Upstream Share Discussion Threads

[master rsi] 03/12/2024 08:59

KEEP an EYE

SFOR 38p +2p

Has from time to time a sudden movement up like today. Last month was on the "UPS" @ 34.81p and had a steady rise from the low at 30p.
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INDICATORS

[master rsi] 03/12/2024 08:51

How much are we going to recover?

UK chancellor appoints Tom Hayhoe as Covid corruption commissioner

(Alliance News) - The UK chancellor has appointed Tom Hayhoe as Covid corruption commissioner to claw back taxpayers' money wasted on deals during the pandemic.

He has started a review of GBP8.7 billion worth of PPE bought during the pandemic that was later written off the government's books.

Chancellor Rachel Reeves previously said she had ditched Tory plans to waive GBP674 million of the more than GBP1.2 billion of PPE contracts in dispute and that those deals will be assessed by the commissioner.

Hayhoe has chaired NHS trusts and worked in corporate strategy and consumer marketing. He became chair of the Legal Services Board's consumer panel in May.

[master rsi] 03/12/2024 07:59

UPS

ARB 6.125p ( 6 v 6.25p ) UT 6.25p

After yesterday's small placing at 5.50p, and since the share price has dropped too much, Yesterday the buys were close to the amount on the placing, time to bounce back.
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INDICATORS

[master rsi] 02/12/2024 23:30

Director dealings:
Mitchells & Butlers revealed on Monday that chief financial officer Timothy Jones had disposed of 89,448 ordinary shares in the FTSE 250-listed pub operator.

Jones, who exercised nil options over 189,750 shares on 29 November, sold the shares at an average price of 245.61p each, for a total value of £219,693.40.

Top Director Buys

Pod Point Group Holdings (PODP)

Director name: Killick ,Michael (Mike)

Amount purchased: 400,000 @ 12.60p

Value: £50,400.00

Pod Point Group Holdings (PODP)

Director name: Lane ,Melanie

Amount purchased: 400,000 @ 12.50p

Value: £50,000.00

Uniphar (cdi) (UPR)

Director name: Rabbette,Gerard

Amount purchased: 19,230 @ 2.21

Value: 38,286.76

Ct Private Equity Trust (CTPE)

Director name: Baxter,Audrey

Amount purchased: 7,500 @ 451.00p

Value: £33,825.00

Renew Holdings (RNWH)

Director name: Dasani,Shatish D.

Amount purchased: 2,000 @ 1,050.00p

Value: £21,000.00

Braveheart Investment Group (BRH)

Director name: Brown ,Trevor

Amount purchased: 425,000 @ 4.04p

Value: £17,164.90

Eco Animal Health Group (EAH)

Director name: Hallas,David

Amount purchased: 15,500 @ 73.80p

Value: £11,439.00

Hunting (HTG)

Director name: Harris,Paula

Amount purchased: 3,300 @ 303.61p

Value: £10,019.13

Feedback (FDBK)

Director name: Shaw,Rory

Amount purchased: 49,261 @ 20.30p

Value: £9,999.98

Feedback (FDBK)

Director name: Prince ,Philipp

Amount purchased: 49,261 @ 20.20p

Value: £9,950.72

Mortgage Advice Bureau (holdings) (MAB1)

Director name: Imlach,Nathan James McLean

Amount purchased: 343 @ 620.00p

Value: £2,126.60


Top Director Sells

Mitchells & Butlers (MAB)

Director name: Jones,Timothy (Tim) Charles

Amount sold: 89,448 @ 245.61p

Value: £219,693.40

Blackstone Loan Financing Limited (eur) (BGLF)

Director name: Moffat,Mark

Amount sold: 118,516 @ 0.90

Value: 106,308.85

Uniphar (cdi) (UPR)

Director name: Rabbette,Gerard

Amount sold: 19,230 @ 2.21

Value: 38,286.76

Feedback (FDBK)

Director name: Prince ,Philipp

Amount sold: 20,232 @ 19.60p

Value: £3,965.47

Blackstone Loan Financing Limited (eur) (BGLF)

Director name: Wilderspin,Steven Peter

Amount sold: 3,072 @ 0.90

Value: 2,755.58

[master rsi] 02/12/2024 22:48

EEE 5.70p +0.10p

A chance of bouncing back after today's rise

[master rsi] 02/12/2024 22:24

MARKET REPORT
LONDON MARKET CLOSE: Blue-chips start "pivotal" week on the front foot

(Alliance News) - The FTSE 100 perked up in late trading to end Monday in the green despite mixed showings elsewhere.

