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Date: Friday 14 Mar 2008

LONDON (ShareCast) - BlackRock Investment Mgt (UK) Limited is mulling the launch of a new closed-ended fund of hedge funds to be listed on the London Stock Exchange, though there was no news on how much the new fund is planning to raise.

It expects BlackRock Absolute Return Strategies (BARS) to be launched during the first half of 2008 subject to market conditions.

The fund is intended provide investors with access to BlackRock Alternative Advisors' flagship Appreciation Strategy, which has a track record of over 12 years and around $11bn in assets under management.

Valiant Petroleum started trading on AIM, valuing the North Sea-focused oil and gas company at £196.8m.

The listing was carried out in conjunction with an equity fundraising of £50m, which was significantly oversubscribed, the group said.

Valiant intends to use the funds raised on AIM, along with existing debt facilities, to reach first production on the West Don and Don South West fields, fund the 2008 drilling program and the approved 2008 budgets of their development fields, Crawford and Causeway.

The group previously raised £63m of equity with institutional investors and $245m of debt facilities provided by the Bank of Scotland.

“We are extremely pleased with the results of our oversubscribed fundraising and listing on AIM - especially given recent volatility in the global equity markets,” said chief executive Peter Buchanan.

“The fundraising and listing on AIM will support our goal of building a balanced asset portfolio in the North Sea and creating shareholder value,” he added.

BHK, the developer and manufacturer of medical and digital technology, became the first Korean company to be admitted to AIM when it listed its global depository receipts.

The group, which did not raise any new money, is already listed on the Korea Exchange with a market capitalisation of about $80m.

BHK consists of three divisions specialising in cell therapy, artificial organs and advanced consumer electronics products. Its key product is expected to be MyoCell, aimed at treating heart failure without a major surgical procedure.

“This is an important part of our growth strategy, as an additional listing in London will enhance our reputation in key markets and provide greater access to new capital,” said chairman and chief executive Jong Weon Choi

“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,” he added.