The following stocks are the leading risers and fallers on AIM on Wednesday.
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AIM - WINNERS
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musicMagpie PLC, up 57% at 9.00 pence, 12-month range 4.50p-27.00p. The online retailer’s shares rise after AO World PLC agrees to buy it for £10.0 million in cash, in order to boost its mobile and consumer technology sectors. musicMagpie shareholders will receive 9.07 pence per share in cash. AO World said the proposed offer has been endorsed by musicMagpie directors, who together have a 12.3% stake. The offer has also received support from other investors, meaning it has support from 54% of total shareholdings. musicMagpie Chair Martin Hellawell says: ‘AO’s offer is the result of musicMagpie’s extensive process to seek an acquiror for the business and represents an opportunity for shareholders to realise their holdings in full and in cash at a significant premium to the prevailing share price. The musicMagpie board believes musicMagpie will benefit from being a part of the AO Group that has the scale and reach to support musicMagpie’s future growth and development.’
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AIM - LOSERS
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Alkemy Capital Investments PLC, down 16% at 33.61p, 12-month range 33.50p-150.00p. For the six months ended July 31, the London-based investment vehicle reports a pretax loss of £677,049, narrowed from £1.2 million a year prior. However, says directors are currently considering a variety of funding options to balance the immediate cash flow needs of the business, and to accelerate the project development timeframe. However, says that as successful execution of these fundraising options cannot be assured, a ‘material uncertainty exists’ which may cast significant doubt on the ability of the group continue as a going concern. Adds that directors nevertheless ‘have a reasonable expectation’ that the company will continue in operational existence for the next 12 months.
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