ENIC to move down to AIM

Shares in Daniel Levy's ENIC, the media investment company that recently snapped up Sir Alan Sugar's stake in Tottenham Hotspur, have dived after he said the company will move down to AIM and seek a secondary listing on a European exchange.

ENIC fell 6.5p to 58.5p, after announcing results from a 'challenging six months'.

Difficulties in the gaming and entertainment markets have meant the group has written down the value of its investment in Warner Bros Studio Stores to the net asset value of £3.5 million. A number of new media investments have been written down from £1.1 million to £300,000.

Turnover for the six months to 31 December was £29.9 million, up from £23.2 million a year before. Retained profit was almost double at £28.3 million.

During the year the group sold its one million shares in Autonomy for an average price of £34. But trading has been difficult, and shows no sign of changing, across the entertainment division.

ENIC will move its listing from the main market to AIM, and will seek an additional listing in Europe, because many of its football investments are continental.

ENIC recently called off acquisition talks with both Victor Chandler and Sporting Index.