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Date: Friday 29 Feb 2008

LONDON (ShareCast) - Terra Catalyst, a newly incorporated Cayman company, raised more than £116m in a combination of cash and stock swaps when it started trading on AIM.

The group will invest in under-performing listed property companies and funds in Europe.

Terra Catalyst has appointed activist investment manager Laxey Partners to handle its investment strategy.

BHK, the maker of artificial organs and digital technology, said it will be the first Korean company to be admitted to AIM when it will list its global depository receipts in March.

The group is already listed on the Korea Exchange and has a market capitalisation of about $80m.

“BHK possesses a different business model to traditional biotech companies by combining its two medical arms with the benefits of a cash generative digital division, which provides both revenue and complementary technologies,” said chairman and chief executive Jong Weon Choi.

“Our admission to AIM will raise BHK's international profile in advance of the company's next stage of development into China and ultimately Europe, whilst also providing access to a wider investor base,” he added.

PAQ International, which manufactures protective bags for electrical devices, raised just over £1m on AIM when it placed 16.67m shares at a price of 6p each.

“I am delighted by the response from investors in London to our fund raising,” said chief executive Kelvin Yau.

“Our admission to AIM will provide funds to accelerate our international expansion, including the purchase of other manufacturing and distribution businesses in China and the development of our retail business in many territories, including China and the UK,” he added.

Bus manufacturer Darwen Holdings said its admission to AIM will support its strategic progress and provide greater visibility of value as the business grows.

The group, which plans to develop a line of hybrid vehicles, issued 49.29m shares and has a market capitalisation of about £18m. No new money has been raised.

“We have strong technical know how, design innovation and engineering excellence within the company, and a strong reputation within the industry,” said chief executive Andrew Brian,

“The admission will further cement this reputation with our business partners and customers, supporting our goal to become a true leader in passenger vehicle design and assembly,” he added.