The following stocks are the leading risers and fallers on AIM in London on Friday.
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AIM - WINNERS
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Parlsey Box Group PLC, up 43% at 2.36 pence, 12-month range 1.2p-47.74p. The Edinburgh-based meal delivery firm proposes to re-register as a private limited company as it sets December 14 as date for a general meeting to vote on the plan. At the general meeting next month, the proposal needs 75% approval of votes cast by shareholders. Parsley Box says it has received irrevocable undertakings representing about 36% of the company’s issued share capital to vote in favour of going private. The firm only started trading publicly on London’s AIM in March 2021 with a placing price of 200 pence per share.
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MyHealthChecked PLC, up 15% at 1.84p, 12-month range 1.1p-3.8p. The Cardiff-based healthcare company proposes a capital reduction, to be voted on at a general meeting on December 6. It seeks shareholder approval to cancel its share premium account and capital redemption reserve, as well as to cancel deferred shares. This would ‘eliminate [its] retained losses and create distributable reserves equal to the balance’, it says. Its current negative distributable reserves position means it is currently unable to declare dividends or buy back its shares. A resolution would grant it authority to purchase up to 78 million of its ordinary shares, which is around 10% of its share capital, which it would intend to cancel. A court hearing to confirm the capital reduction is expected on January 17 next year.
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AIM - LOSERS
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Eco Atlantic Oil & Gas Ltd, down 54% at 19.15p, 12-month range 17p-46p. The stock nears a 12-month low as the oil and gas explorer says that its Gazania-1 well had reached its target depth of 2,360 metres but did not show evidence of commercial hydrocarbons. The well, which was spudded on October 10, will now be plugged and abandoned. ‘While it is naturally disappointing not having made a commercial discovery, the Gazania-1 well was only the first of four wells we have planned for the next 18-24 months across our wider portfolio,’ says Gil Holzman, co-founder & chief executive officer of Eco Atlantic. The company will now move onto executing plans for more exploration wells.
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N4 Pharma PLC, down 27% at 2.05p, 12-month range 1.51p-8.69p. The Derby, England-based pharmaceutical company raises £1 million in placing of 50.0 million shares at an issue price of 2p. Also launches broker offer for an initial expected value of £250,000 at the same price. Says net proceeds will be used to progress its development work ‘relating to the loading of SiRNA onto Nuvec, including to commit to doing in-vivo studies and also to explore acquisition opportunities’.
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