Cairn Energy (CNE) shares ticked up 1.27% to 152p as group seizes Indian state assets
Shares in the FTSE 250 firm ticked up after it gained the right to seize Indian state assets in France worth more than £17m as part of a long-running tax row with the Indian government.
Cairn has been in dispute with the Indian government over a 2014 retrospective tax bill, when the country's tax office seized a 10% stake in Indian operations that Cairn was trying to sell.
The Company’s move to seize the Indian state assets in France represents its latest attempts to force India to pay $1.7bn awarded by an international tribunal over the former tax dispute.
Ironridge Resources (IRR) shares 13.51% to 25.3p as new deal carries significant potential
Last week, Ironridge entered into a binding agreement with Piedmont Lithium, a Nasdaq-listed lithium exploration and development firm, to fully fund and fast track the Ewoyaa Lithium Project which forms part of its Ghanaian Cape Coast Lithium Portfolio, to production.
The Board said it believes the deal represents ‘a unique opportunity to fast track the development of its industry-leading asset and fund its pathway to production, all whilst providing the opportunity for Ghana to become the first lithium producer in Western Africa.’
A Scoping Study at Ewoyaa, announced in January 2021, supports a business case for 2.0 million tonnes per annum ("Mtpa") production operation with life of mine ("LOM") revenues exceeding US$1.55 Billion, with significant potential to extend the LOM, Ironridge noted.
Cora Gold (CORA) shares jumped 11.36% to 12.25p as it receives high-grade results
On Wednesday, the West African-focused gold firm released its sixth set of drill results from its largest ever drilling campaign at its Sanankoro Gold Project located in Southern Mali.
It said it remains on target to drill up to 35,000m by end of the campaign, with a dual focus on targeting resource growth and infill drilling to convert existing inferred resources to indicated.
Addressing shareholders, Cora highlighted that the results to date have been ‘extremely encouraging with good widths and high-grade results in generally shallow oxides ore.’
MyHealthChecked (MHC) shares rose 6.58% to 4.05p as 1H21 revenues soar
In a trading update published on Wednesday, the consumer home-testing healthcare firm said 1H21 revenues had dramatically increased to £3.27m (1H20: £12,700) with the Group attributing its COVID-19 testing service as the main commercial driver of its performance.
Whilst customer discussions are ongoing and there is still no certainty over ongoing volumes of sales, the Group said it is likely that these increased revenue levels will continue into the summer and will have a positive impact on its results for the year ending 31 December 2021.
The Group highlighted to investors that its current cash balance of £2.21m is reflective of its investment in personnel and marketing in readiness for commercial growth, as well as higher than normal inventory costs during the period ‘as stock is built up in anticipation of continued strong sales in H2 when the company expects to be cash generative (1H20: £1.35m).’
Playtech (PTEC) shares fell 5.01% to 409.4p while it receives proposal for Finalto deal
In its latest announcement, Playtech confirmed that it had received a conditional offer from Gopher, a 4.97% shareholder in the Company, to acquire its Finalto business for US$250m. Playtech unveiled its plans to sell the financial trading division, Finalto, back in May 2021.
In response to the offer, Playtech said the timing of Gopher’s interest makes it “very difficult” for the Board to properly assess the proposal. Gopher said it wants to enter talks with the board to proceed towards a deal that delivers "materially better value" for shareholders.