AIM WINNERS & LOSERS: Velocys flying high on IAG sustainable fuel deal

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

Alliance News 10 November, 2021 | 11:24AM
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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.

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AIM - WINNERS

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Velocys PLC, up 30% at 8.10 pence, 12-month range 3.78p-11.85p. The fuels technology company signs a preliminary agreement with International Consolidated Airlines Group SA for sustainable aviation fuel to be produced at its Bayou Fuels biorefinery project in Mississippi. Velocys enters into a memorandum of understanding with the British Airways and Iberia owner for the purchase of an expected 73 million gallons over 10 years. Also enters into its first offtake agreement for the sustainable aviation fuel from the project with US carrier Southwest Airlines.

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Emmerson PLC, up 13% at 6.41p, 12-month range 4.27p-8.50p. The project developer secures investment of up to USD46.8 million for Khemisset potash project development in Morocco. The primary investor is Global Sustainable Minerals Ltd, a Singapore-based investment vehicle backed by a "significant" south-east Asian investor, it adds.

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ADVFN PLC, up 8.4% at 77.50p, 12-month range 10.00p-87.04p. The financial information website says strong revenue growth helped it to swing to profit, and it decides to start dividend payments. Swings to pretax profit of GBP1.6 million for the financial year that ended on June 30 on revenue of GBP9.1 million, up from GBP7.1 million year-on-year. A year ago, it recorded a loss of GBP349,000. ADVFN will pay a maiden dividend of 1.5 pence per share.

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AIM - LOSERS

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Bowleven PLC, down 33% at 2.70p, 12-month range 2.25p-9.00p. The Africa-focused oil and gas exploration firm warns that costs to develop its offshore Cameroon Etinde project could be higher than expected. Bowleven says its joint venture partners have concluded that the project provided a rate of return on investment that was too low for the given level of risk. In addition, Bowleven annual loss for year to June 30, narrows to USD2.0 million from USD2.6 million.

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By Arvind Bhunjun; arvindbhunjun@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Bowleven PLC 3.00 GBX 0.00 -
Emmerson PLC 6.34 GBX -3.94 -
ADVFN PLC 79.00 GBX 0.00 -
Velocys PLC 7.30 GBX 0.00 -

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