Movers of Tuesday 4 May 2021
shares ticked up 6.60% to 549.5p as it unveils £60m buy back
The British retail and intellectual property group has announced its plans to buy back £60 million of its shares before the Group enters a closed period ahead of its full-year results.
Frasers, which is owned by retail entrepreneur Mike Ashley, unveiled the move despite warning investors that it is to suffer a £200m blow as a result of the COVID-19 pandemic.
In this morning’s statemen, Frasers, which reopened its estate on 12 April 2021 following the easing of lockdown restrictions for non-essential retailers, highlighted to investors that “the purpose of the programme is to reduce the share capital of the company.”
shares soared 29.17% to 0.155p as it makes ‘major step’ towards obtaining mining licence
The mineral exploration and development company informed investors of its latest progress towards securing a mining licence for the Bougouni Lithium Project which is situated in Mali.
Kodal has received confirmation that the feasibility study and mining development plan have been ratified and approved by the DNGM committee, subject to it making some minor corrections to bring the licence application in line with the new Mali Mining Code of 2019.
The Company views the ratification and approval of its lodged feasibility study and mining development plan as a major step toward the granting of the Mining Licence for Bougouni.
Bernard Aylward, Chief Executive of Kodal Minerals, commented: "We are very pleased with this development in our Mining Licence application, which again confirms the high standard and full range of our completed feasibility study and mining plan at Bougouni.”
Aylward added, “This will be a major milestone for Kodal and one which will significantly de-risk our project as it will then be fully permitted to commence site development works.”
shares jumped 18.63% to 0.605p as it gains over 20% in past month
Shares in the US operating oil development group have increased by over 20% in the past month alone. Last week, the Group told investors that the Petroteq Energy oil sands plant at Asphalt Ridge in Utah, the Company's 50/50 joint venture with Valkor LLC, was back online.
Its JV company, Greenfield, had identified certain additional enhancements that were required to be made to the POSP to allow for a more efficient and optimised operation.
Earlier this month, TomCo told investors that it would undertake further work in order to ensure that the project is more robust to withstand colder operating conditions.
“This is all part of the learning process for a test operation of this nature and we are confident that once the identified solution has been implemented Greenfield will be better informed and prepared to pursue construction of its first commercial scale plant once funding has been secured,” John Potter, CEO of TomCo announced back in April 2021.
Following this decision, Greenfield reported last week that this additional equipment had been both successfully installed and tested, and that the POSP is once again operational.
shares rose 17.94% to 24p as it looks towards drilling in June
Shares in Helium, which is focused on becoming a producer of high-grade helium for the international market jumped on Tuesday after the Company said that it has now completed its extended 2D seismic programme at its 100% owned Rukwa project in Tanzania.
Helium has completed an extended 200km 2D seismic campaign, including a further 50 line kilometres, which is intended to provide further data on new priority prospects at the site.
It said the data acquired was of a higher quality than earlier work and resulted in a better understanding of the subsurface and reassessment of geological risk across its portfolio.
“This prospect is believed to be larger than interpreted from historical data, which has contributed to the Technical Team's decision to upgrade Tai from a 'low-priority' to 'must-drill' target. Drilling will therefore begin in early-June, giving additional time for road and drill pad construction at this new site,” said David Minchin, Chief Executive of Helium One.
shares fell 6.47% to 259.7p as lockdowns ease
Shares in the online electrical retailer which has largely benefitted from restrictions and lockdowns as a result of the ongoing pandemic fell on Tuesday afternoon.
Despite the dip, the stock still remains over four times its value from May 2020 and the Company maintains its position as a stock that has benefitted amid the pandemic.
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