Rosebank Industries (LON: ROSE), which was set up by founders and management of FTSE 100 index constituent Melrose Industries, joined AIM on Thursday 11 July. Just like Melrose Industries, Rosebank Industries has started out as an investment company seeking a large initial acquisition. The plan is to identify underperforming industrial and manufacturing companies, acquire them and improve their performance. Rosebank Industries raised £50m at 250p/share and the share price soared on the first day and the momentum continues today. The share price jumped 53.1% to 735p.
Sunrise Resources (LON: SRES) has been given approval for phase 2 drilling and trenching programme at the Pioche sepiolite project in Nevada. Drilling will commence immediately. Tolsa has an option to purchase the project for $1.4m and a 3% revenue-based royalty. The share price rose 14.3% to 0.06p.
Market research firm System1 Group (LON: SYS1) has provided a first quarter update one week after publishing 2023-24 results. All geographic regions are growing, and group sales are 53% ahead of the first quarter of the previous year. This is a record quarterly figure. The company appears well on course to improve full year pre-tax profit from £3.1m to £4.4m. The share price increased 8.03% to 740p.
Demand for fixed interest fund has pushed up the assets under the management of Premier Miton (LON: PMI) by 8% to £10.6bn. There has also been a more recent recovery in funds inflows for international equity funds. Multi-asset funds are less appealing to investors. The share price is 6.72% ahead at 71.5p.
Ground engineering contractor Van Elle (LON: VANL) has been awarded work on the former Boots office site in Nottingham by Keepmoat. This is a project that will be developed in phases that should be worth a total of £3m in work. There will also be a strategic collaboration with M&J Evans, which is a specialist groundworker in the housing sector. The share price improved 6.74% to 38p.
FALLERS
Cadence Minerals (LON: KDNC) is raising £750,000 at 2.5p so that it can provide funding for the Amapa iron ore project. This will be spent on testing the 67.6% green iron product flow sheet to pre-feasibility study level. The pre-feasibility study will then be revised. The share price declined 11.5% to 2.7p.
Steppe Cement (LON: STCM) sold less cement in the first half of 2024. There was a 4% fall in volume – the Kazakhstan market fell 1.6% – and a 9% decline in revenues. Increased competition hit the average sales price, although delivery costs were reduced. Management expects prices to improve in the second half and cost inflation should ease. The share price dipped 3.23% to 15p.
Crimson Tide (LON: TIDE) shares continue to decline after Ideagen decided not to bid. The share price fell 2.78% to 175p.