London’s AIM Index has made a little headway, but this morning’s downbeat economic data has done little to provide meaningful support as the market still isn’t buying into the idea of rate cuts any time soon. At 4.30pm the all share was up less than one point at 724.64.
- Impellam Group +38%
- Eurasia Mining +30%
- Power Metal Resources +22%
- Versarien -22%
- Tandem Group -19%
Impellam Group LON:IPEL topped the board, adding 38% on the day. Management have agreed terms of a buy out, at what is calculated to be a 67% premium to last night’s closing price. It’s a slightly complicated deal but there could still be upside left here and the stock did close on an 11% spread.
Eurasia Mining LON:EUA was in second place, up 30%. There’s no formal news out but a long running tax dispute could be nearing a positive resolution for the miner.
Power metal Resources LON:POW gets the notable mention, up 22% on the day. The company issued an update on the disposal of Canadian uranium assets with some divisions having been spun out into a stand alone unit that is now heading towards IPO.
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Versarien LON:VRS was the worst performer, off 22% on the day. There’s no news but the company did undertake a funding round just over a month ago noting that cash remained tight. It’s attempting to sell down some assets – has this play hit a roadblock? It’s worth noting however that trade was limited and the fall was eclipsed by the spread.
Tandem Group LON:TND was in second to last place following the publication of a trading update earlier. This highlighted that pre-tax losses for the year are now expected to be between £0.9m and £1.3m, somewhat worse than the break even scenario highlighted in September. Management are however optimistic about the outlook, the stock position and the balance sheet.