The FTSE 100 index rose 25.59 points, 0.3%, at 8,312.89. The FTSE 250 ended 2.52 points lower at 20,769.05, and the AIM All-Share rose 0.55 of a point, 0.1%, at 733.04.

The Cboe UK 100 ended up 0.2% at 834.02, the Cboe UK 250 gave up 0.1% at 18,251.41, and the Cboe Small Companies gained 0.3% to 15,878.64.

It was a mixed picture in Europe, where the CAC 40 in Paris ended little changed, while the DAX 40 in Frankfurt leapt 1.4%, hitting a fresh high.

Political unease and uncertainty continue to hold back the French market.

Emmanuel Cau at Barclays thinks compromise on the French budget remains possible, but any relief may be short-lived.

"There is no easy solution to the political impasse, while long​-​term fiscal and growth fundamentals remain poor. Impact at the EU-wide level is unhelpful, yet limited. We keep a preference for DAX over CAC," he added.

Goldman Sachs noted negotiations over the 2025 budget have intensified as far-right party RN signalled it might oppose the government’s proposal.

"As a result, the government is likely to face several confidence votes between December 4 and 20, the outcome of which has become more finely balanced. The passing of a resolution of no-confidence would have material implications for the French economic outlook, as the government would be forced to resign, and the budget bill would be rejected," the bank explained.

In New York, markets were mixed. The Dow Jones Industrial Average was down 0.2%, the S&P was 0.2% higher, hitting another record high, and the Nasdaq climbed 0.8%.

A survey showed that the mood among US manufacturers improved in November, with a rebound in optimism leading to renewed job creation. However, activity remained weak.

The seasonally adjusted S&P Global US manufacturing purchasing managers’ index rose to 49.7, beating the FXStreet consensus for a reading of 48.8. Although it remained below the 50.0 no-change mark, the reading was up from 48.5 in October and the highest in the current five-month sequence of deteriorating business conditions.

The rate of decline in new orders slowed sharply, while stronger confidence around the future encouraged firms to take on additional staff. Output continued to be scaled back, however.

Meanwhile, the rate of input cost inflation weakened further and was the slowest for a year. In contrast, output prices were raised at a slightly faster pace.

Chris Williamson, chief business economist at S&P Global Market Intelligence said: "Optimism about the year ahead has improved to a level not beaten in two and a half years, buoyed by the lifting of uncertainty seen in the lead-up to the election, as well as the prospect of stronger economic growth and greater protectionism against foreign competition under the new Trump administration in 2025."

Separate data from the Institute for Supply Management showed the manufacturing sector declined for the eighth consecutive month and the 24th time in the last 25 months.

However, the ISM's manufacturing PMI did pick up to 48.4 in November, from 46.5 in October.

Capital Economics said the rebound in the ISM manufacturing index was "as expected following recent hurricanes and the end of the Boeing strike, however the breakdown showed the sector is still stuck in a rut."

"We doubt it will do little to sway the Fed's thinking given the more important releases still to come ahead of this month’s meeting."

The figures come ahead of a slew of data on the US labour market this week culminating in nonfarm payrolls on Friday.

"This Friday's jobs report will be pivotal for near-term Fed policy as well as the path ahead. We expect a soft report with just 155,000 new jobs added (despite a hurricane and strike bounce back) and the unemployment rate rising to 4.3%," economists at Citi said.

Goldman Sachs predicts payrolls to grow by 235,000 in November and puts the market consensus at 200,000.

"Big data indicators indicated a sequentially stronger pace of job creation, and we estimate that the end of the hurricanes that weighed on October job growth will likely boost November job growth by 50,000," Goldman said.

The pound was quoted at USD1.2643 late on Monday afternoon in London, down from USD1.2697 at the time of the European equities close on Friday. The euro stood at USD1.0486, down from USD1.0579.

