AIM movers: Mattioli Woods accepts bid at seven times flotation price and extra costs for Kinovo

Wealth management company Mattioli Woods (LON: MTW) is recommending an 804p/share bid from a company owned by Pollen Street Capital. That values Mattioli Woods at £432m and shareholders will still receive the interim dividend of 9p/share. The 2023-24 prospective multiple at the bid price is less than 17, falling below 15 the following year. When it joined AIM in November 2005 at 132p/share Mattioli Woods was valued at £22.5m. The share price jumped 31.7% to 790p. The share price reached a high of 892.5p near the end of 2021.

Diversity Network Investments has raised its stake in Sabien Technology (LON: SNT) from 23.3% to 25.2%. The share price moved up 26.1% to 14.5p.

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Software company Checkit (LON: CKT) chair Keith Daley has acquired 250,000 shares at 18.35p/share, taking his stake to 19.6%. The share price recovered 8.11% to 20p, although it is still 13% lower this year.

Sutton Harbour Group (LON: SUH) has extended the Beinhaker Design Services loan facility by £450,000, taking it to £2.255m. The lender is controlled by the Beinhaker, who own the majority of the property and fishery services company. The final repayment date is 31 May 2025. The share price is 5.26% higher at 10p.


Kinovo (LON: KINO) estimates that the costs of the guarantees to complete work on projects taken on by ex-subsidiary DCB will be £2.9m higher than previously expected. Cash flow from the continuing operations will help to fund this but Kinovo will move into net debt by the end of March. This will not affect the pre-exceptional pre-tax profit forecast of £5.8m, up from £4.9m. The share price recovered strongly up until the beginning of the year, but it has fallen sharply since then with a further decline of 12.8% to 41p, just above the price it was one year ago.

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SRT Marine (LON: SRT) is changing its year end to June 2024 and the current financial period will be for 15 months. Two expected coastguard contracts may not be secured by the end of March and may fall into the next quarter. Higher costs will hold back profit. Cavendish expects the previously forecast 12-month revenues of £70.9m to be reported for the 15-month period. The pre-tax profit forecast has been cut from £7.2m for 12 months to £5.7m for 15 months. The share price slipped 4.27% to 30.25p, which is down 27.1% this year. The December fundraising was at 35p/share.

Professor George Mergos has resigned from the board of Minoan (LON: MIN). He was working on the contract for the proposed development. An external Greek advisory team and additional legal support have been appointed to continue negotiations. The share price is down 3.33% to 0.725p.

Ethernity Networks (LON: ENET) has reappointed chairman Joseph Albagli after the completion of his three-year term. This is an interim appointment until his remuneration is approved by the remuneration committee. Joseph Albagli has been issued 921,152 shares at 2.5p each as part of his fees for the past year. The share price is 2.945 lower at 0.825p.

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