The FTSE AIM All-Share Index has a positive weekly trading session, ending the five-day period 2.25% higher at 886.88p, despite a few notable surprises among the constituents.
Professional services group RBG Holdings PLC (AIM:RBGP) fell 11% in the junior market on Tuesday following its latest trading update and the departure of chief executive Nicola Foulston.
Giving its reasons for her ousting, the company told the stock exchange via RNS that the board had lost confidence in Foulston as a result of cultural concerns and the execution of strategy.
It comes as RBG Holdings has upped its presence in the legal sector in recent years through the acquisition of Memery Crystal, a tier-one ranked London firm for commercial litigation, according to the Legal 500.
Under Foulston’s leadership, the business floated in 2018 when it was called Rosenblatt Group before changing its name to RBG Holdings following the acquisition of corporate finance boutique Convex Capital in 2019.
RBG’s share price has fallen significantly in the past few years, down some 70% since its July 2021 peak.
The firm is now seeking to restructure, slimming down its array of subsidiaries through the planned disposal of the litigation-funding business Lionfish.
“We are working to reduce our exposure to the ongoing funding commitments of LionFish in a way that benefits shareholders and this will free up capital and management resources to focus on the significant opportunities we see to grow our core businesses.”
Group head of business services Mark Foulston did not provide further details on the board reshuffle upon request.
Elsewhere, Morses Club PLC (AIM:MCL) fell 40% to 0.47p on Friday confirmation that the sub-prime lender will cease public trading on February 10 and re-register as a private limited company.
Sopheon PLC (AIM:SPE) saw more than 10% added to its share price at the start of the week in a mark of confidence for the software company’s latest trading update.
Revenues for the year ended December 31, 2022, are expected to be in line with market expectations at around US$36.5mln (£29.4mln), Sopheon said.
In the heavy industries segment, Pathfinder Minerals (AIM:PFP) plc shares soared an impressive 60% higher on Wednesday after the natural resources company announced that Acumen Advisory (AAG) has exercised its exclusive option to acquire Pathfinder’s subsidiary, IM Minerals.
On execution of the agreement, Pathfinder will receive £2mln from AAG, which will proceed to launch legal action against the government of Mozambique.
AAG has a binding commitment to commence legal proceedings against the government of Mozambique for the expropriation of mining rights. The group confirmed that it has secured at least US$15mln to pursue the claim.
Orcadian Energy PLC (AIM:ORCA) shares fell 30% after a heavily discounted placing to raise £500,000 at 10p.
Shares in Petro Matad Limited (AIM:MATD, OTC:PRTDF) similarly sank over 35% on Friday as it raised US$6.5mln in an equity funding.
Alaska and Texas focussed junior 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) also put A$15mln (£8.7mln) of funds in the bank, also with a capital raise.