GTCR LLC revealed it was considering a bid for GB Group (LON: GBG) after the market closed on Tuesday. The identification services provider says that it will evaluate any proposals it receives. There is no indication of possible terms or valuation. GTCR says that it is acting on behalf of certain affiliated funds. There is no guarantee that there will be a firm offer.
Yacht services provider GYG (LON: GYG) has risen for the second day even though the AIM quotation will be cancelled on Thursday 8 September. JP Jenkins is expected to provide a matched bargain facility before the end of September. The share price is 40% ahead at 35p, having been 21p at the start of the week. The GB Group share price has risen by 22.3% to 638.5p.
Full year results and Cenkos initiating research has helped the Coral Products (LON: CRU) share price to rise 10% to 14.85p. In the year to April 2022, revenues generated by the plastic products manufacturer increased from £10.7m to £14.4m, while pre-tax profit nearly doubled from £760,000 to £1.49m. Earnings enhancing acquisitions have helped to improve the profit and two more have been made since the year end. The total dividend is 1.1p a share. The prospective 2022-23 multiple is less than eight.
Better than expected test results from the East Pepper well in Alberta have pushed up the Arrow Exploration (LON: AXL) share price by 7.25% to 18.5p. Natural gas production peaked at 21,206 mcf/day and averaged 10,921 mcf/day. The ongoing production rate is likely to end up around 7,000 mcf/day. This well should be in production by the end of October. Arrow Exploration expects its total production rate to reach its target of 3,000 barrels of oil equivalent/day by next April.
Synairgen (LON: SNG) says a phase II study trialling SGN001 in patients with chronic pulmonary disease with a confirmed viral infection suggests that human rhinovirus, which 50% of patients had, was cleared more rapidly than in patients treated with a placebo. It also showed that in exacerbating patients there were indications of lower levels of bacterial infection in the second week of treatment. The share price has lost some of its initial gains but is still 3.64% higher at 22.8p.
Panthera Resources (LON: PAT) says that it has made a significant new gold zone discovery at Labola in West Africa. The shares are 7.3% ahead at 7.35p.
Zinnwald Lithium (LON: ZNWD) has published a preliminary economic study on the Zinnwald lithium project in Germany. Post-tax NPV at an 8% discount is $1bn with a 3.3 years payback period following the commencement of production. The project will supply battery grade lithium hydroxide to European battery manufacturers. The initial capital cost is $336.5m. The project could generate an average annual EBITDA of more than $190m. The life of the mine is more than 35 years. The share price is 4.57% higher at 9.15p.
Bluejay Mining (LON: JAY) and Rio Tinto have completed the drilling programme at the Enonkoski nickel copper cobalt project in eastern Finland. This has helped to define new targets. There is a joint venture and earn-in agreement with Rio Tinto. Bluejay Mining has decided to stop exploration at the Muhelampi site at the project, although other areas show promise. There was a negative share price reaction and it fell 9% to 5.75p.
The Verici DX (LON: VRCI) share price has fallen back following the interim figures. The 5.4% fall to 17.5p means that it is back to the level at the start of the week prior to the positive initial results from its validation study for pre-transplant prognostic test Clarava, which was shown to be effective in identifying patients that are likely to reject a transplant. There is net cash of $15.3m, which should last well into next year.
Advertising agency M&C Saatchi (LON: SAA), which remains the subject of two bids, published its interim figures today. Revenues were 10% ahead at £129m, while underlying pre-tax profit was 52% ahead at £16m, thanks to growth in higher margin specialities. However, the reported profit is much lower due to bid-related costs of £9.25m. Net cash was £39.5m at the end of June. Assuming the bids do not succeed a final dividend is expected this year. Forecast earnings are 12.5p a share. Even so, the share price fell 4.5% to 154.9p.
