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AIM WINNERS & LOSERS: Belluscura shares up as wraps up TMT takeover

Fri, 09th Feb 2024 10:02

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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AIM - WINNERS

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Belluscura PLC, up 8.1% at 20.00 pence, 12-month range 15.20p-52.00p. Belluscura says takeover offer for TMT Acquisition PLC has become wholly unconditional. TMT Acquisition is a London-based company that buys businesses in the technology, media and telecom sector. The London-headquartered medical device developer now owns 25 million TMT Acquisition shares, representing 91% of its total. This comes after Belluscura announced in October that it had agreed to buy TMT Acquisition in an all-share deal, valuing it at GBP5.8 million. Under the terms of the offer, it was agreed that TMT shareholders would receive three Belluscura shares in exchange for every four held in TMT. In January, Belluscura said it had revised terms of an all-share offer for the whole of the issued share capital of TMT Acquisition, agreeing to increase the number of new Belluscura shares to be offered in exchange for TMT acquisition shares. TMT considered the revised terms fair and reasonable, and recommended shareholders accept. Under the increased terms, it was agreed, TMT shareholders will receive one new Belluscura share in exchange for every TMT Acquisition share, which were quoted at 17.00p on Friday.

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AIM - LOSERS

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Bens Creek Group PLC, down 24% at 6.28p, 12-month range 4.61p-22.98p. Bens Creek owns and operates metallurgical coal mines across the US, including the 10,000-acre Bens Creek mining project in West Virginia. It says that operational challenges over the recent period had impacted the company's cash flow, forcing it to update funding arrangements with its largest shareholder. The company also announces that Chief Executive Officer Adam Wilson will be stepping down, having served in the role since the company floated in 2021. Wilson will continue in his role until a replacement CEO has been found, and Bens Creek says the search for a successor is underway.

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Kinovo PLC, down 9.8% at 55.95, 12-month 33.60p-70.00p. The property services provider offering safety compliance and sustainability solutions says it has inked new contracts in East Anglia and now expects to deliver higher full-year revenue and earnings, in line with expectations. The firm says it continues to make progress in East Anglia, having opened a new office in December, as well as signing eight contracts with new clients through its Eastern Procurement Asset Improvement framework. Six of these are for a term of between one and three years, it says, amounting to a total expected value of approximately GBP4.2 million. Looking ahead, Kinovo expects revenue for the full-year ending March 31 will be GBP65 million, up 3.7% from GBP62.7 million the year before. Adjusted earnings before interest, tax, depreciation and amortisation will be "significantly ahead" of the GBP5.5 million contracted last year, at no less than GBP6.2 million.

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By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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23 Dec 2022 12:57

Bens Creek agrees to buy rail track holding company

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22 Dec 2022 14:24

Bens Creek selling highwall miner for $3.6m

(Sharecast News) - North American metallurgical coal miner Bens Creek announced the proposed sale of its own highwall miner on Thursday, to Civil LLC, for total cash of $3.6m.

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22 Dec 2022 12:34

Bens Creek sells highwall miner for USD3.6 million paid in instalments

(Alliance News) - Bens Creek Group PLC on Thursday said it is selling its highwall miner for USD3.6 million to Civil LLC.

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2 Dec 2022 12:58

Bens Creek reaches monthly production of 40,000 tonnes

(Sharecast News) - North America-focussed metallurgical coal miner Bens Creek said in an update on Friday that from 26 October to the end of November, it produced a total of 43,736 clean tonnes.

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2 Dec 2022 11:23

Bens Creek with record monthly production despite Thanksgiving closure

(Alliance News) - Bens Creek Group PLC said on Friday it recorded its highest ever monthly production despite closing for the Thanksgiving holiday.

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11 Nov 2022 15:24

TRADING UPDATES: De La Rue defends chair; Resolute Mining fundraise

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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10 Nov 2022 10:54

AIM WINNERS & LOSERS: Manolete swings to loss amid case troubles

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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REPEAT: TRADING UPDATES: Reckitt names director; Ondine notes results

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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7 Nov 2022 21:16

TRADING UPDATES: Reckitt names director; Ondine notes hood results

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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26 Oct 2022 14:35

TRADING UPDATES: Solid State expects to top annual expectations

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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22 Sep 2022 17:46

TRADING UPDATES: Newbury revenue gallops; Bens Creek gets green light

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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UK shareholder meetings calendar - next 7 days

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30 Aug 2022 16:13

TRADING UPDATES: Thor Explorations, Zenith Energy post swing to profit

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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18 Aug 2022 15:46

IN BRIEF: Bens Creek to raise GBP6 million to form equipment fleet

Bens Creek Group PLC - operates metallurgical coal mine in US state of West Virginia - Intends to raise GBP6.0 million through placing of 10.0 million shares at a price of 30 pence per share, and subscription by certain investors for another 10.0 million shares at the same price.

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