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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STM Group PLC, up 82% at 50 pence, 12-month range 22.35p-62.6p. The London-based financial services provider reveals it has agreed in principal to a potential cash takeover offer at 70p per share. Its shares had closed at 27.90p on Monday. The possible offer is from PSF Capital GP II Ltd as general partner of PSF Capital Reserve LP. PSF provides pension savings and pension risk transfers. Should an offer be made at the price suggested, the STM board would recommend it unanimously to shareholders, the company says.
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Empire Metals Ltd, up 13% at 2.54p, 12-month range 0.75p-3.2p. The London-based minerals explorer and developer says the first petrographic and mineralogical studies on the high-grade titanium discovery at the Pitfield project in Western Australia confirm the presence of ilmenite. Ilmenite is an ‘important economic titanium-iron oxide mineral’, it explains. ‘Since announcing the titanium discovery on May 30 we have been able to demonstrate the scale of this mineral system and confirm that the host sedimentary rocks have been extensively replaced by titanium and iron minerals,’ says Managing Director Shaun Bunn. This sets Pitfield apart from typical titanium deposits, which are either lower grade heavy mineral beach sand deposits, or hard-rock igneous deposits which hard to beneficiate, Bunn continues.
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AIM - LOSERS
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Totally PLC, down 7.3% at 11.82p, 12-month range 11.21p-48p. The frontline healthcare services provider extends Monday’s losses, having fallen 28% upon publishing its annual results. Despite higher profit and revenue in the financial year ended March 31, the firm’s shares came under pressure due to its guidance for a weaker revenue performance in the year ahead. It spoke of ‘increasingly challenging operating conditions’.
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