The following stocks are the leading risers and fallers on AIM on Friday.
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AIM - WINNERS
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Intercede Group PLC, up 5.8% at 166.10 pence, 12-month range 55.00p-216.90p. The cybersecurity software firm has launched a £1.0 million share buyback programme as a response to the ‘share price volatility’. The volatility has been sparked by uncertainty for the AIM market, Intercede says, due to possible inheritance tax legislation and business property relief changes at next week’s UK budget.
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boohoo Group PLC, up 2.8% at 29.30p, 12-month range 26.48p-42.63p. Shares rise as the online retailer hits back at shareholder Frasers Group PLC, which eyes installing Mike Ashley as boohoo chief executive officer. boohoo defended its debt refinancing and explained the online retailer’s ‘commercial position’ is a factor to consider when naming a chief executive. Sports Direct owner Frasers wants Mike Ashley, who has a 73% stake in the FTSE 100 company, to take over as CEO of boohoo. Frasers owns 27% of boohoo. The AIM listing said that while it ‘remains willing to discuss board representation with Frasers in a constructive manner’, it must be mindful of the fact that Frasers is an investor in Asos PLC, which operates in a similar market to boohoo. ‘Appropriate governance will be required to protect the company’s commercial position and the interests of other shareholders. boohoo has sought assurances from Frasers in this regard and they have not to date been provided,’ boohoo added.
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AIM - LOSERS
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Coral Products PLC, down 10% at 5.60p, 12-month range 4.77p-18.48p. The operator of firms that design, manufacture and supply bespoke plastic products says it has entered into a cost-cutting process due to tough market conditions. ‘Reflecting this’, Coral says, CEO Lance Burn steps down from his role. Burn departs at the end of the month. Coral says Ian Hillman, the managing director of the Flexibles division, will take on the role of group chief operating officer, ‘responsible for the day-to-day oversight and direction of all businesses’.
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