Upstream Share Discussion Threads

[master rsi] 26/4/2024 08:32

FTSE#

On the up with 45 points

[apotheki] 26/4/2024 08:23

RECOMMENDED CASH ACQUISITION

of

Darktrace plc

by

Luke Bidco Limited

(a newly-formed company indirectly wholly-owned by funds managed and/or advised by Thoma Bravo, L.P.)

to be implemented by means of a scheme of arrangement
under Part 26 of the Companies Act 2006



Summary

· The boards of directors of Luke Bidco Limited ("Bidco") and Darktrace plc ("Darktrace") are pleased to announce that they have reached agreement on the terms and conditions of a recommended all cash acquisition by Bidco of the entire issued, and to be issued, ordinary share capital of Darktrace. It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the 2006 Act.

· Under the terms of the Acquisition, each Darktrace Shareholder will be entitled to receive:

for each Darktrace Share: $7.75 in cash

· The GBP equivalent value of the Acquisition price per Darktrace Share based on the Announcement Exchange Rate, being 620 pence, represents a premium of approximately:

[apotheki] 26/4/2024 08:21

Empire Metals Limited / LON: EEE / Sector: Natural Resources

Stavely Project Update

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, announces that, in line with the Company's strategy to accelerate the development of the Pitfield Titanium Project ('Pitfield') in Western Australia, management has undertaken an assessment of the Company's non-core assets and as a consequence decided not to extend the completion date for the acquisition of the Stavely Project, located in Victoria, which expired on 6 April 2024, and as a consequence the acquisition has been terminated.

Shaun Bunn, Managing Director, said: "Given the focus on the rapid advancement of Pitfield, the Company considers it prudent to rationalise its exploration portfolio and has decided not to proceed with the acquisition of the Stavely Project. The Board no longer believes that this is a core project for Empire and by rationalising the Company's portfolio, the Board can apply all of the Company's energy and resources on Pitfield as it targets a maiden resource in 2024, and the construction of a demonstration plant in the following year.

"I look forward to providing an update on our Development Plan for Pitfield, particularly on the establishment of an Exploration Target over two key prospect areas, an important outcome from our recent drilling campaign. This, and the next phase of mineralogical and metallurgical studies, will provide a much clearer picture of the potential value of the giant, titanium rich mineralised system."

[master rsi] 25/4/2024 23:43

US close: Rising yields hit stocks as inflation proves sticky in Q1
US stocks fell sharply on Thursday after data confirmed the stickiness of inflation in the first quarter despite a drop in economic growth which pushed bond yields to their highest in six months.

Despite paring losses by the close, the Dow still finished down 0.98%,
while the S&P 500 fell 0.46%
and the Nasdaq dropped 0.64%,
as investors continued to digest a barrage of corporate earnings from some heavyweight names.

US GDP growth slowed by more than anticipated in the first quarter, the Department of Commerce reported on Thursday, yet price pressures unexpectedly picked up.

Annual GDP growth slowed to just 1.6% from 3.4% in the fourth quarter and well below the 2.5% consensus forecast. However, the closely watched core PCE deflator surged from 2.0% to 3.7% - nearly double the rate seen in each of the preceding two quarters.

"This combination of slower growth alongside higher prices is worrying. If higher prices persist, the Fed will find it hard to cut rates to support growth," said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.

The yield on a 10-year US Treasury note climbed 6.2 basis points to 4.708% following the figures - its highest level since November.

"We revised our Treasury yield baseline forecasts higher this month in response to solid underlying economic growth and stickier inflation figures. We pushed back the expected timing of the first Federal Reserve rate cut from June to September, and there is a risk that it may need to be pushed back further, lifting short-term Treasury coupon yields," said John Canavan, lead analyst at Oxford Economics.

[master rsi] 25/4/2024 23:25

Index- AIM


INDEX - small CAP

[master rsi] 25/4/2024 23:06

Closing INDEXES

FTSE 100 8,078.86 +38.48 +0.48% FTSE 250 19,601.98 -117.39 -0.60% FTSE All-Share 4,387.94 +13.88 +0.32% DAX 17,923.79 -164.91 -0.91% CAC 40 8,016.65 -75.21 -0.93% Euro Stoxx 50 4,939.65 -50.23 -1.01%S&P 500 5,048.42 -23.21 -0.46% Dow Jones 38,085.80 -375.12 -0.98% Nasdaq 100 17,430.50 -96.30 -0.55%

[master rsi] 25/4/2024 22:25

MARKET REPORT
LONDON MARKET CLOSE: FTSE 100 shakes off red-hot US inflation gauge

(Alliance News) - London's FTSE 100 outperformed on Thursday, enjoying a solid rise on largely well-received corporate earnings and a share price jump for miner Anglo American after it received a takeover bid from peer BHP.

