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AIM movers: Libertine powertrain deal and Tlou Energy investigated by Australian authorities

Libertine Holdings (LON: LIB) has entered a memorandum of understanding with Ashok Leyland, which will access the AIM company’s vehicle powertrain technology for its commercial vehicles and buses. The Libertine intelliGEN platform can use renewable fuels and Libertine will provide engineering services and that will help in the development of linear generators. Ashok Leyland could then licence the technology from Libertine if it proved successful. The share price rose 17.1% to 24p. Libertine joined AIM on 23 December 2021 via a placing at 20p a share.

Bayford & Co has increased its stake in Fulcrum Utility Services (LON: FCRM) from 26.7% to 29.1%. The shares were acquired for 4.8p each. At the beginning of the year, a placing and open offer raised £21.2m at 12p a share. This sparked a 37.5% jump in the share price to 6.6p.

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Data and machine learning company Insig AI (LON: INSG) recovered 18.6% to 25.5p following its full year figures, but it is still well below the 67p reversal fundraising share price. There was a loss of £4.15m on revenues of £1.7m in the year to March 2022. Progress has been slow, but management believes that it can secure a number of contracts before the end of October. There could be an annual run rate of recurring revenues of £4m before the end of March 2023.

Coal mine gas and solar company Tlou Energy (LON: TLOU) is being investigated by the Australian Securities & Investments Commission (ASIC) about statements it has made in announcements on 16 February 2021 and 20 October 2021. The first announcement relates to Tlou’s claim to be progressing towards a carbon neutral power project in Botswana, while the other was a presentation on the same subject (Hydrogen Strategy (tlouenergy.com)). There is no indication of the claims that are in dispute. The share price has slumped by 16.7% to 1.5p. As well as AIM and the ASX, Tlou Energy is listed on the Botswana Stock Exchange.

Phoenix Global Resources (LON: PGR) says main shareholder Mercuria Energy acquired a further 223.7 million shares via its offer to minority shareholders at 7.5p a share. The AIM quotation will be cancelled on 15 September. The share price dropped 15.6% to 5.51p.

First half trading at litigation financer Manolete Partners (LON: MANO) has lost a case and it is reducing the valuations of its other cases. Manolete has spent £637,000 on the case and it applied for permission to appeal. On its own, the case was expected to generate a pre-tax profit of £2.3m and combined with write-downs Manolete is anticipating a £5m interim loss. That will mainly be a non-cash adjustment. The share price dived 15.5% to 213.5p.

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Cenkos Securities (LON: CNKS) continues to decline following yesterday’s figures showing underlying interim profit falling from £2.9m to £1.9m due to reduced market activity. There was a further 11.8% decline to 45p.

Online musical instruments supplier Gear4Music (LON: G4M) is still finding trading tough. It has disappointed more than once in the past year and management is cautious about trading in the second quarter. The first quarter to June 2022 was relatively good and showed growth over the same period last year, However, spending in July and August was weaker than expected even if the hot weather is taken into account. September is showing signs of improvement. This has led to a lowering of guidance with pre-tax profit expected to slump from £5m to £1.1m with a possible recovery to £3.3m next year. The share price fell 11.3% to 117.5p and it has fallen by 83.7% this year.

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