The following stocks are the leading risers and fallers on AIM on Monday.
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AIM - WINNERS
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Rockhopper Exploration PLC, up 15% at 43.40 pence, 12-month range 12.00p-44.10p. Releases report from operator Navitas Petroleum that overall resources at the Sea Lion project, in which Rockhopper holds a 35% working interest, remain unchanged. The report also notes that a ‘significant number’ of barrels have been moved from ’development on hold’ to ’development pending’ classification.
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Insig AI PLC, up 8.6% at 17.65 pence, 12-month range 10.55p-20.75p. Third quarter revenue rises 64% to £131,000 from £80,000 in the second quarter. The data science and machine learning firm expects revenue for the fourth quarter that ends March 31 at around £224,000, about 71% higher than the third quarter. ‘This growth is the result of accelerating market demand and successful client acquisition,’ Insig AI explains. Also raises £350,000 via subscription at 16.0 pence per share, which is around a 1.5% discount to the firm’s closing market price on Friday of 16.25p. Chief Executive Richard Benstein subscribed for £150,000 and Chair John Wilson made a £50,000 subscription. In addition, Insig AI agrees the terms for a potential £350,000 equity funding facility from CEO Bernstein, under which Bernstein will have the right to subscribe for up to 1.8 million new shares at 20p each. Insig AI will also have a call option to require the same, should funding be required. The facility would terminate on December 31, 2025. ‘The substantial growth in revenues over recent quarters underscores the strength and relevance of our product offering in the marketplace. The additional capital secured through this subscription ensures we can rapidly scale our capabilities, execute our growth strategy effectively, and fully capitalise on the increased customer demand we anticipate in the coming months,’ says CEO Bernstein.
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AIM - LOSERS
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Celadon Pharmaceuticals, down 39% at 8.58p, 12-month range 5.00p-122.50p. Fall in share price follows James Short, chief executive officer and 39.5% shareholder, announcing last week that he intends to propose de-listing from AIM at the next general meeting, as well as the removal of four non-executive directors and the firm’s chair. Short believes de-listing will ‘help the group to significantly reduce its operational costs and also enable the company to more easily access capital, and on more attractive terms’. The board, up until March 19, had not been supportive of Short’s de-listing proposal, but on Friday tendered the resignations of non-executive directors Robert Barr, Elizabeth Shanahan, David Firth and Steven Hajioff with immediate effect. The remaining directors at the pharmaceutical company focused on cannabis-based medicines are now just Chair Alexander Anton and CEO Short. Chair Anton intends to resign from the board if shareholders approve the de-listing plans.
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