LONDON (ShareCast) -
Shares in Metals Exploration were lower despite an announcement that the group continues to receive encouraging results from the current infill drilling programme at its Runruno gold-molybdenum deposit.

“The programme is progressing on time and on budget, and the results achieved to date reinforce our confidence of being able to meet our target of a resource update by the end of the third quarter,” said chief executive Jonathan Beardsworth.

The group said 48 holes have been drilled since March for a total of 7,260m, with an overall gold recovery of 94.7% from pressure oxidation metallurgical tests.

O Twelve Estates said it has made strong progress since its AIM float in March 2006, adding that it is confident it will establish a portfolio of over £300m by the autumn.

The group, which focuses on East London, said consolidated net asset value stand at £120.2m, or 98.15p per share, on net profit of £3.7m.

“With the rise of Canary Wharf as the new City, and the Olympics acting as a catalyst for much of the area's improvements, we continue to believe that now is the right time to be investing here so as to enjoy the uplift in values in the run up to 2012,” said David Tye of Rugby Asset Management, the group’s property advisor.

Pawnbroker Albemarle & Bond announced the acquisition of Herbert Brown & Son, the independent jeweller and pawnbroker chain based in North England.

The total consideration will be £30.75m, including the acquisition of freehold property valued at £3m, which will be immediately sold.

Net consideration will be satisfied through a cash payment of £26.7m, part funded by a vendor placing at £2.20 per share, of 1.4m new shares and the issuance of 1.8m new shares.

• News Channel