Oxford BioMedica agrees 3-year extension to AstraZeneca Covid-19 vaccine deal

Natasha Doris
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Oxford BioMedica agrees 3-year extension to AstraZeneca Covid-19 vaccine deal

Oxford Biomedica shares were up 3% to 468p in late morning trading on Friday after the firm announced it had entered into a three-year Master Services and Development Agreement with AstraZeneca.

The Agreement would reportedly facilitate the potential future manufacturing opportunities for the AstraZeneca Covid-19 vaccine.

Oxford Biomedica noted the deal represents an expansion of the original Master Supply and Development Agreement announced between both groups in September 2020.

The working relationship is set to have Oxford Biomedica complete its manufacture of AstraZeneca Covid-19 vaccines in Q4 2022, followed by Oxford Biomedica providing the use of its 84,000 square foot manufacturing facility for AstraZeneca to take advantage of on an as needed basis after 2022.

Oxford Biomedica confirmed an expected recognised revenue of approximately £30 million from AstraZeneca in the current financial year in line with the terms of the original Agreement and inclusive of all batches of vaccine manufactured in HY1 2022.

“I am delighted that our close partnership with AstraZeneca has been extended. I am proud of the work of all our colleagues at Oxford Biomedica that has enabled us to deliver more than 100 million doses of lifesaving COVID-19 vaccine,” said Oxford Biomedica CEO Dr. Roch Doliveux.

“While contributing to the efforts to fight the pandemic, this has also demonstrated Oxford Biomedica’s ability to expand the scope of our innovative process development services and deliver high-performing manufacturing solutions beyond lentiviral vectors.”

“We look forward to continuing to work closely with AstraZeneca and execute on our strategy to become a global leader across all viral vectors, enabling Cell and Gene Therapy companies to deliver their life-changing therapies to patients.”

Croda completes £667m businesses divestment to Cargill

Natasha Doris
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Croda completes £667m businesses divestment to Cargill

Croda shares increased 0.6% to 6,512p in late morning trading on Friday after the group announced its completed divestment of its Performance Technologies and Industrial Chemicals businesses to a wholly-owned subsidiary of Cargill.

Croda reported the gross proceeds from the transaction would be approximately £667 million, subject to small adjustments for cash, working capital and debt-like instruments.

The group commented the divestment and the associated proceeds excluded Croda Sipo, a Chinese joint-venture in which Croda holds a 65% stake.

The firm highlighted its continued discussions with its joint-venture partner regarding the acquisition of its holding in Sipo in order to complete a subsequent sale by Croda to Cargill of 100% of the group for a total price of €140m.

“This divestment accelerates Croda’s transition to being a pure-play Consumer Care and Life Sciences company” said Croda CEO Steve Foots.

“We will redeploy capital and resources to scale our consumer, health and crop care technologies, helping to deliver consistent, superior sales growth and even stronger profit margins.”

Block Energy narrows losses on enlarged assets portfolio

Natasha Doris
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Block Energy narrows losses on enlarged assets portfolio

Block Energy shares were up 0.6% to 1.5p in early morning trading on Friday after the firm announced a revenue growth to $6.1 million from $1.2 million in FY 2021.

The group reported a swing back to gross profit of $231,000 compared to a loss of $3.2 million in the previous financial year, alongside an operating loss of $4.7 million against $5.6 million.

Block Energy highlighted a pre-tax loss for the year of $4.7 million from $5.5 million year-on-year, and a narrowed diluted loss per share of 0.7c from 1.3c the year before.

The company mentioned its successful integration of its SRCL assets acquired from Schlumberger and its definition of an asset wide field development and production enhancement plan in its highlights for the financial period.

The firm confirmed it completed several objectives on its FY 2021 roster, including fully integrating its technical database, following its completed acquisition of SRCL, and the completion of a risking and ranking process focused on short-term drilling and production enhancement opportunities across its enlarged portfolio.

It further defined a two-well drilling programme consisting of a new horizontal well, which was designed to appraise areas of low fracture density in the XIF license and a side track of an existing well in the newly acquired XIB license.

Block Energy also noted its simultaneous execution of a workover programme to reverse the natural decline of its baseline production.

“The Company swiftly integrated and advanced the appraisal and development opportunities throughout its enlarged portfolio in 2021. It also delivered on a key milestones, including commencing gas sales and execution of a multi well drilling campaign,” said Block Energy CEO Paul Haywood.

“This relentless drive to advance the Company and maintain consistent momentum has placed it in a stronger position to continue to create value for all shareholders in the current year. The planned three project strategy is designed to efficiently deploy existing cash reserves into further development drilling, throughout the XIF and XIB licenses.”

“This, combined with our enhanced understanding of the subsurface and the Company being profitable, sets the stage for what we forecast to be a rewarding year and we look forward to updating shareholders on short and medium term milestones as we advance.”

Zanaga Iron Ore records $1.8m loss in FY 2021

Natasha Doris
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Zanaga Iron Ore records $1.8m loss in FY 2021

Zanaga Iron Ore shares were down 7.3% to 1.9p in early morning trading on Friday after the company announced a pre-tax loss of $1.89 million against $1.82 million in FY 2021.

The mining group reported a total comprehensive loss of $1.9 million compared to $1.8 million the last year, and a rise in general expenses to $1.2 million from $1 million year-on-year.

Zanaga Iron Ore confirmed a net asset value (NAV) of $37.7 against $37.6 million in FY 2020, comprised of a $37.3 million in its Jumelles project, $400,000 in cash balances and $80,000 of other net current assets.

The company mentioned a selection of highlights for its financial year, including a funding update in its Shard Merchant Capital equity subscription agreement, with the transaction of 21 million shares subscribed for by the firm resulting in £1.1 million in proceeds received to date following 18 million shares placed by Shard Merchant Capital and a further three million remaining ordinary shares to be placed.

The group commented the proceeds have been applied to general working capital, including the financing of additional contributions to the Zanaga project’s operations.

“During 2021 it was pleasing to conclude an updated costing exercise, using independent technical experts to evaluate the Stage One development costs,” said Zanaga Iron Ore CEO Clifford Elphick.

“Furthermore, an update exercise was undertaken to evaluate the Ore Reserve for the Project. This resulted in the reconfirmation of the Zanaga Ore Reserve – which remains one of the largest ore reserves globally.”

“The Zanaga Project Team have continued to progress key initiatives at the Project. Significant work is underway to evaluate options to move the Early Production Project forward in collaboration with other projects in RoC.”

AIM movers: Shield Therapeutics, Cornerstone FS, Kefi, Tower Resources, ex-dividends

Andrew Hore
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AIM movers: Shield Therapeutics, Cornerstone FS, Kefi, Tower Resources, ex-dividends

Poor sales progress and the need for more funding has hit the Shield Therapeutics (LON: STX) share price, which had already been plummeting. It fell a further 38.5% to 7.375p. Shield Therapeutics launched its Accrufer iron deficiency treatment in the US last July and sales are taking longer than initially indicated to build up. Having failed to raise money via a share issue, management has obtained a $10m loan from a major shareholder lasting until the end of 2023. This is secured on the US IP for Accrufer, which are the main attraction of the business. finnCap forecasts net debt of £20.9m by the end of 2023 and continuing cash outflows.

Cornerstone FS (LON: CSFS) is making progress with its strategy to consolidate and grow international payment businesses by using its own cloud technology. Gross margin has improved but the group is still loss-making. In fact, the interim underlying operating loss increased from £1m to £1.44m. The increase was greater if transaction costs and share-based payment charges are included. There was cash of £348,000 at the end of 2021. Cash outflows, including capitalised software development, should reduce with further growth but financing growth will be difficult with the share price slumping 46.8% to 10.25p.

Kefi Gold and Copper (LON: KEFI) says that the project finance syndicate for the Tulu Kapi gold mine has signed a funding umbrella agreement. The Ethiopian authorities have confirmed that the Tulu Kapi mining licence has not been cancelled. The plan is to launch the project at the start of the dry season in October. Kefi says that the intrinsic value of its assets, based on the net present values of the company’s three projects, is 9p a share. This does not appear to take account of any liabilities for the holding company. The share price jumped 43.2% to 0.7305p.

Oil and gas explorer Tower Resources (LON: TRP) shares have had a chance to react to last night’s news has secured a bank loan covering 40% of the $18m cost of the NJOM-3 well on the Thali block in Cameroon. The share price rose 17.7% to 0.3p. Estimates for the NJOM-1 well are slightly higher than previously announced. The NPV10 of the mean recoverable case for the whole structure is $305m.