Stocks slumped in New York and elsewhere in Europe, however, after unfavourable US data.

The FTSE 100 index ended up 38.48 points, 0.5%, at 8,078.86. The FTSE 250 ended down 117.39 points, 0.6%, at 19,601.98, and the AIM All-Share ended down 1.57 points, 0.2%, at 753.12.

The Cboe UK 100 ended up 0.5% at 806.44, the Cboe UK 250 closed down 0.7% at 16,943.92, and the Cboe Small Companies ended up 0.8% at 15,446.19.

In European equities on Thursday, the CAC 40 in Paris ended down 0.9%, while the DAX 40 in Frankfurt slipped 1.0%.

In New York, stocks were lower. The Dow Jones Industrial Average was slumped 1.6%, S&P 500 shed 1.2%, and the Nasdaq Composite plunged 1.7%.

Stocks retreated following US gross domestic product data.

US economic growth slowed in the first three months of the year, coming in weaker than expected, though inflation pressure picked up, according to numbers from the Bureau of Economic Analysis.

The BEA said US gross domestic product grew 1.6% quarter-on-quarter on an annualised basis in the three months to March 31. Growth eased from a 3.4% rally in the final three months of 2023.

The latest reading fell short of FXStreet cited consensus, which had predicted a 2.5% climb.

The personal consumption expenditures index grew 3.4% quarter-on-quarter, picking up speed from a 1.8% rise in the final quarter of last year, and further stoking inflation worries.

The growth in the core PCE index picked up to 3.7% on-quarter at the start of the year, accelerating from 2.0% in the final three months of 2023. The core PCE reading excludes food and energy, and it is the Federal Reserve's preferred inflationary gauge.

"The market impact of this report has weighed on equities," XTB analyst Kathleen Brooks commented.

"The Fed's preferred measure of inflation, the core PCE, rose to its highest level since June 2023, and has eroded the gains made in recent quarters back towards the Fed's 2% target."

Brooks added: "Friday's core PCE report for March is likely to be higher than the 2.6% expected, which could also erode market sentiment. American exceptionalism had been focused in growth in recent months, however, now that it looks like growth is slowing, America looks exceptional at generating inflation, which is likely to cause a headache for the Fed ahead of its meeting next week."

The pound was quoted at USD1.2490 late Thursday in London, up compared to USD1.2432 at the equities close on Wednesday, though it had trade above USD1.25 before the US data. The euro stood at USD1.0713, higher against USD1.0687 a day earlier. Against the yen, the dollar was trading at JPY155.52, up compared to JPY155.06.

Friday's economic calendar has the monthly US PCE reading for March at 1330 BST, before the US Michigan consumer sentiment index at 1500. In the early hours, the Bank of Japan announces its latest interest rate decision.

The BoJ decides on rates amid a lingering backdrop of yen weakness. The dollar rose as high as JPY155.74 on Thursday.

Rabobank analysts commented: "As we have argued before, foreign exchange intervention is unlikely to turn a currency pair around until the fundamental picture is in the process of changing. This implies that the JPY is likely to be on the back foot versus the USD until it is clear that Fed rates are about to turn lower, which could be some months away. That said, a hawkish policy statement from the BoJ tomorrow could lend the JPY support."

In London, Anglo American jumped 16% after it received a takeover tilt from mining peer BHP. The deal would value Anglo at around GBP31 billion.

BHP ended 2.2% lower.

The deal would include Anglo American splitting off Johannesburg-listed divisions Anglo American Platinum and Kumba Iron Ore.

Analysts at Berenberg commented: "Overall, we can see the sense in the deal for the copper assets, but BHP is potentially buying a group of assets that need some care and attention, which, in our view, offer limited upside at this point. Current valuation multiples would also imply a slightly dilutive deal for BHP. It would also have to assume a net debt position of USD10.6 billion, which would increase post-closing of deal, we think, as both Kumba and Anglo Platinum, which are consolidated, are net cash. Overall, we expect Anglo to push for a higher premium."

Also supporting the FTSE 100, Barclays rose 6.7%, AstraZeneca added 5.9% and Unilever shot up 5.7%, as earnings from the trio impressed.

