Movers of Tuesday 17 May 2022
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.
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”.
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.
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.
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.