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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IOG PLC, up 33% at 5.57 pence, 12-month range 3.26p-41.00p. The UK-focused offshore gas developer says it had successfully completed the wireline intervention at the Blythe H2 well, adding that the well has now flowed at a maximum stabilised rate around 42 million standard cubic feet per day, slightly above its original 30 million to 40 million guidance. Production will now be managed up from 20 million feet per day towards the maximum rate to further dewater the pipeline, the company says.
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Creo Medical Group PLC, up 9.1% at 36.70 pence, 12-month range 18.34p-91.25p. The medical device company says that the first clinician in Europe has now performed an upper gastrointestinal tract Speedboat Inject case since clearance was gained last week. Speedboat Inject is a multimodal instrument designed for flexible endoscopy. ‘The result of the procedure was excellent, with the patient leaving hospital shortly after,’ Creo says. A second doctor is now also trained to use Speedboat Inject for upper GI procedures, the company adds.
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AIM - LOSERS
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Microsaic Systems PLC, down 51% at 0.011 pence, 12-month range 0.010p-0.014p. The mass spectrometry equipment company says partner DeepVerge owes it £1.4 million in unpaid invoices, and it will need to raise additional working capital in the third quarter if these are not paid. Shares in environmental and life sciences company DeepVerge were suspended from trading on AIM on Monday, pending clarification of its financial position. The company had been seeking to sell one or more of its business units in order to raise sufficient funds to allow it to continue to trade. However, DeepVerge failed to do so. As a result, the company said it is unlikely that sufficient funds will be raised in time to allow its business units to continue to trade.
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Premier African Minerals Ltd, down 34% at 0.46 pence, 12-month range 0.26p-1.04p. The tungsten producer updates on its offtake and prepayment agreement with Canmax Technologies Co Ltd for the spodumene concentrate produced at the Zulu lithium and tantalum project. Premier African issues a force majeure notice to Canmax due to issues at its plant. A force majeure is a clause that is included in contracts to remove liability for unforeseeable and unavoidable catastrophes that interrupt the expected course of events and prevent participants from fulfilling obligations. As a result, the agreement with Canmax, including those associated with delivery and any consequences associated with it, is suspended. Says no amendment has been signed with Canmax, and adds it will not be signed if they contain terms currently proposed by Canmax. These terms are: the conversion of the pre-payment amount into a convertible debt instrument in the event that Zulu is unable to meet its delivery obligations under the amended agreement or the conversion of a proportionate amount of the equity of Zulu, and the sale to Canmax of all concentrate produced at Zulu at fixed prices with ‘limited ability for Premier to accommodate cost variations’.
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