Movers of Thursday 25 November 2021

Francesca Morgan
Vox Newswires
16:30, 25th November 2021

Vivo Energy (VVO) shares ticked up 18.49% to 131.9p following $2.3bn cash offer

The London-listed fuel retailer is to be bought by the commodities trading group Vitol in a cash offer worth $1.85, or 139p, per share, thereby valuing the entire group at $2.3 billion.

Today, Vivo told investors that it plans to unanimously recommend the deal to shareholders.

VVO price chart

Bezant Resources (BZT) shares jumped 21.43% to 0.17p following £1m funding facility

On Tuesday, the company secured a £1 million unsecured convertible loan funding facility with the financial services company and long term shareholder Sanderson Capital Partners.

The London-listed copper-gold exploration company noted that the convertible loan note will be available in three tranches – at share prices of 0.19p, 0.225p and 0.25p, respectively. 

The facility represents a potential further source of working capital for Bezant during a time in which ‘the funding market for junior exploration companies can be subject to market volatility.’ 

The group can use the facility to fund the working capital requirements of its business and its subsidiaries as it determines, but is not required to draw down under the facility, it explained.

BZT price chart

Sareum Holdings (SAR) shares rose 11.76% to 5.75p following analyst forecast 

On Tuesday, analysts at Edison Investment Research said the group’s lead asset, the preclinical asset SDC-1801, is “inching closer to completing its preclinical toxicology studies.”

They noted that Sareum’s decision to pursue a capsule alternative to the original suspension formulation (which has resulted in further delays) has “come as a surprise.” Nevertheless, the group said clinical trial application (CTA) filing is expected to come through around mid-2022.

Sareum said the new formulation adds value to the programme (removing the need to develop capsules at a later stage) and is supported by £4.6m of funds raised in 2Q/Q321. 

“Encouragingly, out-licensed asset, SRA737, seems to be gaining traction after Sierra Oncology’s decision to reassess it in combination with other targeted therapies. We expect that the next few months will be crucial for Sareum,” analysts at Edison told shareholders. 

SAR price chart

MyHealthChecked (MHC) shares ticked up 9.91% to 2.55p following test service launch

The UK healthcare company said it has launched two home testing services which will allow customers to order a test online before arriving into England or departing from the UK. 

The company will begin selling a rapid antigen test today, along with a verification service for residents and vaccinated travellers arriving in England from a non-red list country. This will be followed by a Fit to Fly rapid test for travellers leaving the UK that will launch next week.

The company’s online service will utilise the CE approved, ISO certified and UK Government validated FlowFlex® Rapid Test Kit, a lateral flow test that is easy to administer via a simple nasal swab, which provides results in 15 minutes and offers 98.8% accuracy, it reported.

MHC price chart

Hill & Smith Holdings (HILS) shares fell 8.70% to 1,705p amid labour shortages in US

Hill & Smith said trading during the four months to 31 October 2021 has been ‘robust’, with revenue reported at £237.1m, 4% ahead of last year on an organic constant currency basis.

Based on the trading performance to date, the Group remains on track to deliver full year 2021 underlying operating profit in line with analyst consensus expectations, it noted.

The Board said it remains confident in the medium to longer term outlook which it said is “supported by strong growth drivers for both sustainable infrastructure and safe transport.”

Whilst its galvanizing division delivered a good performance in the UK and France, the group saw labour shortages in the US which limited production capacity in some galvanizing plants.

The group said it is taking action to mitigate the impact by focusing on higher margin work.

HILS price chart

Disclaimer & Declaration of Interest

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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