AIM weekly movers: Weak fertiliser demand hits Harvest Minerals

Beacon Energy (LON: BCE) says that the Schwarzbach-2 well in Germany has encountered good quality oil-bearing reservoirs. They were found 25 metres higher than prognosis. The well could potentially materially increase the company’s production. The share price jumped 68.9% to 0.152p, which is the highest it has been since April.

Glantus (LON: GLAN) is recommending a 33.42p/share bid from Basware Oy, which values the software company at £17.8m. This compares with the May 2021 placing price of 102p/share, which indicates the extremely poor performance of Glantus since it floated. Initial investors will get less than one-third of their money back. The share price increased 57.5% to 31.5p.

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Pathfinder Minerals (LON: PFP) has completed the sale of IM Minerals Ltd for an initial £1m. The general meeting special resolution enabling more shares to be issued only just achieved the required 75% vote in favour. Paul Barrett has been appointed as an executive director. The share price improved 42.9% to 0.75p.

The LungLife AI Inc (LON: LLAI) share price recovered 38.6% to 106p after director buying at the beginning of the week. Chief executive Paul Pagno bought 7,123 shares, which more than doubled his stake, and David Anderson also acquired 7,123 shares. They were all bought for 69.84p each.


Harvest Minerals (LON: HMI) has been hit by weaker fertiliser demand in Brazil, which has continued in July. So far this year, 36,000t has been supplied. On top of this there are advanced sales of 33,000t that were not recognised in 2022. The second half should be the busiest for the Brazil-based company, but fertiliser orders are still being delayed because of low crop prices. The 2023 invoiced sales target has been cut from 120,000t to 70,000t. The share price slumped 43.1% to 1.85p.

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Aptamer Group (LON: APTA) has gained two new contracts worth £219,000 with an existing pharma customer. The Optimer binders provider will generate the revenues in this financial year. There are plans to reduce the annual cost base from £6.4m to £3.5m. This could help to achieve the target of reaching breakeven in two years. The £3.6m placing at 1p/share has been completed. The share price fell 38.5% to 1.2p.

Serinus Energy (LON: SENX) reports that lower oil and gas prices mean that interim revenues slumped from $29.3m to $8.9m. There was a $400,000 cash inflow. Net cash was $2.5m at the end of June 2023. A full year loss is forecast. The share price declined 35.1% to 2.4p. It would have been lower with out director buying. Chief executive Jeffrey Auld bought 250,000 shares at 1.95p each and 250,000 shares at an average price of 2.1p, while James Causgrove acquired 250,000 shares at an average price of 2.2p.

Tremor International (LON: TRMR) increased second quarter revenues by 13% to $80.2m in a tough AdTech market and $65m of annualised cost savings have been achieved. However, the second quarter revenues were 10% lower than forecast. The operational gearing of the business means that finnCap has slashed its 2023 earnings forecast from 45.4 cents/share to 18.9 cents/share. The share price slipped 33.6% to 167.9p, which is less than one-third of the offer price when the company joined Nasdaq in June 2021.  

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