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UPS Upstream

1.625
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Upstream LSE:UPS London Ordinary Share KYG7393S1012 ORD 0.25P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.625 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Upstream Share Discussion Threads

Showing 5226 to 5244 of 5575 messages
Chat Pages: Latest  211  210  209  208  207  206  205  204  203  202  201  200  Older
DateSubjectAuthorDiscuss
11/3/2024
10:27
NANO 20.50p (1.31 / 6.83%%) / Nanoco proposes return of GBP33.0 million to shareholders
(Alliance News) - Nanoco Group PLC on Monday said it will return GBP33.0 million to shareholders, primarily through a tender offer.

Shares in Nanoco rose 8.8% to 20.87 pence each in London on Monday morning.

The Runcorn, England-based developer and manufacturer of nanomaterials said it received the second tranche of litigation proceedings from Samsung Electronics in January. Samsung was alleged to have infringed on Nanoco's intellectual property.

Nanoco said: "The board has determined that, in order to provide flexibility and choice to shareholders, the most appropriate means of returning value is to conduct a tender offer to return up to GBP30.0 million to shareholders.

"In addition to the tender offer, the board also intends to return a further sum of up to GBP3.0 million by way of an on-market share buyback of ordinary shares."

The tender offer is being made at 24 pence per share, a 25% premium to the stock's Friday closing price.

Non-Executive Chair Christopher Richards said: "Today Nanoco is announcing an exceptional and significant return of capital to shareholders, while retaining and investing funds to support delivery of further value from commercial prospects and enhance our future growth and margin profile.

"With growing opportunities and a fully funded commercial business, we are confident in enhancing shareholder value over the medium and long term."
TENDER
· Tenders in excess of a Shareholder's Basic Entitlement will only be accepted to the extent that other Shareholders tender less than their Basic Entitlement or do not tender any Ordinary Shares and, if necessary, excess demand will be scaled back on a pro rata basis (save that tenders from Shareholders who hold 2,000 Ordinary Shares or less will be accepted in full subject to there being capacity to purchase those Ordinary Shares in accordance with the terms of the Tender Offer).

All Eligible Shareholders on the Register of Members at 6.00 p.m. on 9 April 2024 are entitled, but not required, to tender some or all of their Ordinary Shares for purchase by Cavendish, acting as principal, at the Tender Price.

master rsi
11/3/2024
10:11
London Stock Exchange to allow crypto listings after UK FCA clears way

(Alliance News) - The UK Financial Conduct Authority on Monday said it won't stand in the way should recognised investment exchanges choose to create a listed market segment for crypto-asset backed exchange traded notes.

London Stock Exchange Group PLC immediately responded on Monday by saying the London Stock Exchange will start to accept applications to list bitcoin and ethereum crypto ETNs from the second quarter. It said an exact launch date will be confirmed "in due course".

LSEG shares were up 0.1% to 9,272.40 pence early Monday.

"These products would be available for professional investors, such as investment firms and credit institutions authorised or regulated to operate in financial markets only," the FCA said.

The financial regulator added: "With increased insight and data due to a longer period of trading history, the FCA believes exchanges and professional investors should now be able to better establish whether cETNs meet their risk appetite."

However, the ban on the sale of crypto-asset backed exchange traded notes to retail consumers in the UK remains in place.

"The FCA continues to remind people that crypto-assets are high risk and largely unregulated. Those who invest should be prepared to lose all their money. The FCA is collaborating with government, international partners and industry to develop the UK's crypto-asset regulatory regime and lead international standards in this space," it said.

