Sep 25, 2023

Companies About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology.Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical writing. Other jobs have... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. 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Published: 11:16 23 Sep 2023 Catch up on what went down on the junior market this week This week we saw Cybersecurity small-cap Brandshield Systems plc announce its delisting from the London Stock Exchange. Hardly a shocker, given that the rate of AIM delistings shows no sign of slowing down as the fourth quarter rears its head. The wrinkle to Brandshield’s move, though, was the concurrent £2.68 million share subscription to a handful of investors, one of which was former Tesco boss Sir Terence Leahy no less. Leahy, who has been invested in Brandshield for at least 12 months, stumped up £403,000 in the subscription. Evidently, he has every trust in the management shoring the company’s finances up in the private sphere. “The directors believe that the delisting will assist in improving margins further and allow the executive to focus on operational excellence without the additional legal and regulatory burdens imposed through our current listed status,” so went Brandshield’s mission statement. There was also a £2.2 million open offer at 5.68p a pop, not that retail investors are likely to bite. Shares fell 28% to 2.88p pursuant to the delisting news. Topsy-turvy markets turned by rate pauses The markets got kicked around left right and centre this week, ping-ponged by Wednesday’s interest rate call from the Federal Reserve then the Bank of England ’s call on Thursday. Both central banks put a moratorium on hikes (to the surprise of some when it came to the BoE). Yet both announcements could also be summed up at hawkish pauses, in that neither went as far as taking future hikes off the table completely. The AIM All-Share Index had conceded nearly a percentage point until the Fed pause lent buoyancy to the market, only to get tossed down to weekly lows on Thursday. All in all, the junior market closed the week 0.8% lower at 739.65. The FTSE 100 blue-chip index was similarly volatile, though fared better in the end by closing flat at 7,717. Corcel chairman goes all in Corcel PLC (LSE:CRCL) generated a lot of interest this week. Extraction srl, an investment group majority owned by Corcel chairman Antoine Karam, gifted the Angola-focused mining group a £10 million convertible loan at an 80% premium to the market. Shares have been on a roll since late last week, and are currently 75% higher since last Wednesday’s closing price. Orcadian Energy PLC (AIM:ORCA) led the charge in the energy sector, with shares pumping a stellar 300% after the company announced a preliminary agreement with an unnamed potential operator of its key North Sea asset. The deal, if finalised, would focus on developing the Pilot field, one of the largest untapped areas in the Central North Sea. Chariot Ltd (AIM:CHAR, OTC:OIGLF) was also a top mover in the energy sector. The Africa-focused transitional energy group added 32% following its interim earnings call on Tuesday. Stakeholders were taken with Chariot’s progress at the Anchois gas development project in Morocco, where partnering negotiations are in the final stages, according to management. Other bullish stocks in the heavy industries included Arkle Resources PLC (AIM:ARK) , which jumped 38.5%, ECR Minerals, which jumped 28% after raising £580,000 in a direct subscription, and Premier African Minerals Ltd (AIM:PREM) , which added 24% after a promising update to its Zulu Lithium and Tantalum Project. Rotala steers to the top of the movers list Switching gears, metaphorically and literally, bus transportation firm Rotala PLC (AIM:ROL) rumbled to the top of the movers list after announcing it has received a bid approach from a management-led team which would value the company at around £19.4 million. Rotala shares jumped 40% to 59p as a result. In the biotechnology space, Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF) had a bumper week after adding over 63% to its share price. Scancell got the attention of City brokers, particularly Stifel, after posting expectation-busting initial results from the phase II SCOPE trial in advanced melanoma. Discussing the vaccine trial results, which were released on Tuesday, Stifel analysts backed the AIM-listed biopharmaceutical company with a buy rating. Lastly, restaurant operator Comptoir Group PLC (AIM:COM) ’s 20% share price fall on Friday underscored the headwinds facing the hospitality sector right now. “Trading continues to be impacted by significant events outside of our direct control,” non-executive chair Beatrice Lafon said in the group’s interims, “such as the ongoing public transport industrial action which now enters a second year… We have also had a relatively poor summer in terms of terrace weather”. Lafon also pointed to macroeconomic pressures, including high inflation and the ending of government support with business rates and value-added tax.