01/09/98 Daily Digest
Flannel from around the UK Channel
Douglas-Mann apppointed Lynx chairman Lynx Group plc has named Stewart Douglas-Mann to succeed Roger Pinnington as non-executive chairman. Chief executive Richard Last thanked Pinnington on behalf of the board for his "contribution to building the Group over the past seven years, during which time the market capitalisation has grown from £5 million to over £200 million". Pinnington resigned on 28 August to "focus on other major corporate commitments". Sale proceeds fund Stratagem working capital Strategem Group PLC, the building products to computer services conglomerate, has sold two non-core architectural ironmongery companies, to Queenswood 102 Ltd for £1.6 million cash. The company said it would use the money for general working capital and to reduce group borrowings. Memory Corp turns to EASDAQ for fresh fund-raising Memory Corporation plc, the AIM-listed developer of DRAM technology, is to raise $10-$15 million, in a fund-raising exercise to accompany a move from AIM to EASDAQ. Game shares "good value" Game, the UK entertainment retailer, merits "Good Value" from Investors Chronicle. Pointing out that shares have fallen steadily since the company's recent post-flotation peak of 230p, the magazine says that on 16 times Merrill Lynch's forecast 9.8p EPS next year, "they don't look expensive". Game intends to open 19 new stores this year, as part of its drive to take take outlets up to 120 stores by 2001, up from 65 today. FTSE Index to reclassify hardware and software firms FTSE International is to split the FTSE IT index into separate sections for hardware and software & services, according to leading industry analyst Richard Holway. The change will take place on 1 January, 1999, he says. Microprose signs Digital River for Web direct push Microprose, the US-based games software label, is to sell its titles direct, including best sellers MechCommander, Civilisation II and Falcon 4, over the Web. The company has appointed Digital River to host and manage its ecommerce web site. Digital River will also provide Microprose customers with 24-hour phone-ordering services. And it will hand the physical distribution of MicroProse titles to Digital River's network of online software resellers. ®
Sponsored: Fast data protection ROI?