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AIM WINNERS & LOSERS: FireAngels surges on GBP28 million buyout

Fri, 27th Oct 2023 10:32

(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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FireAngel Safety Technology Group PLC, more than triple to 6.50 pence, 12-month range 2.00p-10.34p. The company backs a GBP27.7 million takeover from fire safety products maker Siterwell Electronics Co Ltd. Siterwell subsidiary Intelligent Safety Electronics will pay 7.40 pence per FireAngel share, markedly above the home safety products supplier's closing price of 2.10p on Thursday. The price per share is 47% above FireAngel's share price of 5.05p prior to a GBP6.1 million fundraise it undertook in June, and values Coventry-based FireAngel at GBP27.7 million. FireAngel Chair Andrew Blazye says: "FireAngel has a longstanding relationship with ISE through Siterwell, initially as a valued manufacturing partner and more recently as a major shareholder, and the board is confident that it can provide a supportive environment for FireAngel's long term success."

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Starvest PLC, up 59% to 7.95p, 12-month range 4.10p-9.00p. The early-stage mineral exploration investor proposes the cancellation of its shares on AIM. Starvest says its shares have been trading at " a substantial discount to the value of its underlying investments." It will hold a general meeting on November 21.

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AIM - LOSERS

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Global Petroleum Ltd, down 39% at 0.070p, 12-month range 0.070p-0.44p. Shares in the oil and gas explorer hit a 12 month low. Global Petroleum reports that pretax loss narrows to GBP1.3 million from GBP1.6 million a year earlier. However, cash at the year end fell to USD356,389, from USD1.1 million a year earlier. "The company continues to explore all strategic alternatives in order to preserve and maximise shareholder value. In order to facilitate this, the urgent priority for the company is to strengthen its finances in the very near future," it says.

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By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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AIM WINNERS & LOSERS: FireAngels surges on GBP28 million buyout

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