The AIM All-Shares Index slipped 3.34% to 836.98 over the week, slightly worse than the FTSE 100 index, which lost 2.58% to 7,742.36.
WANDisco shares were a little moved, but the software company had an up-and-down week. The group went from being rumoured to be considering a dual listing in the US to requesting its shares be suspended on AIM as it investigates “significant, sophisticated and potentially fraudulent” irregularities in its results.
Cenkos’ shares were down 15% to 42p following the stockbroker’s annual earning calls, as profits fell 95% to £200,000. Atlantic Lithium’s stock was down 28% in the week to 26p, despite a bounce back on Thursday. The exploration and development company issued a response to a “false and misleading report” regarding its partner Piedmont Lithium, which resulted in an aggressive short selling of Atlantic’s stock on Wednesday.
Investors in online fashion retailer In The Style are feeling the final sting of its stormy two-year tenure on the stock market, as the share price has crumbled by around 99% during that time. The board has decided to offload what remains of the business, which was worth £105mln when it was listed in March 2021 but is now being sold for just £1.2mln. This has led to the inevitable final collapse of the stock, which has shed 80% of its value over the last five trading days. However, founder Adam Frisby and a group of shareholders who offloaded £49mln-worth of stock at the IPO will benefit from the sale. Baaj Capital, the buyer, has proposed that Frisby stays on as a chief executive.
Telecoms group Calnex warned of order delays that will affect results for the year ended March 2024, and its shares tumbled 33% to 113p. Jarvis Securities slashed its dividend following a 20% decrease in pre-tax profits, which led to a 16% fall in share price to 140p.
On a brighter note, Sabien Technology‘s M2G business secured a significant order with a UK government department for its CO2 mitigation devices, causing shares to rise 9% over the last five days to 10.1p. Finally, Ovoca Bio rallied 20% to 6.5p after disposing of Russian assets for just shy of £1mln.
The stock of Getech, a geo-energy group, rose by 5% compared to the previous week, reaching 15p, after investors were impressed with the appointment of Dr Graham Cooley as the chair of its H2 Green Project. Cooley had previously led ITM Power as CEO from 2009 to 2022, where the share price increased from approximately 10p to a peak of 666p in 2021 under his leadership.
Similarly, Plexus, another company listed on AIM, gained 2.4% to 3.5p, following its announcement of securing a £5mln order for its proprietary POS-GRIP wellhead equipment and sealing technology for a specialised project application to be deployed over the next 12 months.
NWF Group, a fuel, food and feed distributor, announced that its full-year results would exceed market expectations, resulting in a 7% gain in shares to 274p.
Two new listings, Fadel Partners and Guernsey investment fund Onward Opportunities, are expected to join the AIM market of the London Stock Exchange later this month, amid reports of companies considering an exit from the UK into the US, including oil giant Shell.
If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.
Terms of Website Use
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned