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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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CyanConnode Holdings PLC, up 18% at 7.95 pence, 12-month range 1.37p-9.5p. The narrowband radio frequency smart mesh networks firm signs global strategic alliance agreement with California-headquartered energy and water cloud platform provider Smart Energy Water. Under the pact, the two will promote and be authorised the sell each other's products and services, as well as refer potential customers to each other. This will expand both their geographic reaches. "I am pleased to announce this Partnership with SEW, which will maximise sales potential in existing as well as new territories while widening the Company's global distribution channels," says Executive Chair John Cronin.
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Tertiary Minerals PLC, up 12% at 0.36p, 12-month range 0.19p-0.64p. The mineral exploration and development company is forming a Zambian subsidiary, Luangwa Minerals Ltd, to target copper exploration and development opportunities in the country. Company retains Marcel Nally who is expected to be appointed Luangwa's exploration manager in due course, and he will hold 3% of the subsidiary. Company also retains Shangwa Chime as Luangwa's government liaison officer, and he will hold 1% of the unit. Tertiary will own remaining 96% of Luangwa. "Copper is increasingly a focus for the company and with Zambia one of the world's top 10 copper producing countries, producing nearly 900,000 tonnes of copper in 2020, we expect Luangwa to be a valuable addition to the Tertiary asset portfolio," says Executive Chair Patrick Cheetham.
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AIM - LOSERS
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Simec Atlantis Energy Ltd, down 20% at 5.65p, 12-month range 5.22p-33p. The energy generation company and technology developer receives correspondence in relation to the purported appointment of receivers over all of the shares of its major shareholder, SIMEC UK Energy Holdings Ltd, a GFG Alliance member, which owns around 43% of Simec Atlantis. "The GFG Alliance has informed SAE that it intends to challenge the validity of the appointment and is seeking appropriate advice. For the avoidance of doubt, SAE wishes to make clear that the above process relates to its major shareholder, SUEH and not to SAE itself," it says. The appointment of receivers does not extend to the rest of the Simec group or other members of the GFG Alliance, GFG Alliance says. Last week, the UK Serious Fraud Office said it was looking into suspected fraudulent trading and money laundering at companies in Liberty Steel owner Sanjeev Gupta's GFG Alliance.
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TomCo Energy PLC, down 13% at 0.43p, 12-month range 0.38p-2.3p. The US operating oil development group says Utah's Division of Oil, Gas & Mining issued a cessation order last week in respect of operations at the Temple Mountain Mine on Permit Number M/47/0089 being operated by Greenfield. Greenfield Energy LLC is the company's 50-50 joint venture with Valkor LLC. "The CO alleges that the previously approved operational mining plan is not being followed, specifically stating that the facility is processing material from an off-site source and staging waste products from off-site sources. Greenfield strongly refutes the basis for the issuance of the CO and believes that it has been conducting operations in line with the site's existing permit held by Petroteq and the approved operational plan," Tomco says.
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Accrol Group Holdings PLC, down 13% at 53.95p, 12-month range 38.94p-75.1p. The toilet roll, kitchen roll and facial tissue products manufacturer says substantial progress made on gross margins in financial year ended April 30, ahead of market expectations, though adjusted earnings to be in line with expectations. Sales rose less-than-expected in the year, with sales across the industry depressed in recent months as consumer stockpiling unwound. Firm views the future with confidence, but notes: "The group expects volumes across the UK tissue sector to normalise in H1 22 and that its main market, the discounters, will grow strongly, as the UK returns to pre-pandemic shopping patterns."
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First Derivatives PLC, down 12% at 2,223.00p, 12-month range 2,165p-3,625p. Revenue for financial year to February 28 flat at GBP237.9 million but pretax profit drops 39% to GBP11.1 million. No dividend for year, after 8.5p paid for 2020 financial year. Adjusted earnings before interest, taxes, depreciation and amortisation GBP40.5 million, down 11% on the year before, and company guides to further fall in year ahead. Revenue for 2022 financial year seen between GBP255 million to GBP260 million, but adjusted Ebitda in range of GBP31 million to GBP33 million. Guidance reflects "reflects the improved momentum across our business units, as well as the cost impact of the accelerated growth".
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By Lucy Heming; lucyheming@alliancenews.com
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