AIM movers: TP Group takeover and Rockhopper Exploration arbitration award challenged

Science Group (LON: SAG) is buying the shares it does not own in TP Group (LON: TPG) for 2.25p a share in cash. That values TP Group at £17.5m. Science Group already owns 28% of the company and the independent directors of TP Group have agreed to the bid. The share price jumped 183.9% to 2.2p.

Sports promotions data company 4GLOBAL (LON: 4GBL) has won a £4m contract lasting five years. This is for a sports infrastructure project for a city in the Middle East. The share price jumped 19.1% to 68.5p. The December placing price was 91p.

- Advertisement -

Renalytix (LON: RENX) continued its recent share price recovery following its full year results. The kidney diagnostics company generated revenues of $3m in the year to June 2022 and they are expected to more than treble this year, although the loss will continue and there could be net debt of $9.5m by the end of June 2023.  Insurance coverage is increasing in the US and revenues should continue rise rapidly. The share price recovered 13.3% to 85p.

Blue Star Capital (LON: BLU) investee company Dynasty Gaming & Media has signed a distribution agreement with Asian telecoms company Indosat Ooredoo Hutchison, which has 100 million subscribers in Indonesia. This pushed up the share price by 17.2% to 0.1875p. Dynasty will deliver new games developed by Pioneer Media Inc (PNER), which is quoted on the Aquis Stock Exchange.

Immunotherapies developer Scancell (LON: SCLP) has dosed the first patient in the multicentre phase 1 Modi-1 clinical trial (ModiFY). The plan is to recruit up to 125 patients in the UK. There have been no safety concerns in previous trials and further data is expected before the end of the year. The share price rose 10.8% to 17.5p.

Italy is seeking to annul the €190m arbitration award to Rockhopper Exploration (LON: RKH) due to a breach of the Energy Charter Treaty. The company had a third-party funding agreement for the litigation, but that ended in August. There is an offer to fund the costs of the latest move by Italy, which could take up to two years. The shares declined by 24.6% to 9.76p.

- Advertisement -

Ncondezi Energy (LON: NCCL) requires more funding by the end of November and the share price fell 24.5% to 1p. It may be able to draw down £150,000 from its convertible loan facility. The 300MW solar project is technically viable.

Rising costs have meant that paper manufacturer James Cropper (LON: CRPR) with energy costs having a significant effect on paper making. The technical fibres business is not growing as fast as anticipated. Price rises are offsetting some of the cost increases. The full year pre-tax profit estimate has been cut from £5.4m to £2m, after breaking even in the first half to 24 September 2022. The share price fell 14.6% to 850p.

Shares in Lansdowne Oil & Gas (LON: LOGP) slumped 10% to 0.45p after the Irish government said that the Barryroe joint venture, where Lansdowne is a party, had not complied with the financial capability assessment. Further financial information is required by 21 November. The joint venture partners do not want to raise additional funds until a licence has been granted for the Barryroe field.

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.