BP submits £10bn plan to build offshore wind farm in Aberdeen

Liam Roche
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0
BP submits £10bn plan to build offshore wind farm in Aberdeen

BP’s proposal could lead to thousands of new green energy jobs

BP (LON:BP) is pledging to invest £10bn to construct an offshore wind farm in Aberdeen in a move that could bring about thousands of new jobs.

Along with its partner, German energy company EnBW, the UK oil giant made a bid for a lease via ScotWind, in the first offshore wind leasing round in Scotland for over ten years.

The news comes as BP continues to be on the receiving end of protests over its continued production of fossil fuels.

The Scottish government is hopeful that wind energy and BP’s investment can help the region to bounce back from the pandemic, while providing a viable economic alternative for the oil and gas industry.

A number of traditional oil and gas companies, including Shell and Equinor, are making proposals to secure the lease before the deadline for applications comes to an end on Friday.

The Crown Estate Scotland will announce the list of winners early in 2022.

Scotland sees the process as pivotal in signalling its level of intent to become a world leader in using offshore wind technology.

BP and EnBW have also agreed to finance a renewable hub being constructed by Forth Ports in the Leith area of Edinburgh.

The FTSE 100 oil company would also increase its electric vehicle charging network to around 2,500 over the next ten years.

Dev Sanyal, BP’s executive vice president for gas and low carbon, said the company’s relationship with Aberdeen city council and its existing remote operating centre based in Aberdeen provides an opportunity the region into a global base for wind power.

“We have a partnership with Aberdeen city which we are very proud of signing in September of last year. We think this partnership will have more as a result of what we can bring in terms of offshore wind energy,” Sanyal said.

“We see a massive opportunity. We have our remote operating centre in Aberdeen today.  If you have a remote operating centre using digital tools we can create a base in Scotland that services a much larger canvas than just Scotland.”

The BP share price is up by 2.03% early on Tuesday.

New AIM: Admission Revolution Beauty

Andrew Hore
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0
New AIM: Admission Revolution Beauty

Revolution Beauty Group will pay off borrowings and be left with net cash following its AIM flotation. This can be used to raise the profile of the company and grow the business internationally. It believes it is able to compete in the market because it is nimble in spotting trends and bringing out products.
In the first three months of the new financial year sales were £41.9m. Growth is coming from online and high street stores, as well as by moving into new markets. There are also plans to launch RevolutionMAN next year.
The share price ended the first day of trading at 150p. According to in...

New AIM admission: Bradda Head

Andrew Hore
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0
New AIM admission: Bradda Head

Bradda Head Holdings Ltd is no stranger to AIM having previously joined as Copper Development Corporation in December 2010 and then after it sold its assets it became Life Science Developments but lost its quotation in 2017. The new focus is lithium.
The attraction of Bradda Head is that its projects are in the US, making it less risky than other lithium companies. Demand for batteries will continue to increase and new lithium supply will be required to satisfy that growing demand.
The projects the company has are near to existing or potential battery manufacturing facilities. There are foreca...

New AIM admission: Poolbeg Pharma

Andrew Hore
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1
New AIM admission: Poolbeg Pharma

Poolbeg Pharma is a spin-out of non-core pharma assets from Open Orphan (LON: ORPH). These are all early-stage assets and Open Orphan did not want to spend money on them.
Poolbeg’s strategy is to reposition products with existing positive clinical safety data. It will undertake trials so that sufficient data is collected to make the treatments attractive to larger pharma companies with more cash to invest.
There will be multiple treatments developed so that they are ready for phase II trials, that will then attract licensing or partnering. POLB 001 is already phase II ready and further investm...

All Active Asset bid approach for Audioboom

Andrew Hore
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0
All Active Asset bid approach for Audioboom

All Active Asset Capital Ltd (LON: AAA) should have plenty of knowledge about bid target Audioboom (LON:BOOM). One of its directors, Rodger Sargent was involved with the reversal of the business into an AIM shell and was a director for a short time. The bidder is also in the process of acquiring a stake in AAQUA, which has a 12.4% shareholding in Audioboom.
Rodger Sargent joined the board of Audioboom following the reversal of Audioboo into One Delta on 20 May 2014. He already had a shareholding in the company, and he acquired more shares at the time of the reversal to take his then stake to 1...

New standard listing: Acceler8 Ventures

Andrew Hore
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0
New standard listing: Acceler8 Ventures

Shell company Acceler8 Ventures will have £450,000 after expenses to seek a suitable acquisition candidate. The £300,000 of expenses seem high, but costs will be relatively high when a company is so small.
Adviser Tessera Investment Management has pocketed £100,000 in fees and previously subscribed £25,000 for a 3.3% stake.  It will be paid a success fee on completion of the first acquisition and will be paid fees for other services.
Patronus Partners received an introducer fee of 5% of cash it raised, and its clients hold 183,000 shares in a nominee account. That equates to just over £9,...

