This post was written by Zak Mir, a Technical Analyst, Events Host, Presenter, CEO Interviewer and established Market Commentator.
THG (THG) said that having discussed with its financial and legal advisors, the Board has unanimously determined that it is not in the best interest of THG shareholders to seek an extension to the deadline set out in the company’s announcement dated 17 April 2023, as permitted by Rule 2.6(c) of the Code, and, consequently, it has terminated all discussions with Apollo.
Comment: THG has proved to be one of the few stocks which have been almost impossible to play on either the bull or bear side, or fundamental vs technical. Today’s RNS underlines this state of affairs, although one might venture to suggest that the rug pull in the stock on May 4 was caused by some in the market successfully guessing that the Apollo deal was not going to get off the ground.
Alkemy Capital Investments (ALK) announced that its wholly-owned subsidiary Port Hedland Lithium Pty Ltd has executed a MOU with Lithium Services Pty Ltd, a lithium engineering and technology company, to explore the development of a merchant lithium refinery located at Port Hedland dedicated to the processing of spodumene fines and tailings – a major new source of lithium feedstock.
Comment: Alkemy continues to deliver appropriate newsflow in a timely manner for investors, with the latest MOU a decent one in terms of the company delivering on the refinery development goal.
Panther Metals (PALM) the company focused on mineral exploration in Canada, announced the acquisition of 171 additional mining claims that are directly contiguous to the Obonga Project and which provide coverage of exploration ground considered highly prospective for critical metals on the northwest corner of the Obonga greenstone belt. The company said it continues to strengthen its position on Obonga following its successful multi-site drilling programme that enhanced its understanding and strengthened its belief in this greenstone belt. Panther Metals remain extremely active as it positions the business to take full advantage of an increasingly prospective portfolio of assets based in a province built on mining.
Comment: Panther shares have bounced well from the beginning of last month, with the prospect being that the portfolio building announced today will aid this recovery.
Bens Creek (BEN), the owner of a metallurgical coal mine in North America, has been notified on 11 May 2023 by MBU Capital Group Limited, the company’s largest shareholder, that it has sold 119,218,394 shares in the company to Avani Resources Pte Ltd. As a result Avani now owns 29.86 per cent. of the existing Ordinary Shares in the Company. The transaction was undertaken on 10 May 2023 at a price of 18p per share. The Transaction was conducted off-market and will settle on 12 May 2023. BEN said it was delighted to welcome Avani as a shareholder. The arrival of a global commodity trading group, which is the largest importer of metallurgical coal into India, on our share register is further confirmation of the appeal of the Bens Creek coal brand and testament to the underlying quality of our product.
Comment: Those who were missing a RNS from Bens that mentioned MBU have to wait no longer. The interesting aspect is here is whether MBU is getting out at the low, or Avani bagging a bargain?
Predator Oil & Gas (PRD), the Jersey based Oil and Gas Company with near-term gas operations focussed on Morocco, announced the exercise of share options by directors, and a placing to raise £1,449,764 at 5.7p before expenses to advance Financial Investment Decision for a CNG development and subsequent reimbursement to Directors.
Comment: It has been weeks since the last placing at PRD, so shareholders finally get their fix.
Proteome Sciences (PRM) announce the expansion of its proteomics services into the U.S. The company said a state of the art facility will be based in San Diego, California, to provide easy access to the established and growing pharmaceutical and biotechnology proteomics services requirements across the US and, in particular, the research hubs on the west coast. The company’s subsidiary, Proteome Sciences US Inc, has commenced staff recruitment and the new facility is expected to be fully operational in the fourth quarter of 2023.
Comment: PRM’s announcement inevitably brings two thoughts to mind: the first is the possibility of a site visit to the “state of the art” facility, and perhaps more importantly, the hope that this facility was not too expensive.
FireAngel (FA.), a developer and supplier of home safety products, announced that it has been commissioned by a government agency to supply smoke and heat alarms for a large, connected alarm project for low income families in the Middle East. The contract, which is valued at an estimated £1.5 million, will be delivered over the next six months, commencing this month. It includes the supply of over 60,000 Connected smoke and heat alarms, which will be installed in over 5,000 properties. The company said it was delighted with this latest contract, which is further testament to the continuing demand for its Connected products, both in the UK and overseas. Its Connected technology is designed to provide the highest level of protection at all times and it is well positioned to meet the growing demand for fire safety technology.
Comment: Given where shares of FireAngel are, at year lows, the latest contract win could not have come at a more timely moment. A £1.5m on a current £12m market should be enough to move the dial for the company.
Touchstone Exploration (TXP) reported its operating and financial results for the three months ended March 31, 2023. It produced quarterly average volumes of 2,139 boe/d, representing a 53 percent increase relative to the 1,396 boe/d produced in the prior year equivalent quarter and a 4 percent decrease compared to the fourth quarter of 2022. Exited the quarter with a cash balance of $10,859,000, a working capital deficit of $4,383,000 and a principal balance of $25,500,000 remaining on our term credit facility, resulting in a net debt position of $23,883,000.
Comment: If there was a time for a company like TXP to be in top financial and production form, the last year was it. One would presume that the net debt position is what has been keeping TXP shares near the bottom of their range in the recent past.
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