The following stocks are the leading risers and fallers on AIM on Friday.
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AIM - WINNERS
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Vector Capital PLC, up 15% at 31.52 pence, 12-month range 26.00p-42.00p. The commercial lending group proposes a £3.7 million return to shareholders through a tender offer of 11.2 million shares at 33 pence each, and also proposes an exit from AIM. It believes an AIM exit is in its best interests, as it has been unable to ‘access new equity capital on acceptable terms’. It also says trading of its shares is ‘highly illiquid resulting in share price volatility’. If a delisting is approved at an August 20 general meeting, the final day of trading will be September 13. The firm reports half-year results. Revenue in the six months to June 30 slips 11% to £2.5 million from £2.9 million. Pretax profit declines 45% to £707,000 from £1.3 million.
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Trinity Exploration & Production PLC, up 12% at 64.01 pence, 12-month range 30.50p-105.00p. The Trinidad & Tobago-focused oil exploration and production backs a new takeover offer, and withdraws its support for a bid from fellow AIM listing Touchstone Exploration Inc. Trinity said it has accepted a £26.4 million cash bid from Lease Operators. Lease Operators will pay 68.05 pence for each Trinity share, which it says is a 31% premium to the Touchstone bid, based on Touchstone’s 34.8p closing price on Thursday. Trinity says: ‘The Trinity directors consider that the acquisition provides Trinity shareholders with an opportunity to realise a certain valuation in cash at a significant premium to the unaffected prevailing price, which reflects the current strength and future potential of Trinity. The Trinity directors also consider that the acquisition is a material improvement for Trinity shareholders over the Touchstone offer and accelerates, without further capital investment, time or operational risk, the delivery of fair value to Trinity shareholders.’ Under the terms of the Touchstone offer, Trinity shareholders were to receive 1.5 new Touchstone shares for each share owned. Lease Operators is part of drilling services company Well Services. Touchstone shares fall 2.6%.
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AIM - LOSERS
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SkinBioTherapeutics PLC, down 4.9% at 13.55p, 12-month range 7.00p-29.50p. The skin health-focused life science company receives £1.6 million backing in total from Premier Miton and Cynosure Capital Pty Ltd. Although it was not on the hunt for ‘further funding’, as it already had enough in its coffers to run until in the first-quarter of next year, the new ‘investment removes any uncertainty about medium term financing’. It notes 14.9 million shares were placed, at 10.5p each, a figure that is 23% below its current share price.
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