LSEG said it will only accept applications for crypto ETNs that are physically backed, meaning non-leveraged. They must have bitcoin or ethereum as their underlying crypto assets, and they must have a market price or other value measure that is reliable and publicly available.

master rsi
11/3/2024
09:15
HE1 1.25p -0.235p

Was much lower earlier as the marked down from the start of the day is a pass time for the MMs.
Maybe they wanted a GAP to be filled?

master rsi
11/3/2024
09:00
Citi downgrades Virgin Money to 'neutral' after Nationwide offer

(Sharecast News) - Citi downgraded its stance on Virgin Money on Monday to 'neutral'/high risk from 'buy'/high risk after the shares surged on news that Nationwide Building Society had offered to buy the group in a £2.9bn deal.

Under the terms of the offer, announced on Friday, Virgin shareholders would receive 220p per share. This comprises 218p per share in cash and a 2p dividend to be paid in FY24.

"Following Nationwide's announcement that it is considering a 220p bid for VMUK, we move our target price to 220p," Citi said.

The bank noted that final confirmation from Nationwide on whether it plans to pursue a bid is required by 4 April.

Citi said it reckons the offer is "fair".

It added: "The acquisition is not subject to the passing of a resolution by Nationwide's members and while we would expect the deal to be reviewed by UK Competition and Markets Authority, we think it is likely to close under the existing terms and perimeter."

master rsi
11/3/2024
08:46
QBT 1.25p +0.10p

On the way up as Bitcoin has gone over $71.000

On the Chart MACD has gone positive as it has crossed up "0" and the rest of indicators moving higher from oversold.
chart...

master rsi
11/3/2024
08:35
Heathrow records highest February passenger numbers

(Alliance News) - Heathrow Airport Holdings Ltd recorded its busiest February for passenger numbers as demand for air travel exceeded pre-pandemic levels.

The west London airport said 5.8 million people travelled through its terminals last month.

It stated it achieved its highest February total even before the extra day due to this year being a leap year.

The airport recorded 5.2 million passengers during the same month last year, and 5.5 million in February 2019, before the coronavirus pandemic.

More than two million passengers travelled through Heathrow during the February half-term school holiday, with winter sun holidays more popular than ski trips.

Heathrow Chief Executive Thomas Woldbye warned the Treasury's failure to reintroduce tax-free shopping for tourists buying goods in the UK last week was a "missed opportunity".

He said: "It was wonderful to welcome so many passengers for the first holiday peak of 2024, setting a new Heathrow record.

"While we are serving more people, visitors to the UK are spending less since the removal of tax-free shopping, impacting businesses across the country.

"The spring budget was a missed opportunity to give the whole tourism, hospitality and retail sector the support it needs to compete internationally."

master rsi
11/3/2024
08:19
FTSE

Opening down 30 points but now only 8 points in the red

master rsi
11/3/2024
07:56
Emmerson PLC / Ticker: EML / Index: AIM / Sector: Mining

amt11 Mar '24 - 07:21 - 9714 of 9716

So does this mean its been approved by the Government and now the local council can make the final decision which presumably will give the goahead if central Government says its ok



Chief Executive Graham Clarke said:

"We are very pleased that the Committee has upheld our referral in this matter. We now look forward to re-engaging with the CRUI to facilitate the approval of the EIA for the Project. The Company maintains its conviction that the Project is world class and will provide significant value and benefit to the Khemisset region, the Kingdom of Morocco and to the Company itself.

"We will of course provide updates in this matter as soon as we are able."



Laurence Llewelyn Binliner11 Mar '24 - 07:23 - 9716 of 9716

Great start to our week, not a green light just yet, BUT referred back for reconsideration by the higher body does indicate they are happy with it at a national level, now back to regional to revisit with our new improved processes and water plans.. :o)

apotheki
11/3/2024
07:25
Roquefort Therapeutics plc / LSE:ROQ

Positive Results: Midkine mRNA and STAT-6 siRNA Programs
Pre-clinical development milestones

Roquefort Therapeutics (LSE:ROQ, OTCQB:ROQAF), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth oncology market, provides an update on the development of the Midkine mRNA and STAT-6 siRNA programs.

