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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Prospex Energy PLC, up 7.2% at 6.70 pence, 12-month range 5.00-21.00p. The Europe-focused gas and power project investor agrees to settle debt of GBP188,745 in three convertible loan notes in exchange for the issue of 3.4 million shares. The convertible loan notes were issued in September 2022 and are convertible at 5.5p. "The conversion of this debt into shares reduces the remaining debt in the company and improves our cash position," says Chief Executive Mark Routh.
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Symphony Environmental Technologies PLC, up 7.1% at 7.50 pence, 12-month range 6.25-16.35p. The company says that Yemen has begun the enforcement of legislation that passed in 2010 but was delayed due to civil war. As a result, manufacturers will only be allowed to produce oxo-biodegradable plastic bags only and their operating license will not be renewed if they are found to be non-compliant. Says inspectors will be deployed to ensure compliance and adds they will be using Symphony's d2dector. "This is a very positive step forward for our d2w biodegradable plastic technology in one of the largest plastic producing and consuming areas in the Middle East. It builds on a continual process of change throughout the region towards plastic products that are scientifically proven to be better for the environment than ordinary plastics or other alternative materials," says Chief Executive Michael Laurier. Symphony Environmental develops technology to make ordinary plastic biodegradable.
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AIM - LOSERS
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Bowleven PLC, down 57% at 0.77 pence, 12-month range 0.65-4.00p. The Africa-focused oil and gas exploration and production company says that its cash resources will currently only allow it to fund itself through to the end of the first quarter of 2024 on the assumption that its contribution towards costs at the Etinde project remains at its current low level. Bowleven adds that the sale by New Age (African Global Energy) Ltd of its 37.5% stake in the Etinde project to Perenco SA remains incomplete. Explains that while it is not party to the transaction discussion, it understands that both parties seek to progress with the sale. Reminds stakeholders that there can be no guarantee the sale will be completed. Explains that given the delay to the sale and the lack of timeline to closing, there are now potential additional risks associated with the Etinde project. Says it is considering a fundraising proposal from a shareholder which contemplates the shareholder providing equity capital at a "very substantial discount" to the current market price of its shares, whilst allowing all current shareholders to participate at the same price. Says the discussion is not yet at an advanced stage
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Anglo Asian Mining PLC, down 40% at 38.90 pence, 12-month range 36.66-124.00p. The Azerbaijan-focused copper, silver and gold producer says its half-year performance was in-line with expectations given the declining grades at the Gebabek open pit. Company reports a pretax profit of USD1.4 million in the six months ended June 30, down sharply from USD5.7 million the previous year. Revenue in the half dips to USD30.8 million from USD31.5 million. Company's cost of sales climb to USD25.2 million from USD20.4 million due to the increased costs of processing lower grade ore. Declares no interim dividend. "Our results for the period were satisfactory, and within expectations, given that we were predominantly only mining from our open pit mine. The ore mined contains reducing gold grades as the mine approaches the end of its life," explains Chief Executive Reza Vaziri.
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By Heather Rydings, Alliance News senior economics reporter
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