(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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88 Energy, up 31% at 0.551 pence, 12-month range 0.2p-1.43p. The oil producer said the Alaska branch of the US Bureau of Land Management is currently reviewing a permit to drill the Merlin-1 well, and has indicated that it is now "very close" to being complete with only minor outstanding items. It is anticipated to be complete by Thursday. "We are fortunate to have strong local support in Alaska and, as a result, will soon be back on track for the drilling of Merlin-1, commencing in late February/early March 2021," said Managing Director Dave Wall. US President Joe Biden is set on Wednesday to announce a wide-ranging moratorium on new oil and gas leasing on US lands, as his administration moves quickly to reverse Donald Trump's policies on energy and the environment and address climate change, the Associated Press reported.
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Scapa, up 25% at 222p, 12-month range 82.5p-277.5p. The healthcare and industrial firm received a GBP402.9 million takeover offer from performance materials company Schweitzer-Mauduit International. Under the deal agreed between AMS Holdco 2 - a wholly-owned subsidiary of Schweitzer-Mauduit - and Scapa, shareholders will receive 210p in cash for each Scapa share held. This represents a 19% premium to Tuesday's closing price of 177p.
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Petroneft Resources, up 12% at 1.04p, 12-month range 0.45p-1.39p. The Russia-focused oil & gas explorer reported an increase in production at Licence 61 in Tomsk Oblast, Russia, with 1,847 barrels of oil per day in January, up on 1,727 barrels a year ago.
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Seeing Machines, up 10% at 12.81p, 12-month range 1.35p-13.29p. The driver safety company said it will work with Qualcomm Technologies to design a driver monitoring system solution, using Seeing Machines' driver and full cabin monitoring technologies for Qualcomm's Snapdragon Automotive Cockpit platforms and for its Snapdragon Ride platform.
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AIM - LOSERS
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Applied Graphene Materials, down 28% at 48.19p, 12-month range 7p-77p. The graphene materials maker said it has conditionally raised GBP6.0 million via an oversubscribed placing, subscription and PrimaryBid offer at a price of 41p per share. This follows Applied Graphene's Tuesday announcement of a placing and subscription to raise GBP5.5 million.
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Verditek, down 16% at 4.76p, 12-month range 1.75p-19p. Verditek is a clean technology company that develops, manufactures and sells certified lightweight solar panels. The firm said the pandemic and the second surge in infections in the autumn have had a "significant commercial impact" with opportunities and trials continuing to be delayed. "Not only has this impeded our sales team's efforts post widespread lockdowns from November onwards, but it has led to greater caution among our customers thereby delaying the expected conversion of our sales pipeline," said Verditek.
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Catenae Innovation, down 15% at 2.20p, 12-month range 0.28p-9.9p. The digital media technology firm said it raised GBP1 million through the placing of 50 million shares at 2.0 pence each. Further, it converted GBP13,000 of remuneration liabilities into 650,000 new shares and settled other current liabilities amounting to GBP35,000 into 1.8 million new shares.
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By Lucy Heming; lucyheming@alliancenews.com
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