Ex-dividends

Anglo Asian Mining (LON: AAZ) is paying a 3.5 cents a share final dividend and the share price was unchanged at 97.5p.

Insurance businesses investor BP Marsh (LON: BPM) is paying a 2.78p a share final dividend and the share price fell 6p to 301p.

Duke Royalty (LON: DUKE) is paying a 0.7p quarterly dividend and the share price was unchanged at 35p.

Fluid power products distributor Flowtech Fluidpower (LON: FLO) is paying a 2p a share final dividend and the share price fell 0.25p to 117.75p.

Ideagen (LON: IDEA) shareholders are receiving a 0.29p a share dividend before the completion of the takeover of the software company. The share price fell 0.5p to 349.5p. The bid is 350p a share.

iEnergizer Ltd (LON: IBPO) is paying a 13.8p a share final dividend and the share price fell 21.5p to 455p.

Medical technology company Inspiration Healthcare (LON: IHC) is paying a 0.41p a share final dividend and the share price fell 9p to 88.5p. At the AGM, it was warned that ordering patterns could be second half weighted.

Learning Technologies Group (LON: LTG) is paying a 0.7p a share final dividend and the share price fell 4.55p to 111.05p.

Property investor Panther Securities (LON: PNS) is paying a 6p a share final dividend and the share price is unchanged at 295p.

Leather processor Pittards (LON: PTD) is paying a 0.5p a share final dividend and the share price fell 2.5p to 54p.

Real Estate Investors (LON: RLE) is paying a 0.81p a share quarterly dividend and the share price fell 0.25p to 34.5p.

Packaging manufacturer Robinson (LON: RBN) is paying a 3p a share final dividend and the share price is unchanged at 87.5p.

Oil and gas producer Serica Energy (LON: SQZ) is paying a 9p a share final dividend and the share price fell 8p to 286p.

Skillcast (LON: SKL) is paying a maiden dividend of 0.28p a share and the share price is unchanged at 24p.

Smart Metering Systems (LON: SMS) is paying a 6.88p a share final dividend and the share price fell 21.5p to 826.5p.

Financial services business STM (LON: STM) is paying a 0.9p a share final dividend and the share price is unchanged at 24p.

Think Smart Ltd (LON: TSL) is paying a A$0.0414 a share dividend and the share price is unchanged at 24.5p.

Vertu Motors (LON: VTU) is paying a 1.05p a share final dividend and the share price fell 1.45p to 55.05p.

Oil and gas company Wentworth Resources (LON: WEN) is paying a 1.16p a share final dividend and the share price fell 1p to 23.5p.  

Wynnstay Properties (LON: WSP) is paying a 14p a share final dividend and the share price fell 5p to 690p.

FTSE 100 tumbles as housing market cools and recession alarm rings

Natasha Doris
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FTSE 100 tumbles as housing market cools and recession alarm rings

The FTSE 100 tumbled on Thursday as stocks across Europe tanked and the gloomy macroeconomic forecast seemed to finally sink in for investors as recession alarms rang.

“Stock markets were in a terrible mood across Europe, with the FTSE 100 down 1.7%, the CAC 40 dropping by 2.3% and the Dax falling 2.5%,” said AJ Bell investment director Russ Mould.

“There really is a lack of good news for investors to cling onto, and the near-term outlook looks bleak which is shattering confidence.”

Meanwhile, the US markets spiralled, with NASDAQ pre-open trading down 1.8% to 11,479 and the Dow Jones down 1.2% to 30,625.

BAE Systems and Bunzl

At the time of writing, the only two risers on the FTSE 100 were BAE Systems, with a 0.4% climb to 830.4p, and Bunzl with a 0.3% uptick to 2,681p.

BAE Systems is no doubt raking in the cash after G7 leaders renewed their commitment to Ukraine as Putin’s war escalates, sending demand for heavy arms soaring.

Meanwhile, Bunzl increased its forecast revenues guidance on the back of higher than expected HY1 revenues growth of 16% as a result of higher inflation levels and a series of acquisitions.

