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AIM MOVERS OF TUESDAY 22 SEPTEMBER 2020

15:42, 22nd September 2020
Francesca Morgan
Market Report
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Iofina (AIM:IOF) shares rose 19.23% to 16.13p after securing debt facility

The iodine and specialty chemical products specialist has entered into a new loan agreement with First Financial Bank, a Cincinnati-headquartered, US regional bank.

The facility will provide Iofina with debt capital of up to $18m, with the proceeds to be used to pay off existing debt and to provide working capital for the Group. The company added that a total amount of $13m was available and drawn on closing of this arrangement. 

Iofina told investors that the facility will be fully secured against the assets of the Group.

Commenting on the debt facility, President and CEO of Iofina Dr. Tom Becker, said:

“With the Company's balance sheet significantly strengthened by the 7-year term loan in place coupled with the revolving line of credit for future growth, Iofina is focused on operational developments and expanding its production and chemicals product portfolio."

Sigma Capital Group (AIM:SGM) shares jumped 16.84% to 114.5p following JV

The residential development specialist and urban regeneration specialist launched a £1bn joint venture with EQT Real Estate, the real estate platform of global investment firm EQT.

The two companies will deliver high quality, new-build homes for private rental in Greater London.

The joint venture is being supported by Homes England, the housing agency of the UK Government, and is targeting the establishment of an initial portfolio of around 3,000 homes with a value in excess of £1 billion.

Under the terms of the agreement, both EQT Real Estate and Sigma have initially committed equity of £300 million and £16 million, respectively, to the joint venture.

Sigma said the joint venture will acquire five sites from Countryside Properties and include locations in Ealing, Enfield and Havering. In addition, two further sites currently under development by Sigma Capital, in Barking and Havering, will be acquired by the joint venture on completion.

Power Metal Resources (AIM:POWE) shares increased 9.3% to 1.175p on back of assay results

The AIM-listed metals exploration and development company released assay results from a due diligence sampling programme at the Silver Peak project in British Columbia, Canada.

The project includes the Eureka-Victoria Silver Mine, the first Crown-granted mineral property in British Columbia. 

Ten channel sample and one grab sample assay results were received from ALS Canada labs with the sampling indicating bonanza grades of silver with significant copper and lead.

Paul Johnson, CEO of Power Metal Resources, said the results reinforce and confirm the historical reported assays and underpin its decision to progress with the project earn-in. 

He added, “With preparations currently being made on site to further upgrade access for equipment, we look forward to providing details of the follow-on programme plans at Silver Peak shortly."

Riverfort Global Opportunities (AIM:RGO) shares rose 12.88% higher to 0.92p with 'excellent' half-year report

The AIM-listed investment group has hailed “excellent” half-year results after substantially increasing investment activity despite the uncertainty as a result of COVID-19.

The group described the six-month period to 30 June 2020 as “very busy” as it focused on recovering cash from investments to reduce risk within its investment portfolio.  

During the period, RiverFort generated investment income of £0.77m from its investment portfolio, with this level of profit underpinned by strong cash generation from operations. 

RiverFort generated substantial cash from cash recovery exercises and several investment returns, leaving the group with a significant cash balance of £3.3m for further investment. 

With regard to looking forward, Mr Haydn added, “The Company is continuing to actively deploy its investment capital and is seeing a number of interesting investment opportunities where it can deploy its investment funds in order to make attractive returns.  
 
We are very confident that the Company will continue to make good progress as we move into the second half of the year.” 

Symphony Environmental Technologies (LON:SYM) shares ticked up 3.64% to 28.5p after securing new partnership 

The global specialist in technologies that "make plastic smarter" said the Brazilian supermarket chain Cotripal has launched a new range of shopping bags using its technology.

The carrier bags contain both Symphony’s d2w (biodegradable) and d2p (antimicrobial) additives and will be made by Plastifilme which has been working with d2w since 2004. 

Testing of d2p samples by UNICAMP University in Brazil according to ISO 21702 found a virus reduction of 99.9% in only one hour, which it said will be a vital factor with COVID-19.

d2p was proved effective against bacteria and fungi, which it said is important since most carrier bags are not disinfected and are left in a car where microbes can multiply quickly.

The company told investors that since the antimicrobial properties are embedded in the plastic, ‘they will never wear off - unlike spraying, wiping, or coating.’

Commenting on the new partnership, Michael Laurier, CEO of Symphony, said:

"We are delighted to continue our long standing and valued relationship with Cotripal and Plastifilme, and hope that other, environmentally and socially responsible companies around the world will follow Cotripal's lead in protecting their customers and the environment alike."

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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