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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Vela Technologies PLC, up 94% at 0.036 pence, 12-month range 0.015p-3.28p. The investor in early stage technology firms notes that Conduit Pharmaceuticals Ltd plans to join the Nasdaq in the US through a merger with a special purpose acquisition company. Conduit will merge with Murphy Cannon Acquisition Corp. The deal is expected to generate USD149.7 million worth of proceeds for Conduit. Vela holds an interest in the commercialisation of AZD1656, a possible Covid-19 treatment and one of Conduit's assets.
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AIM - LOSERS
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PCF Group PLC, down 50% at 0.56p, 12-month range 0.35p-16.46p. Its PCF Bank unit will not recommence lending. It will at some stage look to sell all or part of its loan portfolio, London-based PCF Group explained. "The board will continue to explore strategic transactions with bona fide interested third parties, however the directors have now concluded that it is in the best interest of all stakeholders for PCF Bank to commence a process of withdrawing from the UK banking market," PCF Group said. It has proposed cancelling its AIM listing in order to reduce costs.
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SourceBio International PLC, down 5.4% at 105.00p, 12-month range 105.00p-170.00p. The lab services provider warns on annual earnings. It expects a GBP2.0 million revenue and adjusted earnings before, interest, tax, depreciation and amortisation hit in 2022. A high street chain says it was incorrectly invoiced by a total of GBP2.7 million in relation to Covid-19 testing services supplied by SourceBio. Talks with the customer are continuing, but SourceBio said the sum is likely to not be recognised in its 2022 earnings. Also, it says cancelling its AIM listing is in its best interests, following a "review of the benefits and drawbacks" of maintaining its place on London's junior market. It plans a tender offer at 115p per share in conjunction with the AIM withdrawal. It expects 48% of its investors to not tender their shares, however. "The group is in advanced discussions in relation to securing the necessary financing for the tender offer," it says.
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By Eric Cunha; ericcunha@alliancenews.com
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