AIM weekly movers: VELA option exercise

Vela Technologies (LON: VELA) shares jumped 83.9% to 0.0285p on the news that it has exercised the put option to sell the interest in AZD1656, which relates to a Covid application, to Conduit Pharmaceuticals for £3.75m in shares. In September, Conduit Pharmaceuticals completed its IPO on Nasdaq.

Antibody discovery and supply company Fusion Antibodies (LON: FAB) is collaborating with the US-based National Cancer Institute in the use of its OptiMAL technology for the discovery of antibodies for specific cancer targets. Fusion Antibodies will not have to commit significant resources to the collaboration. The share price jumped 83.8% to 5.875p, having been trading at a six-year low.

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GCM Resources (LON: GCM) revealed that Power Construction Corporation of China has extended its memorandum of understanding period to 6 December 2024. This allows extra time to determine whether there will be a deal to develop the Phulbari coal mine in Bangladesh. The share price has recovered 72.2% from its all-time low to 1.55p.

Quadrise (LON: QED) is pleased with the progress made with the development of its MSAR and bioMSAR fuels and it is seeking to scale up with the help of commercial partners. Diesel engine testing has been completed at Aquafuel on blends of bioSMAR containing up to 40% of Vertoro’s crude sugar oil. This demonstrated improved fuel efficiency and lower NOx emissions. The share price is 62.7% higher at 2.2p, which is the highest it has been since June.

The second and third diamond drill holes at the Pitfield project owned by Empire Metals (LON: EEE) provided more positive news with the highest grades of titanium so far. The results suggest that the resource is much greater than previously thought. The focus becomes identifying high grades at shallower depth. The additional drilling will lead to mineral resource studies. The share price improved 52.9% to 10.7p. Empire Metals is the second-best share price performer on AIM this year.


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RUA Life Sciences (LON: RUA) took advantage of last week’s share price surge to raise £4m at 11p/share. There is also a retail offer that closes on 7 December. That could raise up to £750,000. The share price dived 58% to 11.75p. That is lower than before its recent rise and is not far off its all-time low. The cash will finance the vascular graft and heart valve development programmes while partners are sought. Cavendish expects the company to be profitable in 2025-26 before any contributions from the developing products.

Healthcare services provider Totally (LON: TLY) is restructuring its business after a tough first half. Revenues were one-fifth lower at £55.8m due to lower urgent care business levels. Annualised cost savings of £3m have been made and there could be more to come. Share buying by directors has not stopped the decline in the share price which is down 51.4% to 4.5p. New chair Simon Stilwell bought one million shares at 6.1p each, while non-exec Michael Rogers acquired 40,000 shares at 5.333p each.

Tintra (LON: TNT) intends to cancel its AIM quotation. A general meeting will be held on 4 January to gain shareholder approval. Management bemoans that the share price is too low and believes that direct costs can be reduced by £505,000 – which is ridiculously high for a company of this size – by leaving AIM. It is strange that the management has let them get out of control. That is before any indirect costs. A Middle East investor may become a partner and one of the conditions of the deal is the AIM cancellation. There is talk of a potential Middle East listing. JP Jenkins will provide a matched bargain facility, although the minimum bid price is apparently going to be set at 150p/share for the first nine months so there is unlikely to be much trading. There may be a tender offer, but do not bet on it. The share price is not, and it has slumped 48.1% to 35p.

Siemens has sold its entire 11.2% stake in Sondrel (LON: SND) for £589,000. The placing price was 6p and the share price slumped 47.4% to 7.1p. The semiconductors designer raised £17.5m at 55p/share when it joined AIM in October 2022. Project delays have hit revenues and knocked the share price. Siemens has been a long-term partner and previously had a share purchase agreement with the company and the chief executive but that was terminated prior to flotation. Siemens was granted the status of preferred supplier of electronic design automation software for a 36-month period at the time of the flotation.

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