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AIM weekly movers: Harland & Wolff gains Roayl Navy contract

Harland & Wolff (LON: HARL) is the highest riser one the week after Team Resolute, a consortium it is part of, was made preferred bidder for a £1.6bn contract to build Royal Navy support vessels. This will require significant investment in the Belfast shipyard. The Appledore shipyard in Devon will also be involved. The share price soared 153% to 22.7p.

Last week, Parsley Box (LON: MEAL) published the circular for a general meeting to gain shareholder approval for the cancellation of the AIM quotation. The meeting will be held on 14 December. The cancellation will save £400,000 a year in overheads related to being on the public markets. Paul Davidson has built up a 3.4% stake. The share price improved 80.6% to 2.8p even though it appears likely that shareholders will be left with a matched bargain facility.

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Finland-based biopharmaceutical company Faron Pharma (LON: FARN) has amended the warrants agreement with IPF Partners. The warrant price will be the lower of €1.85, the most recent fundraising, or the price of another fundraising. The original warrant price was €3.126 a share. The share price is 26.9% higher at 247.5p.

Poolbeg Pharma (LON: POLB) and consortium partners have been awarded a €2.3m grant by an Irish government fund to develop an oral vaccine candidate from pre-clinical to phase I readiness. The aim is to induce mucosal immunity. The week before Poolbeg identified multiple novel drug targets for the treatment of respiratory syncytial virus (RSV) through it s collaboration with OneThree Biotech. The share price rose a further 26.4% to 10.3p this week and it reached a new 2022 high.

Downhole oil and gas exploration equipment supplier Enteq Technologies (LON: NTQ) is pinning its hopes on the SABER (Steer At-Bit Enteq Rotary) RSS equipment it is developing and about to test on hard rock in Norway. This will increase its addressable market. Enteq has cash of $2.4m and management believes this will finance the testing and a commercial launch of SABER RSS. Interim revenues more than doubled and there was a $500,000 loss. The share price moved 23.5% higher at 10.5p.

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Fallers

Eco (Atlantic) Oil & Gas Ltd (LON: ECO) shares fell by 60.5% to 17.5p after its Gazania-1 well, offshore South Africa, did not discover commercial hydrocarbons. The well has been abandoned. Two other wells are planned for South Africa next year.

Delays in commencing manufacturing and building up sales of Stereax small battery cells have knocked the Ilika (LON: IKA) share price, which slumped 34.7% to 32p, having fallen to 26.5p on Thursday. The commercial prototypes will not be available until the end of 2023. It is also taking longer than anticipated for the larger Goliath batteries to reach the position where they have equivalence with lithium-ion cells. Forecast group revenues have been cut for this year and next year, while the 2024-25 forecast has been slashed from £18.1m to £2.7m by Berenberg. That indicates the length of the delays. That would put Ilika into a net debt position, so a fundraising is probable before the end of 2024.

N4 Pharma (LON: N4P) is raising £1m at 2p a share. A broker offer could raise up to £1m more. The share price slumped by 30.5% to 2.05p. The cash will be used for the development work relating to loading SiRNA onto delivery vehicle Nuvec, plus for funding the investigation of possible acquisitions.

Third quarter revenues of programmatic advertising services provider Tremor International (LON: TRMR) were below expectations and finnCap has reduced its full year forecast. Forecast 2022 earnings have been cut from 65.3 cents a share to 53.9 cents a share. Expected cost savings have been increased from $50m to $65m a year. Share buy backs and director share buying helped the share price to recover later in the week, but it still slumped 24.1% to 287.6p.

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