New AIM admission: Forward Partners Group

Andrew Hore
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0
New AIM admission: Forward Partners Group

Forward Partners Group provides a way of smaller investors gaining exposure to early stage, high growth technology companies. It has an experienced investment management team, and it has a good track record in its eight years as a business.
The early investments should be reaching a point where they are maturing and there could be exits that will enable cash to be recycled into new investments. Before that happens, the money raised in the flotation will fund new investments and additional cash for the existing ones.
The share price ended the day at 102.5p (100p/105p). That equates to a premium...

Investment to improve drug development boosts Sareum Holdings share price

Liam Roche
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0
Investment to improve drug development boosts Sareum Holdings share price

Sareum Holdings share price

The Sareum Holdings share price jumped by 10.29% on Monday, at the time of writing, after the company confirmed it raised £1m courtesy of a high-net-worth individual to move forward its drug development programmes.

The drug discovery and development company has been on an excellent run as of late, just recently announcing positive results from its government-funded Covid-19 research project, As a result, interest from investors in the AIM-listed company has risen, as has the Sareum Holdings share price. Over the past six months, the Sareum Holdings share price is up by 242.73%.

£1m Investment

The investor subscribed to 14.3m shares at 7p per share, a 4.5% premium on last week’s close, Sareum Holdings revealed.

The drugs company said the money will be used to improve its SDC-1801 and SDC-1802 programmes, which Sareum is developing as therapies for autoimmune diseases.

Dr Tim Mitchell, CEO of Sareum Holdings plc, commented: “We are delighted that our proprietary TYK2/JAK1 development programmes are attracting such interest and new investment. With this new subscription, the total funds raised from recent subscriptions and warrant exercises is over £3.5 million.”

“These new funds will allow us both to advance SDC-1801 into clinical development in autoimmune diseases, including the immune overreaction to Covid-19 and other viral infections, and to progress the preclinical development of our second TYK2/JAK1 inhibitor SDC-1802 against cancers.”

Risks

As ever is it risky to invest in drug development programmes and companies. While some drugs make it through all the stages, many do not make it. Complications can also occur with timing, with delays being commonplace.

Having said that, the investment received is exciting for the company, along with recent news, and investors are clearly galvanised. This has been reflected in the recent upturn of the Sareum Holdings share price.

Sumo share price jumps as Tencent says it is buying UK video game developer

Liam Roche
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0
Sumo share price jumps as Tencent says it is buying UK video game developer

Sumo Share Price

The Sumo share price (LON:SUMO) is soaring on Monday as news emerged that Tencent, the Chinese gaming giant, is set to takeover the British video game developer. The Sumo Group share price is up by 38.13% on Monday and now stands at 494.50p per share. It is a continuation of a strong performance throughout the past 12 months for the growth stock, which is up by 172% over the time period.

Tencent Takeover

Tencent confirmed on Monday that it has agreed to acquire Sumo, the AIM-listed company, for £919m. The Chinese company tabled a 513p per share offer for Sumo, a 43% premium to the firm’s closing price on Friday.

The acquisition is an addition to Tencent’s present 8.75% holding in Sumo. Tencent is the largest gaming company in the world and already owns stakes in Rot Games and Epic Games.

“Chinese deals may imply a higher regulatory risk, but we see no likely resistance or counterbid,” analysts at Jefferies Financial Grou said in a note on Monday, as reported by Bloomberg.

“Tencent intends to bring its expertise and resources to accelerate the growth of Sumo both in the U.K. and abroad, supporting Sumo in the market for top-tier creative talent, and the U.K. as a hub for game innovation,” said James Mitchell, chief strategy officer at Tencent.

“We believe the proposed transaction benefits all stakeholders, and delivers compelling value for Sumo shareholders, while enhancing Sumo’s capabilities for the future.”

OPEC+ reaches agreement over deal to increase oil supply

Liam Roche
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0
OPEC+ reaches agreement over deal to increase oil supply

Brent crude oil is down by 2.26% to $71.64 per barrel

OPEC and its allies have reached an agreement to increase oil supply in an effort to keep soaring crude oil prices under control.

The group will now pump an additional 400,000 barrels per day each month during August, increasing output by 2m barrels per day by the end of 2021.

The monthly increases will rise next year, as OPEC+ confirmed it has extended the deal from April next year to December 2022.

During the pandemic, OPEC and its allies slashed production by 10m barrels a day as the downturn saw a collapse in demand for oil and prices.

However, as economies are reopening, the price of oil is surging again, which is leading to inflationary pressures and brining the recovery of the world economy into doubt.

Brent crude oil is down by 2.26% to $71.64 per barrel, while West Texas Intermediate also slipped by 2.24% to $69.85.

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said the deal proves that the group is able to strike agreements and gives more certainty over the future.

“This agreement should give market participants comfort that the group is not headed for a messy break-up and will not be opening up the production floodgates any time soon,” Helima Croft at RBC Capital Markets told The Times.

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