The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Eqtec PLC, up 36% at 0.18 pence, 12-month range 0.13p-80p. The bioscience energy company agrees the sale of its France Market Development Centre for €750,000 payable on completion. Subject to performance milestones and commissioning of the centre, will be eligible for a further consideration of up to €750,000. Will sell 95% of the shares of Grande-Combe SAS, the project company for the France MDC, to French infrastructure and utility firm Idex. Eqtec will retain a 5% stake, which will require no financial investment. In addition, will receive an estimated €15 million in receive fees for engineering services, equipment, commissioning and licensing between the final quarter of 2023 and the first quarter of 2025. ‘We believe this agreement cements our commitment to the live operation of the France MDC whilst evidencing the growing profile of Eqtec technology among well-established utilities and operators of energy infrastructure,’ says David Palumbo.
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Deltic Energy PLC, up 31% at 30.23p, 12-month range 27.30p-33.00p. The natural resources investor says the estimate of oil and gas resources at the Pensacola discovery on licence P2252 in the southern North Sea is ‘nearly double’ initial expectations. It estimates that the Pensacola structure contains approximately 342 million barrels of oil equivalent, and a total gross P50 estimated ultimate recovery of around 99 million barrels of oil equivalent. Back in February, when Deltic first announced the gas discovery at Pensacola, the exploration pointed to an estimated ultimate recovery of 302 billion cubic feet. CEO Graham Swindells dubs the results ‘outstanding’. The firm is now pursuing monetisation options for the discovery, it says.
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AIM - LOSERS
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Fiinu PLC, down 66% at 2.27p, 12-month range 2.00p-19.00p. The digital bank shares hit an all-time low, as it says its subsidiary Fiinu 2 Ltd has had its restricted UK banking licence withdrawn, and cannot reapply due to the ‘continuing challenging market conditions’. Fiinu, which offers short-term credit to consumers via an arranged overdraft, says it has not yet been able to secure the necessary exit funding to consider seeking re-application. Will begin cost-cutting measures at Fiinu 2 and its other subsidiary Fiinu Holdings Ltd, which will entail staff redundancies, and renegotiating or terminating supplier agreements. CEO Chris Sweeney expresses ‘deep regret’ about the development. ‘The current general capital, and market specific conditions, are increasingly challenging for a business at Fiinu’s current stage of development,’ he says.
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Steppe Cement Ltd, down 14% to 32.30p, 12-month range 29.05p-51.80p. The Karaganda, Kazakhstan-based cement producer reports lower first-half sales in 2023, as well as a lower average selling price. Sales during the period fall to 749,034 tonnes, down 10% year-on-year from 837,063 tonnes. Total cement sales amount to sold for KZT16.97 billion, or around £29.7 million, during the period, down 13% from KZT19.58 billion. Average price per tonne in the six-month period falls to KZT22,665 from ZKT23,391 the year prior. The firm explains it lowered prices during the second quarter, to recover market share and volumes, which had been lower in the first half.
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