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(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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Panthera Resources, up 24% at 8.03 pence, 12-month range 3.25p-9p. The gold explorer finally secures funding for its subsidiary's legal claims in India. After extending the deadline for due diligence several times, Panthera confirms that LCM Funding SG has completed its due diligence and issued the funding confirmation notice for USD13.6 million. An unconditional funding facility is made available to Indo Gold Pty Ltd, Panthera's subsidiary, to support its claims against the Indian government. The funds are made through a conditional arbitration funding agreement and therefore are only repayable in the event of a successful recovery. "We are pleased that LCM has reaffirmed its view that IGPL has a meritorious claim against the Republic of India. LCM's detailed examination, supported by advice from multiple legal, mining and valuation experts over many months reinforces the view that an actionable expropriation, amongst other Treaty breaches perpetrated by India, has occurred to an asset of substantial value to the company," Mark Bolton, Panthera's managing director, says. The claims relate to a rejected prospecting licence application in the state of Rajasthan.
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Shearwater Group PLC, up 19% at 46.26p, 12-month range 33.0p-118p. The cybersecurity firm pushes back the release of its annual results for the financial year that ended March 31 due to audit delays. However, it pleases investors with an update on recent trading. Says delayed contracts have now been received, pushing first-quarter revenue ahead of the prior year. Notes "improving traction" as market conditions turn more favourable. The board is "confident" of a "much improved" financial performance in financial 2024, noting "promising opportunities" stemming from investment in its Software Division.
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AIM - LOSERS
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Proteome Sciences PLC, down 24% at 6.51p, 12-month range 3.15p-8.79p. The London-based protein-focused drug development services provider swings to a pretax loss of GBP547,000 in the first half of the year from a profit of GBP75,000 a year prior, on flat revenue of GBP3.2 million. The loss is largely down to higher costs, as its administrative expenses climb 26% to GBP1.9 million and finance costs double to GBP384,000. Chief Executive Officer Mariola Soehngen says: "Tandem Mass Tags revenues remain strong, and we have good dynamic in the order generation of our service business. The launch of SysQuant SCP and the setting up of our US lab are important investments and we expect these to provide a good basis for further growth of the business." Despite its tough Friday morning, the stock is up 79% in the year-to-date.
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By Elizabeth Winter, Alliance News senior markets reporter
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