Barclays said first-quarter pretax profit fell to GBP2.28 billion from GBP2.60 billion a year prior, though the lender beat consensus.

Pharma firm Astra reported pretax profit jumped 24% in the first three months of 2024 to USD2.80 billion from USD2.26 billion a year prior.

Consumer goods firm Unilever said sales in the first three months of the year rose 1.4% to EUR14.96 billion, raising hope that Chief Executive Hein Schumacher is racing ahead with the firm's turnaround.

"There are signs of life in Unilever's recovery under Hein Schumacher with the business benefiting from strong trading in its beauty brand and across its 30 leading 'power brands' where its resources are set to be focused," AJ Bell analyst Russ Mould commented.

"Despite coming in ahead of forecasts in the first quarter, Unilever is leaving its full-year guidance unchanged for now. A dose of conservatism is probably no bad thing, as it leaves scope for Unilever to under-promise and over-deliver," he added.

Elsewhere in London, rail ticketing platform Trainline slumped 12%, while FirstGroup fell 4.1%. FirstGroup operates in the rail space through South Western Railway and Great Western Railway.

The opposition Labour party has pledged to renationalise the UK railways if elected, with the shadow transport secretary saying that "today's broken model simply doesn't work".

A Labour government would expect to transfer the 10 remaining privately run rail networks to public ownership "well within the first term" by folding existing private passenger rail contracts into a new body as they expire, Louise Haigh said at a launch event.

One listing with an exposure to railway whose shares did not hit the buffers was Cordel. Cordel jumped 25% after it said it has won a contract with "a major national railway in the Asia Pacific region".

The company's flagship platform uses artificial intelligence to supply transport corridor analytics. Cordel said the customer has agreed to proceed with a 12-week paid trial of Cordel's forward facing video solution.

Chief Executive John Davis said: "We are delighted to welcome a new major customer, with a 4,000 kilometre rail network which is being reinvigorated by unprecedented government investment, including a digital engineering programme, which utilises the best digital technology to improve network performance, safety and efficiency."

Brent oil was quoted at USD86.48 a barrel late in London on Thursday, down from USD88.12 late Wednesday. Gold was quoted at USD2,331.32 an ounce, higher against USD2,329.42.

Friday's UK corporate diary has quarterly results from lender NatWest, and a trading statement from education products publisher Pearson.

[master rsi] 25/4/2024 22:07

DOW

Some recovery from the large drop earlier but still finishing 375 points lower

[master rsi] 25/4/2024 17:07

How the UPS are performing today

[master rsi] 25/4/2024 16:42

Director dealings: Journeo director raises stake
(Sharecast News) - Journeo revealed on Thursday that non-executive director Barnaby Kent had acquired 9,656 ordinary shares in the AIM-listed transport solutions provider.

Kent, who joined Journeo in March 2023, purchased the shares at an average price of 258.89p each, for a total value of £24,998.42.

Following the transaction, Kent and his persons closely associated beneficially hold 19,019 ordinary Journeo shares, representing approximately 0.12% of the company's issued share capital.

Top Director Buys

Herald Investment Trust (HRI)

Director name: Metcalfe,Christopher

Amount purchased: 3,000 @ 2,076.84p

Value: £62,305.05

Asa International Group (ASAI)

Director name: Kersten,Karin

Amount purchased: 115,941 @ 51.25p

Value: £59,419.76

Journeo (JNEO)

Director name: Kent,Barnaby

Amount purchased: 9,656 @ 258.89p

Value: £24,998.42

Asa International Group (ASAI)

Director name: Kersten,Karin

Amount purchased: 37,021 @ 62.45p

Value: £23,119.61

Marks Electrical Group (MRK)

Director name: Egan,Joshua E T A

Amount purchased: 22,857 @ 70.05p

Value: £16,011.33

Marks Electrical Group (MRK)

Director name: Egan,Joshua E T A

Amount purchased: 17,143 @ 70.05p

Value: £12,008.67



Top Director Sells

Just Eat Takeaway.com N.v. (cdi) (JET)

Director name: Kenny,Andrew

Amount sold: 18,776 @ 13.63

Value: 230,555.75

Marks Electrical Group (MRK)

Director name: Egan,Joshua E T A

Amount sold: 40,000 @ 70.00p

Value: £28,000.00

[master rsi] 25/4/2024 15:39

DOW

Well don with 639 points

[master rsi] 25/4/2024 12:19

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 hits high on offer for Anglo American

(Alliance News) - The FTSE 100 was outperforming European markets at midday on Thursday, with the index boosted to a record high thanks to takeover talks.

