Quadrise PLC (AIM:QED) share soared 77% higher this week as a pivotal and hotly anticipated partnership deal with global shipping firms was announced on Tuesday.
Quadrise, which is developing sustainable fuels for the shipping industry, signed the fuel trial agreement with global shipping giants MSC and Cargill.
Trials are now confirmed to get underway in the first quarter of 2025, with some 1,000 metric tons of the bioSAR and MSAR fuels, created by Quadrise, being used in the first phase.
“We are hugely excited to be partnering with world-leading companies to demonstrate the commercial viability and environmental benefits of our technology and the contribution it can make to decarbonisation of the shipping sector,” said Quadrise’s chief executive Jason Miles.
Subject to results, the agreement envisages a scale-up in the use of the diesel-alternative fuels.
Negotiations for a definitive commercial agreement are anticipated after 4,000 operating hours.
AIM All-Share flounders
The broader AIM All-Share index barely budged throughout the week, entering Friday less than a point lower at 731.64, while the FTSE 100 blue-chip index also saw little action.
Markets took a brief battering on Tuesday after Trump doubled down on his strict tariff plan.
A social media post by president-elect Donald Trump warned of 25% tariffs on all goods from Mexico and Canada once he took power.
Trump also singalled 10% tariffs on Chinese goods, with European markets dropping across the board on fears the measure could stretch elsewhere.
More risers and fallers
Scholium Group Plc (AIM:SCHO) this week joined a string of firms eyeing the exit door from London, mounting further pressure on its status as a top listing destination.
Citing cost overheads, the Shapero Rare Books shop owner said at least £75,000 could be saved a year by cancelling its AIM listing.
Scholium also argued its shares had been victim of undervaluation, a well-flagged point among London-listed firms in recent times, “significantly” hampering hopes of acquisitions.
Despite a backdrop of policymakers mulling measures to boost London’s attractiveness to firms, promises came too late for Scholium, which fell nearly 24% over the week.
Scholium's delisting is indicative of the junior end of the London market as a whole, where the number of companies on AIM slipped below 700 for the first time since 2001 earlier this year.
Both Argent BioPharma Ltd (LSE:MXC, OTC:RGTLF, ASX:RGT) and Webis Holdings (AIM:WEB) PLC also singalled exits over the week, placing hopes on better fortunes overseas.
Argent, which pointed to cost benefits too, said attention would now be on its Australian and US listings in another blow to London, sending shares down 42% for the week.
Gaming firm Webis soared over 122% in the meantime, having followed suit in seeking out better growth across the Atlantic.
Further up the scale, AIM-listed hospitality group Loungers PLC (AIM:LGRS) rallied 40% after agreeing to be taken over by private equity firm Fortress Investment Group at 310p per share.
The cash offer, which represented a 30% premium to Wednesday’s closing price, valuing the company’s shares at £338 million and the enterprise at £350.5 million.
Gold minnow Oracle Power PLC (AIM:ORCP) tripled in value after publishing Oracle Power plc the final batch of assay results from a recent drilling programme.
"The Northern Zone Project (in Western Australia) continues to indicate significant gold intercepts and grow the footprint, and demonstrating high grades at relatively shallow depths over good widths within the overall 600m wide porphyry,” said Oracle’s chief executive Naheed Memon.
Mkango Resources unleashed a swathe of operational updates that prompted a 45% rally on the Canada-based mineral explorer and developer’s shares.
Among the updates was a feasibility study on its subsidiary HyProMag’s rare earth magnet recycling and manufacturing operation in the US. "This is a major milestone for HyProMag, further validating the HPMS technology and opportunity to roll-out into the United States,” said Mkango’s chief executive Will Dawes.
Shares in James Latham (AIM:LTHM) fell 16% on Thursday after the timber specialist reported a fall in first-half profits and warned of "slightly lower" full-year results as an expected improvement in the market in the second half has not yet materialised.
HeLIX Exploration fell off 23% after testing a secondary target in its Clink-1 fell short of expectations.
"While not the results we were hoping for… there is significant opportunity within the Ingomar project from the Charles formation, where acidisation and appraisal is due to commence, and our primary target in the Flathead formation which has supported the case for the Ingomar Dome with the presence of 2.5% helium and 55% hydrogen,” chief executive Bo Sears said in a statement.