AIM weekly movers: Touchstone Exploration merging with Trinity Exploration

Trinity Exploration & Production (LON: TRIN) has agreed a bid from fellow AIM-quoted Trinidad oil and gas company Touchstone Exploration (LON: TXP), which is offering 1.5 shares for every Trinity share. The Trinity shareholders will own one-fifth of the enlarged company. The combined group will be in a stronger position to make investments in new production. The Touchstone Exploration share price is 4.85% lower at 39.25p, valuing each Trinity share at 58.875p – the share price is 50% higher at 54p.

Helium explorer Helix Exploration (LON: HEX) has executed a contract with Treasure State Drilling for the provision of a drilling rig to be used for the appraisal drilling campaign at the Ingomar Dome project in Montana. This will commence in the third quarter. The share price jumped 49.8% to 15.5p.

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Promotional products technology provider Altitude (LON: ALT) confirmed it would at least meet expectations of an improvement in pre-tax profit from £900,000 to £1.2m. Net cash of £1.3m was better than expected. There has been a strong start to 2024-25. The share price increased 38.6% to 39.5p.

Gift wrap and stationery supplier IG Design (LON: IGR) did better than expected in the year to March 2024 with margins recovering and pre-tax profit improving from $9.2m to $25.9m, compared with a forecast of $20.5m, even though revenues fell. Net cash nearly doubled to $95m. It appears the recovery is gathering pace. Management believes that margins could return to previous levels this year and an operating margin of more than 6% in 2026-27, suggesting a pre-tax profit of around $50m. The share price rebounded 31.1% to 156p.


Cloudified Holdings (LON: CHL) shares returned from suspension after it published interim figures. Previously known as Falanx Cyber Security, the company sold its subsidiaries and became a shell. If a suitable acquisition is not found, then the company will be liquidated. The share price slumped 66.3% to 7p, having fallen to 3.75p after trading recommenced. Jonathan Cranston took advantage of the price decline to increase his stake from 3.42% to 7.6%.

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Brake discs developer Surface Transforms (LON: SCE) shares have slumped even further and are down 59.5% to 1.175p after a £6.5m fundraising at 1p/share. There will be a one-for 1.76036319 open offer at the same price. That could raise £2m. The cash will finance the scale up of manufacturing. Factory capacity will be increased to £75m. This year’s revenues are forecast to be £17.5m.

Mark Halpin has stepped down as chief executive of managed IT services provider CloudCoCo (LON: CLCO) and MXC Guernsey, which holds a 10.6% stake, has extended its loan notes to 31 August 2026 in return for a £550,000 fee. The amount outstanding on the loan notes is £5.85m. MXC can also appoint an executive director and Ian Smith becomes interim chief executive. The shares returned from suspension following the release of figures for the year to September 2023 showing revenues 7% ahead at £26m. The loss was flat at £2.6m. There was a cash inflow from operating activities. Net debt was £6.3m at the end of September 2023. The share price halved to 0.375p.

Deltic Energy (LON: DELT) has found it difficult to secure a partner for the Pensacola discovery in the North Sea because of uncertainties about tax making planning difficult. Deltic Energy has a 30% working interest and Shell is the operator. If funding is not secured, then Deltic Energy may not be able to participate in the licence. This concerns investors and the share price is 48.7% lower at 20p. Deltic Energy was provisionally awarded two North Sea licences covering eight blocks and part blocks in the 33rd offshore licence round. Management will have to decide whether it can afford to take up the licences.

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