(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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Glantus Holdings PLC, up 59% at 31.89 pence, 12-month range 6p-38.75p. The AIM-listed Dublin-based provider of accounts payable automation and analytics services agrees on a recommended all-cash offer by Genesis Bidco, a company wholly-owned by Basware Oy. The offer is for 33.42p per share, which is a hefty premium to the 11.2p closing price on July 4 before takeover discussions were first announced. It is also a 67% premium to Glantus's closing price on Friday. It gives the company a valuation of GBP17.8 million on a fully diluted basis, and implies an enterprise value of GBP29.5 million. "Despite recent challenges, the business has significant scope to further expand its footprint, which we believe will be best achieved in the private arena where Glantus can benefit from the experience and capital of Basware as its partner, whilst maintaining the management and wider team which have driven the business forward to date," says Chief Executive Maurice Healy.
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Pelatro PLC, up 7.7% at 3.5p, 12-month range 2.13p-24.5p. The London-based marketing software provider raises GBP1.1 million through a subscription of 44.7 million news shares with a number of new investors based in the Middle East. Says funding will support the company's near-term working capital requirements as it seeks to collect receivables as well as add new customers. Last month, the firm said it was experiencing "unusual delays" regarding receivables from four customers, worth an aggregate USD1.1 million of a USD4.2 million in receivables.
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AIM - LOSERS
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Harvest Minerals Ltd, down 30% at 2.27p, 12-month range 2p-13p. The London-based fertiliser producer with operations in Brazil's stock falls as it downgrades annual sales target for its KP Fertil direct application fertiliser. It now aims to sell 70,000 tonnes of KP Fertil during 2023, down from its revised target of 120,000 tonnes set in June. Back in April, the company said it was on track to achieve its original target of 200,000 tonnes. "Harvest is observing that farmers are continuing to delay purchasing fertiliser until greater stability in the market is seen; low crop prices and high energy costs are some of the factors unbalancing the market," it says.
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Inspirit Energy Holdings PLC, down 10% at 0.02p, 12-month range 0.02p-0.06p. The London-based waste heat recovery technology and decarbonisation engineering solutions company notes external manufacturing errors in one component of its Waste Heat Recovery system. Says it was observed during a recent test visit at its facility in Poland. The component was specially made with new heat retaining coating and has a long lead time for delivery. "Although this has caused delays whilst we secured alternative sources to manufacture this component, we are pleased to report that this component is now in design with the manufacturer confirming with confidence that it will meet the system requirements," it says.
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By Elizabeth Winter, Alliance News senior markets reporter
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