After a shaky start, London’s AIM index managed to tack on some modest gains as the session progressed, finishing up just over two points at 807.67.
- TP Group +181%
- Renalytix +23%
- Joules Group +13%
- Parsley Box -28%
- Rockhopper Exploration -26%
TP Group LON:TPG surged higher today, advancing by 181% by the bell. A business update this morning highlighted that further financing was necessary for the business to grow. This was followed by a recommended cash offer being made for the business at a 190% premium to Friday’s closing price. The market sees this as being nailed on and a good result all round.
Renalytix LON:RENX added 23% following the release of its full year results. Whilst there’s solid momentum in terms of revenues, losses continue to build and the cash balance has dropped by around a third from a year ago. More needs to be digested here.
A notable mention for Joules Group LON:JOUL which finished the day some 13% higher. It does trade on a fairly wide spread however but news of stake building with an investor upping his holding to almost 10% does appear to have galvanised some support.
Parsley Box LON:MEAL took another beating today, off a further 28% as the company continues to toy with delisting. The company’s business model based on convenience is set to struggle given the rising living costs and margins would surely be difficult to sustain.
Rockhopper Exploration LON:RKH also struggled, sliding 26% by the bell. The company this morning advised the market that a settlement which had been agreed via the International Centre for Settlement of Investment Disputes against the Italian republic has been disputed. The protracted process which will follow stands to extend settlement time – if indeed successful – by 18 to 24 months and the situation also exposes the company to a success fee owed to its lawyers for getting the situation this far.
