Movers of Wednesday 16 June 2021
shares ticked up 4.76% to 393.85p
The Middle Eastern-focused payments solutions provider is the biggest FTSE 250 riser during Wednesday afternoon trading, with the company having gained almost 5% to 393.85p. Despite the rise, the stock has lost around 4% in value since the beginning of the month.
In April 2021, the group said overall trading in 1Q21 had come in line with expectations against a quarterly comparator in FY20 that was significantly less impacted by COVID-19.
At the time, Chief Executive of the group, Nandan Mer, said the company had been “encouraged by trading and the momentum of customer wins”, particularly its new partnerships which it believes will help it to drive scale and innovation across the group.
shares soared 24.07% to 0.67p with restructured facility
The Group, which operates and develops out of its port and logistics facility in Navi Mumbai in India, said it has successfully negotiated and executed a re-structured debt facility.
It said the facility, which it has executed alongside a consortium of banks, both takes into account ‘the significant progress made with business at its Karanja port and logistics facility while also recognising the acute disruption in India caused by the Covid-19 pandemic.’
Under the terms of the new debt facility, the debt interest rate will be lowered from 13.45% to 9.5% per annum. Meanwhile, there will be a moratorium on interest rate payments until February 2022, and the commencement of the amortisation of the principal loan amount has also been extended by 24 months from October 2020 to October 2022, it outlined.
shares jumped 22.92% to 0.295p as it advances drilling
In recent weeks, the firm told investors that it had completed its planned, first-phase drilling programme for gold and silver at the Olympic Gold Project in Mineral County, Nevada.
“Drilling operations at Olympic Gold have been completed ahead of schedule, within budget, and we now await the assay results as the rig is moved to the previously undrilled RH Group, which has exciting potential for the Company,” said Chairman, Brian Hall.
For now, drill cuttings from the reverse circulation rig are being analysed at an independent laboratory in Nevada to assess the gold and silver content of each of the drill holes. Results for each target area will be announced once they have been analysed in-house, it noted.
Depending on the results, the Company plans infill drilling on some or all of these prospects later in the summer, subject to permitting. Meanwhile the Reverse Circulation rig is being moved to the RH (Rock House) Group for the next phase of the 2021 drilling campaign.
shares rose 13.33% to 5.1p as it expects ‘significant activity’ in US
In an operational update on its assets in the United States, Zephyr Energy highlighted that “significant activity” is expected across the group’s asset portfolio in the coming weeks.
Addressing shareholders, Colin Harrington, Chief Executive of the Rocky Mountain-focused oil and gas company said Zephyr Energy has a “great deal of activity” going on across its project portfolio and that he was “delighted” with how everything is progressing to date.
At the Williston Basin, the S-Bar wells have been placed into production, ahead of forecast schedule, and the Feehan wells are expected to be placed into production this month.
The company highlighted that it intends to update shareholders on production rates ‘in the coming weeks’, once the wells have cleaned up and reached a peak initial rate, it noted.
At Zephyr’s flagship project in the Paradox Basin in Utah, U.S, preparations continue ahead of the drilling of the State 16-2LN CC lateral appraisal well (the "lateral") which is scheduled to spud in July and which will target Zephyr’s first production from the Paradox project.
The company informed investors that final permitting is expected shortly and that vendor negotiations (including the rig contract) are expected to be finalised in the coming weeks.
shares fell 5.54% to 39.06p as ban on commercial evictions faces extension
The European property firm was amongst several property stocks to fall today following reports that the UK Government is to extend the ban on commercial evictions until 2022.
The ban on commercial evictions was first introduced during the pandemic. Today, in response, UK Hospitality’s CEO, Kate Nicholls, said that if the report was true it would 'banish a grim shadow that has hung menacingly over hospitality' since the Covid crisis began.
Speaking of the extension, she said: “It will form a strong bedrock for negotiated settlements that can help heal the damage that the pandemic has wrought, and will be a positive signal that the Government has been listening to our sector, and acted to ease its plight.”
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