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Elton Puts Wind Into Galleon’s Sails
Posted by editor_usa

Monday 22
January 2007 @ 18:24

UK small caps were higher in early trade, mirroring the wider market, with Galleon Holdings topping the list of gainers on EJ stake talk, dealers have said.

The FTSE Small Cap index was 5.0 points up at 3,948.2 by 9.02 am, while the Footsie was 14.9 ahead at 6,252.1.

Galleon Holdings topped the list of best-performing small caps, advancing 2-3/4 pence, or 21.6 pct, to 15-1/2 following a report that Sir Elton is the beneficial owner of a 24 pct stake.

Speculators also acquired a taste for La Tasca, 3 higher at 160-1/2, amid talk that a private equity bidder is willing to stump up as much as 180 pence a share for the restaurant operator.

According to an informed source, Elton, who earns GBP25m a year in royalties, is the beneficial owner of a 24pc stake in the children’s entertainment and intellectual property group. But an announcement to that effect has yet to see the light of day.