discoverIE Group (DSCV) shares jump 16.93% to 1,201p as it spends £77m on acquisitions
Shares in discoverIE jumped after the company spent £77m on acquisitions in the US and UK. The Company will pay $80.5m for US-based software firm Logic PD as well as £18.2m for Antenova, an antenna and radio frequency module maker based in Hertfordshire.
discoverIE said the acquisitions represent progress with its stated growth strategy; this includes creating organic growth opportunities in its target markets, expanding its international footprint significantly in North America and enhancing underlying operating margins.
“With a clear strategy focused on long-term, high quality growth markets, a diversified customer base, and a strong pipeline of acquisition opportunities, the Group is well positioned to make further progress on its key priorities,” commented Nick Jefferies, CEO of discoverIE.
Falcon Oil & Gas (FOG) shares soared by 111.81% to 10.4p after testing exceeds forecasts
Shares in the international oil & gas company soared on Friday after it confirmed that testing at one of the Company’s Australian wells in the Beetaloo sub-basin significantly has exceeded the required parameters set out by an industry analyst for the well to show its commerciality.
Results from the Amungee NW-1H well suggested a normalized gas flow rate equivalent of between 5.2m and 5.8m standard cubic feet a day per 1,000 meters of horizontal section.
"Not only does this test result significantly exceed these parameters and significantly increase our assessment of the Velkerri dry gas play, but it also puts the Beetaloo on a par with other shale gas basins in North America," said Chief Executive Philip O'Quigley of these results.
Armadale Capital (ACP) shares jumped 27.47% to 5.8p after receiving mining licence
Today, the investment company has received a mining Licence for its 100%-owned Mahenge Graphite Project in south-east Tanzania from the Tanzanian Ministry of Energy and Minerals.
The licence offers exclusive development as well as mining rights over the graphite resources within the 8.54km2 Mining Licence and is a major de-risking milestone for investors, it noted.
Armadale’s Chairman, Nick Johansen, said: “Receipt of the 10-year Mining Licence for the Mahenge Liandu graphite project is one of the final and most important de-risking milestones for the Company and allows us to push forward towards construction of our planned initial Stage 1 60,000 tonne per annum capacity for the project - an initiative which will bring significant benefits to stakeholders, both local communities and plc level investors.”
Eurasia Mining (EUA) shares rise again by 18% to to 29.5p as it sees progress in Russia
Shares in the palladium, platinum, rhodium, iridium and gold producing firm jumped again on Friday after reporting operational progress across its projects in Russia earlier this week.
Eurasia Mining confirmed to investors that its West Kytlim platinum group metals mine in the Urals, three washing plants are now operational while several pit areas are being stripped.
Christian Schaffalitzky, Executive Chairman of Eurasia Mining said the joint venture with Rosgeo was coming to “a successful conclusion” with DFS, JORC reserves as well as the EPCF (engineering, procurement, construction and finance) contract already signed.
Network International (NETW) shares fell 4.22% to 376.7p despite recent profit jump
In its recent half-year results for 1H21, the Company reported a profit jump as revenue in the six months to June 30 rose 17% year-on-year to $156.4 million from $134.2 million in 1H20.
During the period, pre-tax profit also increased to $17 million from $1.2 million in 1H20.
Given the ongoing recovery, the Company said it now expects to see total revenues slightly higher than those recorded in 2019. The Group added that it expects to deploy lower total capital expenditure during the year at around $55 million (initial guidance c.$65 million).
The firm said it is seeing a recovery, “with the majority of [key performance indicators] now ahead of pre-pandemic levels, including the signing of new merchant and bank customers.”
At the same time, we have yet to see a full recovery in our Merchant Solutions business, which is reflective of our exposure to international spending, more discretionary merchant sectors, as well as competitive dynamics," said Network’s Chief Executive, Nandan Mer.