AIM WINNERS & LOSERS: Bowleven up on Etinde moves; LoopUp down on loss

(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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Bowleven PLC, up 84% at 4.60 pence, 12-month range 2.00p-6.50p. The Africa-focused oil and gas exploration firm says New Age Ltd, the operator of the Etinde licence joint venture, has transferred its interests and operatorship to a subsidiary of Perenco SA. The transaction is subject to approval by the Cameroon government and the approval of the Etinde partners. Bowleven has a 25% equity interest in Etinde, which is offshore Cameroon. It will continue to be entitled to a final investment decision payment of USD25 million from its partners. This would include Perenco after the completion of the transfer.

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Amte Power PLC, up 12% at 75.75p, 12-month range 65.00p-264.00p. The specialist battery cell developer and manufacturer announces a new collaboration on hydrogen hypercars. Amte has signed a memorandum of understanding with advanced powertrain developer Viritech Ltd, to supply its ultra high power cells to be used in Viritech's battery packs for high-performance fuel cell electric vehicles.

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AIM - LOSERS

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PCF Group PLC, down 21% at 4.72p, 12-month range 4.60p-16.47p. Shares in specialist bank hit 12-month low as majority shareholder, Somers Ltd, subscribes for 54.9 million new shares at a subscription price of 5.00 pence per share which will raise gross proceeds of GBP2.7 million. Subscription price is 17% discount to Monday's closing share price of 6.00p. Last month, PCF had said it was in talks with Castle Trust Capital PLC about a possible all-share takeover offer. Castle is a London-based bank, offering savings accounts and mortgage lending. Following that earlier announcement, PCF on Tuesday said it has been contacted by an unnamed party about a possible combination, under which PCF would acquire the other company.

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LoopUp Group PLC, down 14% at 6.70p, 12-month range 5.22p-76.00p. The remote meetings software provider swings to an annual loss in 2021 as customers switched to Microsoft Teams for online meetings. For 2021, LoopUp swung to a pretax loss of GBP31.0 million in 2021 compared to a profit of GBP5.7 million in 2020. Revenue declined to GBP19.5 million from GBP50.2 million. To adapt, LoopUp launched a cloud telephony product for Microsoft Teams in the latter part of 2020.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com

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