AIM movers: Vertu Motors higher on Lookers bid and Capital Metals discount placing

Vertu Motors (VTU) has risen 4.94% to 65.9p on the back of the bid for fellow motor dealer Lookers (LON: LOOK). Canada-owned Global Auto Holdings is bidding 120p a share, valuing Lookers at £465.4m, which is a 35% premium to the previous closing price. Vertu Motors had net tangible assets of 65.3p a share at the end of February 2023 and this could rise to 73.6p a share by February 2024. The share price rose 4.94% to 65.9p.

Tekcapital (LON: TEK) investee company Innovative Eyewear has secured a licensing agreement with brand marketer Authentic Brands Group for a smart eyewear collections for men and women with Reebok International. This should launch in 2024. The share price increased 3.85% to 13.5p.

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PetroTal Corp (LON: PTAL) says the illegal river blockade has ended in the Puinahua canal in Peru. Two convoys are continuing their journey, including one carrying 40,000 barrels of oil to the Iquitos refinery. PetroTal average daily production over the past seven days is nearly 22,000 barrels of oil and it hopes to maintain this level for the next few weeks. This would be enough to raise 2023 daily production guidance of 17,000 barrels by around 5%. The share price is 1.86% higher at 41p.

Capital Metals (LON: CMET) is raising £500,000 at 1p a share. The market price slumped 46.7% to 1.2p. The cash is required for working capital while Capital Metals attempts to end the suspension of its mineral sands licences in Sri Lanka.

Costs at in-video advertising company Bidstack (LON: BIDS) doubled to £5.3m in 2022, but the loss still increased from £7.96m to £8.77m. There was £8.7m in cash at the end of 2022, similar to the cash outflow from operations last year. The dispute with Azerion, which terminated its reseller contract, continues. The share price dived 35.7% to 1.125p.

Petrel Resources (LON: PET) used €219,000 in cash in its operating activities in 2022. The company has assessed a number of oil and gas projects but has not made significant progress. Management says that investors in Asia and Australia interested in buying shares in the company, but dilution is a concern. There is £166,000 in the bank. The share price fell 26.7% to 1.1p.

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Expectations have been reduced for concrete levelling equipment supplier Somero Enterprises (LON: SOM) following delays in project starts this year. Production of a new machine is being increased to satisfy demand, which will help the second half. US revenues are likely to be lower, but they will grow in other markets around the world. The forecast revenues have been reduced by 10%, while earnings have been cut from 53.2 cents a share to 44 cents a share. The share price is 13.6% lower at 285p.

Shares in Advanced Oncotherapy (LON: AVO) have slipped 12.5p to 2.625p following the partial conversion of £100,000 of convertible loan notes at nominal at the nominal value of 25p.

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