Source - Alliance News

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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Vela Technologies PLC, up 38% at 0.029 pence, 12-month range 0.01p-0.04p. The early stage-focus technology investor says it intends to exercise a put option agreement to sell its economic interest in the commercialisation of the Covid-19 application of AZD1656 for £4.0 million. The option was agreed back in April with Conduit Pharmaceuticals Ltd and its prospective parent company Murphy Canyon Acquisition Corp. Murphy shareholders have now approved the merger with Conduit, giving Conduit a Nasdaq listing. Once any closing conditions are waived or satisfied, Vela will exercise the option. Fellow AIM stock Cizzle Biotechnology Holdings PLC also notes Conduit’s reversal into a New York listing, and says it plans to exercise its put option to sell its own 5% economic interest and royalty sharing agreement in AZD1656 to treat inflammatory pulmonary and cardiovascular disease. Cizzle’s option will be satisfied through the issue of shares in Conduit, to be worth £3.3 million. Cizzle shares are up 2.3%.

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AIM - LOSERS

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Strix Group PLC, down 42% at 53.7p, 12-month range 50.7p-135p. The maker, designer and supplier of kettle safety controls and other components and devices scales back interim dividend to just 0.9p from 2.75p a year before. This is due to its rising debt following the acquisition of Australia-based water systems manufacturer Billi, and caution in light of a high interest rate environment. In the six months to June 30, pretax profit drops 41% to £6.8 million from £11.6 million a year before. Revenue grows 29% to £65.2 million from £50.7 million, but this is mostly thanks to the Billi acquisition. CEO Mark Bartlett says the recovery in demand for kettle controls in UK and Germany is slower than anticipated, and a return to normalised growth will take longer.

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Harvest Minerals Ltd, down 27% at 1.5p, 12-month range 1.3p-10.7p. The fertiliser producer says fertiliser sales in the six months to June 30 drop by two thirds to $931,608 from $2.7 million a year before. Pretax loss doubles to $1.6 million from $883,556. Harvest attributes the weaker performance to lower demand and lower pricing for its product. Sells just 7,280 tonnes of its organic fertiliser KP Fertil, down 74% from 28,104 tonnes. ‘This is attributable to a reduction in volume demand by farmers who are less incentivised to boost production whilst crop prices are low and energy prices are high,’ says Executive Chair Brian McMaster. Harvest Minerals is positioned to support higher sales volumes and rebuild profit ‘as and when the market improves’, he says. The company’s directors temporarily pause drawing remuneration to help reduce the company’s cash burn rate.

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Related Charts

Strix Group PLC (KETL)

+1.80p (+2.64%)
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Harvest Minerals Limited (HMI)

+0.10p (+11.11%)
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Vela Technologies PLC (VELA)

-0.00p (-3.13%)
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Cizzle Biotechnology Holdings PLC (CIZ)

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