Midkine mRNA Program Milestone
Further to the announcement on 6 February 2024, where Roquefort Therapeutics announced that its mRNA therapeutics were undergoing studies in combination with proprietary lipid nanoparticle (LNP) delivery systems, the Company has continued development in validated in vivo models. These latest experiments combined the mRNA with a LNP delivery system in a validated in vivo model of liver cancer and demonstrated the safety and efficacy in reducing functional Midkine of the novel mRNA LNP combination.

This represents a significant milestone in both the discovery of a novel mRNA therapeutic and in the safe combination with an LNP to allow for the delivery of the mRNA as an anti-cancer medicine. Liver cancer is a leading cause of cancer deaths worldwide, accounting for more than 700,000 deaths each year[1]. Midkine is associated with liver cancer progression, resistance and prognosis[2]. A novel therapeutic that targets Midkine expressing liver cancers with the cutting-edge mRNA technology offers the potential for a first-in-class medicine in the $3B liver cancer market.

STAT-6 siRNA Program Milestone
On 7 August 2023 the Company announced that it had developed four additional siRNA sequences that attack the target STAT-6 (Signal Transducer and Activator of Transcription) and its SH2 (Src-homology-2) domain. The Company has continued the development of these novel STAT-6 medicines in validated in vitro models of colon cancer with the results demonstrating efficacy of the four new siRNA sequences in reducing STAT-6 expression by 40-50%.

Colorectal cancer (CRC) is the third most diagnosed malignancy and a major leading cause of cancer-related deaths worldwide with ~1.9 million new cases per year and accounted for over 900,000 deaths in 2020[3]. Despite advances in therapeutic regimens, the number of patients presenting with metastatic CRC (mCRC) is increasing due to resistance to therapy[4]. STAT-6 has been implicated in colorectal cancer development, progression, metastasis, poor survival, and resistance to treatment[5]. Therefore, a novel therapeutic that targets STAT-6 expressing colon cancers offers the potential for a first-in-class medicine in the $12B colon cancer market[6].

Roquefort Therapeutics CEO Ajan Reginald commented:
"We have made significant progress across our pre-clinical drug development programs in Q4 2023 and in Q1 2024. First with the MK cell program announced in February 2024 and today, with the results with our Midkine mRNA and STAT-6 siRNA programs. Both programs highlight Roquefort Therapeutics' ability to select and develop valuable new medicines for the most difficult to treat cancers. Successfully combining our Midkine mRNA with LNP delivery creates potential for a highly promising new medicine for liver cancer and the novel STAT-6 siRNAs have shown great promise in colon cancer.

By focusing on oncology patients with the worst prognosis, who are not well treated with existing medicines, we hope to develop new first-in-class medicines that dramatically improve survival and as a consequence, are the most valuable to potential Pharma acquirers.

Big Pharma is set to face a $200 billion[7] fall in revenue from 2024-2030 due to patent expirations while also earning record profits over the last five years. Therefore Big Pharma will have to fill this gap by acquiring new blockbuster medicines to fill this shortfall, and so it is a great time to have our portfolio of potential blockbuster medicines. We remain in active out licencing discussions with Big Pharma companies and a specialist private equity fund across the US, EU and Japan and will update the market should a binding agreement be entered into with one or more partners."

apotheki
11/3/2024
07:20
Tirupati Graphite plc / LSE:TGR

Madagascar Exploration Update

Tirupati Graphite plc (TGR.L, TGRHF.OTCQX), the specialist flake graphite company and supplier of the critical mineral for the global energy transition, is pleased to announce the completion of its exploration and resource drilling programme at its two Madagascan flake graphite projects. An updated Competent Persons Report ("CPR") is now being prepared by SRK Consulting and is expected to be published in the near term.

