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AIM WINNERS & LOSERS: SIMEC gets payment; Molecular Energies to delist

Thu, 28th Mar 2024 11:00

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




SIMEC Atlantis Energy Ltd, up 27% at 1 pence, 12-month range 0.70p-1.80p. The energy company focused on tidal energy receives its first GBP5 million milestone payment under its agreement with EL (Uskmouth) Ltd, a subsidiary of FPC Electric Land. In December, SAE announced that it had agreed to sell the freehold land owned by SAE to EL, for a milestone-linked total gross cash consideration of GBP9.8m million. The freehold land sold to EL is limited to the land used by Quinbrook Infrastructure Partners, for their 230-megawatt battery energy storage system at SAE's Uskmouth Sustainable Energy Park. With the achievement of this first milestone and the payment of GBP5 million to SAE, EL has now taken ownership of this land. SAE Chief Executive Officer Graham Reid comments: "This is another milestone hit and demonstrates how we secure value for our business and shareholders. We have the knowledge, skills and a fantastic site to deliver an exciting pipeline of projects that are expected to provide revenue for the business and increased value for our shareholders in the long term. This experience and knowledge can also provide a platform for future growth, and it's a truly exciting time at SAE."




Molecular Energies PLC, down 81% at 4.5p, 12-month range 4.18p-144.16p. The North, Central and South America-focused oil and gas company proposes cancelling its listing on AIM in London, saying it can no longer justify the "disproportionately high costs"."I take no joy in recommending the cancellation of trading in Molecular's shares on AIM and know that this proposal will impact many shareholders. However the primary benefits of being listed are to avail oneself of access to capital, the ability to utilise one's shares as currency and enjoying the reputational boost of being on the London Stock Exchange. Molecular no longer receives any of those benefits," says Chair Peter Levine. "As a group its interests are best served by turning to the private arena where Molecular can regenerate away from the microscope and constraints of the public markets yet avail itself of funding and exit opportunities in some ways more flexible and abundant than remaining as a small public company on the London market."


Byotrol PLC, down 60% at 0.15p, 12-month range 0.098p-2.60p. The manufacturer of biocidal and antimicrobial cleaning products also proposes cancellation of AIM listing and re-registration as private company, as its directors conclude that it is no longer financially viable to continue trading shares publicly. In a trading update, Byotrol says it expects product sales in the financial year ending Sunday to be in line with expectations at GBP3.9 million, up 5.4% from GBP3.7 million a year earlier on a like-for-like basis, excluding discontinued items. It now expects headline loss before interest, tax, depreciation and amortisation, before exceptionals, of GBP1.0 million, widening from GBP700,000 a year earlier.


By Greg Rosenvinge, Alliance News senior reporter

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