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Small Cap Stocks: Sondrel, IQGEO, EKF Diagnostic, Petrel, genedrive


Despite the employment data hinting that the BoE might make that long awaited rate cut, the AIM All Share index made a slow start to the morning although gains accelerated during the early afternoon. By copy time just after 2pm the market was more than 2 points higher at 789.05.

  • Sondrel +58%
  • IQGEO +16%
  • EKF Diagnostic +11%
  • Petrel Resources -24%
  • genedrive -22%

Sondrel Holdings [LON:SND] added 58% to top the board following news of a premium subscription which raised £5.6m at 10p per share, well ahead of the current price. This does leave the subscribing party with a close on 50% stake in Sondrel however, so bid speculation could be supporting here.

IQGEO [ON:IQG] was 16% ahead following news that KKR owned Geologist Bidco had tabled an all cash offer for the company at 480p per share. Today’s move takes the stock to 470p.

Petrel Resources LON:PET was the biggest diver at copy time, off some 24%, extending yesterday’s losses and pushing the stock back to levels not seen in a month after last week’s unexplained gains.

Genedrive LON:GDR also struggled, sliding 22% in the wake of placing news, extending a recent institutional round to existing shareholders. This is necessary to allow the company to extend the current limited cash runway it has at its disposal. The clock is ticking here with a deadline of late next month now looming.

EKF Diagnostics LON:EKF gets the notable mention, up 11%. The company issued a trading statement ahead of today’s AGM. Critically Q1 EBITDA was 20% up on the comparative, helped along by cost savings and a focus on more profitable lines.

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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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