LONDON (ShareCast) - Qonnectis, a data monitoring service provider for utilities and big commercial users of energy and water, was sharply lower after it raised £1.25m via a placing at 1p a share with certain institutional and other investors.

FinnCap, which arranged the placing, has been granted an option to subscribe to about 2% of the company's enlarged issued share capital.

Qonnectis will also issue 25m new shares to Security Change as a final settlement of its obligations under a convertible loan.

Set-top box maker Pace Micro said it is confident in its expectations for 2008.

“So far 2008 has been exciting for Pace, through our acquisition of the Philips Set-Top Box and Connectivity Solutions Business and ongoing strong performance in the global market for set-top box technology,” said chairman Mike McTighe.

Shares in LED International soared on news that the group has been awarded a contract to supply a giant LED display screen and outdoor facade lighting for a new hotel development in North Point, Hong Kong.

The contract is with Hong Kong-based construction company Super Winner Development for the amount of about £1.47m, which will be paid as a progressive payment with an anticipated project completion date of the end of June.

First quarter revenue and operating profit at software services firm IBS OPENSystems was in line with internal management expectations and ahead of the same time last year.

“New business wins in the first quarter combined with the prospects of further sales of new software together with the strength of recurring revenues and professional services from our installed base, give the board confidence of continuing organic growth in 2008,” said chairman Tim Curtis.

Patagonia Gold is better Wednesday on news that drilling on the 'Main Zone' gold-silver project on the La Manchuria property in Argentina continues to intersect high grade gold with bonanza silver.

Drilling at the 100%-owned property has confirmed and extended the high-grade gold and silver mineralization 300m to the south and the zone remains open but obscured by post-mineral cover.

Document management software provider Invu now expects total transaction costs in relation to its recent reorganisation to be about 20% lower than the previously reported forecast of £2.5m.

Software group Proactis slipped to a half-year loss of £417,000 from a profit of £278,000 last time and said it expects a loss in the current year.

Meridian Petroleum said test results from the Milford 36 well in Michigan, in which it has a 30% working interest, showed it remains a possible commercial oil well but the US-focused oil and gas said it has assessed the probability of a commercial well as being less than 50/50.

Satcom, a reseller of mobile satellite services, has agreed to pay $3.4m for SDN Global, a firm which provides connectivity and data continuity solutions for enterprise markets.

Xploite improved today after the data centre owner won a £2.7m contract to supply 'pod' storage technology from IBM to a new data storage facility in Southampton.

TV screen fitter Venue said it is considering calling a general meeting after shareholder requests.

Ukraine food group Ukrproduct reported a three-fold increase in pre-tax profit to £3.7m, thanks to robust domestic demand and the favourable situation on world markets for skimmed milk powder.

• News Channel