London’s AIM Index made some very modest headway through Monday’s session, reaching the bell one and a half points higher at 1251.80.
- Hurricane Energy +28%
- Ascent Resources +25%
- Origo Partners -17%
- Craven House -16%
- Remote Monitored Systems up 20%
Hurricane Energy [LON:HUR] had a bumper start to the week, adding 28% by the bell. The company is in a spat with shareholders over a proposed restructuring that would impact equity valuations. This has now been through legal hearings with the High Court rejecting the restructuring plan. There’s a lot of brinksmanship in play here with the company update to the market this morning cautioning that if shareholders vote to remove the board, the NOMAD will likely follow, putting the shares at risk of suspension.
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Ascent Resources [LON:AST] saw its share price jump to life around midday, with 25% being tacked onto the price by the closing bell. The company is in a protracted dispute with the Slovenian government which if found in Ascent’s favour could have a transformative effect on the business. There’s no firm news out to support this jump, but one to watch.
A notable mention for Remote Monitored Systems [LON:RMS] who tacked on another 24% today. On Friday the company advised of new product developments with the approval of a new, 5-ply antiviral facemask. Shares have now added around 70% from last week’s multi-month lows, although so far there’s no firm news to support the gains.
Origo Partners [LON:OPP] was the day’s biggest faller, shedding 17% in the wake of the publication of the company’s financial report, which flagged a marked reduction in NAV. Beyond this the usual caveats are going to apply however with the company has a market cap of just £0.5m (a mere fraction of the stated NAV), the move was well within the spread and transactions were very limited, too.
There was another minnow propping up the board, with Craven House Capital [LON:CRV] some 16% offside at the bell. However the same caveats apply with the stock quoted on a >20% spread and transactions being limited in the extreme.