some of the oil and gas exploration companies listed on Aim - 17th April 2008
 * A small but appreciative audience for private equity - For companies and institutions with cash or equity easily available, parts of the small-cap arena represent a buyer's market - 11th April 2008
 * Superconductors could hit the right note for Zenergy - Aim investors should abide by the adage that if something looks too good to be true, it usually is - 3rd April 2008
 * Pioneer finds first-rate reasons for secondary listing - Liquidity is a holy grail for the companies that make up the long tail of Aim. Among the more exotic newcomers is Phynova, which is endeavouring to build a business by using the traditions of Chinese medicine as a jumping-off point to develop prescription drugs - 27th March 2008
 * Aim's Chinese oaks need remninbi revaluation - Chinese companies on Aim had a pretty good year in 2006. No less a fan than Clara Furse, chief executive of the London Stock Exchange, praised them as “tomorrow’s oak trees” - 13th March 2008
 * Amid the flak it's regulation with an Aim that's true - The level of regulation on Aim promotes endless debate. It is difficult not to sympathise with Wilson Robb, who wrote to this newspaper from Ireland earlier this month questioning why breaches of the Aim rules by both companies and nomads (nominated advisers) could remain secret from shareholders and the market - 29th February 2008
 * Very lucky to have got away scot-free for so long - Costs for companies on Aim and Plus are set to rise by at least £460 this year - 21st February 2008
 * Four-letter word investors start to swear by - The most surprising of the market statistics issued by Plus this week was the fact that on January 21 its share of the reported trades in Northern Rock stock was a little over 49 per cent. That was the day when news emerged from the Treasury that taxpayers were set to support Northern Rock for years under a government-sponsored financing plan likely to raise public sector net debt by close to £100bn - 14th Feb 2008
 * Clarity's sorry story is in reality one hell of a journey - The recent troubles of Clarity Commerce Solutions – the retail software specialist referred to in this column last year as Obfuscation Commerce Solutions – are evident from its willingness to pay interest at 30 per cent on a loan of just £600,000 - 7th February 2008
 * China Eastree proves wisdom of ignoring rule of thumb - Not so long ago the ideal development of a small company was to arrive on Ofex, graduate to Aim, and move to the full list once properly grown up - 31st January 2008
 * Aim indices highlight attraction of Chinese oranges - Measuring the performance of Aim is difficult, mainly because it is such a flexible beast - 24th January 2008
 * The party is over for the struggling small-caps - The Hoare Govett Smaller Companies Index is 21 years old this year – but news from the sector is such that the party is unlikely to go with a swing - 17th January 2008
 * Vantis still seeking deals in a challenging sector - Building people businesses that are suited to the public arena is notoriously difficult - 10th January 2008
 * Clouds over junior market show their silver lining - FoaMaster, a Chinese maker of polyurethane foams and products, arrived in the City in mid-November with plans to raise $30m (£15.2m) on Aim. But the market was not receptive and by the end of the month it had scaled down its ambitions to look for only $5m. In the event it raised just $2.7m, of which $2m was soaked up by fees - 4th January 2008



Articles: 2007

 * Internet phenomenon takes a lot of luck to create - 20th December 2007
 * Seasonal cheer from Redhall's rapid progress - 13th December 2007
 * Small fry can't afford to swim about aimlessly - 6th December 2007
 * Going global is no gauraantee of a common fate - 29th November 2007
 * Scrapped flotations point to tough times - 22nd November 2007
 * Raft of good surprises in LSE's Aim probe - 15th November 2007
 * Companies queue to make mark on Imprint - 8th November 2007
 * Short path to success: ask if there’s a dividend - 4th October 2007
 * Two-tier system to escape the long arm of US law - 27th September 2007
 * Aim companies rush to deliver under new rule - 20th September 2007
 * Chemicals group finds a way to break the ice - 13th September 2007
 * An unlikely lesson in building liquidity - 6th September 2007
 * Aim stays afloat through summer's stormy waters - 24th August 2007
 * Escaping from the wild west en route to maturity - 16st August 2007
 * Eclectic bunch help Plus to grow up - 9th August 2007
 * Huveaux’s struggle to outgrow its troubles - 2nd August 2007
 * Pay no heed to cynics who would rubbish Aim - 26th July 2007
 * Courtesy cars and the Icarus factor - 19th July 2007
 * All the carpers are doing is improving their Aim - 12th July 2007
 * Aiming to expand on a global stage - 5th July 2007
 * Green groups take Aim while biofuels feel the heat -28th June 2007
 * Outwitting fat cats with ethical take on debt - 21st June 2007
 * A tricky adolescence ahead as junior market turns 12 - 15th June 2007
 * Plus is a draw – but does it calm volatility? - 7th June 2007
 * Unpredictable profits from intellectual property - 1st June 2007
 * Look on in dismay as mudslinging starts - 24th May 2007
 * Regulations take shine off SouthernEra - 17th May 2007
 * Cost of Aim flotation rises - 27th April 2007
 * Nomads take their tents to the overseas market - 20th April 2007



Links:

 * London Stock Exchange AIM
 * PLUS Markets (formerly Ofex)