AIM weekly movers: Indicative proposals for Applied Graphene Materials

Applied Graphene Materials (LON: AGM) received indicative proposals from interested parties for the sale of the business as part of the strategic review. Management hopes that there will be final proposals in early January when it will choose a preferred party to negotiate with. There is no guarantee that any satisfactory proposal will be tabled. Redundancy consultations continue. The share price recovered by 77.8% to 8p.

Higher than normal trading levels have pushed up the share prices of diagnostics companies Novacyt (LON: NCYT) and Abingdon Health (LON: ABDX). The amount of Novacyt shares traded on Thursday and Friday was higher than at any time since early July and the price jumped by 66% to 113p. The trading in Abingdon Health shares was at the highest levels since early October and the share price is 52.9% ahead at 6.5p.  

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Trading in digital media company Catenae Innovation (LON: CTEA) shares recommenced after it published its 2020-21 accounts and interims to March 2022. They jumped 38.2% to 0.235p. There was a £993,000 cash outflow from operations last year and that was reduced to £283,000 in the latest interims. There was cash of £337,000 and no debt at the end of March 2022. A £250,000 interest-free loan facility has been secured from Sanderson Capital.

NetScientific (LON: NSCI) investee company PDS Biotech (NASDAQ: PDSB) has revealed median overall survival of 21 months in a phase II study for a PDS0101-based triple combination therapy for advanced HPV+ cancer patients. This is a better outcome than for current treatments. The PDS share price rose on the news and even though it has fallen back it has still risen by around one-third this week. NetScientific’s 4.7% stake is worth around £13.8m. The NetScientific share price rose 21.1% to 80.5p, which values the investment and consultancy company at £18.9m.



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Pantheon Resources (LON: PANR) is the worst performer on the week with a 48.3% decline to 42.52p. The Alaska-focused oil and gas explorer continues to have problems with the Alkaid #2 well due to sand blockages. A specialist rig is available in January to clean out the sand. There was a $48.6m cash outflow in the year to June 2022, leaving $54.7m in the bank thanks to $55m raised from a convertible bond. The fall in the share price will increase the dilution of the bond if it is converted.

Allergy Therapeutics (LON: AGY) says that its accounts will not be published by the end of 2022, so trading in the shares will be suspended on 3 January. The audit has been delayed, but there is no indication of any material problem. Management is still assessing funding options, following the setbacks in the past year. The share price slumped 45.1% to 6.25p.

Harland & Wolff (LON: HARL) has lost some of the gains following its fleet solid support contract announcement in November, falling 24.4% to 15.875p. Guidance on revenues for the year to March 2022 has been more than halved to £29m-£31m. Progress has been slower than expected on an MoD contract and commercial clients are delaying spending. A contract for four wind turbine generator jackets has been terminated following cost escalations. The fleet solid support contract is still being negotiated. A finance facility of up to £200m could be secured by the first quarter of 2023.  

Shares in Star Phoenix (LON: STA) have continued their downward trend following the previous week’s shareholder vote against the removal of the auditor and the proposed replacement auditor. The share price fell a further one-third to 0.4p. The new auditor has already started work. However, it is required to be appointed by shareholders, so accounts cannot be published. Another general meeting will be held next year. This means that trading in the shares will be suspended on 3 January.

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