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Date: Friday 25 Apr 2008

LONDON (ShareCast) - Pet shop chain Pets at Home reported a more than 50% rise in pre-tax profits for 2007 but said it has postponed plans for a stock market flotation given the current market turmoil.

Pre-tax profits jumped to £30.9m from £19.9m as turnover climbed to £354.6m from £306.45m. Like-for-like sales rose 8%.

Pets at Home, which sells fish and other small animals as well as pet food and accessories including ‘fashion’ items, added that sales momentum had been maintained in the 15 weeks since Christmas.

“Given the company's continued strong performance and our confidence in its future prospects, the board and its advisers have decided not to initiate a sale of the business in the current economic environment,” chief executive Matthew Davies said.

“To do so at this time would inevitably undervalue what is a fantastic business.”

Pets at Home, which operates 213 stores across the UK, appointed Rothschild to advise it on future options including a stock market floatation.

Although it is one of several companies wary of listing on the stock exchange in the current climate, such fears have not deterred Longships, an investment company looking to buy into strategic and special situations, from floating.

The company raised £0.4m prior to the placing and £3m before expenses under the placing, resulting in total gross cash before expenses of £3.4m.

Kuwait-listed Global Investment House plans an offer of global depositary receipts (GDRs) and a listing on the London Stock Exchange.

The group said it intends to issue up to 35% of its share capital at 930 fils per share.

“Global's focus on the rapidly expanding asset management and financial services market in the GCC and wider MENA region provides considerable opportunities for growth,” said Maha Al-Ghunaim, chairperson and managing director.

“Raising additional equity through this GDR listing will enable Global to capitalise on these opportunities through expanding geographically and enhancing our strong product and service capability to build significant value for our clients and shareholders,” Al-Ghunaim added.

Global is an asset management and investment banking company operating across 16 countries. It had a market capitalisation of $3.3bn as at 20 April.

Dubai-based interiors contractor Depa raised $432m when it listed its global depositary receipts on the London Stock Exchange and its shares on the Dubai International Financial Exchange.

The group said it intends to use the proceeds to establish new joineries and finance acquisitions.

The shares have been issued at $7.75 per GDR and $1.55 per share.

Depa offered 253,551,055 ordinary shares in the form of shares and GDRs, each representing five shares and granted an over-allotment option to purchase an additional 25,355,106 shares at the offer price to Morgan Stanley, UBS, Global Investment House and The National Investor.

“We have been able to form a respected international and regional institutional investor base which serves as a fantastic platform from which to start life as a publicly listed company,” said chairman Abdullah Al Mazrui.

Obtala, the holding company of a mineral exploration and development group, raised £3.5m on AIM when it placed 17.5m shares at an issue price of 20p.

The group, which has an initial focus on gold, nickel, copper, iron ore and uranium opportunities in Tanzania, now has a market capitalisation of £35.5m.

“The group's objective is to commence the exploration of its portfolio of mineral assets and ultimately to increase the value of its mineral assets through the development of resources estimates and, where appropriate, commence production of the economically feasible mineral assets,” the group said.