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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Longboat Energy PLC, up 30% at 9.40 pence, 12-month range 6.00p-33.90p. The oil and gas exploration company reports a strategic pivot to Southeast Asia, as it announces a deal to sell its just over 50% stake in Longboat Japex Norge AS in Norway to joint venture partner Japan Petroleum Exploration Co Ltd. Longboat will sell the stake for $2.5 million in cash, plus its share of drawn debt under bridge facility. Net drawings to Longboat stand at $8.5 million. Longboat adds: ‘Following a detailed review of its areas of geographic operation, the board and management of Longboat Energy have made the decision to exit Norway and to focus on building a full-cycle E&P business in Southeast Asia, where it sees significantly more potential for a small company than Norway and believes its existing positioning and access to opportunities provide excellent value-creation potential for the company.’
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AIM - LOSERS
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Mind Gym PLC, down 14% at 33.25p, 12-month range 26.00p-64.50p. In the 12 months that ended March 31, the London-based personal and business coaching service reports a pretax loss of £12.1 million, swinging from a £3.0 million profit the year prior, as revenue falls 18% to £44.9 million from £55.0 million. Macroeconomic headwinds affected confidence in key sectors, including tech, especially in the US, and consumer and manufacturing companies dependent on global supply chains, it says. The new financial year will be one of ‘recalibration’ as it implements a new strategy aimed at returning the company to historic performance levels.
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LendInvest PLC, down 5.5% at 27.40p, 12-month range 24.00p-75.00p. The non-bank mortgage lender advises the lender to ‘reduce expectations’ for net operating income and pretax profit for the year ended March 31, as it disregards a previously expected one-off net gain of £12.1 million stemming from a sale. The firm in January completed the £5 million sale of its non-risk retention residual interest in the Mortimer BTL 2023-1 PLC buy-to-let mortgage loans securitisation. ‘The company has now identified an isolated issue with the accounting advice concerning the sale. The issue relates to swap and hedge accounting assumptions that include mark-to-market adjustments and fair value hedge accounting applied as part of the derecognition calculation,’ LendInvest says. ‘On the basis of the company’s revised derecognition calculation in respect of the sale, the company advises the market to reduce expectations for NOI and PBT for FY 2024 by disregarding the previously expected net gain of £12.1 million.’
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