MOVERS OF WEDNESDAY 12 JANUARY 2021
(RNK ) shares ticked up 5.45% to 147.1p as stock continues to ris
Shares in the company continue to steadily rise - despite its value remaining well below pre-pandemic levels, the stock has soared by nearly 70% since the beginning of November.
Shares in the company which operates Mecca Bingo and Grosvenor Casino have seen some recent light relief in recent months after the group successfully raised £70m in November.
The operator said it would use the funds to ‘strengthen the Company’s balance sheet’ and ‘provide ample working capital to operate through this challenging trading environment.’
Shares in the gambling company have shed more than 35% in value since the beginning of August 2020 after the business suffered as a result of the ongoing COVID-19 pandemic.
It said it entered lockdown with ‘significant momentum to revenues and profits driven by its transformation strategy, a tightly controlled cost base and a strong balance sheet.’
The group reported underlying operating profit for 2019/20 of £51.1m which it said reflects the closure of nearly all of its venues businesses from mid-March through to the year end.
Rank expects to rebuild revenues through the years with an increase in footfall expected once social distancing and other supply constraints are reduced and customer confidence returns.
(IGAS ) shares soared 44.90% to 27.15p as production remains solid
Shares in the onshore oil and gas exploration and production firm have jumped by nearly 40% after it unveiled that its reserve-based lending facility (RBL) semi-annual recalculation confirmed $31.7m (£24m) of debt capacity, and current headroom of $11.7m (£8.9m).
As at 30 November, cash was $2.8m, with net debt of $17.2m. IGas said it hedged 370,000 barrels for 2021 at an average price of $44 per barrel, using a mixture of swaps and collars.
“In spite of the continued pressures on the business, as a result of Covid-19, average net production for the year to 31 December 2020 is within the 1,850 to 2,050 barrels of oil equivalent per day range,” said Chief Executive Officer of IGas Energy, Stephen Bowler.
(KIBO ) shares jumped 23.91% to 0.285p as it continues to advance Benga
Shares in the Africa focused energy firm have increased by over 33% since 22 December 2020 when the group cited progress on the Benga Power Plant project, with technical work nearing completion and integrating with the commercial and statutory developments.
Kibo has entered into a mutually binding Coal Supply Term Sheet ('CSTS') with Vale Mozambique, S.A. to supply coal to the Benga Power Plant Project in Mozambique ('BPPP').
Commenting on the progress in Mozambique, Louis Coetzee, CEO, said: “It is with this momentum that we will be entering 2021 and with firm confidence that the BPPP can still be delivered within the broad timelines discussed in previous announcements."
(MLVN ) shares rose 23.08% to 0.192p after securing loan
Shares in the global learning and skills development partner rose again following its recent announcement that it had agreed to a new short term loan agreement for £350,000 with Boost & Co. It also secured a further £30,000 via an unsecured loan note with a Director.
The New Loan for £350,000 will be drawn in full immediately. Interest on the amounts drawn down will be charged at 11.25% per annum while Richard Mace, Chief Executive of the Company, has agreed to lend the Company £30,000 by way of an unsecured loan.
The group said the purpose of the borrowing is to provide bridging finance to ensure the Company has sufficient working capital pending the payment of a significant trade debtor amounting to in excess of £900,000 which is expected to be paid in quarter one 2021.
(GAW ) shares fell 6.28% to 10,890p despite hitting record sales
Shares in the British manufacturer of miniature wargames fell during Tuesday afternoon trading despite sales hitting a record £186.8 million 1H20, up 26% from the previous year.
"Another cracking performance from a truly amazing, global team; a solid six months building on the great progress and profitable growth we have been consistently delivering over the last five years,” is how Kevin Rountree, CEO, described the 2020 half-year.
The group attributed its ‘significant achievement’ in record sales, profit levels and cash generation to a step change in unit sales of the company’s Warhammer 40,000 miniatures across the world. It added that its full range, including Age of Sigmar, had also sold well too.
Around 4.7m people now use the Warhammer community website, it said - an increase of 200,000 on the same period last year - despite most of its shops being restricted or closed.
The company also highlighted that the business had performed ‘particularly well’ across North America, a territory where it has increased both investment and efforts.
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