The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Arkle Resources PLC, up 32% at 0.63 pence, 12-month range 0.37p-0.9p. The Ireland-focused gold and zinc exploration company discovers pegmatites in its Mine River Block on the Wexford/Wicklow border, in its search for lithium. The block is close to the known lithium-bearing Leinster Granite Pegmatite Belt, and is ‘well-positioned’ for exploration of lithium-bearing pegmatites. Arkle confirms the presence of granite, pegmatite and aplite within its prospecting licences. ‘It is early days but positive news,’ says Chair John Teeling.
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Michelmersh Brick Holdings PLC, up 11% at 87.33p, 12-month range 72p-140p. The specialist brick maker announces the acquisition of Fabspeed Holdings, a manufacturer of off-site pre-built brick products for an initial £6.3 million. Fabspeed operates from three facilities, two in West Yorkshire and one in Oxfordshire. Michelmersh also reported strong trading, and now expects revenue and profit in 2022 to be ahead of market expectations. It intends to launch a share buyback for up to £3.0 million.
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AIM - LOSERS
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DeepMatter Group PLC, down 57% at 0.52, 12-month range 0.04p-0.98p. The digital chemistry data company says its board has concluded that de-listing from AIM and re-registering as a private company would provide better opportunities to raise additional capital. This comes after discussions with major shareholders over securing future working capital, it says. Delisting will be conditional on shareholder approval in due course, and currently has the support of major shareholders. DeepMatter predicts it will need £1 million prior to any delisting, to fund its long-term growth ambitions.
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United Oil & Gas PLC, down 22% at 1.54p, 12-month range 1.25p-3.5p. The oil and gas firm shares a disappointing update on its ASH-4 well in the Abu Sennan License in Eygpt. While the well had encouraging initial flow rates, UOG says: ‘Over recent days the rates from the well have sharply declined, suggesting that the well is connected to a smaller volume of oil than had been expected pre-drill.’ It has reduced the choke size to manage the resevoir and production rates, which will likely stabilise within a few days, but production will be a lower rate than expected.
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