Against the yen, the dollar was trading at JPY149.24, falling from JPY150.43.

Sterling slipped after weaker UK data. The UK manufacturing sector endured a sharper decline than expected last month, a survey showed, amid the steepest fall in new business since February.

Survey respondents also pointed to a delay in some investment decisions, by both manufacturers and customers, after the UK budget.

The S&P Global UK manufacturing purchasing managers' index fell to a nine-month-low of 48.0 points in November from 49.9 in October. The final reading was below the flash estimate of 48.6 points.

The 50-point mark separates growth from decline, so the latest reading suggests the manufacturing economy is in downturn territory, after more-or-less treading water in October.

"Output fell for the first time in seven months following the sharpest retrenchment in new order intakes since February. Ongoing concerns surrounding the economic outlook, costs and weak demand meanwhile led to cutbacks in staffing, purchasing and inventory holdings," S&P Global said.

On London's FTSE 100, housebuilders Vistry and Persimmon fell 3.9% and 1.3% respectively.

RBC Capital Markets downgraded both to 'underperform' from 'sector perform'.

But in a generally positive note on the sector, RBC analysts said the sector offered value and had been oversold since the autumn budget.

"The sector is now trading below tangible book value so whilst the weather outside might be starting to turn frightful, some of the housebuilders' valuations are delightful, and if they are below book, you must have a look," the broker stated in a research note.

The broker said not all housebuilders are the same and investors need to be discerning as it sought to help pick "the crackers from the turkeys," striking a festive theme.

Among FTSE 100-listed names, RBC has 'outperform' ratings on Bellway, Taylor Wimpey and Barratt Redrow, the latter upgraded from 'sector perform'.

Shares in Bellway rose 0.5% and Taylor Wimpey was 1.5% lower, while Barratt Redrow was up 0.3%.

Vistry also faces demotion from the FTSE 100 this week. B&M European Value Retail is another at risk in the quarterly reshuffle and fell back 2.6%.

Elsewhere, Burberry rose 1.6% after Deutsche Bank upgraded to 'buy' from 'hold' while Johnson Matthey jumped 2.0% after JPMorgan lifted its rating to 'neutral' from 'underweight'.

Brent oil was quoted at USD71.85 a barrel late Monday afternoon, down from USD72.65 at the time of the London equities close on Friday. Gold fell to USD2,642.00 an ounce from USD2,660.13.

Tuesday's global economic diary sees the JOLTS job openings survey in the US at 1500 GMT.

Tuesday's local corporate calendar sees results from train stations and airport concessions operator SSP Group, sandwich and salads maker Greencore, package holiday seller On the Beach and high-performance polymer supplier Victrex.

[master rsi] 02/12/2024 21:46

DOW

Finished with 128 points down

[master rsi] 02/12/2024 17:00

How the UPS are performing during last month

[master rsi] 02/12/2024 16:43

How the UPS are performing today

[master rsi] 02/12/2024 16:26

CMET 1.85 (0.25 / 15.63%) - Capital Metals shares surge on Sri Lanka mining project updates

(Alliance News) - Capital Metals PLC said on Monday it has made significant progress in its high-grade Eastern Minerals project in Sri Lanka, including reduced costs, key service agreements, and funding discussions aimed at expediting the project.

The mineral sands exploration company, which is focused on Sri Lankan projects, said it has reduced the estimated stage 1 capital expenditure by one-third to USD20.9 million through process optimisations.

The initial production phase is projected to yield 125,000 tonnes per year of high-grade heavy mineral concentrate, with the potential for further resource expansion following drilling.

Capital Metals has partnered with Mineral Technologies Group Ltd, an Australian mineral processing specialist, and Sri Lanka's Access Group, to enhance the project's engineering and design. Capital Metals said these agreements aim to incorporate local expertise and potentially fabricate key equipment within Sri Lanka.

Executive Chair Greg Martyr said: "The team has worked diligently with consultants across all aspects of project delivery to arrive at a materially reduced capex estimate for the first stage of production of USD20.9 million.

