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AIM WINNERS & LOSERS: Orchard Funding dives on UK FCA review

2nd Feb 2024 10:18

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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AIM - WINNERS

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Dewhurst Group PLC, up 13% at 849.00 pence, 12-month range 700.00-1,372.79. The supplier of components to the lift, transport and keypad industries begins share buyback programme for up to GBP2.5 million. The buyback starts Friday and will end no later than March 31, or when the maximum value of the programme has been reached. Dewhurst will reconfirm the details of the programme at its annual general meeting on February 20.

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MC Mining Ltd, up 5.7% at 7.00p, 12-month range 6.30p-17.30p. Goldway Capital Investments Ltd on Friday says it made a takeover offer for the coal miner. Goldway, which is a special purpose vehicle incorporated in Hong Kong, says that "the costs of remaining listed far outweigh the benefits for MCM shareholders." Goldway says the offer values MC Mining's capital at around AUD65.3 million, or GBP33.8 million, and ZAR803 million in rand terms. It has an enterprise value of around AUD75.5 million. The offer is at 16 Australian cents per share, worth around 8.27 pence or ZAR1.97 and a premium to the closing price of 13 Australian cents of MCM's closing price on Thursday.

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AIM - LOSERS

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Orchard Funding Group PLC, down 27% at 24.00p, 12-month range 21.55p-48.80p. The professional fee funding provider says it expects a material adverse impact from insurers withdrawing products from the guaranteed asset protection market. It says the withdrawals follow a conclusion of a UK Financial Conduct Authority review. At the end of last month, the FCA told several UK insurers to stop issuing new GAP products after an investigation into the specialist market. "GAP insurance is sold as an add-on to motor insurance, covering the difference between a vehicle's purchase price and its current market value," it says. Over 20% of Orchard Funding's assets finance GAP insurance products, therefore the withdrawal of these insurance products is likely to have a material adverse impact on its financial results over the current financial year.

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By Sophie Rose, Alliance News senior reporter

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Copyright 2024 Alliance News Ltd. All Rights Reserved.

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