1st Nov 2024 10:58
(Alliance News) - The following stocks are the leading risers and fallers on AIM on Friday.
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AIM - WINNERS
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Emmerson PLC, up 86% at 0.77 pence, 12-month range 0.20p-3.50p. It has entered into a formal investment dispute with the Moroccan government, with the intention to escalate to arbitration if discussions are unsuccessful. The potash mine developer says the dispute arose from "various breaches" to the bilateral investment treaty signed in 1990 between the UK and Morocco for the promotion and protection of investments, which came into force in 2002. The treaty allows Emmerson to submit the dispute for settlement by arbitration to the International Centre for the Settlement of Investment Disputes. However, as a show of "good faith", Emmerson has first invited the Moroccan government to discuss potential cash compensation. If discussions are unsuccessful, Emmerson will submit a claim for arbitration, including for damages incurred from the treat breaches, plus interest, costs and other relief deemed appropriate by the tribunal. The company has engaged Boies Schiller Flexner LLP as its litigation counsel.
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Ondine Biomedical Inc, up 8.8% at 9.11 pence, 12-month range 5.00p-13.00p. The Vancouver, Canada-based life sciences company, specialising in light-activated antimicrobial therapies, is looking to raise a minimum of GBP8.5 million from new and existing shareholders through a placing and subscription. The new shares will be issued at a price of 8.5 pence a share, representing a 1.5% premium to Thursday's closing price of 8.38p. The funds will primarily be used to sufficiently capitalise the business to conduct its US phase 3 clinical study of its nasal photodisinfection system, Steriwave.
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AIM - LOSERS
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Deltic Energy PLC, down 7.1% at 6.22p, 12-month range 3.50p-44.00p. The stock extends its decline after a 14% fall on Thursday. The investor in offshore oil & gas assets in the UK on Thursday updated on recent drilling at the Selene prospect in the North Sea. The 48/8b-3Z well reached its total depth of 3,540 metres and proved a 160 metre thick section of leman sandstone. "The top of the Leman Sandstone was encountered approximately 70 metres deep to prognosis with elevated mud gas readings, confirming the presence of gas," Deltic added. However, it forecast ultimate recoverable resources are at the lower end of pre-drill estimates.
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By Eric Cunha, Alliance News news editor
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