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AIM weekly movers: Longboat Energy recovers after disposal news

Shares in oil and gas projects developer Longboat Energy (LON: LBE) is selling its assets in Norway for $2.5m and the assumption of $8,5m of debt by the acquirer. This should save $1.25m in costs in 2025. The cash will be invested in the main asset, which is the 52.5% owned Kertang gas prospect, offshore Sarawak. A farm out process will be conducted in the second half of 2024. An updated competent person report is due at the end of the month. The share price recovered 169% to 19.5p, but it is still lower than at the start of the year. Chair elect James Menzies has bought one million shares at 9.75p each, prior to the main share price rise.

Supercapacitors developer Cap-XX (LON: CPX) has appointed former ITM Power boss Dr Graham Cooley, Peter Fraser and Anthony Sive as non-executive directors. They have each been granted 10 million options exercisable at 0.08p/share. There will be a capital markets update alongside the publication of the results for the year to June 2024. The share price jumped 144% to 0.1975p.

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Crossword Cybersecurity (LON: CCS) has signed a partnership to jointly market its Rizikon supply chain cyber platform. The deal is with a UK subsidiary of a global aerospace and security company. The focus is sub-sectors within the UK critical national infrastructure market. There is potential to generate several million pounds over the next few years. The share price rose 64.6% to 6.75p.

There is a rival to the Checkit (LON: CKT) indicative offer for Crimson Tide (LON: TIDE), which has been rejected despite an increase from seven shares to nine shares for each Crimson Tide share. Former AIM company Ideagen has offered 312p/share for Crimson Tide, which is being considered. This pushed up the share price by 49.3% to 265p, still well below the bid level but the highest level for one year.

FALLERS

Slater Investments continued to reduce its stake in R&Q Insurance Holdings (LON: RQIH), which is trying to sell its Accredited business, and it has fallen from 11.7% to 3.63% over the past week. Other shareholders are following suit. The board says that it intends to accept the alternative proposal from the buyer of Accredited. This means that the company will go into liquidation. The share price slumped 70% to 0.075p before trading was suspended on Wednesday.

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Active Energy Group (LON: AEG) dived because it intends to leave AIM and go into liquidation. There is no suitable offer for the CoalSwitch assets, but some discussions continue. Even so, shareholders are unlikely to get anything from the liquidation. Trading in the shares will be suspended on 1 July because the 2023 accounts will not be ready. Assuming the general meeting agrees to the proposals the AIM quotation will end on 23 July. The share price slipped 64.3% to 0.075p.

Geological information publisher Getech (LON: GTC) reported a rise in loss from £3.1m to £3.6m in 2024. Getech has refocused on its core business because it does not have the financial strength to develop hydrogen products. The first four months trading in 2024 has improved by 17%, but the cash outflow needs to be stemmed. There was £400,000 in cash at the end of 2023, supplemented by a property sale in January raising £650,000. There is another property valued at £850,000. Cavendish believes Getech could break even this year. The share price suggests that investors are not so sure, and it declined 57.4% to 3.25p.  

Market research company YouGov (LON: YOU) says sales bookings have been lower than expected since the interims were reported. Full year revenues will be approximately £324m-£327m and underlying operating profit will be £41m-£44m. There is reduced demand for fast-turnaround research. There will also be a change in revenue recognition for consumer panel services that delays some revenue into next year. The share price is down 44.1% to 467p, which is the lowest it has been since 2020.

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