(Alliance News) - The following stocks are the leading risers and fallers among London Main Market small-caps on Friday.
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SMALL-CAP - WINNERS
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Record PLC, up 6.5% at 70.26 pence, 12-month range 62.45p-108.15p. The currency manager ends its financial year with over USD83 billion in assets under management equivalent, but the total slipped over the final quarter of financial 2022. Record ends March 31 with USD83.1 billion AuME, down from USD85.3 billion at December 31. "As expected, increased uncertainty in financial markets linked predominantly to the war in Ukraine impacted the value of some clients' underlying portfolios, reflected by a decrease in AuME of USD2.3 billion, or 2.7%, from market movements over the quarter," Chief Executive Leslie Hill explains. Over the course of the year, however, Record's AuME advances by 3.7%, or by USD3.0 billion.
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Pure Gold Mining Inc, up 29% at 16.42 pence, 12-month range 10.25p-102.50p. Signs agreement with Toronto-based Sprott Resource Lending. Under the agreement, Pure Gold Mining will pursue an equity financing of at least USD5 million, the Vancouver-based gold miner focused on Canada says. Furthermore, its lending partner Sprott has agreed to provide an additional first-priority non-revolving credit facility of up to USD6 million to Pure Gold. Sprott also will waive any existing defaults. Also notes Chief Executive Officer Troy Fierro has stepped down from his role as CEO and president due to personal health reasons, but remains a director. New interim CEO is Mark O'Dea. Expects positive site-level cash flow by the third quarter. Plans to transition to a state of corporate free-cash flow by the first quarter of 2023.
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Zenith Energy Ltd, up 10% 1.07 pence, 12-month range 0.78p-1.33p. Lifting of crude oil production of about 62,000 barrels of oil has successfully been concluded at a price of about USD103 per barrel for production from its 45% interest in the Ezzaouia concession, as well its 100% interest in the El Bibane and Robbana concessions. Expects to net USD6.4 million in May from the lift. A second international crude lifting for about 52,000 barrels of oil produced from its 22.5% working interest in the Sidi El Kilani concession is expected to take place in June. Chief Executive Andrea Cattaneo says: "We are extremely pleased to have sold our production in the current very favourable oil price environment, registering a significant improvement over our first sale of Tunisian crude announced on July 8, 2021."
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By Paul McGowan; paulmcgowan@alliancenews.com
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Record (REC)
Zenith Energy (ZEN)