Leadership suspensions and a boardroom departure triggered sharp sell-offs at two market minnows this week, with interim management of both businesses left with the tricky task of restoring investor confidence.
Phoenix Copper Ltd (AIM:PXC, OTCQX:PXCLF, FRA:5HR) has lost almost half its market value following the suspension of chair Marcus Edwards-Jones and chief financial officer Richard Wilkins.
The company's market capitalisation dropped below £500,000 as the board launched a formal review into allegations concerning their recent conduct and historic payments to a former corporate finance adviser.
The board has brought in external advisers to support the investigation, with audit committee chair Catherine Evans and chief executive Ryan McDermott now overseeing financial matters. The company secretary role has been outsourced while the inquiry continues.
Funding worries
But Phoenix faces a more immediate problem beyond reputational damage. Without fresh funding, existing cash reserves will only cover obligations until early in the second quarter of 2026.
Management confirmed talks are ongoing with Riverfort Global Opportunities PCC Limited over a short-term loan facility.
SkinBioTherapeutics PLC (AIM:SBTX, FRA:5KW) saw its shares drop 31% after chief executive Stuart Ashman resigned following his suspension pending a conduct investigation.
Non-executive chair Martin Hunt has taken on executive responsibilities on a temporary basis while the board searches for both interim and permanent replacements.
Modest rebound
The broader AIM All Share index recovered some ground after last week's sell-off, advancing 0.6% to 812.62 and outpacing the FTSE 100's 0.5% gain over the same period.
Among the week's other losers, Faron Pharma suffered a brutal 60% drop after unveiling plans to raise €40 million.
The reaction appears disproportionate given the drug developer intends to use the new investment to advance its blood cancer treatment bexmarilimab into later-stage clinical trials, a necessary step that could deliver long-term returns.
Orosur Mining Inc (AIM:OMI, TSX-V:OMI) fell 33% despite announcing what appeared to be positive news.
The company revealed its resource estimate for the Pepas discovery in Colombia, outlining 201,000 ounces of contained gold in the Indicated category as it shifts from drilling to studies and permitting.
Profit-taking
The sell-off likely reflects profit-taking among more speculative shareholders after a 91% rise over the past 12 months.
Turning to the week's winners, Sunda Energy PLC (AIM:SNDA) surged 61% after securing access to up to £1.5 million in funding, easing immediate cash pressures while it advances a proposed acquisition.
The financing will support near-term working capital as the company progresses the transaction. Management is also reviewing next steps across its gas portfolio in Timor-Leste and the Philippines, where development timelines and capital commitments remain under assessment.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF, FRA:9K3) jumped 50% after announcing that operations at the Pinon Canyon Plant in Colorado would begin integrated processing next week. The company holds a half share of the Galactica-Pegasus helium development project.
Operator Blue Star Helium confirmed the amine unit, which removes carbon dioxide from the input gas stream, is now operational and forms part of the processing train.
Confidence boost
hVIVO PLC (AIM:HVO) rose 43% after ILiAD Biotechnologies secured $115 million in Series B financing, strengthening expectations that a letter of intent signed in January could convert into a full contract.
Stifel noted in a flash research note that the fundraising clears a significant hurdle that had prevented hVIVO from converting the letter of intent to run a pivotal phase three human challenge trial for ILiAD's intranasal pertussis vaccine.
The broker estimates the potential contract could be worth approximately £15 million and pointed out that hVIVO's £40 million order book does not yet include the ILiAD agreement.
Finally, Peel Hunt struck an upbeat tone on accesso Technology Group after the leisure technology specialist broadened its partnership with Dutch payments provider Adyen.
For the first time, accesso will act as a payments facilitator, allowing it to bundle software and payments into a single integrated offering across its platform.
Integrated payment
Previously, accesso only partnered with Adyen when larger venue clients selected it as their merchant services provider, requiring customers to arrange their own merchant accounts and slowing deployments.
By white-labelling Adyen's technology and embedding it directly, accesso can streamline implementations and maintain greater control over customer relationships. Peel Hunt added that the company's substantial transaction volumes have helped secure competitive terms, potentially supporting more aggressive pricing and future product development.