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AIM weekly movers: Yourgene Health takeover

Yourgene Health (LON: YGEN) is recommending a 0.522p/share cash bid from fellow diagnostics company Novacyt (LON: NCYT). This values Yourgene Health at £16.7m. Last December, Yourgene Health raised £6m at 0.3p/share. Novacyt is spending some of the cash it generated during Covid as it seeks to replace those testing revenues. The Yourgene Health share price jumped 151% to 0.49p, while the Novacyt share price also improved 8.36% to 41.175p because of the prospects for the deal.

Accounting software provider Glantus (LON: GLAN) shares have recovered 141% to 20.5p following the confirmation of potential offer discussions with Accel-KKR and investee company Basware Corp.  Finland-based Basware supplies financial automation technologies. Glantus announced 2022 results in the previous week. There was a large loss and management hopes that the first quarter of 2023 could be profitable. Glantus has a poor record since joining AIM in May 2021 at 102p/share. At that time Glantus raised £10m and existing shareholders raised £4m. The market capitalisation is currently £10.5m.

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UniVision Engineering Ltd (LON: UVEL) says it is unaware why the share price improved 133% to 0.35p. The CCTV installer returned from suspension on 19 June when interim figures were published, and the share price initially fell to 0.075p before bouncing back. Potential sources of finance are being investigated.

Cleantech investment company i(x) Net Zero (LON: IX.) says investee company WasteFuel Global has secured a $10m investment from BP. This funding increases the valuation of the i(x) Net Zero stake by 181% to $131.7m. The total value of the company’s portfolio has increased from $63.8m to $148.6m. WasteFuel is developing bio-methanol plants. The share price has rebounded 64.3% to 23p. The February 2022 placing price was 76p.

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Fallers

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Quadrise (LON: QED) has launched a placing and open offer to raise up to £3.2m at 1.25p/share. A placing has already raised £1.1m and an open offer could generate up to £2.2m. The clean energy company will use the cash to fund active projects and additional growth. Parts and spares have been delivered to Morocco and it is ready to recommence the demonstration test that was paused in May. The share price slumped 40.4% to 1.255p.

Zanaga Iron Ore (LON: ZIOC) moved from loss to profit in 2022, but that was down to a $9.1m gain on the revaluation of an investment. Shard Merchant Capital is subscribing for 36 million shares in three equal tranches. Shard Merchant Capital will then attempt to place the subscription shares and pay Zanaga Iron Ore 95% of the gross proceeds. The first tranche has been subscribed for and the next tranche ten days after those shares have been placed. Shard Merchant Capital previously subscribed for 21 million shares. The share price slipped 38.2% to 7.69p.

Restore (LON: RST) chief executive Charles Bligh has stepped down and first half trading has been mixed. Records management remains a steady growth business with the relocation business also trading well. It has been tougher for the technology and shredding operations. Pre-tax profit guidance has been cut from £41m-£43m to £31m. Jamie Hopkins has taken over as interim chief executive. The share price has fell 28.4% to 167.5p.

Ship and renewable infrastructure builders Harland & Wolff (LON: HARL) reported its 2022 figures after the market closed on 30 June. The reported loss is £70.4m on revenues of £28m. There was a £6.39m charge for discontinued contracts. The contracted backlog is around £900m. Management is hopeful that a refinancing can be secured by the autumn. This should last for five years. The share price declined 27.5% to 9.25p.

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