AIM movers: Premier Miton assets grow and UK Oil & Gas raises cash for hydrogen storage application

Fund manager Premier Miton Group (LON: PMI) improved assets under management from £9.8bn to £10.1bn in the quarter to December 2023. That was after £200m of net fund outflows and £100m of mandate transfer and fund disposal. Positive market performance added £590m with a strong performance from equity funds. Premier Miton has agreed to take on the investment management of a Dublin-based UCITS platform with £100m of assets under management. The appointment should be cleared in February. The share price rose 8.33% to 0.975p.

Metals Exploration (LON: MTL) is acquiring a controlling interest of the company that holds a 16,200 hectares exploration tenement in the Abra area of the Philippines for $1.6m in cash and options over 41 million options. The licence area is ready for exploration with several drill targets identified. The share price improved 6.67% to 3.2p.

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Power Metal Resources (LON: POW) has signed a non-binding memorandum of understanding with the government of Saudi Arabia that relates to exploring exploitation of natural resources. The share price increased 3.7% to 0.7p.

Cosmetics company Warpaint London (LON: W7L) has published another upbeat trading statement. Strong online and high street sales meant that revenues were better than expected. This led to Shore Capital raising its 2023 earnings forecast by 12.5% to 18p/share. This is the fourth upgrade in the past year. The share price is 2.75% higher at 392.5p. The share price has more than doubled over the past year.

FALLERS

UK Oil & Gas (LON: UKOG) has raised £750,000 at 0.02p/share. The company intends to submit an application in the first hydrogen storage allocation round for its hydrogen storage project in Portland, Dorset. The cash will also fund oil and gas exploration in UK and Turkey. The share price slumped 22% to 0.0195p.

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Armstrong Investments has reduced its stake in Rosslyn Data Technologies (LON: RDT) from 7.1% to 4.6% following recent share price strength. The share price slipped 5.53% to 20.5p.

88 Energy (LON: 88E) is starting flow testing of the Hickory-1 oil well in mid-February. The contingent resource of the Alaska discovery is currently estimated at 250mmboe, and testing could increase this figure. The company has enough cash to carry out the testing. The share price is 5.21% down to 0.2275p.

Lower sales and prices meant that Kazakhstan-based Steppe Cement (LON: STCM) revenues declined from $87m to $82m. Volumes were 3% lower at 1.63 million tonnes. Market share slipped from 14.5% to 14.2%. The share price fell 4.55p to 21p.

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