The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Scirocco Energy PLC, up 9.4% at 0.465 pence, 12-month range 0.4p-1.25p. Enters into conditional binding agreement with Wentworth Resources PLC to divest its 25% non-operated interest in the Ruvuma gas development project in Tanzania. The divestment is for up to $16 million, with an initial $3 million consideration payable on completion and another $3 million payable upon a final investment decision being taken relating to the Ruvuma asset production sharing agreement. A deferred consideration of up to $8 million is payable in the form of a 25% net revenue share from when Ruvuma commences delivery of gas. A further $2 million is payable contingent on gross production reaching a level equal to or greater than 50 billion cubic feet.
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Randall & Quilter Investment Holding PLC, up 7.8% at 99.2p, 12-month range 0.78-103.82p. Swings to pretax loss $162.0 million in 2021 from a profit of $38.7 million the previous year. Looking forward, the company expects to achieve $1.8 billion of gross written premiums in 2022 and a pretax operating profit of $90 million by 2024. Also, unveils fundraise worth minimum $100 million with shares to be offered at price of 105p, a premium to Friday’s closing price of 92p. Also plans open offer to raise up to $8 million.
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AIM - LOSERS
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Tekmar Group PLC, down 32% at 26.6p, 12-month range 24.6p-59p. The offshore energy industry services company reports decrease in interim revenue to £13.0 million in period ended March 31 from £13.9 million year-on-year. Pretax loss widens to £3.2 million from £2.2 million. Alongside this, launches formal sale process as it seeks ‘strategic partner’ to provide support to its balance sheet. ‘Whilst the group is currently operating with sufficient working capital for its present requirements, the combination of sustained trading losses and increased pressure on working capital mean that the group may not have the necessary cash to make all the required investment to deliver fully the turnaround strategy to return the group to profitable cash generation within the timescale targeted by the board,’ it says.
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Online Blockchain PLC, down 6.5% at 21.98p, 12-month range 21p-63.75p. The blockchain research and development company falls as bitcoin tumbles to an 18-month low under $25,000 on Monday. The world’s most popular cryptocurrency dives around 10% to hit $24,692 in morning London deals, striking a level last seen in December 2020. The virtual unit has collapsed 65% in value since striking a record peak in November 2021.
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