(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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Ideagen PLC, up 46% at 355.62 pence, 12-month range 195.00p-355.62. Hits 12-month high as it agrees to a GBP1.06 billion takeover offer from London-based private equity firm Hg Pooled Management. Under the agreement, HG Pooled will acquire Ideagen for 350 pence per share, reflecting a 44% premium to the company's closing price of 243p on Friday last week, and valuing its equity at GBP1.06 billion. The acquisition is conditional on gaining at least 75% shareholder approval at both the general and court meeting which are set to take place on June 22, as well as being sanctioned by the High Court of Justice in England & Wales. Ideagen expects the acquisition to be completed by July. Ideagen said it unanimously recommends the offer from Hg Pooled, but remains in talks with private equity firm Astorg, which has been granted access to due diligence.
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Ncondezi Energy Ltd, up 19% at 0.72 pence, 12-month range 0.48p-3.40p. Believes there is potential for a grid-scale solar and battery storage power project at its Ncondezi 300 megwatt project in Tete, Mozambique. The Mozambique-based power development company explained it reached this conclusion following a review of the project, which confirmed that the site had favourable solar conditions and access to the Mozambique grid. Chief Executive Hanno Pengilly says: "Preliminary study work has confirmed that the project site area has strong potential for a solar project plus battery storage with good solar conditions and multiple access points to the Mozambique grid. Given the large project concession area, the solar project would be deliverable without compromising the main project."
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AIM - LOSERS
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CIP Merchant Capital Ltd, down 10% at 35.00 pence, 12-month range 30.01p-65.00p. Sinks to 12-month low as it applies for cancellation of its shares from trading on AIM. The takeover offer from Corporation Financiere Europeenne SA has become unconditional, with the Luxembourg-based wealth management firm receiving acceptances for more than 48 million ordinary CIP shares, representing a 75% stake. Confirms that it has agreed with AIM for the cancellation to occur on June 8. CIP's board had opposed the 60p per share offer from CFE.
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By Paul McGowan; paulmcgowan@alliancenews.com
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