After hitting 6+ week highs in late trade yesterday, London’s AIM Index has seen a degree of profit taking during Wednesday’s session. Investors clearly remain wary of potential volatility off the back of the mid term elections in the US and GBP weakness isn’t really firing any support either. At 3.30pm the AIM Index was almost six points lower at 825.38.
- Vela Technologies +43%
- Mirriad Advertising +23%
- Ince Group +18%
- PCF Group -69%
- Sareum Holdings -25%
Vela Technologies LON:VELA was leading the pack at 3.30pm. This morning it advised the market that it holds an economic interest in a specific asset. It’s convoluted but ultimately that is tipped to form part of a NASDAQ listing and the associated business combinations are expected to close quite quickly. Even with the 43% gain, the company is only worth just over £4m whilst the US listing is expected to deliver cash proceeds of almost $150m. How much of that is Vela’s slice is the critical question.
Mirriad Advertising LON:MIRI advanced 23% by copy time. There’s no news here, volumes was unremarkable and trade was rather lumpy but the stock has doubled in price since the early October lows.
A notable mention for Ince Group LON:INCE which was trading 18% up at the time of writing. The company this morning advised of the appointment of a new executive director, an experienced hire who brings with her a deep knowledge of the company’s core markets. Presumably there’s also hope that this will open the door to fresh acquisition of both clients and talent.
PCF Group LON:PCF was bottom of the board today, down some 69% at 3.30pm. As announced a month ago, the company was seeking to raise additional growth capital but this hasn’t materialised. The company’s loan book will now be wound down over time and in order to save costs, procedures are now underway as the company attempts to seek a delisting.
Sareum Holdings LON:SAR fell 25% by copy time. After last night’s closing bell, the biotech advised that the UK regulator had been unable to approve a clinical trial authorisation. An appeal seems likely but approvals if they are granted won’t be seen this year and management add that they are surprised – and disappointed – by the news.
