(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.
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AIM - WINNERS
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Galileo Resources PLC, up 18% at 1.15 pence, 12-month range 0.78p-2.30p. Enters into a joint venture with Statunga Investments, for the development of the Luansobe copper project in Zambia. Under the joint venture agreement, Galileo will pay USD400,000 via two payments by February 20, which will give it a 75% stake in the Zambian joint venture, which will work on completing a project feasibility study for Luansobe. The project has an estimated mineral resource of 5.5 million tonnes at 1.6% total copper and 0.5% acidic soluble copper. In addition, the company will issue 5.0 million shares to the owners of Statunga Investments. Licence over the project comprises a small-scale exploration licence with a four-year term expiring February 15, 2025, and covering an area of 918 hectares.
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Eurasia Mining PLC, up 5.4% at 23.40 pence, 12-month range 15.00p-36.50p. Progresses its strategy within the hydrogen and ammonia markets following the securing of a number of agreements set to aid project development. The Russia-focused mining and mineral exploration company said they had signed a joint venture agreement with H4Energy Joint-Stock Co to develop hydrogen and ammonia projects at its Kola and Sakhalin projects. Support for the development of the projects was secured from the Deputy Prime Minister of Russia - Presidential Envoy to the Far Eastern Federal District, Yury Trutnev.
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AIM - LOSERS
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UniVision Engineering Ltd, down 15% at 0.72 pence, 12-month range 0.72p-2.70p. Sinks to 12-month low as a dispute with a subcontractor held back progress on a major contract, resulting in higher costs that more than halved profit. For the six months that ended September 30, reports pretax profit dropped 64% to GBP142,000 from GB394,000. The Hong Kong-based CCTV and surveillance system company said that a dispute with a subcontractor over the value of work related to its Mass Transit Railway Corp contract was responsible for the fall. MTRC is the company's largest customer, with UniVision providing replacement work on CCTV systems and installing CCTV system for numerous railway lines in Hong Kong. Believes that the sub-contractor performing installation works as part of the contract has under-performed tasks. This, the company noted, had resulted in major delays in the MTRC project and also increased costs, as Univision deployed its own resources to complete the outstanding work. Also records impairment of GBP634,000 related to billings to MTRC for a maintenance contract. It took no such hit a year before.
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President Energy PLC, down 17% at 2.08 pence, 12-month range 1.68p-2.70p. Spin off Atome Energy starts trading in London. Atome raised GBP6 million in its initial public offering with an option for GBP3 million more. Shares were sold in a placing and via PrimaryBid at 80 pence each, giving Atome a market capitalisation of GBP26 million on admission. Shares trading at 83.15p in mid-morning. Atome said it is the first London Stock Exchange listing focused solely on producing green hydrogen and ammonia, with projects in Iceland and Paraguay.
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By Paul McGowan; paulmcgowan@alliancenews.com
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