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AIM round-up: Ideagen, Vast Resources, Ncondezi Energy


London’s AIM Index found little cause for cheer as the new trading week got underway, shedding more than 28 points by the bell, sitting at 949.23, not quite at lows for the year, but very close to it.

  • Ideagen +46%
  • Vast Resources +44%
  • Ncondezi Energy +33%
  • Amur Minerals -38%
  • Tower Resources -30%

Ideagen [LON:IDEA] topped the board today, advancing 46% after the company noted that a bidding war may be underway, with a second suitor now having been granted access to undertake due diligence. This comes just days after Cinven backed away from making an offer, but the scale of the uptick is certainly notable, propelling the stock to fresh all time highs.

Vast Resources LON:VAST also made it onto the radar again, posting gains of 44% on Monday. That means the stock has now increased in value around six fold over the last 10 days or so, following refinancing and corporate updates. There’s nothing to pin today’s gains on, however.

A notable mention for Ncondezi Energy LON:NCCL who tacked on 33%, having advised the market that there was potential for a grid scale solar plus battery storage power project at its site in Mozambique. The move is seen as unlocking significant added value for shareholders without compromising delivery of the main project. This stock has seen false starts in the past, however, so sustaining the gains will be key.

Amur Minerals LON:AMC was the day’s laggard, off 38% at the close. This morning the company disclosed it planned to dispose of its Kun Manie project for US$105m – significantly more than the company’s market cap was this morning. It is however at the low end of fair value assessments and leaves the company as a cash shell with six months to complete a RTO or face delisting, however the protracted payment terms appear to be rattling investor confidence.

Tower Resources LON:TRP also struggled, falling 30% by the bell. The company issued an update on its Cameroon drilling ambitions today and whilst there was a positive lilt in here, investors were perhaps expecting to learn of more concrete progress. This reversed the gains seen at the end of last week.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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