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Financial Times: Output doubts hit ReneSola

EXTRACT: In the same sector, Regal Petroleum rallied 10.4 per cent to 212p on rumours that Royal Dutch Shell had offered 300p a share for the company’s gas assets in the Ukraine.

By Yee To Wong
Published: August 24 2007 03:00 | Last updated: August 24 2007 03:00

The share price of ReneSola continued its sharp fall yesterday.

The slide came as the company, which recycles scrap wafers used in solar panels, reported lower-than-expected second quarter profits and reduced its full-year output guidance by 20 per cent.

As a result, analysts questioned ReneSola’s ability to achieve its target output for 2008. ReneSola closed 29.7 per cent lower at 260p.

Staying with solar companies, Solar Integrated Technologies advanced 11.9 per cent to 80p amid rumours that a construction company was looking to buy a29 per cent stake.

There was also talk that a European rival was set to approach Solar Integrated with a takeover offer.

Wham Energy, which owns 23 oil and gas exploration assets in the North Sea, rose 57.4 per cent to 42½p after recommending a 44.7p a share offer from Venture Production. The deal values Wham at £14.2m.

In the same sector, Regal Petroleum rallied 10.4 per cent to 212p on rumours that Royal Dutch Shell had offered 300p a share for the company’s gas assets in the Ukraine.

Sarantel climbed 46.2 per cent to 9½p following two contract wins for its Geo-Helix antenna technology in the personal GPS tracker market.

This marked a turn-around for the antenna maker, which earlier reported a first half pre-tax loss of £3.2m.

ReGen Therapeutics rallied 19.4 per cent to 0.93p after unveiling an improved version of zolpidem, a drug used to treat brain damage.

Genetix Group edged 9.5 per cent higher to 63½p as the genetic technology firm announced a 59 per cent rise in its half year operating profits.

NETeller, which processes online payments for gambling websites, firmed 1.8 per cent to 84p even after reporting an interim loss of $24.5m. In spite of its forced withdrawal from the US market due to a legal crackdown, the company recorded strong sales in Europe and Asia.

Copyright The Financial Times Limited 2007

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