(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Oriole Resources PLC, up 32% at 0.495 pence, 12-month range 0.07p-0.28p. The West Africa-focused gold exploration company reports sampling results for its 90%-owned Mbe orogenic gold project in Cameroon. BCM International's results return 155 samples grading equal to or greater than one gramme per tonne of gold, with 13 grading above or equal to 10g per tonne. A further 232 samples graded between 0.20g/t and 0.99 g/t gold. Additionally, BCM confirms it has completed its due diligence review at the project, satisfying the conditions of the Mbe earn-in agreement. Oriole expects to receive USD1 million in signature payments from BCM before the end of next month. "These very strong gold results, obtained via an independent due diligence review, support our belief that the Mbe licence has the opportunity to host significant gold deposits," says CEO Tim Livesey.
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SmartSpace Software PLC, up 25% at 81.5p, 12-month range 33.25p-84.75p. The designer and builder of smart software solutions says it has received a non-binding indicative proposal for a possible cash offer from Sign In Solutions, a firm majority owned and controlled by funds managed or advised by PSG Equity. The price of 90p per share is one that SmartSpace's board would be "minded unanimously to recommend that shareholders accept". It represents a 32% premium to Friday's closing price of 67.98p.
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AIM - LOSERS
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United Oil & Gas PLC, down 39% at 0.32p, 12-month range 0.3p-2.2p. The Egypt and Jamaica-focused oil and gas company receives a default notice from operator Kuwait Energy Egypt Ltd for USD3.8 million for outstanding cash calls in relation to the Abu Sennan concession. Under the terms of the joint operating agreement, UOG has 30 days to remedy the default, starting from January 28. If not remedied during the period, each non-defaulting party to the agreement can require the firm to withdraw from the Abu Senann concession. UOG was in talks about a potential sale of its 22% stake to United Energy Egypt Ltd, which is a sister company of Kuwait Energy. However, this failed to come to pass due to lack of agreement with United Energy Group - the parent company of United Energy Egypt and Kuwait Energy - about a sale and purchase agreement. "We are very disappointed that we could not reach agreement with United Energy Egypt Ltd to sell the Abu Sennan concession. We had worked tirelessly from early December and over the holiday period to finalise the sale and purchase agreement and engaged external lawyers to assist through the whole process at a significant cost. We had agreed the commercial terms, however, based on external legal advice, we were unable to sign the SPA in the form that United Energy Egypt Ltd presented to us. However, we believe the differences could have been easily resolved and this commercial issue avoided," says CEO Brian Larkin.
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By Elizabeth Winter, Alliance News deputy news editor
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United Oil&gas (UOG)
Oriole (ORR)
Smartspace (SMRT)