“The list of risers on the FTSE 100 won’t take investors long to read. [Bunzl], the provider of products that companies need to do business but not actually sell to customers nudged ahead … after upgrading its guidance for the year,” said Mould.

Bunzl CEO Frank van Zanten added: “Bunzl has delivered another period of strong growth. We continue to demonstrate the strength of our business model, supported by the depth and resilience of our supply chains and the agility of our people who have responded to the inflationary environment so successfully.”

“Our acquisition momentum remains strong, with our active pipeline supported by a strong balance sheet.”

Housing cooldown knocks housebuilders down

Housing stocks were hit particularly hard, as the latest figures from Nationwide revealed a slowed housing price growth of 0.3% compared to 0.9% the last month.

“The price of a typical UK home climbed to a new record high of £271,613, with average prices increasing by over £26,000 in the past year,” said Nationwide chief economist Robert Gardner.

“There are tentative signs of a slowdown, with the number of mortgages approved for house purchases falling back towards pre-pandemic levels in April and surveyors reporting some softening in new buyer enquiries.”

“The market is expected to slow further as pressure on household finances intensifies in the coming quarters, with inflation expected to reach double digits towards the end of the year. Moreover, the Bank of England is widely expected to raise interest rates further, which will also exert a cooling impact on the market if this feeds through to mortgage rates.”

Barratt Developments shares tumbled 4.3% to 455.4p, Berkeley Group fell 3.1% to 3,659p, Persimmon dropped 3.8% to 1,841.7p and Taylor Wimpey slid 3.8% to 1,841.7p.

Greatland Gold commences Scallywag exploration programme

Natasha Doris
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0
Greatland Gold commences Scallywag exploration programme

Greatland Gold shares were up 1% to 9.9p in late morning trading on Thursday following the commencement of its exploration programme at the Scallywag project, leveraging its understanding of geological information and knowledge of the area to drill a series of promising new conductor targets.

Greatland Gold commented the drill programme was designed to test ground electro-magnetic (EM) conductors for Telfer-style mineralisation at the Pearl, Swan and Swan East targets.

“We are excited to accelerate Greatland’s exploration programme and commence on the ground activities at our 100% owned projects in the Paterson province of Western Australia, regarded as one of the world’s most prospective frontiers for the discovery of multi-cycle, tier-one gold-copper deposits,” said Greatland Gold managing director Shaun Day.

The company noted that its Ultra Fine Fraction soil sampling geochemistry results were currently being integrated into its regional geological interpretation and targeting framework.

The firm also mentioned its ongoing review of ground EM geophysics data and its 2020 airborne EM to enhance targeting and and identify further aerial anomalies for ground EM follow-up, alongside further analysis of the drilling results from 2021 and 2020 and their integration into ongoing basin-wide geophysical and geological modelling to drive further targeting.

Greatland Gold confirmed heritage clearances had been completed, and access and drill pad clearing had kicked off ahead of the Scallywag drill programme.

Meanwhile, the company said its maiden exploration programme had been planned for identified targets at the recently acquired Rudall and Pascalle licenses.

Greatland Gold reported heritage approvals had been completed, with access planning underway. The Rudall operation is set to be co-funded by a government grant.

According to Greatland, both licences sit in prime locations, with Rudall located 20 kilometres south-southeast of the Haverion gold-copper resources and Pascalle based between Haverion and the Newcrest Mining Telfer gold mine.

“The 2022 campaign at Scallywag follows encouraging exploration results reported last year, where four of seven holes intercepted gold mineralisation,” said Day.

“The maiden drill programme at our newly acquired Pascalle and Rudall tenements is equally significant with Rudall considered to be prospective for Havieron and Telfer style gold-copper occurrences, while Pascalle sits directly between the two world class discoveries of Havieron and Telfer.”

“We look forward to unlocking value by systematically progressing exploration through these Havieron and Telfer like priority targets to take advantage of our strong position in this prospective region.”

WPP to acquire Australian marketing firm Bower House Digital

Natasha Doris
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0
WPP to acquire Australian marketing firm Bower House Digital

WPP shares were down 0.6% to 814.4p in early morning trading on Thursday following the company’s reported acquisition of marketing technology firm Bower House Digital for an unspecified consideration.

WPP confirmed it had agreed to acquire the Australian company in a move to strengthen its technology-driven marketing solutions for its clients.

