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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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Arena Events Group PLC, up 43% at 20.30 pence, 12-month range 4.01p-21p. The firm - which services major events, supplying things such as temporary physical structures and seating - agrees to be taken over by Theta Bidco Ltd in deal worth enterprise value of GBP95.1 million. The suitor - owned by joint offerors IHC Industrial Holding LLC and Tasheel Holding Group LLC - will pay 21p per Arena share, being a 48% premium to Tuesday's closing price. It values Arena's entire issued share capital at GBP71.0 million. "IHC and Tasheel are both diversified holding companies, formed as part of initiatives to diversify and grow non-oil business sectors in the United Arab Emirates and Saudi Arabia respectively. Arena fits well into that diversification strategy, particularly given the growth potential of the temporary events structures market in the Middle East," they note.
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Reabold Resources PLC, up 19% at 0.1845p, 12-month range 0.15p-0.87p. Notes that Corallian Energy Ltd, in which it holds just under a 50% stake, has decided to undertake review of strategic options to maximise shareholder value. This will include fielding potential takeover offers for up to 100% of the firm. "Reabold remains supportive of Corallian, its board, and the timing of this strategic review. Reabold believes Corallian's flagship Victory gas development presents a compelling investment opportunity to any prospective investor," Reabold says.
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Real Good Food PLC, up 15% at 2.47p, 12-month range 1.42p-4.94p. The food manufacturer says revenue in six months to September 30 up 31% on a year ago and 0.7% above two years ago. Registers underlying earnings before interest, tax, depreciation and amortisation of GBP500,000 in period versus loss of GBP1.4 million a year ago. "We have made a good start to the year and the Group is well positioned for the seasonally busier second half of the year," says Executive Chair Mike Holt.
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Synairgen PLC, up 13% at 165.55p, 12-month range 74.8p-199.96p. The drug discovery and biotechnology company is informed that the external data safety monitoring board of the ACTIV-2 study has recommended that SNG001 advance into phase 3 in mild to moderate Covid-19 patients. "The advancement of SNG001 from phase 2 to phase 3 of the large ACTIV-2 trial is very welcome news and continues to build the case that our formulation of inhaled IFN-beta may have an important role in combatting CovidD-19 and future emerging virus threats," says Chief Executive Richard Marsden.
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AIM - LOSERS
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Accrol Group Holdings PLC, down 17% at 37.3p, 12-month range 33.50p-75.1p. The tissue converter notes "considerable" pressure on supply chains and higher costs, as well as shortage of HGV drivers restricting revenue growth. Says cost increases being successfully passed on, but there will be a time lag in passing on the full impact, resulting in earnings for financial year ending April 30 being "lower than previously expected".
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UK Oil & Gas PLC, down 7.5% at 0.1295p, 12-month range 0.1p-0.48p. Is "disappointed" by Isle of Wight Council's Planning Committee decision to refuse consent for the appraisal and testing of the Arreton oil and gas discovery. "Today's decision goes against last week's recommendation by the council's planning officers to approve the project. The company will now consider its position and whether to lodge an appeal with the Planning Inspectorate," it says.
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By Lucy Heming;Â lucyheming@alliancenews.com
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