The following stocks are the leading risers and fallers on AIM on Friday.
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AIM - WINNERS
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Synergia Energy Ltd, up 7.4% at 0.051 pence, 12-month range 0.0475p-0.175p. Gas production and carbon capture firm announces completion of farm-out of a 50% working interest in its production sharing contract for the Cambay field in India, to Selan Exploration Ltd, which has started the agreed $20 million work programme. Preparatory work at the wellsite is complete for seven wells, including for slickline operation, machinery access and workover rig setup. Selan also has installed new pressure gauges for monitoring of tubing head pressure, casing head pressure and production data, and key equipment items have been contracted including a ‘suitable’ workover rig.
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Minoan Group PLC, up 6.3% at 0.85p, 12-month range 0.475p-0.9p. London-based developer of hotel resort projects in Crete elaborates on its debt-to-equity conversion agreement reached with creditors, announced last Friday. Says 77.9 million shares are being issued at an average of 1.68p each. Of these, 53.3 million are being issued at 2p each to settle ‘certain group balance sheet liabilities’ worth £1.3 million. Minoan comments: ‘All of the shares are being issued at a significant premium to the current share price, further underscoring the intrinsic value of the project and the growing confidence of key stakeholders in the company’s near-term prospects.’
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AIM - LOSERS
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Bushveld Minerals Ltd, down 16% at 0.4p, 12-month range 0.3p-2.6p. South Africa-focused vanadium producer reports production decrease in the third quarter to 855 metric tonnes of vanadium, from 1,000 mtV the prior year. Sales however rose to 859 mtV from 849 mtV. For the nine months to September 30, production fell to 2,546 mtV from 2,784 mtV. Sales fell to 2,492 mtV from 2,945 mtV. Says it began ‘work on cost-cutting initiatives and development works to return the Company to profitability and secure Bushveld’s long-term future’. Claims it could achieve annualised savings of US8 million to $10 million by the end of next year. Says it has suspended guidance for the rest of this year due to its working capital conditions.
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