Shares in AssetCo (AIM:ASTO) PLC, the new acquisitive vehicle of former Aberdeen AM boss Martin Gilbert, have continued to tumble after the announcement of a heavily discounted £25mln placing.

The shares were placed yesterday at 1,450p, a 29% discount to the closing price on Wednesday.

Gilbert, and other directors Peter McKellar and Mark Butcher, all subscribed for shares in the issue, with major shareholders Harwood Capital Management and Toscafund also subscribing for chunky amounts.

Elsewhere, newcomer GENinCode PLC (AIM:GENI) has not enjoyed the smoothest of times since listing yesterday after raising £17mln in an IPO priced at 44p per share.

The shares have slipped to 38.5p today for no apparent reason.

It looks an interesting company, having developed a quick and easy genetic test for cardiovascular disease (CVD), the world’s biggest killer with 18mln deaths a year.

Through a simple blood or saliva sample, its SITAB system uses artificial intelligence to analyse a patient’s medical information and genetic variants of the disease to determine a genetic score that is then used for the assessment of a patient’s cardiovascular risk.

It reports results directly via a web portal to healthcare practitioners, cardiologists and physicians, in a user-friendly, digestible format.

10.13am: SIMEC Atlantis soars as things stabilise at its major shareholder

SIMEC Atlantis Energy Limited, up 48% at 6.20p was London’s top riser on Friday morning after positive developments with its major shareholder.

The global sustainable energy generation company and technology developer said the GFG Alliance, of which SIMEC UK Energy Holdings (SUEH) is a member, has confirmed to the company that the receiver’s appointment to SUEH has ceased and the GFG Alliance is back in control of its stake in SIMEC Atlantis, which is understood to be around 41% of the company.

SIMEC Atlantis understands that this matter is now resolved and looks forward to a more stable relationship with its major shareholder.

Ultra Electronics (LSE:ULE) Holdings PLC jumped by a third to 3,288p after it received a takeover approach.

The company confirmed it received a non-binding takeover approach from aerospace group Cobham Limited on July 21, valuing the company at just under £2.6bn.

The defence and security engineering group said Cobham is offering shareholders 3,500p per share in cash, adding investors will also be entitled to an interim dividend of 16.2p per share which was announced by Ultra on July 19.