Small caps round-up: Emblaze, Vialogy, Motive Television

Technology group Emblaze saw shares surge on Monday after announcing that its UK subsidiary, Emblaze Mobility Solutions, has recovered 1.5m pounds which was part of the VAT repayments claimed withheld by HM Revenue & Customs (HMRC) since March 2006.

HMRC has been withholding VAT repayments but was ordered to pay Emblaze $4m (£2.53m at today's exchange rate) in 2011 for reclaims that were not disputed. Now, the High Court of Justice has ordered that Emblaze be paid the balance of sums withheld by HMRC. After legal and other expenses, the group said the net cash proceeds would be $1.5m (£0.95m).

Oil and gas services group Vialogy has conditionally raised £2.05m before expenses through a placing of more than 74m ordinary shares at a price of 2.75p each. The placing is being down in two tranches: application has been made for the admission to trading on AIM of 38m shares expected to take place on May 23rd; while the rest will be conditional upon shareholder approval at a general meeting in June.

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"The net proceeds of the placing will be used to strengthen the balance sheet and provide additional working capital to support ViaLogy's strategy," the firm said. Shares dropped over 13% to 3.03p in afternoon trade.

AIM-listed TV services and software group Motive Television has officially established the Broadcast Cloud Joint Venture (BCJV), a 50/50 partnership of Granite Broadcasting Corporation and Motive Holdings Inc (Motive's subsidiary) created to develop and enable terrestrial broadcasting and Television Anytime Anywhere to iPads and other tablets.

"Both Motive and Granite believe that the ability to watch and record free-to-air TV from all terrestrial channels on tablet devices with a one-time purchase of a low-priced antenna-tuner will be attractive to viewers and that there is an opportunity for viral growth of this sector," said Chief Executive Officer Leonard Fertig.

BC