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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Crystal Amber Fund Ltd, up 7.4% at 66.6 pence, 12-month range 60p-102.74p. The Guernsey-based activist fund investing in small and mid-cap UK equities announces share buyback programme of up to £5 million, beginning now and running until January 31, following shareholder approval at its annual general meeting late last month. Notes its current share price is significantly below its last reported net asset value per share of 98.3p and it believes that the share buyback programme will help reduce this discount. Says the buyback will be funded by existing surplus cash resources.
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AIM - LOSERS
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Landore Resources PLC, down 43% at 3.35p, 12-month range 3.25p-18.98p. The exploration and development company says ‘turbulent market conditions’ worldwide have led to ‘significant’ fundraising challenges, and it has therefore decided to terminate its C$5 million, or £2.9 million, private placement which was set to fund its dual listing on the TSX Venture Exchange. It now postpones the proposed dual listing until further notice, and begins a cost-cutting plan to preserve its existing cash. ‘The company will revisit financing opportunities during Q1 2024 and is also exploring alternative funding options to enable it to, inter alia, proceed with a drilling campaign on its flagship BAM Gold Project at the Junior Lake property in Northwestern Ontario at the earliest opportunity,’ Landore says.
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Christie Group PLC, down 1.6% at 93.50p, 12-month range 80.00p-167.00p. The financial, inventory and systems services provider’s stock falls, but recovers slightly, having dropped to a 12-month low of 80.00p earlier on Friday. It warns some of its transactions that were expected to close before the end of the year will likely be pushed into 2024. ‘Buyers and vendors actively working towards contractual exchange have indicated their intention to delay transactions into 2024 to avoid pre-Christmas operational disruption to their businesses,’ the firm explains. Consequently, it means the company’s full-year result is set to be below market expectations.
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