Anglo American shares led the charge on Thursday, after it confirmed that it was "reviewing" a takeover bid from its larger Australian rival BHP Group.

The FTSE 100 index was up 54.22 points, 0.7%, at 8,094.60. The FTSE 250 was down 20.05 points, 0.1%, at 19,699.32, and the AIM All-Share was up 0.33 of a point at 755.02.

The Cboe UK 100 was up 0.7% at 808.09, the Cboe UK 250 was down 0.1% at 17,046.05, and the Cboe Small Companies was up 0.7% at 15,423.32.

In European equities on Thursday, the CAC 40 in Paris was down 0.8%, while the DAX 40 in Frankfurt was down 0.9%.

The US economic calendar on Thursday has a gross domestic product reading at 1330 BST. Numbers are expected to show quarter-on-quarter GDP growth eased to 2.5% in the first three months of 2024, from the 3.4% recorded in the final quarter of 2023.

"That would be the slowest quarterly GDP growth rate for three quarters but it would still be in excess of most estimates of trend growth, reinforcing caution among Fed policymakers to cut interest rates," analysts at Lloyds said.

There is also US trade balance data and the weekly initial jobless claims at the same time.

Focus will then move to Friday's personal consumption expenditures index reading for March. The annual rise in the core PCE index, the Fed's preferred gauge, is expected to have eased to 2.6% in March from 2.8% in February.

Chris Turner at ING commented: "Such an outcome would again be too hot for the Fed's disinflation narrative and would keep expectations of the 2024 Fed easing cycle contained."

The pound was quoted at USD1.2521 at midday on Thursday in London, up compared to USD1.2432 at the equities close on Wednesday. The euro stood at USD1.0728, higher against USD1.0687. Against the yen, the dollar was trading at JPY155.65, up compared to JPY155.06.

M&A prospects gave the FTSE 100 a spring in its step, as it hit a record high of 8,102.14 points.

Anglo American rose 11%.

BHP confirmed it has offered to buy mining peer Anglo American in an all-share deal valuing the latter at GBP31.1 billion.

Anglo American earlier on Thursday said it was reviewing a takeover tilt from BHP, which now has until May 22 to make a firm offer for Anglo American.

“The London stock market is shrinking fast as companies are either taken over, switch listing to the US or delist to get out of the public's eye. It's crisis time for the London Stock Exchange as it fights to preserve the integrity of the UK market,” said Dan Coatsworth, investment analyst at AJ Bell.

Unilever rose 5.6%.

The owner of Marmite, Dove soaps and Domestos said sales in the first three months of 2024 rose 1.4% to EUR14.96 billion from EUR14.75 billion a year prior.

Chief Executive Hein Schumacher highlighted "strong performances from Dove, Knorr, Rexona and Sunsilk."

"We are implementing the growth action plan at speed, focused on three clear priorities: delivering higher-quality growth, creating a simpler and more productive business, and embedding a strong performance focus. This is underpinned by our commitment to do fewer things, better and with greater impact."

AstraZeneca was up 5.2%, after it delivered impressive growth in sales and profit in the first quarter.

The Cambridge, UK-based pharmaceuticals manufacturer reported pretax profit jumped 24% in the first three months of 2024 to USD2.80 billion from USD2.26 billion a year prior.

Revenue rose 17% to USD12.68 billion from USD10.88 billion a year earlier.

In the FTSE 250, Inchcape rose 7.7%, as it looks ahead to its future as a pureplay distribution company.

The automotive distributor said revenue rose 5% on a reported basis to GBP2.3 billion in the first quarter of 2024. On an organic basis, the figure edged up 6% and at constant FX rates was 11% higher.

In April, Inchcape announced a deal to sell its UK retail operations of GBP346 million, following a review of strategic options it kicked off earlier this year.

"Our positive start to 2024 reflects the underlying quality of our business and we have confidence in, and we have reiterated, our outlook for the year," Chief Executive Duncan Tait.

Wizz Air rose 5.4%.

The Budapest-based budget airline expects to report net income in the range of EUR350 to EUR370 million for the full year to March 31, in line with guidance.

In a trading update, Wizz Air said total revenue is expected to be in the range of EUR5.05 billion to EUR5.10 billion, reflecting stronger ticket revenue and pricing, partially offset by softer ancillaries in the second half. Full year revenue per available seat is expected to be mid-single digit per cent higher compared to last year, as guided.

Amongst London's small caps, LSL Property Services rose 6.7%.