"Based on ongoing discussions, we are confident this quantum is eminently fundable, predominantly through prepayments with offtakers, vendor financiers, and potential local Sri Lankan project partners, aligned with an objective to make the final investment decision in the second quarter of next year."

Capital Metals also said it plans to restart drilling activities now that Sri Lanka's parliamentary elections have concluded, aiming to increase resources and refine mine plans.

[master rsi] 02/12/2024 15:57

Vistry, Persimmon and other housebuilders hit by cladding tax report

Proactive Investors - Shares in housebuilders Persimmon PLC (LSE:LON:PSN), Vistry Group (LON:VTYV) PLC (LSE:VTY) and Taylor Wimpey PLC (LSE:LON:TW.) fell after reports emerged that the industry could be hit by new taxes and levvies.

A new £3 billion tax could be about to hit the housebuilding sector, according to a story in the Sunday Times.

The Building Safety Levy, which was mooted by the previous government in 2021 with a second consultation finished in February this year, is estimated to raise £3 billion from a charge as a percentage of the sales value of new developments.

It will use a rate per square metre sold that will vary by location, and differ from the residential property developers tax in 2022 that was designed to hit only the largest builders.

The new levy seems to apply across all mainstream private developers, said analysts at Stifel.

A "worst case" scenario for the sector over 10 years would amount to around a 4% hit to operating profits, but most of levy is likely to be passed back to land vendors, Stifel said.

At the time of the Budget, the government promised news on cladding by the end of autumn, and the Times article suggests that the levy is what was behind that comment but there is still more it could do.

"We wonder if the government may require builders to accelerate remediation," said Stifel.

"This may not be possible, but could still force up the costs of the builders, in which case those with the highest provisions have most to lose, although for most the potential increase in provisions would not be material."

[master rsi] 02/12/2024 15:32

RegTech to delist from London's Main Market due to funding issues
(Alliance News) - RegTech Open Project PLC on Monday said it intends to delist from the London's Main Market, following months of financial difficulties.

The London-based technology company which manages regulatory compliance systems saw its shares suspended from trading back in June. This followed news of a delay in receipt of a USD1.5 million loan from RegTech Italy, which is owned by Alessandro Zamboni.

RegTech said it extensively reviewed the advantages and disadvantages of holding onto its listing before requesting cancellation. Since the company is listed in the equity shares category, it does not require shareholder approval to delist.

The company has formulated a transitional plan to tide it through the exit process. This includes engaging a new chief executive officer, a role for which RegTech said it has already identified a suitable candidate. The company also plans to raise additional capital to find an exit opportunity for shareholders looking to divest and to "explore further opportunities" for the tech firm's future.

RegTech has not confirmed details of the transitional plan but noted that it has been granted an extension to file its year-end accounts.

The company said the delisting was "part of a short term cost reduction and liability management plan". Contributing factors included RegTech's current funding position and performance of the shareholder loan agreement with Zamboni.

RegTech also highlighted the resignation of all of its executive staff in London, challenging market conditions and difficulty implementing its growth strategy in the listed issuer environment.

The company's existing relationship agreement with The AvantGarde Group S.p.A and RegTech Italy will be terminated following the delisting. This agreement was signed in August 2023 and specified that TAG and RegTech Italy "would provide certain undertakings" to RegTech to ensure its business "would at all times be carried on in a manner which is independent of TAG and RegTech Italy and their respective associates".

The company expects the delisting to become effective on or around December 31, with the last date of trading on or around December 30.

RegTech shares were last quoted at 4.50 pence each in London.

[master rsi] 02/12/2024 15:10

DOW

On the way down with 169 points

[master rsi] 02/12/2024 14:27

House prices surprise with fastest rise for two years - BBC.com
House prices grew at the fastest annual pace for two years in November, according to the latest survey from Nationwide.

The lender said the price of a typical UK home rose by 3.7% last month compared to a year earlier, with property values close to a record high.

It said the acceleration in house price growth was "surprising, since affordability remains stretched by historic standards".

Housing experts predict the market will see the number of sales increase over the next few months, ahead of changes to stamp duty due to take place in April.

House prices rose by 1.2% between October and November, Nationwide said, the biggest month-on-month increase since March 2022.

