Ramsden spurs on Leisureplay

FORMER City whizzkid and racehorse owner Terry Ramsden whipped up some excitement in the thriving Aim market when dealers heard that he is taking an 11.1% stake in

Ramsden, once listed the 57th richest person in Britain after making £150m almost overnight in Japanese securities markets, is the lead investor in a capital restructuring. This entails issuing 80m new shares at 3p, the subdivision of existing shares from 5p to 1p and one deferred share of 4p each. He will also be granted options, exercisable within 12 months at 5p per share.

Ramsden's buying follows the sale by activist investor Resurge of its 29.9% stake. Francisco Fabrizi, a former James Capel corporate financier, bought 15%, while Leisureplay's chairman Philip Reid acquired 10% and director Jonathan Hill 5%.

With the help of Ramsden's expertise and experience in financial markets, Leisureplay - soon to change its name to Caplay - plans to reposition itself away from the leisure industry and into the world of high finance.

In the meantime, former boss Ken Murray's claim against the company for wrongful dismissal is set for 13 July. Murray believes he is entitled to almost £800,000 for loss of office. Leisureplay is vigorously defending it and is confident of victory.

It's good to see the Aim market still providing fireworks while major blue chips struggle. Indeed, Grant Thornton tells us that the last quarter delivered the highest number of new admissions since Aim was established in 1995. It has topped the £1bn fundraising level for the first half of the year, more than the total raised in 2003.

The Footsie fell 48.3 points to 4464.1 and Wall Street dipped 22 points in the early stages as dealers nervously awaited confirmation of the Federal Reserve's first interest rate increase for more than four years. The Fed raised rates by 25 basis points to 1.25%. US data, which showed manufacturing growing at a slower rate than expected in the Chicago area during June, also did markets no favours.

Selling by director Ed Kozel and vague rumours of a lost contract left Reuters 14 3/4p down at 370 1/2p. Nevertheless, media guru Lorna Tilbian at Numis Securities remains bullish following a pre-close meeting with the management. She says Reuters is well on the way to recovery, having made great strides in rationalising its cost base and product offering over the past few years.

Dragging tobaccos lower was a report that the government is planning anti-smoking legislation in its next election manifesto. It has been an unqualified success in Ireland. Imps lost 37p to 1188p, Gallaher 19 1/2p to 666 1/2p and BAT 13p to 854 1/2p.

Burren Energy gushed 21p to 325p after revealing it had found oil at an exploration well in the Republic of Congo and would start production shortly.

Former City journalist Stephen Hargrave's telecom services group Invox buzzed 10p higher to 317 1/2p following an upbeat trading statement. It is on track to meet shop broker Numis full-year forecast of around £6.8m. Shareholders can look forward to a bumper dividend of about 21p, making 35p for the year.

Placed on Aim at 38p by broker KBC Peel Hunt, immunology company Norwood closed at 41 1/2p.

London Asia Capital improved 3/4p to 14 1/4p following its acquisition of a 30% stake in a Malaysia-based investment banking boutique, EAsset Management for £600,000.

Wintrust, the specialist residential property lender, gained 12p to 519 1/2p following a 520p-per-share agreed bid from investment bank Singer & Friedlander, unchanged at 233p.

Property investment group Peel Holdings soared 322 1/2p in a thin market to 1230p after the board said it is giving the green light to a proposal for its majority owners to buy out the minority at 1240p a share.