discoverIE Group (DSCV) shares ticked up 2.95% to 1,256p following latest acquisitions
Earlier this week, the company confirmed to investors that it had made two acquisitions of design and manufacturing (D&M) businesses for a total of £77m in cash.The acquisitions were part-funded by an oversubscribed placing that raised gross proceeds of £55m.
At the time, it said this was in line with the company’s strategy to grow the D&M division and provide scope for cross-selling as well as increasing its access to non-European markets.
According to Edison Investment Research, the combined acquisitions have high operating margins (20%+), which analysts say will help the company in its quest to drive underlying operating margins towards its four-year target of 12.5% from last year’s 7.7%, it reported.
Arkle Resources (ARK) shares soared 45.16% to 1.125p after encountering high grade gold
Today, the group said it had encountered ‘exceptionally’ high grade gold at the diamond drilling programme undertaken at its 100% owned Mine River Gold Project in Wexford.
Commenting on the funded programme Chairman of Arkle, John Teeling, said the result from Hole 7 in the Tombreen Main anomaly was particularly “spectacular” with 51.6g/t grade marking the highest grade the company has ever discovered in Mine River.
Following the results, Arkle is now planning to undertake a programme on two additional anomalies, B and C, to the south of Tombreen West and southwest of Tombreen Main.
Itaconix (ITX) shares jump 21.31% to 7.4p as it sees first shipment of its sustainable polymer
Itaconix, which utilises its own plant-based polymer technology platform, has made its first shipment to an EU-based customer for its Itaconix® TSI™ 322 sustainable detergent polymer.
The Company explained to investors on Thursday morning that the new customer is ‘an established and well-respected European brand that is recognized by both the detergent industry and consumers as a leader in product innovation, performance, and sustainability.’
The Itaconix® TSI™ 322 allows detergent formulators ‘to meet increasing consumer and retailer demands for sustainable products without compromising on cost or performance.’
Hurricane Energy (HUR) shares jumped 17.98% to 2.876p as it buys back outstanding bonds
Shares in the oil and gas company jumped on Friday after it confirmed to investors that it has agreed to buy back $78.0 million of the firm’s outstanding bonds maturing in 2022.
Hurricane was able to buy back more than 33% of the outstanding bonds, reducing the par value of bonds held by third parties to $152m and thereby utilising $62m of net free cash.
TP ICAP (TCAP) shares fell 4.13% to 161.18p as the stock plunges to its lowest levels
In recent days, shares in the broker have slipped by as much as 7.5% after it reported a 35% plunge in half-year profit on Tuesday with the business feeling the force of the pandemic.
According to data from Reuters, shares in the inter-dealer broker fell by as much as 7.5% on Tuesday to 182.34 pence - that’s the stock’s lowest level since November last year, it said.