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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Hardide PLC, up 7.5% at 13.98 pence, 12-month range 10.5p-16p. The developer and provider of advanced surface coating technology says its chief executive officer of 11 years, Philip Kirkham, will step down on or before April 30 next year. Has begun recruitment process for his successor. ‘The group continues to advance its strategy of becoming a sales focused and commercially entrepreneurial business, to accelerate revenue growth and better utilise existing operational capacity,’ says Non-Executive Chair Andrew Magson.
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AIM - LOSERS
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United Oil & Gas PLC, down 12% at 0.86p, 12-month range 0.75p-2.9p. The oil and gas company focused on Egypt, the UK and Jamaica terminates the asset purchase agreement with Quattro Energy Ltd, which had agreed the condition sale of UOG’s North Sea license P2519, which contains the Maria discovery in block 15/18. The long stop for the date had been extended to October 27, but Quattro had not satisfied certain conditions by that point, and the parties did not agree to another extension. Quattro had not been able to raise the necessary funds by that date, which reflects ‘current regulatory and fiscal challenges impacting the UK North Sea undermining investor confidence in the progression of potential developments in this sector’, UOG says. Additionally, UOG says it will not apply to move into the next phase of the license, after it has ‘exhausted all other available avenues to progress this opportunity’ ahead of the license expiry on November 30. CEO Brian Larkin says it’s a ‘disappointing outcome for both parties’.
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Europa Metals Ltd, down 5.9% at 1.93p, 12-month range 1.8p-4.42p. The Europe-focused lead-zinc and silver developer shares its annual results for the financial year ended June 30, showing its pretax loss widened to $3.4 million from $2.5 million, on revenue that rose to $177.3 million from $168.3 million. Will continue its ‘endeavours to capitalise on the potential’ of its wholly-owned Toral lead, zinc and silver project in Spain. Last Monday, Europa said it had completed its application for a mining licence for the project, for which it envisages a life of mine of 15 years, with an average of 700,000 tonnes of ore per year.
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