The average property now costs £268,144, according to the building society, close to the record high of £273,751 reached in August 2022.

Nationwide noted that the housing market had remained "relatively resilient" in recent months, with the number of mortgages approved at near pre-pandemic levels.

Mortgage approvals in October hit the highest monthly level since August 2022, according to Bank of England figures released last week.

Nationwide chief economist Robert Gardner said low levels of unemployment combined with pay increases that were outstripping inflation had helped to "underpin" the housing market.

Stamp duty
In the Budget in October, Chancellor Rachel Reeves said that reduced stamp duty rates in England and Northern Ireland would end in April next year.

Some housing market analysts said this announcement was behind the big rise in prices last month. However, Mr Gardner said it was "unlikely" this had been the case "since the majority of mortgage applications commenced before the Budget announcement".

The changes will mean that house buyers will start paying stamp duty on properties over £125,000, instead of over £250,000 at the moment.

First-time buyers currently pay no stamp duty on homes up to £425,000, but this will drop to £300,000 in April.

Nationwide said it expected a jump in house sales in the first three months of 2025 as people tried to beat the deadline, followed by a decline in activity in the following few months. .....

[master rsi] 02/12/2024 13:35

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 up, record for DAX but CAC struggles

(Alliance News) - London's FTSE 100 went into Monday afternoon higher, supported by China-exposed stocks after promising data there, but housebuilders struggled.

The FTSE 100 index rose 13.07 points, 0.2%, to 8,300.37. The FTSE 250 slipped just 6.30 points at 20,765.27, and the AIM All-Share added only 0.18 of a point at 732.67.

The Cboe UK 100 was up 0.2% at 833.95, the Cboe UK 250 lost 0.1% at 18,265.95, and the Cboe Small Companies rose 0.4% at 15,896.41.

The CAC 40 in Paris was down 0.3%, and the DAX 40 in Frankfurt shot up 0.8%. Frankfurt's DAX hit a record high earlier Monday. The CAC in Paris was hurt by French political uncertainty.

The pound was quoted at USD1.2710 early Monday afternoon in London, up from USD1.2697 at the time of the closing bell in London on Friday. The euro stood at USD1.0521, fading from USD1.0579. Against the yen, the dollar was trading at JPY150.17, down from JPY150.43.

Sterling shook off weaker UK data. The UK manufacturing sector endured a sharper decline than expected last month, a survey showed, amid the steepest fall in new business since February.

Survey respondents also pointed to a delay in some investment decisions, by both manufacturers and customers, after the UK budget.

The S&P Global UK manufacturing purchasing managers' index fell to a nine-month-low of 48.0 points in November from 49.9 in October. The final reading was below the flash estimate of 48.6 points.

The 50-point mark separates growth from decline, so the latest reading suggests the manufacturing economy is in downturn territory, after more-or-less treading water in October.

"Output fell for the first time in seven months following the sharpest retrenchment in new order intakes since February. Ongoing concerns surrounding the economic outlook, costs and weak demand meanwhile led to cutbacks in staffing, purchasing and inventory holdings," S&P Global said.

"Survey respondents linked the declines in output and new orders to delayed investment decisions, cutbacks to new projects due to domestic market uncertainty and rising geopolitical tensions. Some firms noted that announcements in the UK budget had led to budgets being re-appraised at manufacturers and their clients alike."

The UK government budget announced at the end of October included a number tax increases for companies.

Overseas orders declined for the 31st month on-the-spin. There was lower demand from the US, China, EU and Middle East. EU demand was hurt by weakness in the German automotive sector.

Eurozone factories suffered a "terrible" November, meanwhile. The Hamburg Commercial Bank manufacturing purchasing managers' index fell to 45.2 points in November, a two-month-low, from 46.0 in October. The reading was in line with the flash estimate published last month.

Hamburg Commercial Bank analyst Cyrus de la Rubia commented: "These numbers look terrible. It's like the eurozone's manufacturing recession is never going to end. As new orders fell fast and at an accelerated pace, there's no sign of a recovery anytime soon."

The story was a little more promising in China, where manufacturing activity accelerated at the fastest rate since June.

