AIM movers: Litigation Capital award and Allergy Therapeutics returns from suspension

Litigation Capital Management (LON: LIT) has won a successful award in an arbitration investment. The company provided litigation funding of A$2.3m and will receive revenues of A$16.9m as a return and a success fee. There is also a performance fee of A$15.1m relating to the return for the managed fund. The share price jumped 18.7% to 82.4p.

Animal feed ingredients developer Ocean Harvest Technology (LON: OHT) has positive trial results for feeding hens, catfish, shrimp and piglets. This shows that the seaweed-based OceanFeed products improves production yields over a wide range of species. There are more trials underway. The share price initially went to a significant premium to the flotation price of 16p, but it subsequently fell back. The latest news has pushed up the share price by 15.8% to 16.5p.  

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Abingdon Health (LON: ABDX) and Salignostics have launched the saliva-based Salistick pregnancy test. Abingdon Health will manufacture the test and is exclusive UK distributor. It will be launched in 400 Superdrug stores as the Abingdon Simply Test. There are 12.5 million pregnancy tests each year in the UK. The share price has come off its pea for the day and is up 7.14% to 15.75p.

Creo Medical (LON: CREO) says that its Speedboat Inject product has received a CE mark for use in the gastrointestinal tract. This means that it can be used for endoscopic procedures from the mouth to the lower gastrointestinal tract. The share price is 14.1% ahead at 36.5p.

Allergy Therapeutics (LON: AGY) has returned from suspension following the publication of full year and the subsequent interim results. The interim revenues declined by 18% to £39.9m and there was a swing from operating profit of £7.4m to a loss of £8m. Net cash was £13.2m at the end of 2022. Additional cash will be required by September. The share price slumped 73.6% to 1.65p. The most recent fundraising was at 1p.

Trading has also resumed in Hong Kong-based CCTV installer UniVision Engineering (LON: UVEL) after publishing its interims. It is still waiting final payments for the terminated MTRC contract. Other disputes have been settled or negotiations are at a final stage. Dimension Data is suing UniVision Engineering. Interim revenues slumped from £4.98m to £653,000 and the company fell into loss. Management believes it has enough working capital for the short-term. The share price slipped 22.2% to 0.175p.

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In 2022, Tower Resources (LON: TRP) used $283,000 in its operations and a further $3.05m was spent on exploration. There was $231,000 in cash at the end of 2022, while a placing at 0.05p a share raised £2.3m in May. There was a £351,000 VAT rebate received after the year end. The share price fell 5.75% to 0.041p.

Kistos (LON: KIST) says that the Benriach exploration well, West of Shetland, encountered gas bearing sands in the Royal Sovereign formation, but it appears sub-commercial. The share price dipped 5.88% to 256p.

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