AIM WINNERS & LOSERS: Minoan to halt trading due to insufficient funds

Fri, 04th Apr 2025 10:58

(Alliance News) - The following stocks are the leading risers and fallers on AIM on Friday.

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AIM - WINNERS

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Shuka Minerals PLC, up 40% at 3.50 pence, 12-month range 2.20p-11.50p. The Africa-focused mine operator and developer says the availability period for the entire GBP2.0 million amount of its convertible note instruments has been extended to March 31, 2026, while the redemption date has been extended by 12 months to March 31, 2027. The convertible notes were entered into in May 2024 with AUO Commercial Brokerage.

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AIM - LOSERS

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Minoan Group PLC, down 71% at 0.095p, 12-month range 0.091p-0.95p. Reports it will be unable to finalise its results for the year that ended October 31 by the April 30 deadline, due to "insufficient funds". As a result, the firm's shares will be suspended from trading from May 1, until results are published. The developer of a tourism project in Greece was unable to secure a further extension to its loan with DAGG LLP, which currently stands at around GBP1.2 million and has been accruing default interest since January 1 at 12% per annum. The firm is in ongoing discussions with DAGG, and will put forward a proposal to shareholders that would see DAGG inject around GBP4.4 million into Minoan in exchange for company equity and write off around GBP1.1 million owed by Minoan. If the proposals are rejected by shareholders, Minoan shares may be suspended earlier than May 1.

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Beowulf Mining PLC, down 44% at 11.11 pence, 12-month range 11.11p-52.00p. Conditionally raises GBP1.0 million before expenses via a placing, while a rights issue of up to 27.3 million Swedish depository receipts will, if fully subscribed, raise proceeds of around GBP3.0 million. A retail offer, if fully subscribed, will raise further funds of around GBP700,000 before expenses. Maximum gross proceeds from fundraising will total around GBPP4.6 million.

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By Emily Parsons, Alliance News reporter

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