Supported by the robust China data, miners Anglo American and Rio Tinto rose 1.3% and 0.8% in London. Asia-focused insurer Prudential added 0.5%.

On the decline, BP and Shell fell 0.7% and 0.4% as Brent remained below the USD73 a barrel mark.

Brent oil was quoted at USD72.68 a barrel early Monday afternoon, edging up from USD72.65 at the time of the London equities close on Friday. Gold slipped to USSD2,642.01 an ounce from USD2,660.13.

Swissquote analyst Ipek Ozkardeskaya commented: "Opec could give a positive spin to oil prices this week, therefore, the short-term risks remain tilted to the upside until the December 5th announcement, but Opec alone will hardly reverse the medium-term bearish pressures if the demand side of the equation doesn't improve. Therefore, any price rallies in oil could be interesting top selling opportunities for medium-term bears."

Back in London, Vistry fell 3.6% and Persimmon lost 2.0%. RBC lowered both to 'underperform' from 'sector perform'.

CMC Markets rose 4.3%. Jefferies raised the trading platform provider to 'hold' from 'underperform'.

Elsewhere in London, Condor Gold shot up 18%. Metals Exploration fell 7.4%.

Philippines-focused mineral resources firm Metals Exploration confirmed a GBP67.5 million bid for fellow London listing Condor Gold.

Metals Exploration, which is backed by property financier Nick Candy, said it is offering 4.0526 shares and 9.9 pence in cash for each Condor share.

Metals Exploration said based on its closing share price on Friday, the offer values each Condor share at 33.0p or GBP67.5 million in total.

Galloway Ltd, which holds a just under 25% stake in Condor, has backed the offer. Galloway is owned by Condor Chair Jim Mellon.

Metals Exploration owns the Runruno gold project in northern Philippines.

In a statement from Sunday, Condor said it received two non-binding offers, one from Metals and another from Toronto-listed Calibre Mining. Calibre on Monday, however, said it does not plan to make an offer for Condor.

Still to come on Monday's economic calendar is a pair of US PMI readings at 1445 GMT and 1500.

US stocks are called to open lower in the first full trading day following Thanksgiving. The Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite are all called down 0.1%.

[master rsi] 02/12/2024 13:04

BREAKOUT

DWL 60.55p +1.30p

Moving up from the lows during the last 4 weeks and an Inverted Head and Shoulders
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INDICATORS

[master rsi] 02/12/2024 12:42

UK economy to still feel tariff impact even if not directly targeted says UBS / Investing.com
The UK economy is expected to feel the ripple effects of new trade tariffs proposed by U.S. President-elect Donald Trump, even if it avoids being directly targeted, analysts at UBS have warned.

While the brunt of potential tariffs is likely to fall on Europe and other major trading partners, the interconnected nature of global trade means Britain’s economy is not immune to the fallout.

As per UBS’ note, the UK’s relatively small trade surplus with the U.S. in goods—just £2.4 billion in 2023—puts it lower on the priority list for Washington’s tariff targets.

By contrast, the European Union recorded a much larger goods trade surplus of €177 billion with the U.S. in the same year.

This makes the EU a more likely focal point for targeted measures, particularly as U.S. trade policy under Trump is expected to be driven by a desire to reduce bilateral trade deficits.

The UK’s trade position is further buffered by its surplus in services, estimated at nearly £69 billion in 2023. Services, unlike goods, are not expected to be subjected to new tariffs, offering some economic insulation.

Yet, as UBS analysts flag, this relative immunity does not shield the UK from the broader economic consequences of a tariff-driven slowdown in global trade.

Even if the UK avoids direct tariffs, it remains deeply tied to the fortunes of its trading partners. The EU, which remains Britain’s largest trading partner post-Brexit, could see a hit to its economy if U.S. tariffs are imposed on European goods.

Such a slowdown would inevitably affect UK exports to the EU and other regions, creating indirect economic pressures. UBS warns that as a “small, open economy,” the UK is particularly exposed to shifts in global trade dynamics.

While trade relations between the UK and U.S. have generally been strong, with minimal trade imbalances compared to other blocs, UBS analysts caution against complacency.

