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(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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Gama Aviation PLC, up 62% at 85 pence, 12-month range 45p-99p. The aviation services company agrees to sell its US maintenence, repair and operations business Jet East to West Star Aviation Enterprises LLC. Says the deal for Jet East, the trading name of Gama Aviation (Eng) Inc, has an enterprise value of USD131 million, while net proceeds are around USD100 million. Will review capital requirements of the group, but expects to return net proceeds to shareholders of "not less than 55p per share on a fully diluted basis", including options. Notes sale is conditional upon shareholder approval at a general meeting on November 3, with the transaction expected to complete shortly after. "After interest from several parties, we are delighted to have agreed the sale of Jet East to West Star Aviation. I believe the new owner will be an excellent guardian of our valued strategic relationships and, importantly, the people that deliver critical services to our customers every day," says Chief Executive Officer Marwan Khalek.
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Ondine Biomedical Inc, up 62% at 15p, 12-month range 6.86p-29.19p.The Vancouver-based life sciences company celebrates results from a new study showing that its Steriwave treatment dramatically reduced levels of antibiotic-resistant bacteria. The study was evaluating Steriwave's efficacy against Gram-negative and Gram-positive multidrug-resistant and extensively drug-resistant bacteria with novel antibiotic resistance factors. These included "some of the most commonly prescribed antibiotic classes" including penicillin. The study "concluded that photodisinfection is likely an important adjunct to [antimicrobial resistance] strategies in the future and that further clinical studies are warranted", Ondine says. Will present the study results on Wednesday afternoon at the IP2023 annual conference in Liverpool.
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AIM - LOSERS
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Sosandar PLC, down 27% at 13p, 12-month range 12.63p-27.5p. The online women's fashion brand provides a disappointing trade update for the six months ended September 30. Says revenue rose 6.0% year-on-year to GBP22.3 million, as average order values rose 11% to GBP99. However, key metrics such as orders fall 20% to 276,989 and conversion falls 20% to 3.6%. Additionally, swings to pretax loss of GBP1.3 million from GBP100,000 profit, which it says is mostly due to higher overheads, in particular, staff costs. Says the interim performance was affected by trialling its planned reduction in promotional activity. Expects revenue to grow 10% in financial 2024 as a whole to GBP46.8 million. "Whilst we do expect to see a short-term impact as we transition the business to offer less promotional activity, we still expect to be in growth and remain profitable," say co-CEOs Ali Hall and Julie Lavington. Says its product range in nine physical Sainsbury's stores are "selling well", having gone live over the first two weeks of October.
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By Elizabeth Winter, Alliance News senior markets reporter
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