Exploration Programme Overview

· Completed c.5,000 metres of diamond core drilling, 26,000 metres of auger drilling and 360 running metres of six to eight metres depth trenching across the two projects as detailed in the table below:

Exploration activities executed after 2020 CPR

Activity
Location
Number
Meterage

Assays
Meters
Graphite Intercepts
Diamond Core Drilling
Vatomina
85
4018.26
889,35
1307
Diamond Core Drilling
Sahamamy
28
803.1
191.39
52
Manual Auger Drill
Vatomina
1677
15093
4131
788
Manual Auger Drill
Sahamamy
1543
11066
626
452
Trenching
Vatomina
42
167.76
84.59
26
Trenching
Sahamamy
62
192
Data under compilation

· Drilling was undertaken using the Company's fully owned equipment - two diamond core drilling rigs, auger facilities and earthmoving machinery, used for developing access to exploration locations and trench cutting.

SRK Consulting is now working to produce an updated CPR under JORC Code 2012 to update their existing 2020 report. SRK's leadership team is currently on the ground for their customary project visit and work continues towards completion of the updated CPR with the SRK Consulting team targeting release in due course.

For reference, the JORC Code 2012 resources published under the 2020 CPR across the Company's Vatomina and Sahamamy Projects are as below:

SRK Mineral Resource Statement Vatomina Graphite Project, Madagascar, in accordance with the JORC Code (2012) as of 31 December 2019

Resource Category
Quantity
Grade

(Mt)
(GC%)
Measured
-
-
Indicated
3.2
4.3
Inferred
15.2
4.7
Total Mineral Resource
18.4
4.6

SRK Mineral Resource Statement Sahamamy Graphite Project, Madagascar, in accordance with the JORC Code (2012) as of 31 December 2019

Resource Category
Quantity
Grade

(Mt)
(GC%)
Measured
-
-
Indicated
1.4
4.1
Inferred
5.7
4.2
Total Mineral Resource
7.1
4.2

Shishir Poddar, Executive Chairman, said:

"We are extremely pleased with the extensive exploration activities conducted by our team alongside development and operations. We expect the updated CPR to show a material increase in our resource numbers underlining the long-term potential of our currently operating and expanded projects in Madagascar. We look forward to releasing the updated CPR as soon as it is available, another activity which aligns with our goal to become the leading ex-China source of natural flake graphite contributing to the energy transition economy."

"It is significant to note that the completion of current exploration phase reduces our cash use towards exploration and the team and our resources will be further focussed on achieving our goal of achieving EBDITA positive results at the corporate level in the immediate term.

apotheki
10/3/2024
23:52
BTC - Bitcoin

Had reached $70,000 earlier this morning and then retraced to $68,300, now back to $69.000

master rsi
10/3/2024
22:14
BBC - Saudi Aramco boosts dividends despite profit fall
Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023.

Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022.

But the figure is still the second-highest profit ever for the state-backed company.

The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.

Dividends will increase to $98bn, a rise of almost a third compared to 2022, when it banked a record $161bn in profit, thanks to the impact Russia's war in Ukraine was having on energy prices. Oil prices hit $130 a barrel in 2022.

The Saudi state owns nearly 95% of the company, so the bumper profits resulted in a budget surplus for the kingdom in 2022.

In 2023 oil prices fell back to $85 a barrel. Moreover, Saudi Aramco has cut back on production to help support the oil price, providing a further challenge to profits.

"In 2023 we achieved our second-highest ever net income. Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds," Aramco's chief executive Amin Nasser said in a statement.

Saudi Arabia is aiming to diversify the country's economy, using income from its energy sector to fund the transition.

Mr Nasser said the firm would make some announcements this year on renewables investments in Saudi Arabia.

But he also said the oil giant was looking for opportunities to invest in China, where demand for oil was growing.

"So far we are in the early part of 2024, demand is healthy and growing in China," Mr Nasser told journalists.

Saudi Aramco already has investments in Chinese refineries.

He said he expects the oil market to be "fairly robust" in 2024 with demand just marginally higher than last year.

