Small caps news round-up

Sunrise Resources updated the market on its position following the acquisition of its investment Taoudeni Resources on Thursday, by ISDX-traded Goldcrest Resources. Following completion of the transaction, and as a result of its seed capital shareholding in Taoudeni, Sunrise now held 116,618,627 ordinary shares in Goldcrest, which represented 5.57% of the enlarged share capital.

Branded product developer LiteBulb announced on Thursday it had ditched its strategy of securing £2m financing through an equity fundraising, alongside a restructuring of its debt, as announced on 22 February, and was embarking on a disposals process. The AIM-traded firm said it had received indications of interest from equity investors for £2m that included participation by the current executive management team and two of the non executive directors, but based on recent events the board no longer believed it was appropriate to maintain the group's structure.

Earthport announced a new agreement for services with foreign exchange payroll specialist The FX Firm on Thursday, though that appeared to do little for investor appetites. The AIM 50 payment network for cross-border transactions said the agreement was intended to facilitate The FX Firm's expansion, and enhance its offering as an efficient, secure facilitator of cross-border payroll services.

AIM-listed oil and gas company Petroceltic International has told its shareholders to take no action as regards Worldview’s 3p per share offer, which it believes undervalues the group. Worldview, which has a 29.6% stake in Petroceltic, made the offer on Friday through its subsidiary Sunny Hill. However, the price offered represents a discount of 83.3% to the closing price of Petroceltic on 25 February and a 73.9% discount to the closing price on 21 January, which was the last trading day prior to the announcement.