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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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Woodbois Ltd, up 13% at 0.68 pence, 12-month range 0.22-6.00p. The Africa-focused forestry, timber trading and afforestation company raises GBP6 million through a subscription of shares at a price of 0.5p each. Says this satisfies the cash shortfall created when the USD6 million working capital facility was withdrawn by Sydbank in April. This allows the company the flexibility to discharge its remaining obligations to Sydbank in full, and to benefit from the incentives for early repayment, Woodbois says. The subscription forms part of a wider financing package, including a debt-for-equity swap of GBP1.8 million. The company expects to have reduced its total debt to USD5 million by June 30 from USD15 million as at December 31.
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Sound Energy PLC, up 5.9% at 1.49 pence, 12-month range 0.80-2.13p. The energy transition-focused firm updates on its project debt funding for the phase two development of the Tendrara production concession and announces it has received a conditioned offer by Attijariwafa bank, a bank in Morocco. The conditioned offer is for a maximum financing of MAD2.37 billion, around USD237 million. The conditions of the offer are governmental and ministerial approvals, tax authority clearance, amendment of the gas sales agreement, the conclusion of pipeline interconnection agreements, amongst other things. The long stop date for the conditional offer is September 30. Chair Graham Lyon says: "We are delighted to have received the conditioned offer from our debt Arranger and lead bank Attijariwafa bank for an increased amount of MAD 2.365 billion. The majority of the conditions precedent to their offer are to be expected and as a result the Company has been advancing a number of these for some time. We look forward to working with the arranger to conclude on what will be the first financing of its size for a gas field development in Morocco and further announcements will be made, as appropriate, in due course."
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AIM - LOSERS
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Aferian PLC, down 17% at 11.80 pence, 12-month range 11.25-138.00p. The business-to-business streaming solutions company says it has continued to make "encouraging" progress in improving the quality of its earnings and enhancing revenue visibility. Expects to report an improved exit run rate annual recurring revenue in the six months ended May 31 of USD19.0 million, up from USD15.8 million the year prior. Software and service revenue is expected to be USD13.7 million, up from USD12.0 million. However, Device revenue is expected at USD9.4 million, down 71% year-on-year. As a result, total group revenue for the half-year is expected at USD23.1 million, down sharply from USD44.5 million the year prior. Aferian says it is confident in generating positive earnings before interest, tax, depreciation and amortization in the full-year.
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Bradda Head Lithium Ltd, down 15% at 4.03 pence, 12-month range 3.83-11.00p. The US-focused lithium exploration company announces a potential delay in the filing of its financial statements for the year ended February 28. Says the potential delay is due to the fact it has engaged PKF Littlejohn LLP as new auditors. Says the company is of the view that should the results not be filed by June 28, then the present circumstances warrant the imposition of a management cease trade order, rather than a cease trade order. Expects to file its results no later than August 28.
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By Heather Rydings, Alliance News senior economics reporter
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