He also said discussions were taking place over a stake in the tie-up with French carmaker Renault and China's Geely which make hybrid car engines

master rsi
10/3/2024
21:05
SUNDAY PAPERS:

Share tips, comment and bids

Mail on Sunday (Midas Budget Special): It's time to shout from the rooftops - and invest in the Great British businesses that lead the world.

The Sunday Times (The Tipster): Invest in McBride, you could clean up.

Mail on Sunday: Nationwide must give members a vote on its planned takeover of Virgin Money, politicians and customers are demanding this weekend.

The Sunday Telegraph: Doug Putnam, the Canadian businessman who rescued HMV, is exploring a bid to buy The Body Shop out of administration.

The Observer (Comment): John Lewis is back in the black, but the glory days of big bonuses seem far away.

The Sunday Telegraph (Comment): West scrambles for ‘insurance policy’ as China raids Earth’s raw materials.

The Sunday Telegraph (Comment): Pensioners must prepare to face a hard truth.

The Sunday Telegraph (Comment): The threat that forced Google’s co-founder out of retirement.

The Sunday Times (Comment): ‘Like a cult’: How Morrisons’ new boss is shaking it up.

The Sunday Times (Comment): Will China or Elon Musk rescue McLaren?

The Sunday Times (Comment): How The North Face woke up to stop sales falling off a cliff.

Times (Comment): Is the UK really ‘the next Silicon Valley’?

master rsi
10/3/2024
20:12
SUNDAY PAPERS:

Business and economics

The Observer: Employers added 275,000 jobs across the US last month, as the labour market continues to grow at a clip in the face of the high interest rates.

The Sunday Times: The boss of IAG, the parent company of British Airways, is to take millions of pounds of his bonuses in cash rather than stock after failing to revive the airline group’s bombed-out share price.

The Observer: The company behind the national lottery was borrowing millions from Kremlin-owned banks when it won the UK’s largest public-sector contract, the Guardian can reveal.

Mail on Sunday: Britain's Budget watchdog has hailed the success of services exports despite an increase in post-Brexit trade barriers.

The Sunday Times: Morgan Stanley has agreed to keep its London head office at Canary Wharf in a significant boost for the district, which has been hit hard by the rise of flexible working.

Mail on Sunday: Unions are seeking urgent talks with British Steel after its auditors warned it may not be able to continue trading.

master rsi
10/3/2024
19:44
SUNDAY PAPERS:

Top stories

The Sunday Times: Richard Branson stands to receive at least £250m from Nationwide as an ‘exit fee’ when the building society stops using the Virgin Money brand after its takeover of the struggling challenger bank.

The Sunday Times: Direct Line’s new boss Adam Winslow is expected to bring forward some of his plans for turning round the troubled insurer as he fends off a £3.1bn takeover bid from Belgian rival Ageas.

master rsi
09/3/2024
23:58
Gold hydrogen: a near limitless supply of clean fuel?
Chas Newkey-Burden, The Week UK - Start-ups are scrambling to discover sources of so-called "gold hydrogen" after experts said the low-cost, low-impact energy could be an environmentally friendly game-changer.

A recent discovery means that the planet could contain "near-limitless clean fuel", said New Scientist, but experts are also urging caution as the hype builds.

So what is gold hydrogen, how much of it could be under our feet and is it really as useful as has been claimed?

How is hydrogen currently obtained?
Hydrogen will be an "essential fuel in years to come", said the BBC, because it does not produce CO2 when used as a fuel or in industrial processes. But the "big drawback", according to the Carbon Trust, is that less than 1% of current global hydrogen production is emissions-free.

Currently, we have to make hydrogen ourselves, which involves using energy and producing pollution. Grey and blue hydrogen are produced by splitting methane into carbon dioxide and hydrogen, with the CO2 captured and stored in the latter case. Black hydrogen is produced by partially burning coal and there's also pink hydrogen, made using nuclear energy.