LSL, which services mortgage intermediaries and franchised estate agencies, swings to a pretax profit of GBP4.9 million in 2023 from a loss of GBP23.8 million a year earlier.

However, revenue fell to GBP144.4 million from GBP217.5 million.

Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.4%, the S&P 500 index down 0.6%, and the Nasdaq Composite down 0.9%.

Brent oil was quoted at USD86.88 a barrel at midday in London on Thursday, down from USD88.12 late Wednesday. Gold was quoted at USD2,325.90 an ounce, lower against USD2,329.42.

[master rsi] 25/4/2024 12:07

How the UPS are performing today

[master rsi] 25/4/2024 11:29

Britain's Sainsbury's targets 10% profit growth

Sainsbury's, Britain's second largest supermarket group, forecast up to 10% growth in retail operating profit in its new financial year, confident that its strategy would help it outperform rivals.

The group, which has a 15.3% share of Britain's grocery market trailing only Tesco, beat company guidance for profit in its 2023/24 year as it won customers from rivals.

In recent years Sainsbury's has matched discounter Aldi's prices on essential items and provided better offers for members of its Nectar loyalty scheme, financed by cutting 1.3 billion pounds ($1.62 billion) of costs over the last three years.

In February it set a new three-year cost savings target and vowed to step-up capital expenditure and boost returns for shareholders.

In the year to March 2 2024 it posted underlying pretax profit of 701 million pounds - ahead of guidance of between 670 million and 700 million pounds and the 690 million pounds made in 2022/23.

"We are confident of delivering strong profit growth in the year ahead. We expect to continue to grow grocery volumes ahead of the market, driving profit leverage," Sainsbury's said, guiding to retail underlying operating profit of between 1.01 billion pounds and 1.06 billion pounds, growth of 5% to 10%.

It said its strong momentum in grocery had continued into the new financial year.

Sainsbury's total sales in 2023/24 were up 3.4% at 36.3 billion pounds, while fourth quarter like-for-like sales, excluding fuel, were up 4.8%, having been up 7.4% in the Christmas quarter.

[master rsi] 25/4/2024 11:01

TPK 735p (22.50 / 3.16%%) / Travis Perkins quarterly revenue falls, continues work on cost savings

(Alliance News) - Travis Perkins PLC on Thursday said revenue fell in the first quarter of 2024, as it said trading remained challenging amid macroeconomic uncertainty continuing to hit demand in the construction sector.

The Northampton, England-based builders' merchant said revenue was down 4.9% in the three months that ended March 31 from a year earlier, and down 3.7% on a like-for-like basis.

Travis Perkins said the General Merchant business continues to gain market share, while Merchanting sales were down 4.4% on trading volumes remaining subdued. "Pricing has largely stabilised but remains lower than prior year, primarily due to the rollover impact of timber deflation, with this trend expected to continue through the first half of the year," the company said.

Revenues at Toolstation UK fell 0.9% on weak repair, maintenance and improvement demand, with Travis Perkins saying the business "remains focused on...driving benefits from recent infrastructure investment".

Looking ahead, Travis Perkins said work continues to address "loss-making activities" within its portfolio and to "access longer-term structural benefits". This follows delivering GBP35 million in cost savings from reducing its regional and central headcount, the company said.

"These will be achieved through the simplification of the group's operating model, reducing supply chain costs and harnessing the benefits from new technology," the company added.

Travis Perkins said it will provide an update on its progress with its half-year results on August 6.

[master rsi] 25/4/2024 10:36

Prices continue upwards trend on Norwegian outages

LONDON, April 25 - Dutch and British wholesale gas prices continued an upwards trend for the second session in a row due to outages in Norway which reduced pipeline gas supply.

The benchmark front-month contract at the Dutch TTF hub was up 0.42 euro at 29.52 euros per megawatt hour (MWh) at 1001 GMT, LSEG data showed.
The Dutch day-ahead contract was up 0.40 euro at 30.20 euros/MWh.

In the British market, the front-month contract was up 1.00 pence at 73.90 pence per therm
"European gas stocks remain very comfortable. But the current net storage withdrawals probably reinforce the market's idea of maintaining a risk premium in prices," analysts at Engie's EnergyScan said.

Thursday's supply flows from Norway towards continental Europe were down by 4 million cubic meters per day (mcm/d) due to maintenance outages starting at Oseberg and Ormen Lange production fields.

