The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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TP Group PLC, up sharply from 0.78 pence on Friday at 2.07p, 12-month range 0.6p-5.19p. The consulting, software and engineering company agrees to a £17.5 million takeover by fellow AIM listing Science Group PLC. TP shareholders will receive 2.25 pence per share in cash, which is almost triple that of the closing price of 0.78p on Friday. Around 11.7% TP shareholders have given a letter of intent to accept the offer. Science Group itself already holds a 28% stake, meaning almost 40% support in total.
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4Global PLC , up 22% at 69.88p, 12-month range 55.5p-97p. The sporting data, services and software company secures a £4 million contract over five years with a unnamed ‘major sporting infrastructure project’ for an unspecified city in the Middle East. ‘Approximately £600,000 of the project is expected to be delivered and recognised in the current financial year and the project includes an opportunity for additional scope throughout the engagement,’ it says.
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AIM - LOSERS
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Rockhopper Exploration PLC, down 20% at 10.3p, 12-month range 4.5p-20.35p. The oil & gas exploration and production company shares an update on arbitration of its dispute the Italian government. On Friday, Italy submitted an application to the International Centre for Settlement of Investment Disputes seeking to annul a recent award to Rockhopper, and requested a provisional stay of the enforcement of the €190 million award. Chief Executive Officer Samuel Moody calls the news ‘disappointing’, adding: ‘Based on legal advice we believe annulment proceedings are likely to take approximately 18 to 24 months, albeit interest will commence accruing again in December 2022. We remain confident in the strength of our case, as was reflected in the unanimous decision underpinning the Award in August, and very much hope and believe the annulment request will be rejected in due course.’ Rockhopper says it has a non-binding offer in place for funding to fight the annulment and enforce the award.
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Ncondezi Energy Ltd, down 17% at 1.1p, 12-month range 0.4p-1.95p. Says it needs and intends to secure additional funding before the end of November, with ‘various options available and under consideration’. This includes the potential additional tranche of £150,000 that may be available to it under the terms of the convertible loan facility it announced back in mid-September.
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