The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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GCM Resources PLC, up 32% at 9.00 pence, 12-month range 0.82p-13.00p. The company has signed a contract covering mine development works worth around $1 billion to facilitate coal extraction at the Phulbari coal and power project in Bangladesh. The resource exploration and development company says the deal with PowerChina International Group Ltd is subject to the approval of the scheme of development for coal mining submitted to the Bangladesh government.
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Zenova Group PLC, up 32% at 2.84 pence, 12-month range 1.94p-8.00p. The London-based fire safety and heat management product developer says the Zenova FX range of 6 and 9 litre extinguishers have been approved for use in the marine industry. Zenova says this opens a $2.4 billion market for its products. It adds: ‘This market is expected to grow by 8% per year to reach $4.1 billion by 2029.’
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AIM - LOSERS
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LoopUp Group PLC, down 61% at 0.80p, 12-month range 0.59p-3.70p. The cloud communications company, serving ‘multinational businesses’, proposes a cancellation of its AIM listing. LoopUp says it needs to raise around £9 million which will go towards a partial repayment of a Bank of Ireland, as well as ‘short-term working capital needs’. However, it does not believe raising these funds will be possible through public markets, noting its market capitalisation. LoopUp has a market value of £1.3 million. Co-Chief Executive Officers Steve Flavell and Michael Hughes say: ‘At this stage in our growth journey, taking the business private will provide us with the flexibility to invest in our future growth, underpinned by a significant near-term cash injection that certain private investors stand ready to make and a medium-term pathway to venture and private equity sponsorship.’
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