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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Argentex Group PLC, up 7.1% at 63.4 pence, 12-month range 51.2p-142p. The international provider of foreign exchange services regains lost ground, despite a gloomy outlook. It now expects revenue and operating profit for 2023 to be around the same levels seen in 2022, which is below market forecasts. It deems the development ‘very disappointing’. However, the shares see a slight rebound after falling over 20% on Thursday following the sudden departure of its chief financial officer. Jo Stent left the board with immediate effect, but agreed to work until the company finds a suitable replacement. In late October, its chief executive offer, Harry Adams, had left in a similarly abrupt fashion. ‘Argentex continues to be a stable, profitable and cash generative business. We are in the process of concluding a review of our strategy, which we will communicate to investors in the New Year, and we remain confident that there is a significant market opportunity for us to exploit,’ says interim CEO Jim Ormonde.
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Strategic Minerals PLC, up 9.1% at 0.12p, 12-month range 0.09p-0.4p. The mineral producer updates on its wholly-owned subsidary Cornwall Resources Ltd’s ’Deep Digital Cornwall’ project. Via the DDC grant funded project, CRL used the Redmoor exploration license area to collect geochemical and geophysical datasets. ‘The updated results improve CRL’s understanding of the granite body below the licence area and, when combined with the soil sampling results, highlight significant mineral prospectivity in the wider licence area, and importantly identifying notable targets that require follow-up exploration to further identify the potential for any significant mineralisation.’
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AIM - LOSERS
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Ethernity Networks Ltd, down 27% at 1.78p, 12-month range 0.2p-11p. The Israel-based supplier of data processing semiconductor technology for networking appliances plans to issue 150.0 million new shares to 5G Innovation Leaders Fund as part of a subscription deal agreed upon back in 2022. Issues and allots 44.9 million shares, and plans to issue another 43.6 million after the receipt of a notice from 5G. Additionally, will seek shareholder approval for authority to issue another 61.5 million shares in due course. Notes if permission is not received in the general meeting, it would have outstanding debt of $600,000 owed to 5G. ‘The directors of Ethernity believe that this debt could seriously adversely impact the company’s ability to exit the [temporary suspension of proceedings] process and therefore strongly recommends that shareholders vote in favour of the resolutions at the general meeting,’ it says.
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