The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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Cenkos Securities PLC, up 6.5% at 41.00 pence, 12-month range 37.60p - 84.50p. On Thursday, the investment bank agreed an all-share merger with finnCap Group PLC that will see each set of shareholders equally own the combined company and the existing chief executives becoming co-CEOs. Cenkos shareholders will receive 3.19 finnCap shares for each Cenkos share, valued at 37.13p per share. This gives an equal value to each company of £21.1 million. In addition, Cenkos shareholders still will receive the 0.5 pence cash dividend declared earlier this month, plus a 3p interim dividend to be declared after June 30.
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Warpaint London PLC, up 5.1% at 207.50 pence, 12-month range 104.24p - 218.00p. The cosmetics supplier says that, following particularly strong trading in the final quarter of 2022, sales for the year as a whole have exceeded previous expectations. Also notes that this strong trading has continued into the first quarter of 2023. First quarter sales are expected to be a record, with sales to March 23 in excess of £16 million, compared to £13.2 million in the first quarter of 2022. Consequently, 2023 as a whole is seen ahead of the firm’s previous expectations.
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AIM - LOSERS
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Caledonia Mining Corp PLC, down 11% at 1,148.50 pence, 12-month range 805.00p - 1,335.00p. The Zimbabwe-focused gold producer posts an increase in annual profit and announces a £8.1 million fundraise. Pretax profit totals $39.6 million in 2021, up from £38.0 million in 2021. Revenue rises to $142.0 million from $121.3 million. Production costs increase to $63.0 million from $53.1 million. Produces 80,775 ounces of gold in the year, compared to 67,476 ounces the year prior. Also notes record annual production at the Blanket Mine. Gold production guidance for 2023 set between 87,500 ounces and 97,000 ounces. Chief Executive Mark Learmonth says: ‘Operationally, the last 12 months have marked a turning point for the business, and I am delighted that we hit our long-term target of just over 80,000oz. The last couple of years has seen a tremendous amount of change in the company as we pivot the direction of the business towards becoming a multi-asset gold producer in Zimbabwe.’ Separately, the firm proposes to raise £8.1 million before expenses through a placing of shares at a price of £11.15 each. The placing price represents a 13% discount to the company’s closing price on Thursday. The placing will be conducted in UK and South Africa through an accelerated bookbuild. In addition, IH Securities Ltd is undertaking a placing in Zimbabwe on behalf of the company of depositary receipts to raise £2.4 million at the same placing price.
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San Leon Energy PLC, down 7.6% at 20.37 pence, 12-month range 18.00p - 57.78p. The Nigeria-focused oil and gas production company says, pending the completion of its refinancing, it is receiving ‘very limited’ cash inflows. Says it is maintaining a ‘regular dialogue’ with its creditors and is keeping them informed of the expected conclusion of the refinancing. Says that its creditors are ‘not currently putting the company under undue pressure’ and the board of directors is ‘confident that all creditors will be settled following the conclusion of the proposed refinancing’. The company had been expecting to conclude a refinancing in early 2023 but admit discussions have advanced much slower than anticipated. Says it is in final discussions now and expects the refinancing to complete in the ‘near-term’.
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