AIM movers: Primorus investee company acquired and Coral Products hit be destocking

Primorus Investments (LON: PRIM) investee company Payapps Ltd is being acquired by Autodesk. Payapps is a construction payment and compliance management services provider and Primorus Investments owns 3.07 million shares. The bid price was not revealed. The Prmorus share price rose 23.1% to 3.2p.

CT Automotive (LON: CTA), which supplies interior components to the automotive sector, returned to profit last year and trading was ahead of expectations. Liberum has upgraded its 2023 forecast from $135m to $140.7m, while pre-tax profit has been reduced from $8.7m to $8.2m. Even so, margins are improving. Net debt is much lower than previously forecast at $6.1m. The share price is 21.1% higher at 77.5p, which is the highest level for nearly one year.

- Advertisement -

Learning Technologies Group (LON: LTG) generated revenues of at least £560m in 2023, a decline of 2%. Underlying operating profit is £98m, down from £99.9m. Net debt has reduced from £119.8m to £78.6m and since then $21.4m was raised from selling non-core operations. The share price increased 17.6% to 81.95p.

Arkle Resources (LON: ARK) has identified several targets at the Aughrim licence block in Ireland. Spodumene crystals have been found. There are also 26 samples with concentrations of lithium oxide of more than 0.02%. Geochemical work will provide a better understanding. The share price rose by one-eighth to 0.45p.

Global Petroleum (LON: GBP) has entered a partnership agreement with Cynergy East Med to explore for energy opportunities in the east Mediterranean.  This deal follows the appointment of Daniel Page and Cecilia Yu to the board. The share price is 12.1% ahead at 0.0925p.


- Advertisement -

Active Energy (LON: AEG) says discussions with Player Design about the construction of the Ashland CoalSwitch facility continue but Player Design is no longer willing to commit to a date when production will commence or the potential volumes from the facility. Active Energy is seeking to get back cash it has paid. There is potential demand for CoalSwitch fuel if production can be started. The share price slumped 70.6% to 0.5p, which is a new low.

Plastic products supplier Coral Products (LON: CRU) says trading has been weaker in recent weeks due to adjustments in customer stock levels. Forecast revenues are being reduced by 10% to £32.2m and the pre-tax profit slashed to £600,000, down from £1.7m last year. That the means that the dividend will be cut. There are more positive signs for future demand, but 2024-25 forecasts have also been reduced. The new chief executive has identified restructuring opportunities that could achieve significant cost savings. The share price slipped 25.8% to 12.25p.

Phoenix Copper (LON: PXC) is raising £2.2m at 11.5p/share and there is an additional retail offer of up to £200,000. The share price dipped 17.5% to 11.55p. This will fund the acquisition of mining equipment for the Empire open pit mine in Idaho. Discussions continue concerning the corporate copper bond financing. There are also talks about a new lending facility. The financing needs to be in place by 23 March. The pre-feasibility study is due in the first half of 2024.

Oil and gas company Bowleven (LON: BLVN) shares continue to decline after yesterday’s news that Perenco is not acquiring the operatorship and working interest of New Age in the Etinde joint venture in Cameroon. It was hoped that the sale would accelerate development of the offshore field where Bowleven has an interest. The share price fell a further 15% to 0.425p and is down by one-quarter this week.

Latest News

Subscribe to the UK Investor Magazine email newsletter

Register for our free email newsletter and receive the latest investment news, podcasts, event information and offers.

More Articles Like This

Tagdiv Cloud library - template content.