Movers of Friday 13 May 2022

Vox Markets
Market Report
15:30, 13th May 2022

ThinkSmart Limited (TSL) shares jump 10.11% to 24.5p as it announces buyback plan 

In a business update released today, the specialist digital payments platform business said it intends to return around £2.5 million to shareholders following approval at its GM next month.

The Company said it continues to provide an outsourced call centre customer support service to Clearpay, managing the wind down of its legacy leasing business which continues to yield positive cash flows. ThinkSmart sold its remaining 10% shareholding in Clearpay this year.

TSL price chart

Tower Resources (TRP) shares rise again by 6.90% to 0.31p as it secures funding

The African-focused oil and gas firm said the Minister of Mines, Industry and Technological Development (MINMIDT) has, with the support of the President of the Republic, agreed to grant a further extension of the First Exploration Period of the Thali PSC to 11 May 2023.

Tower also expects to complete a letter of intent with Shelf Drilling to cover the drilling and testing of the NJOM-3 well in 4Q22, using the Shelf Drilling Trident VIII jack-up drilling unit.

The Company is redrawing its funding plans for drilling the NJOM-3 well at the Thali project in the Rio Del Rey sedimentary basin offshore Cameroon, since a planned farm-out of 49% to Beluga Energy for $15m was shelved. A new proposal is being worked on by all the parties.

Addressing shareholders on Monday, the firm said its steps will include the finalisation of the well financing and the rig contract in 3Q, ahead of the planned mobilisation of the rig in 4Q.

TRP price chart

Sabien Technology Group (SNT) shares jump 5.49% to 24p following Government backing

Sabien Technology Group has acknowledged today the announcements from the UK and Welsh Governments committing to helping clear a new industrial site in Anglesey, Wales.

Sabien, which focused on implementing a green aggregation strategy as a business, outlined that both Governments have now committed to assess jointly bids for Freeport status, with the UK Government also committed to providing £26.0 million of funding to support this process.

Within the landmark statement, the Government asked that bidders for Freeports should demonstrate ‘both job creation and environmental impact plans’ to secure this status.

SNT price chart

Condor Gold (CNR) shares fell 10.14% to 33.25p as losses widen in the first quarter

Condor reported widened losses for the three months to 31 March 2021 largely as a result of the company turning its focus towards a feasibility study for its La India project in Nicaragua.

During the three month period, the miner reported no revenue, unchanged from a year earlier, while pre tax loss widened to £0.667m from £0.512m in the previous year. Administrative expenses also widened, coming in 30% higher when compared to the year prior at £0.668m.

CEO, Mark Child said the business has continued to make “significant progress on advancing the feasibility study for the La India open pit and associated mine site infrastructure.” 

All technical studies undertaken at the project level are complete to date. Condor is currently reviewing the metallurgical test work, geotechnical analysis and capital cost estimates.

CNR price chart

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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