Green hydrogen, "that elusive 1%", said the BBC, is created through the electrolysis of water into oxygen and hydrogen, but it is "relatively expensive and in short supply". So this is where gold hydrogen could come in.

What is gold hydrogen?
New geological research suggests that "cheap and plentiful supplies" of naturally occurring hydrogen could be "found right under our feet", wrote David Waltham, a geophysics professor at Royal Holloway, University of London, on The Conversation.

Gold hydrogen, also sometimes known as white hydrogen, is a naturally occurring gas trapped in pockets under the ground – in much the same way as oil and natural gas.
It is produced when the gas occurs naturally deep underground and can be harvested through drilling, with no need to expend energy on synthesis.

It is "colourless and odourless", explained New Scientist, and has "good environmental credentials" because it "burns cleanly, producing nothing but water".

Where has it been found?
In October 2023, researchers at the French National Centre of Scientific Research discovered a "particularly large reservoir" of natural hydrogen in northeastern France’s Lorraine coal basin, wrote Waltham.

The reservoir may contain 250 million tonnes of naturally occurring hydrogen – enough to provide almost as much energy as the UK's largest oil field. It may represent the largest naturally occurring deposit of the gas ever found, enough to meet current global demand for more than two years.

Other, smaller reservoirs have been found in Spain and across Europe, as well as in Mali, Namibia, Brazil and the US. None has been discovered in the UK but experts are actively considering whether to search.

Ultimately, according to modelling by the US Geological Survey, there could be trillions of tonnes available, and if just a fraction of that could be recovered, it would be enough to meet our projected hydrogen demand for many centuries to come.

'Wait-and-see' attitude
Despite the exciting possibilities, there are "reasons to be cautious", said New Scientist, because "the true amount of hydrogen the planet contains, as well as how much might be feasible to extract, remains uncertain".

The gas is found in large volumes, so it needs to be compressed or converted into other chemicals, such as liquid ammonia, before it can be easily moved. This process could require the construction of new pipelines, which is a significant undertaking.

That's why experts are still debating whether gold hydrogen will turn out to be an over-hyped fad or a potentially game-changing discovery.

"So far," said the BBC, "the major energy players are holding back", with just start-ups getting involved. Oil giants are "very interested" but they're "currently sitting on the sidelines, watching, taking a bit of a wait-and-see attitude", Geoffrey Ellis, from the US Geological Survey, told the broadcaster.

There is also the danger that exploiting natural hydrogen deposits "could be used as an excuse to foot-drag" on the need to cut greenhouse gas emissions immediately, said Waltham. So there's a "long way to go" before we can say for sure how useful these stores will be.

master rsi
08/3/2024
23:50
Best performing shares ( UPS ) during March


Share
Mid
Highest
% Change
Rank


EEE
8,75
10.60
21.14
1


ARB
17.00
19.25
13.24
2


BOOM
250.00
272.50
10.60
3


HE1
2.075
2.200
6.02
4


OPTI
28.00
29.00
3.57
5


SALT
90.00
93.00
3.33
6


RGL
21.65
21.65
0.00
7


note: RGL has gone 1.20p ex-dividend

master rsi
08/3/2024
23:17
FTSE 250 movers: Just Group soars on results; Oil stocks slide
Just Group reported a 47% jump in underlying operating profit in its 2023 results on Friday, to £377m, which it put down to significant increases in new business and in-force profits.

The FTSE 250 company said retirement income sales experienced 24% growth to £3.9bn, accompanied by a widened margin of 9.1%, on the back of pricing discipline and enhanced risk selection.

New business profits were ahead 33% to £355m, reflecting a year marked by buoyant markets and strategic market positioning.

The group said it had maintained its momentum into 2024, with the defined benefit (DB) market achieving a record year and the guaranteed income for life (GIfL) market reaching its highest level in a decade, increasing 46% to £5.3bn.

It remained optimistic for sustained growth in both markets, driven by strong structural drivers.

