(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.
----------
AIM - WINNERS
----------
Sureserve Group PLC, up 37% at 123.28 pence, 12-month range 66.00p - 123.75p. The energy services provider says it has reached a takeover agreement with Cap10 4NetZero Bidco, a company indirectly owned by Cap10 Partners, on an all-cash takeover. Cap10 is a Pan-European mid-market private equity firm. Cap10 will pay 125 pence for each Sureserve share, a 39% premium to its closing price of 90p on Thursday. The company says this values it at around GBP214.1 million. The Sureserve board says it considers the terms of the acquisition to be "fair and reasonable". The board intends to unanimously recommend the acquisition at a general meeting, expected to be held in June. Sureserve Chair Nick Winks says: "Under Bidco's private ownership, without the costs and regulation of a listed company, Sureserve should be able to pursue its strategy more productively and thereby sooner achieve leadership in helping our customers transition from traditional heating fuels to renewable alternatives."
----------
UK Oil & Gas PLC, up 8.3% at 0.078 pence, 12-month range 0.057p - 0.21p. The UK-focused oil and gas explorer says the Pinarova-1 well has encountered oil shows in drill cuttings from 358 to 400 metres drilled depth. The onset of oil shows corresponds with observed drilling fluid losses, potentially indicating permeability development within the Hoya reservoir, the company says. Given these "encouraging observations", UK Oil & Gas decides to conduct open hole swabbed flow testing over the zone between 293 and 400 metres drilled depth. Preparations for testing operations are underway. Following testing operations, which are expected to run over the coming weekend, drilling is planned to continue through the underlying zone lying coincident with the uppermost and strongest seismic amplitude anomaly observed within Pinarova's core. UK Oil & Gas holds a 50% non-operated interest in Pinarova-1.
----------
AIM - LOSERS
----------
iEnergizer Ltd, down 71% at 91.00 pence, 12-month range 91.00p - 526.00p. The business process outsourcer says it will be posting a circular to shareholders regarding the proposed cancellation of its shares trading on AIM. The cancellation is conditional on the approval of 75% of its shareholders at a general meeting to be held on May 16. Company says the cancellation is in the best interest of the company and its shareholders. "The considerable cost, management time and the legal and regulatory burden associated with maintaining the company's admission to trading on AIM are, in the directors' opinion, disproportionate to the benefits to the company," it explains. It is proposed that the last day of trading of its shares on AIM will be May 24.
----------
Tanfield Group PLC, down 23% at 2.50 pence, 12-month range 1.50p - 4.00p. Notes that its main investment, Snorkel International Holdings LLC, has continued to recover, seeing an increase in sales following a decline caused by the impact of Covid-19. Hopes this recovery will continue in 2023. Says it "disappointed" that it has been unable to reach an amicable resolution with its joint venture partner Xtreme Manufacturing LLC regarding legal proceedings in the US. The US proceedings allege that Tanfield refused to comply with its contractual obligations by not agreeing to sign over its interest in Snorkel International. In addition, the investment company swings to a pretax profit of GBP4.9 million in 2022 from a loss of GBP514,000 in 2021. Records no revenue, unchanged from the year prior.
----------
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
