It was a rather lacklustre week for the UK’s small-cap stocks, with the AIM All-Share index stagnant at 783.80, down 2.31 points. Despite this, it outperformed the FTSE 100, which ended the week 1.2% lower.
Keep an eye out in the next couple of weeks for Georgina Energy, which is defying the recent trend by joining the UK stock market through a £5 million reverse takeover involving a shell company called Mining Minerals & Metals PLC (LSE: MMM).
Georgina is among a growing number of helium companies listed in the UK. The team, led by Anthony Hamilton, hopes to replicate the success of Helix Exploration, whose stock has risen 260% since its IPO in April.
Georgina Energy boasts two potentially significant assets in Australia, with prospects for helium, hydrogen, and natural gas. The company is expected to make its market debut on July 30, joining the LSE’s Standard List.
Versarien PLC (AIM: VRS), down 45% year-to-date, managed to halt its decline this week. The advanced materials group settled a loan with a subsidiary, Gnanomat, giving it 90% control of the business. This move allows Gnanomat to potentially secure grant funding from the Madrid region. As a result, Versarien’s share price jumped by 40%.
Shares in Hornby PLC (LSE: HRN) surged 30% after CEO Oliver Raeburn purchased nearly 40,000 shares with his own money. Such director purchases are often seen as positive signals by the market.
Intelligent Ultrasound Group PLC (AIM: MED) saw its shares rise by 48% following the announcement of a ‘material return of capital’ after agreeing to sell its clinical AI operations to healthcare giant GE for £40.5 million. As part of the deal, IUG will retain its NeedleTrainer and NeedleTrainer Plus products.
Parkmead (LON: PMG) has been officially awarded the UK offshore licence P2634, located in the Outer Moray Firth. Orcadian Energy (LON: ORCA) is the joint venture partner. The companies will assess the potential for commercial development and seek regulatory approval. Parkmead’s share price rose by 19.2% to 14p.
It was also a significant week for investors in genedrive PLC (AIM: GDR), with shares up 53% after receiving Breakthrough Device Designation from the US Food & Drug Administration for its Genedrive MT-RNR1 ID kit. This diagnostic tool is the first rapid point-of-care test to screen infants for a genetic variant that can cause lifelong hearing loss if certain antibiotics are administered.
Digital advertising services provider Dianomi (LON: DNM) has recovered from yesterday’s loss following the trading statement. Interim revenues remained flat, but gross margins dipped to 26%. Overheads were reduced, maintaining profitability similar to the second half of 2023. The company has £8.1m in the bank, though there is still uncertainty regarding the timing of contracts. The share price is up 9% at 60.5p.
Steel structures supplier Billington (LON: BILN) saw shareholder Gutenga Investments sell 1.86 million shares, reducing its stake to 20%. Meanwhile, Charles Stanley increased its holding from 4.93% to 9.93%. The share price rose by 3.06% to 505p.
Publishing software and services provider Ingenta (LON: ING) has secured three new contracts, including two follow-on contracts with existing customers. These multi-year contracts are valued at over £500,000. The largest contract is a three-year deal worth £1.4m to migrate, host, and support an existing customer’s Vista deployment on Ingenta’s dedicated infrastructure. The share price increased by 7.14% to 127.5p.
Fallers
Chaarat Gold Holdings Ltd (AIM: CGH), Destiny Pharma PLC (LON: DEST) and Sondrel (Holdings) PLC (AIM: SND) topped AIM’s losers list this week after announcing their departure from the junior market.
They are part of a broader exodus of smaller companies, primarily in the tech and biotech sectors, frustrated by a funding drought and the declining popularity of growth stocks.
A rescue financing plan for Chaarat Gold Holdings Ltd (AIM: CGH), which will reduce current investors’ stakes to just 4%, is expected to lead to the mine developer’s delisting. The Kyrgyz Republic-focused group aims to cut its existing liabilities by more than 50% to under $20 million and secure a new working capital facility of up to $5 million. The company’s shares have fallen 73%.
For anti-infectives specialist Destiny Pharma PLC (LON: DEST) down 49%, chaired by City grandee Sir Nigel Rudd, the decision was crucial: the company left AIM to avert a financial collapse.
Shares of semiconductor designer Sondrel (LON: SND) continue to decline following their return from suspension after the release of the 2023 accounts. This drop comes ahead of the proposed general meeting vote to cancel the AIM listing. The share price is down 13.3% at 3.25p.
Alba Mineral Resources PLC (AIM: ALBA) saw its shares drop by 36% as it faced the harsh costs of raising new funds in a challenging market. The placing and subscription were priced at 0.035p per share, compared to the Wednesday closing price of 0.047p. The proceeds will fund ongoing work at the Clogau-St David’s Gold Mine in Wales.