In Britain, supply from Norway was down 26 mcm/d from yesterday.
"The weather has started warming up and total north-west Europe demand is expected down by 770 gigawatt hours per day on the day-ahead. For today and tomorrow the balance is still tight and significant withdrawals from storages are needed," said LSEG gas analyst Saku Jussila.

Europe's gas storage sites are around 61.8% full, according to Gas Infrastructure Europe.
In the European carbon market, the benchmark contract was up 1.04 euro at 66.71 euros per metric ton.

[master rsi] 25/4/2024 10:12

PRTC 223p (+10.50p / +4.94%%) / Puretech Health operating losses narrow in 'landmark year'

(Sharecast News) - Biotechnology company Puretech Health said on Thursday that 2023 had been "a landmark year" for the group, making "strong strategic and clinical progress".

Puretech Health said total revenues had fallen from $15.61m in FY22 to $3.33m in FY23 but also noted that operating losses had narrowed to $146.99m from $197.8m, general and administrative expenses had dropped from $60.99m to $53.29m, and research and development expenses fell from $152.44m to $96.23m.

Pre-tax losses also narrowed, improving from a loss of $92.78m in FY22 to $36.1m in FY23. On a per share basis, however, Puretech reported a loss per share of 0.24p, widening from FY22's 0.18p loss.

The FTSE 250-listed firm added that its level cash, cash equivalents and short-term investments were $326.0m at he end of the year, while its consolidated cash, cash equivalents and short-term investments were $327.1m and said it has operational runway into "at least 2027".

[master rsi] 25/4/2024 09:52

ARB 12p = /Argo 2023 Annual Financial Report
LONDON, UK / ACCESSWIRE / April 25, 2024 / Argo Blockchain plc, a global leader in cryptocurrency mining (LSE:ARB)(NASDAQ:ARBK), is pleased to announce its audited results for the year ended 31 December 2023.

Highlights

Total number of Bitcoin mined during 2023 was 1,760, or 4.8 Bitcoin per day.
Revenues of $50.6 million, a decrease of 14% from 2022, driven primarily by a significant increase in the global hashrate and associated network difficulty level.
Increased hashrate by approximately 0.3 EH/s with the deployment of ePIC BlockMiners at the Company's Quebec facilities.

Reduced non-mining operating costs by 58% in 2023 compared to the prior year.
Generated $7.2 million of power credits through economic curtailment at Helios.
Mining margin of 43%, down from 54% in 2022. Similar to revenue, this decrease was largely attributable to the increase in network difficulty.
Adjusted EBITDA of $8.3 million, compared to negative Adjusted EBITDA of $(46.7) million in 2022.

Net loss of $35.0 million, compared to a net loss of $229.0 million in 2022.
Reduced interest expense by 49%, driven by a strong focus on debt reduction.
Reduced debt owed to Galaxy Digital from $35.0 million at 31 December 2022 to $23.5 million at 31 December 2023; total debt outstanding at the end of 2023 was $66.2 million.

As at 31 December 2023, the Company had $7.4 million of cash; it also held 9 Bitcoin on its balance sheet and other digital assets worth the equivalent of 18 Bitcoin.
Post-period highlights

In January 2024, the Company raised $9.9 million of gross proceeds through a share placing with institutional investors.
In March 2024, the Company sold its data center located in Mirabel, Quebec for total consideration of $6.1 million. Net proceeds from the sale were used to repay the Mirabel facility's existing mortgage and to repay debt owed to Galaxy.

Q1 2024 Update (Preliminary and Unaudited)

Total number of Bitcoin mined during Q1 2024 was 319, or 3.5 Bitcoin per day.
Generated revenues of approximately $17 million.
Average direct cost per Bitcoin mined was approximately $31,000.
As at 31 March 2024, the Galaxy debt balance was $12.8 million (down from original balance of $35.0 million), and the total debt balance was $54.0 million.
As at 31 March 2024, the Company's cash balance was $12.4 million.

Commenting on the results, Thomas Chippas, Argo Blockchain CEO, said, "Despite a turbulent market, we have worked hard to strengthen our balance sheet and reduce Argo's debt burden. We have reduced the debt owed to Galaxy by $22 million, or 63%, and we have also improved our cash position over the last several quarters.
Operationally, Argo's hashrate increased by 0.3 EH/s during the year with the deployment of ePIC BlockMiners at our Quebec facilities, and we reduced our non-mining operating costs by 58%. We exited the Bitcoin halving with a stronger balance sheet and leaner operations, and we are optimistic about the ongoing growth and development of Argo with a clear objective of delivering shareholder value."