Just Group recorded a capital coverage ratio of 197%, with increased resilience compared to the prior year, while new business strain remained low at 0.9%, significantly below the target of below 2.5% of premium.

Adjusted profit before tax reached £520m, driven by robust growth in underlying operating profit, positive longevity assumption changes, and economic profits.

The group said it achieved an improved return on equity of 13.5% and tangible net assets per share of 224p, and declared a dividend of 2.08p per share, representing 20% growth from the prior year.

Just Group said it remained confident in its ability to deliver 15% growth in underlying operating profit from the current higher base, forecasting a minimum doubling of 2021's level in 2024.

"We are delighted with our financial performance in 2023, a record year for the group, and are confident of exceeding our medium term profit growth pledge," said group chief executive officer David Richardson.

"As such, we now expect to achieve our target of doubling profits in three years instead of the originally intended five.

"Given the multiple opportunities available and strong structural growth drivers in our chosen markets, we have never been more confident in our ability to deliver sustainable and compounding growth."

ITV continued its rally from Thursday despite a fall in annual profits.

Harbour Energy and Tullow Oil fell on weaker crude prices.

Market Movers

FTSE 250 - Risers

Just Group (JUST) 100.80p 13.00%

Carnival (CCL) 1,161.00p 3.89%

ITV (ITV) 70.96p 3.77%

IWG (IWG) 183.30p 3.04%

Derwent London (DLN) 2,096.00p 2.85%

SSP Group (SSPG) 222.60p 2.68%

British Land Company (BLND) 368.30p 2.62%

IP Group (IPO) 51.30p 2.60%

Sirius Real Estate Ltd. (SRE) 90.80p 2.54%

Hipgnosis Songs Fund Limited NPV (SONG) 62.50p 2.46%

FTSE 250 - Fallers

Harbour Energy (HBR) 259.10p -4.00%

Watches of Switzerland Group (WOSG) 374.60p -3.50%

Tullow Oil (TLW) 28.44p -3.13%

Tyman (TYMN) 287.50p -3.04%

Ferrexpo (FXPO) 70.15p -2.97%

Elementis (ELM) 134.60p -2.89%

Plus500 Ltd (DI) (PLUS) 1,716.00p -2.83%

4Imprint Group (FOUR) 5,590.00p -2.78%

Indivior (INDV) 1,675.00p -2.50%

Bakkavor Group (BAKK) 98.60p -2.38%

master rsi
08/3/2024
22:45
MCM 8p (0.75 / 10.34%%) / Vulcan proposes MC Mining takeover at higher price than Goldway offer

(Sharecast News) - MC Mining confirmed receiving a proposal from Vulcan Resources, the operator of the Mozambique's largest coking coal mine Moatize, on Friday.

The AIM-traded firm said Vulcan had made a non-binding proposal for an off-market cash takeover offer for all shares in MC Mining at an indicative price of between 17 and 20 Australian cents per share (9p and 10p), valuing the Company's equity between AUD 69.34m and AUD 81.58m.

It said the proposal was subject to customary conditions, including the completion of a due diligence process, and was not currently a binding offer capable of acceptance by MC Mining shareholders.

The independent board committee (IBC) noted that the the indicative price range proposed by Vulcan surpassed the current takeover offer price of 16 Australian cents per share from Goldway Capital Investment.

It was thus advising shareholders not to accept the existing offer from Goldway.

MC Mining's IBC said it would assess the indicative terms of Vulcan's proposal, seeking guidance from financial and legal advisors, namely Adelaide Equity Partners as financial advisor, K&L Gates as Australian legal advisors, and Falcon & Hume as South African legal advisors.

At this stage, there was no certainty regarding the receipt of a formal offer from Vulcan or its precise terms.

"MC Mining remains committed to keeping shareholders appraised of developments and intends to make a further announcement when more complete and definitive details are received," said independent board committee chairman Khomotso Mosehla.

master rsi
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