Small caps news round-up

Imperial Innovations announced a new chairman on Wednesday, appointing David Newlands to the post in a non-executive capacity with effect from the start of its new financial year - 1 August. The AIM-traded firm said that, after its announcement on 21 March that Dr Martin Knight would be stepping down as non-executive chairman and director, the nomination committee carried out a rigorous assessment of available candidates, and concluded that Newlands met the criteria for the role given his extensive board experience.

MX Oil has abandoned its much-hyped Mexican development plans when its local partner failed to stump up the cash for an asset swap deal, leaving the company focused on the sale of its Nigerian asset about which it is feeling some seller's remorse. MX, which had in December secured four Land Contract Areas (LCAs) in Mexico's otherwise prolific Tampico-Misantla basin, had recently agreed with local partner Geo Estratos whereby the London-listed company was going to sell its 55% stake in three of the licences for a large share of the fourth, Tecolutla, for $1.8m.

Centaur Media gave investors an upbeat update on the first four months of the year, as revenues grew 5% and the B2B publishing and events group made a significant improvement in cash collection. Although the year is still young, directors said they anticipate trading for the full year will be in line with market expectations.