MOVERS OF TUESDAY 2 MARCH 2021
shares jump 18.71% to 6,892.5p as it launches formal sales process
Today, the global high-precision metrology and healthcare technology group said it has entered a formal sales process after Founders of the Group, Sir David McMurtry and John Deer, announced their intention to sell their very substantial shareholdings in Renishaw.
Executive chairman, McMurtry and Non-Executive Deputy Chairman, Deer, informed investors that they are looking to sell their entire holdings - that’s 53% of the total Group.
The Board said it has unanimously concluded that it would be appropriate to investigate the sale of the Company and is therefore launching a formal sale process for the Company.
The Board outlined that it intends to seek a buyer ‘who will respect the unique heritage and culture of the business, its commitment to the local communities in which its operations are based, and who will enable the Company to continue to prosper in the long-term.’
This morning’s statement outlined that the Company nor the Founders are currently in discussions with any potential offeror or in receipt of a possible offer for the Company.
shares rose a further 35.92% to 5.6p following yesterday’s speculation
The personalised healthcare firm released a statement yesterday morning noting the rise in its share price as the stock rose by over 25% in value. The Group said it has become aware of speculation over the weekend that a significant potential contract is in the pipeline.
The Company highlighted that while it is engaged in commercial discussions with a number of parties for the supply of COVID-19 testing kits, no contracts have been signed to date, nor is there any certainty that any of these discussions will result in commercial agreement.
MHC unveiled in December 2020 that its COVID-19 testing service had been added to the UK Government's approved COVID-19 private testing providers list for General Testing, as well as the Test to Release for International Travel scheme introduced on 15 December 2020.
MHC is looking to launch its current products into the retail sector, develop a pipeline of new products and more than double its team by December 2022 as the Group broadens its overall testing capabilities within the home testing market through a multi-sector strategy.
According to Data Bridge Market Research, the compound annual growth rate for the at-home testing kit market is projected to grow 6.8%, from $8.87bn in 2019 to $16bn by 2027.
shares jump rise again by 20.78% to 0.465p following solid trading update
In a recent trading update, Cambria told investors that it continues to expect FY20 NAV to remain at or near the $7.17m levels reported with its interim results for 29 February 2020.
Cambria said operating subsidiaries and divisions Tradanet, Millchem and Autopay operate at near or above cash flow break-even levels, albeit based on substantially lower revenues.
Significant components of the Company's NAV include a $2.5 million valuation of Paynet Zimbabwe's Headquarters and its adjacent plot with main road frontage and its investment in Radar Holdings Limited valued at $1.74 million. Meanwhile, the Group noted that cash and cash resources outside Zimbabwe at the end FY 2020 amounted to $1.8 million.
The Company said it has been granted an extension for its Annual Report due to the effect of the ongoing pandemic. The Group said it will publish this ‘by no later than 31 May 2021.’
shares jump 20.45% to 2.65p following the completion of its current fracking program
The oil & gas exploration and production company has today announced the completion of its fracking stimulation program of wells on both the Sibkrayevskoye and the Lineynoye fields.
The Company said initial results taken from the wells are ‘very encouraging, leading to production increases and opening the door to potential further developments.’
Its aim of fracking the S-373 well on the Sibkrayevskoye field was to both increase production and to provide crucial information which can lead to an improved understanding of the optimum forward development plan for the field, it noted this morning.
The aim is to investigate if it can improve production from the older wells in the field with good follow on candidates which can be fracked during the next 2021/22 winter season.
The pre-frac oil rate averaged 20 bopd with the post frack rate currently 40 bopd and it is expected that as the water cut continues to decline the oil rate will continue to increase.
shares fall 4.75% to 272.9p as Canaccord downgrades stock to ‘sell’
Shares in the lender fell during Tuesday trading after investment banking and financial services company Canaccord Genuity downgraded the Group from ‘sell’ from ‘speculative buy’ and reduced its price target to 264p from 290p, telling investors to tread with caution.
Canaccord said it was unusual that Provident had not yet issued a FY20 trading update, with the Group’s results delayed until April. Canaccord said its target price cut was justified by a number of factors, including that Provident’s fourth-quarter performance had been unclear.
"It is unlikely that CCD will ever return to meaningful profitability, in our view," Canaccord said, adding that its outlook is further altered by what appears to be a growing claims issue.
It said the Group pointed to downside risk to Vanquis Bank FY21 and FY22 forecasts, "The third ongoing UK national lockdown since mid-December is likely to have pushed out our expectation for a recovery in new customer bookings and average receivables balances.”
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