They argue that the broader uncertainty surrounding U.S. trade policies could still affect business sentiment and investment decisions in the UK, even if tariffs do not directly impact British goods.

The analysts suggest that while tariffs may not rank high on the list of immediate concerns for the UK economy, their knock-on effects could add to the challenges Britain faces in navigating a fragile global economic landscape.

For now, the UK’s focus remains on mitigating the secondary impacts of trade policy shifts, while continuing to leverage its strengths in the services sector to bolster economic resilience.

[master rsi] 02/12/2024 12:27

How the UPS are performing during last month

[master rsi] 02/12/2024 12:07

How the UPS are performing today

[master rsi] 02/12/2024 11:44

ARG 6.125p -(-1.975p / -24.38%%) / Argo Blockchain shares fall as subscription raises GBP4.2 million

(Alliance News) - Argo Blockchain PLC on Monday said it has raised GBP4.2 million through a new share subscription, which will be used to support diversification into high-performance computing.
London-based Argo is a blockchain technology company focused on cryptocurrency mining with operations in the US and Canada.

The company will issue 76.9 million shares at a purchase price of 5.5 pence per share. The price represents a 32% discount on the last closing price of 8.10 pence.
Argo said the net proceeds will support its "strategic plans and working capital needs". This includes the potential relocation or sale of mining equipment from a facility in Texas, while allowing the company to maintain its bitcoin mining operations in Quebec, Canada.

The funds will also be used to explore diversification into high-performance computing at the company's Quebec site.
The subscription was by an unamed "institution". After the subscription, the company will have around 717.3 million ordinary shares in issue.

Chief Executive Officer Thomas Chippas said: "This subscription strengthens our balance sheet, moving Argo closer to execution of the HPC opportunity at Baie-Comeau and Helios fleet movement."

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[master rsi] 02/12/2024 11:12

UPS

EEE 5.75p ( 5.60 v 5.90p )

First move up after a large drop, with plenty of large trades and moving up fast.
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INDICATORS

[master rsi] 02/12/2024 11:04

TPT 39.50p = / Topps Tiles says board supports strategy after shareholder criticism
(Alliance News) - Topps Tiles PLC on Monday said its business strategy has the full support of the board, in response to criticism from its largest shareholder over "costly blunders".

The Leicester, England-based tile specialist said it continues to take market share and outperform the wider tile market despite a "difficult trading environment" for the sector.

Piotr Lipko, managing director of Austrian investor MS Galleon, which owns a 30% stake in Topps Tiles, wrote to company chair Paul Forman last week calling for a leadership review and claiming management had made a raft of "strategic missteps".

Lipko also criticised the company for a "complete failure to adapt" to the changing retail landscape and failing to engage with major shareholders.

Topps said its like-for-like revenue has remained flat since 2019, where the wider UK tile market is estimated to be down around 20%.

The company said it has invested in digital operations, with 18% of revenue now coming from online. Topps said it engages with all its larger shareholders and listens closely to their views.

Last week the company reported that it swung to a full-year pretax loss of GBP16.2 million from a profit of GBP 6.8 million year-on-year. The firm cut its final dividend per share by 50% to 1.2 pence from 2.4 pence the previous year. The total dividend per share was down 33% to 2.4 pence from 3.6 pence.

MS Galleon also criticised Topps's acquisition of CTD Tiles as "unequivocally irrational" and "highly detrimental to the interest of the company".

The company ought CTD Tiles's brand, 30 stores and two distribution sites out of administration in August for GBP9.0 million.

Topps affirmed that the acquisition is "strategically compelling" and was completed "after appropriate due dilligence".

Chair Paul Forman said: "We engage with all our larger shareholders on a regular basis and listen closely to their views. Our strategy was reviewed in April and presented to shareholders in May, with further updates given last week. Further expansion of our digital capabilities is at the heart of many of these growth initiatives. Our latest results show that we continue to take market share, consistently outperforming the wider tile market despite very challenging trading conditions. We believe this demonstrates the effectiveness of our strategy, which has the full support of the board."

[master rsi] 02/12/2024 10:33

SBTX 17 v 17.50p +1.25p

Another one from last week "UPS" on the move-up