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AIM WINNERS & LOSERS: Scapa Rises On GBP403 Million Takeover Offer

Wed, 27th Jan 2021 10:20

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

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AIM - WINNERS

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88 Energy, up 31% at 0.551 pence, 12-month range 0.2p-1.43p. The oil producer said the Alaska branch of the US Bureau of Land Management is currently reviewing a permit to drill the Merlin-1 well, and has indicated that it is now "very close" to being complete with only minor outstanding items. It is anticipated to be complete by Thursday. "We are fortunate to have strong local support in Alaska and, as a result, will soon be back on track for the drilling of Merlin-1, commencing in late February/early March 2021," said Managing Director Dave Wall. US President Joe Biden is set on Wednesday to announce a wide-ranging moratorium on new oil and gas leasing on US lands, as his administration moves quickly to reverse Donald Trump's policies on energy and the environment and address climate change, the Associated Press reported.

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Scapa, up 25% at 222p, 12-month range 82.5p-277.5p. The healthcare and industrial firm received a GBP402.9 million takeover offer from performance materials company Schweitzer-Mauduit International. Under the deal agreed between AMS Holdco 2 - a wholly-owned subsidiary of Schweitzer-Mauduit - and Scapa, shareholders will receive 210p in cash for each Scapa share held. This represents a 19% premium to Tuesday's closing price of 177p.

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Petroneft Resources, up 12% at 1.04p, 12-month range 0.45p-1.39p. The Russia-focused oil & gas explorer reported an increase in production at Licence 61 in Tomsk Oblast, Russia, with 1,847 barrels of oil per day in January, up on 1,727 barrels a year ago.

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Seeing Machines, up 10% at 12.81p, 12-month range 1.35p-13.29p. The driver safety company said it will work with Qualcomm Technologies to design a driver monitoring system solution, using Seeing Machines' driver and full cabin monitoring technologies for Qualcomm's Snapdragon Automotive Cockpit platforms and for its Snapdragon Ride platform.

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AIM - LOSERS

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Applied Graphene Materials, down 28% at 48.19p, 12-month range 7p-77p. The graphene materials maker said it has conditionally raised GBP6.0 million via an oversubscribed placing, subscription and PrimaryBid offer at a price of 41p per share. This follows Applied Graphene's Tuesday announcement of a placing and subscription to raise GBP5.5 million.

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Verditek, down 16% at 4.76p, 12-month range 1.75p-19p. Verditek is a clean technology company that develops, manufactures and sells certified lightweight solar panels. The firm said the pandemic and the second surge in infections in the autumn have had a "significant commercial impact" with opportunities and trials continuing to be delayed. "Not only has this impeded our sales team's efforts post widespread lockdowns from November onwards, but it has led to greater caution among our customers thereby delaying the expected conversion of our sales pipeline," said Verditek.

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Catenae Innovation, down 15% at 2.20p, 12-month range 0.28p-9.9p. The digital media technology firm said it raised GBP1 million through the placing of 50 million shares at 2.0 pence each. Further, it converted GBP13,000 of remuneration liabilities into 650,000 new shares and settled other current liabilities amounting to GBP35,000 into 1.8 million new shares.

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By Lucy Heming;Â lucyheming@alliancenews.com

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17 Feb 2012 11:49

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PetroNeft, an oil and gas company with concessions in Russia, has been forced to postpone a fracture stimulation, or 'fracking', programme at its Lineynoye field after a mystifying fall in oil production at one cluster of wells. The good news is that the Lineynoye Pad1 wells have responded to the w

6 Dec 2011 13:30

Petroneft Resources sees production upside

Petroneft Resources, a Russia-focused oil company, has reported that one of its licences could double its production by the end of the first quarter of 2012. Current field production on licence 61 is about 2,500 barrels of oil per day (bopd), which production expected to reach the guided target of

21 Sep 2011 07:51

PetroNeft Resources finds new Russian well

Petroneft Resources, the Russia-focused oil company, says it has discovered a new oil well in Siberia, though it is not yet sure whether the well is commercially viable. The discovery at its North Varyakhskaya asset is the seventh such discovery. The company says that at North Varyakhskaya drilling

20 Sep 2011 16:42

London close: FTSE 100 in strong rebound

London's leading share index closed pretty much where it started the day yesterday, staging an impressive recovery even as Standard & Poors' downgrade of Italy cast a shadow. In a fresh blow to the debt-stricken country, the ratings agency downgraded its rating on Italian sovereign debt by one notc

20 Sep 2011 12:23

London midday: FTSE 100 climbs as stocks rebound

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20 Sep 2011 08:34

London open: Markets cautious as debt crisis rages on

It was a flat start in London, as investors remained concerns with the escalating debt crisis in the Eurozone. In a fresh blow to the debt-stricken area, ratings agency Standard & Poor's (S&P) downgraded its rating on Italian sovereign debt by one notch on Monday night, citing poor economic growth

20 Sep 2011 07:33

PetroNeft makes first half maiden profit

Russia-focused oil and gas firm PetroNeft Resources made a maiden profit in the first half of 2011. Pre-tax profit totaled $3.79m in the period ended 30 June, up from a loss of $4.97m the year before, helped by a foreign exchange gain of $5.97m. Earnings per share were 0.74 cents, compared with 1.5

4 Aug 2011 09:11

PetroNeft soars on new oil field discovery

Oil and gas explorer PetroNeft Resources had a major breakthrough after finding a new oil field at Sibkrayevskaya in Licence 61 in Russia, which it considers to be its largest single discovery to date. Based on preliminary analysis, the company noted that the oil is of "good quality" consistent wi

7 Jul 2011 15:17

First Derivatives non-exec pockets £550,000

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6 Jul 2011 11:58

Encouraging signs for PetroNeft

International oil and gas exploration and production company, PetroNeft Resources, announced proved reserves for economic development at its Kondrashevskoye site in Siberia. The firm also said its Lineynoye 206 site contained the thickest oil pay encountered to date. It added that its research sho

7 Jun 2011 14:14

Mixed well results for Petroneft

Shares in Russia-focused oil and gas explorer PetroNeft Resources took a tumble on Tuesday as the update on operations at Licences 61 and 67 in the Tomsk Oblast region revealed mixed results. The Kondrashevskoye No. 2 delineation well in Licence 61 has been drilled and confirmed 2.3m of net pay in

10 Mar 2011 16:23

PetroNeft increases reserve figure

Russia focused oil and gas explorer and producer PetroNeft Resources says that its 2P reserves have increased by 37%. The 2P reserve figure has risen to 96.9mmbbls, according to independent reserve auditors Ryder Scott. The figure includes the first estimate of proved and probable reserves at th

5 Jan 2011 10:18

Petroneft misses year-end goal

Russia-focused oil and gas group Petroneft Resources will miss the year-end target for crude output at Licence 61 in Tomsk Oblast. The group said that production growth was hit by "greater-than-expected formation damage" resulting from the drilling and completion process. From 9 of the 11 wells dr

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Brainspark boss increases stake to 38.2%

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AIM WINNERS & LOSERS: Scapa Rises On GBP403 Million Takeover Offer

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