In short

A round-up of today's business news in brief

Circle Oil raises 18.9m for exploration

Limerick-based exploration company Circle Oil has raised £16.5 million (€18.9 million) through a secondary placing with existing shareholders.

It said the funds would be used to assist with its gas production in Morocco and to pay for additional drilling in Egypt and appraisal work in Tunisia.

Fox-Davies Capital conducted the placing of 61 million shares at price of 27 pence a share.

Green light for Vodafone’s BT deal

The Competition Authority has given its blessing to Vodafone’s proposed purchase of some of BT’s business in the Republic. The €4.8 million deal will see the transfer of BT’s small business and consumer customers to Vodafone.

An Bord Bia seeks marketing fellows

Applications for the Bord Bia marketing fellowship close on Monday.

The fellowship, which will be offered to 25 people, combines study for a graduate diploma in International Marketing Practice at the UCD Smurfit School with an overseas placement at an Irish food company.

Court setback for Lehman clients

Clients of Lehman Brothers in Europe may have to wait longer to get their assets back after a judge blocked a move to speed the unwinding of the bankruptcy.

PricewaterhouseCoopers (PwC), administrators to Lehman Brothers International (Europe), had asked the British high court to approve a plan to accelerate the return of clients assets, tied up in the bank since its collapse last year.

But the court said it had no jurisdiction to sanction the deal.

Chelsea Building Society fraud

Chelsea Building Society, the 134-year-old customer-owned British lender, said it posted a loss after the discovery of £41 million (€47.2 million) in proven or suspected mortgage fraud.

Chelsea was “vigorously” seeking the return of its money, the firm in a statement.