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AIM WINNERS & LOSERS: AFH Rises On GBP224.5 Million Takeover Offer

Mon, 25th Jan 2021 10:29

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

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AIM - WINNERS

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Journeo, up 27% at 72.30 pence, 12-month range 43.4p-75p. The transport technical services firm said it has secured a one-year extension to a framework agreement with First Bus UK. The extension will continue to March 2022, unless further extended, and is expected to generate GBP1.8 million in revenue.

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Proton Motor Power Systems, up 25% at 117.48p, 12-month range 23p-122.97p. The fuel cells company said it has received a third order from an unnamed "large international engineering and aerospace group" for four Proton Motor S8 fuel cell systems for the autonomous provision of energy and heat. The customer has indicated that there may be "further follow up orders" to come.

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Bowleven, up 22% at 4.95p, 12-month range 1.65p-6.68p. The Africa-focused oil and gas group said the operator of the Etinde licence, New Age, has received formal approval to apply for a new Etinde exploitation agreement. Bowleven holds a strategic equity interest in the offshore, shallow water Etinde permit in Cameroon. "This is very positive news for the Etinde development, as it essentially eliminates the possibility of the Government of Cameroon removing the Etinde licence from the JV partners, following the end of the initial six year development implementation period in January 2021," said Bowleven Chief Executive Eli Chahin.

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AFH Financial, up 14% at 455.00p, 12-month range 190p-455p. Cortina Bidco - a company indirectly controlled by funds managed by US-based investment firm Flexpoint Ford - has agreed to buy AFH for 463p per share. This is a premium of 40% to AFH's closing price on December 1, being the day before Flexpoint entered into a confidentiality agreement with AFH. The deal values AFH as a whole at GBP224.5 million. "The independent directors believe that the terms of the acquisition are compelling, acknowledge the quality and strong prospects of AFH's business and deliver attractive value to AFH Shareholders in cash, allowing them to crystallise the value of their holdings," said AFH Chair John Wheatley.

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ASOS, up 5.4% at 5,047.74p, 12-month range 975.2p-5,548p. The online fashion retailer confirmed it is in exclusive discussions with Arcadia's administrators over the acquisition of the Topshop, Topman, Miss Selfridge and HIIT brands. "The board believes this would represent a compelling opportunity to acquire strong brands that resonate well with its customer base. However, at this stage, there can be no certainty of a transaction and ASOS will keep shareholders updated as appropriate," the company said.

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boohoo, up 4.2% at 346.88, 12-month range 133.1p-433.5p. The online fast fashion firm said it is has acquired all of the intellectual property assets of department store Debenhams Retail for GBP55 million in cash. The company will only be acquiring brands and associated intellectual property rights, and the deal does not include Debenhams retail stores, stock, or any financial services. boohoo said it will use the transaction to move into new categories including beauty, sport and homeware.

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AIM - LOSERS

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Asiamet Resources, down 33% at 2.4p, 12-month range 0.73p-6.7p. The Indonesia-focused copper and gold miner said the binding sale and purchase agreement entered into with PT WIN to sell subsidiary Indokal has been terminated. The first tranche payment of USD2.5 million was not transacted by PT WIN within the agreed timeframe of 10 business days following the signing of the deal and a subsequent extension period. "The company used best endeavours to ensure this payment was made, however this was not complied with and no reasonable explanation was provided other than a request for further changes to the terms of the binding SPA which were considered to be unacceptable and detrimental to the best interests of the company," said Asiamet.

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By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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27 Jun 2014 10:46

DIRECTOR DEALINGS: Bowleven CEO Buys 50,000 Shares

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27 Jun 2014 09:19

Bowleven farms out 20% of Bomono project to AFC

AIM-listed oil and gas exploration group Bowleven has entered into a farm-out drill-to-earn arrangement with Africa Fortesa Corp (AFC). AFC will earn a 20% interest in the group's Bomono Permit in return for drilling two exploration wells. Based on the terms of the arrangement, the cost of the two

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27 Jun 2014 08:25

Bowleven Farms Out 20% Of Bomono Permit To Africa Fortesa Corp

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27 Jun 2014 07:28

UK MORNING BRIEFING: Imagination Technologies Hit By Intel Share Sale

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24 Jun 2014 12:26

Bowleven derisks with Etinde farmout, ending Petrofac deal

Africa-focused oil and gas explorer Bowleven has achieved its much anticipated farm-out agreement on its Etinde Permit offshore Cameroon. The AIM-listed company has farmed out two thirds of its 75% stake in Etinde to Russia's Lukoil and private equity-backed explorer NewAge for $250m. In return fo

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24 Jun 2014 11:07

UK MIDDAY BRIEFING: BG Group Fires Up Curtis Island Processing Units

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24 Jun 2014 10:34

UK WINNERS & LOSERS: Imagination Tech Jumps As Licensing Revenue Flows

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24 Jun 2014 07:46

Bowleven Sells 50% Stake In Etinde Permit For USD250 Million

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24 Jun 2014 07:29

UK MORNING BRIEFING: London Shares Firm Ahead Of Carney Testimony

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3 Jun 2014 12:46

Broker tips: Shire, Foxtons, Tate & Lyle, Bowleven

UBS has hiked its target price for Shire by nearly a tenth, saying that the rumoured acquisition of Nasdaq-listed NPS Pharmaceuticals would "make sense" for the Dublin-based biopharmaceutical group. The bank kept a 'neutral' stance on the shares, but lifted its target from 3,150p to 3,450p. UBS sai

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3 Jun 2014 11:41

UK MIDDAY BRIEFING: Wolseley's US Growth Offsets Currency Hit

LONDON (Alliance News) - Wolseley is the biggest gainer on the FTSE 100 Tuesday after the plumbing and heating products distributor reported higher trading profit for its fiscal third quarter, driven by strong growth in the US and Nordic countries.

However, adverse

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3 Jun 2014 10:30

UK WINNERS & LOSERS: Wolseley Stands Out From Negative FTSE 100

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
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Wolseley, up 2.7%. The plumbing and heating products distributor is one of ju

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3 Jun 2014 09:36

Bowleven development receives Cameroon state approval

Africa-focused oil and gas group Bowleven saw its shares race ahead on Tuesday after the receiving state support for the next step of its Etinde project offshore Cameroon. Following meetings last month, a formal resolution confirming Cameroon's approval of the Etinde Exploitation Authorisation Appl

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3 Jun 2014 09:35

Westhouse says market underestimating Etinde potential at Bowleven

Westhouse Securities has maintained its 'buy' recommendation for Africa-focused oil and gas group Bowleven after the company achieved a "key hurdle" in progressing its Etinde gas and condensate project offshore Cameroon. Following meetings last month, a formal resolution confirming Cameroon's appro

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3 Jun 2014 07:31

Bowleven Gets Cameroon Government Approval For Etinde Application

LONDON (Alliance News) - Bowleven PLC Tuesday said a formal resolution confirming the Cameroon government's support for its Etinde Exploitation Authorisation application has been signed. The Africa focused oil and gas exploration company said the resolution was signed following a meeting on

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