Peter Gyllenhammar has acquired a 3.12% stake in South America-focused power generator Rurelec (LON: RUR). The share price was unchanged when the holding was announced yesterday, but it has subsequently risen by 9.5% to 0.575p. Askar Alshinbayev, the founding partner of Meridian Capital Ltd, had previously acquired an 8.6% stake. Rurelec had a net asset value of £11.7m at the end of 2021. It is loss-making, but that is well above its market capitalisation of £2.9m.
Australia-based online fashion retailer MySale Group (LON: MYSL) is the largest riser today, following yesterday’s 0.5p increase on news of Mike Ashley’s Frasers Group holding a 28.7% stake. The share price has risen a further 97% to 3.25p. Frasers would like to sell its end of line merchandise through the company’s platform. Sports Direct, as Frasers was then known, bought a 4.8% just after MySale Group floated in 2014 but that stake was sold in May 2019. MySale Group was planning to cancel its AIM quotation and move to the ASX, but it dropped its plans last autumn. Frasers stake is high enough to block any AIM cancellation.
Plant-based polymers developer Itaconix (LON: ITX) says that first half revenues are substantially ahead of the previous record level. This makes the board confident that Itaconix can meet expectations for this year. Demand is growing from new and existing customers in the detergents and hygiene sectors. Itaconix is still expected to lose money this year, but the cash outflow should be lower. There will be a trading update in the middle of July. The share price, which can be volatile, jumped 29.2% to 5.75p.
BlueRock Diamonds (LON: BRD) more than doubled 2021 revenues from £3.6m to £7.85m, while the loss was reduced from £2.99m to £1.35m. There was a £2.4m cash inflow from operations. The South Africa-based diamond miner has commissioned a new plant at the Kareevlei mine that will more than double capacity to 1 million tonnes per annum. The resource has been upgraded by 49% to nearly 10.4 million net tonnes. Management is positive about the prospects for diamond prices. Even so, the share price has fallen 7.4% to 12.5p.