The group highlighted that Bower House Digital’s specialisation in Salesforce Marketing Cloud Solutions aligned with WPP’s accelerated growth strategy and M&A approach to build on existing digital experience capabilities.

The firm designs, builds and deploys digital experiences for clients including Aesop, Bunnings, Bupa, Target and Myer.

“Companies are seeking one integrated communications solution that combines creativity, technology and data,” said WPP Australia and New Zealand president Rose Herceg.

“Bower House Digital’s knowledge in marketing technology will further strengthen our digital expertise in Australia and New Zealand. I’m excited to welcome the Bower House Digital team and clients to WPP.”

https://twitter.com/WPP/status/1542395866346037249

Bower House Digital currently operates across Australia and the Asia-Pacific sector with 80 employees and was founded in 2017 by Bryan Dobson and Meg Quinn.

“Joining WPP and Ogilvy’s global network represents the next stage in our growth. We are so proud of what our company has achieved, the culture we have created and the team we have assembled over the past five years,” said Dobson and Quinn.

“Fusing our digital marketing knowledge with the creative powers of Ogilvy will build even bigger and better opportunities for our people and clients.”

Ocado extends partnership with French retailer Groupe Casino

Natasha Doris
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Ocado extends partnership with French retailer Groupe Casino

Ocado shares were down 4.6% to 763.8p after the group confirmed its extended partnership with French retailer Groupe Casino.

The extension is consistent with the terms of the Memorandum of Understanding announced by the firm on 17 February 2022.

Ocado highlighted the extension included the creation of a joint venture to provide logistics services to OSP-powered Customer Fulfilment Centres (CFCs) in France, which will be available to all grocery retailers.

The agreement also notes a partnership for the online retailer to integrate Octopia’s marketplace platform into the OSP (Ocado Smart Platform) and allow OSP partners across the world to launch their own marketplace offering.

The transaction further includes the deployment by Groupe Casino of the OSP In-Store Fulfilment solution by Ocado across its Monoprix stores.

“This is a great milestone for our relationship with Groupe Casino as we extend the partnership in a number of exciting directions,” said Ocado Solutions CEO Luke Jensen.

“Our partnership demonstrates what can be achieved when a major retailer introduces a world-class quality of service online, enabled by unique efficiencies, to French consumers.”

“I’m excited that Ocado Group’s cutting-edge technologies are now available to all grocery retailers in France, with the new joint venture leveraging our combined expertise to provide key logistics services for future CFCs.”

Bunzl upgrades FY 2022 revenue expectations on 16% HY1 revenue climb

Natasha Doris
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0
Bunzl upgrades FY 2022 revenue expectations on 16% HY1 revenue climb

Bunzl shares were up 1.7% to 2,717p in early morning trading on Thursday after the group reported an expected 16% rise in revenue at actual rates and a 12% to 13% increase at constant exchange rates in HY1 2022 compared to HY1 2021.

The company noted inflation continued to drive underlying revenue, with its acquisitions providing supplemental growth.

Bunzl also mentioned its adjusted operating margin was projected to be slightly higher than historical annual levels over the term.

The firm added its North American business continued to expand on rising inflation, and that negotiations with its largest customer were “constructive and ongoing.”

The group mentioned strong performances across Europe, along with year-on-year improvement in operating margins for the UK and Republic of Ireland and positive base recovery.

Bunzl commented its revenue growth throughout the rest of the world had been moderate, with high revenue jumps in the Asia-Pacific region offset by a Covid-linked decline in sales in Latin America.

The distribution company confirmed an upgraded guidance as a result of its higher revenue climb and recent acquisitions, with new expectations of strong revenue growth across FY 2022, however the firm did not provide a projection of its estimated figures.

The group said it estimated its business expansions to be marginally offset by the further normalisation of sales of Covid-19 products, although sales are expected to remain ahead of 2019 volumes.

Bunzl also reported a projected FY 2022 group operating margin at slightly higher than historical levels.

“Bunzl has delivered another period of strong growth. We continue to demonstrate the strength of our business model, supported by the depth and resilience of our supply chains and the agility of our people who have responded to the inflationary environment so successfully,” said Bunzl CEO Frank van Zanten.

“Our acquisition momentum remains strong, with our active pipeline supported by a strong balance sheet.”

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