The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Tungsten Corp PLC, up 9.6% at 36.92 pence, 12-month range 22.00p-44.00p. The electronic invoicing and purchase order platform receives improved offer of 42.00p a share from suitor Kofax Inc that values it at £53.1 million. Kofax deadline for Tungsten offer extended to March 8. Kofax had first approached Tungsten in December with a 40.00p offer proposal. Tungsten says it has not made any decision on whether or not it will recommend the new offer to shareholders, though talks between the two companies are taking place.
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Transense Technologies PLC, up 8.2% at 86.00p, 12-month range 65.00p-124.40p. The developer of sensor systems for vehicles unveils plans for share buybacks and that it has continued to deliver strong revenue growth. For six months ended December 31, swings to pretax profit of £82,000 from loss of £53,000 year before on revenue of £1.2 million, up from £895,000. ‘With the availability of uncommitted cash and a growing distributable reserves balance, the directors plan to initiate a programme of share buybacks to address the short term effects of current market conditions and protect prospects for the delivery of longer-term shareholder value,’ says Chair Nigel Rogers.
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AIM - LOSERS
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Image Scan Holdings PLC, down 47% at 1.60p, 12-month range 1.25p-4.54p. The X-ray imaging systems provider says its performance continues to be hurt by Covid-19 and order intake has stalled. Image Scan says the pandemic has continued to hit customer spending, the operation of sales and service functions, international supply chain, and staff. Further, Image Scan notes orders have been delayed, causing the momentum built up in the second half of 2021 to ‘stall’. This is now expected to result in the company making a significant loss for the first half, it says.
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System1 Group PLC, down 36% at 232.00p, 12-month range 180.00p-480.00p. The marketing and brand consultancy company says it expects total revenue £1 million to be short of management expectations. This is due to a sudden and unanticipated reduction in the forecast for bespoke consultancy project sales in the US, the company explains.
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