Movers of Thursday 24 June 2021
shares ticked up 5.34% to 255.5p amid follow-on investment
In a portfolio update, the FTSE 250 firm announced a further c.£35m follow-on investment into Starling Bank which it said is connected to its successful Series D funding round in April when it saw a total of £322m raised at a valuation of around £1.3bn post new-money.
At the time of this transaction, the Company said its Investment Adviser had negotiated a structure that gave Chrysalis the option to participate, which has now been exercised.
As of April 2021, Starling reported that its deposit base had topped £6bn, compared with approximately £1bn a year before, thereby ‘continuing its strong run of growth,’ it noted.
shares soared 21.05% to 0.23p after finalising Indian gas agreement
Shares in the oil and gas firm have risen by nearly 20% since April. Earlier this month, shares rose after the group got closer to finalising a key agreement in India. At the time, Oilex said the ratification of the deal by the Indian government is expected ‘in the coming months.’
The acquisition will provide Oilex with 100% PI in the Cambay PSC. The project aim is to ‘aggregate sufficient production volumes from multiple wells to connect to the high-pressure pipeline system which will offer greater offtake stability and improved gas prices.’
"Finalisation of this transaction marks an important milestone in re-establishing access to high potential gas production at the Cambay gas field and positions the Oilex, once more, as an active Indian energy company,” said Oilex's Managing Director, Mr Joe Salomon.
shares jump 14.29% to 1p as it secures distribution deal
Shares in the stock jumped after it unveiled that its wholly owned subsidiary, Pharm 2 Farm Ltd ("P2F"), and Vivek Kohli Enterprises OPC Private ("VKE") had signed a distribution deal whereby VKE will distribute P2F's antiviral mask product under the Pro-Larva brand name.
According to this morning’s statement, VKE has placed an initial order for 350,000 Pro-Larva masks to be air freighted directly to their distribution centre in India. Once delivered, the masks will be distributed via well-established retail and commercial medical networks.
The group explained that part of the proceeds from this order will be invested by P2F into a marketing campaign within India to support VKE and build demand for the Pro-Larva mask. It added that the distribution deal is expected to lead to increasing repeat orders.
shares rise 10.64% to 0.26p after uncovering gold grades
In a statement released this afternoon, Alba said initial sampling at the waste rock dump at the Clogau-St David's Gold Mine has returned ‘elevated gold grades’ of up to 9.89 g/t.
The sampling involved the company digging eight pits, with each individual pit dug up to 5m deep and then screening the material to produce a sample of grain size less than 20mm.
Alba said the waste rock dump sampling results show the spatial variability of the dump at Clogau and have given the team a better understanding of how the dump was constructed.
Looking ahead, Alba intends to focus its near-term efforts initially on the higher-grade zones at the Waste Rock Dump ‘with a view to sampling and excavating to the base of the dump, which will enable a more accurate estimate to be made of overall tonnages and grades.’
shares fell 8.75% to 209p after half-year revenue drops
Shares in the engineering and consulting firm fell after it reported $3.2bn in revenue, a fall of c.21% from 1H20, which is said was due to the impact of the COVID-19 pandemic.
The London-listed company added that it expects adjusted EBITDA for the six months to 31 June 2021 to be $255 million to $265 million, down c12% on 1H20 on a like-for-like basis.
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