Movers of Tuesday 17 May 2022

Vox Markets
Vox Newswire
15:31, 17th May 2022

ContourGlobal (GLO) shares jump 32.63% to 256.75p

Today, it was revealed that the US private-equity firm Kohlberg Kravis Roberts & Co has agreed to buy the London-listed power generation company ContourGlobal for £1.75bn.

The takeover offer markets Kohlberg’s efforts to expand its presence in renewable energy. Under the deal announced this morning, KKR said it will pay 263.6 pence for each share of ContourGlobal - that represents a 36% premium to the company’s closing price on Monday.

ContourGlobal, which operates 138 thermal and renewable power plants across Europe, Latin America, North America and Africa, is expected to recommend the offer to its shareholders.

Stock Chart | GLO

PowerHouse Energy (PHE) shares jump 20.73% to 2.475p following Board resignation

The technology-focused energy business has announced that Russell Ward has informed it of his intention to resign from the Board as well as from his position as Non-Executive Chairman.

To support a transition, Russell said he has agreed to remain in position until Friday 10th June 2022 while the board considers its succession options, and to continue to support the CEO.

Russell Ward said: “I am leaving for personal reasons and I wish the Company every success, as you now have a very experienced CEO in place along with a strong Board”.

Stock Chart | PHE

Abingdon Health (ABDX) shares jump 20.51% to 11.75p as it wins new significant contract

Abingdon Health unveiled that it has signed a significant contract with a European customer for the manufacture of lateral flow device (LFD) components for a COVID-19 antigen test.

The contract, which is for an initial period of 12 months with an option to extend, will start with the primary production of the key biochemical-sprayed nitrocellulose component of the LFD.

There is also an option to expand to other aspects of device manufacture including production and lamination of other membrane components and production of complete foiled devices.

Stock Chart | ABDX

Corcel (CRCL) shares rise 14.29% to 1.4p as it finalises JORC mineral resource estimate

The natural resource exploration and development firm said it has now completed a JORC mineral resource estimate at the group’s recently acquired Wowo Gap nickel/cobalt project.

Corcel, which owns 100% of the project in Papua New Guinea, says the establishment of a JORC resource is “a critical technical step” in the preparation of a mining lease application.

In addition, it said it validates the underlying rationale for the asset acquisition and confirms Wo Wo Gap as a similar size and grade deposit to its sister project at Mambare, also in PNG.

Stock Chart | CRCL





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