Chamberlin PLC rises as it sounds the changes; Mkango Resources Ltd singing in Songwe
Management changes at Metal Basher Chamberlin PLC (LON: CMH) seem to be moving well with the market.
Shares rose 42% this week after the company promoted its financial controller, Alan Tomlinson, to chief financial officer, replacing Neil Davies, who will step down at the end of May.
Last month, it was reported that Kevin Price, COO of the group’s foundry and milling plant, will replace Kevin Nolan as general manager.
It’s all part of a corporate restructuring following the loss of a big contract at the end of last year.
Chamberlin said this week that he “continues to cut costs and streamline the organization based on revised revenue levels.”
Shares of Mkango Resources Ltd (LON: MKA, TSX-V: MKA) climbed 46% to 30 pence after claiming to be able to produce significantly higher recoveries and concentrate grades from the Songwe rare earth project Hill owned 51% in Malawi than previously expected.
The revised estimates came after analyzing the results of a pilot flotation plant program.
The program demonstrated that the flotation process is robust and simple to scale and the results supported a significant increase in flotation recoveries and concentrate grade for the current feasibility study compared to a study pre-feasibility plan for Songwe, the company said.
Sector peer Kodal Minerals PLC (LON: KOD) rose 47% to 0.18p after receiving confirmation that the feasibility study and mining development plan have been ratified and approved by the National Directorate committee de la géologie et des mines (DNGM), subject to some minor corrections that will align the mining permit application with the new Malian mining code of 2019.
The company expects to receive a formal notification from the DNGM requesting payment of the mining royalty before the formal production of the “exploitation decree” or mining permit, for the approval of the Prime Minister.
Shareholders of Tekcapital PLC (LON: TEK), the company that backs university spin-outs, celebrated like in 2017 when one of its portfolio companies, Belluscura, re-launched its intention to float on AIM.
Belluscura’s first crack in a stock market listing dates back to November 2017, but that idea quickly died out when it was announced the following month that “due to current market conditions and some other investment program requirements corporate / venture capital fund schedule ”, he was unable to complete the initial public offering.
He’s hoping for better luck (or due diligence) this time around.
“Our debut in the AIM market will see us well positioned for business growth and well funded to support the launch of our FDA approved X-PLO₂R portable oxygen concentrator, as well as advancing the other products in our portfolio to commercial launch, ”said Robert Rauker, CEO of Belluscura.
Shares of Tekcapital climbed about a third on the week.
It has been a difficult week for InfraStrata PLC (LON: INFA), strategic infrastructure projects and physical asset lifecycle management, which saw its shares plunge 24% to 30.25p after issuing shares to 30p a pop to raise at least £ 9.0million. .
“The company is poised to undergo a transformational change following the award of the Saipem contract,” said John Wood, president of InfraStrata, explaining why the company was tapping into the market.
“We believe that this contract is the first among many that will pass through our sites in the months and years to come. The key to winning and delivering these big deals is the ability to demonstrate a strong balance sheet and liquidity within the company’s operations. This placement will achieve both of these goals, ”said Wood.
Another company issuing new capital was the bar operator Nightcap PLC (LON: NGHT), whose management is either very brave or reckless – or perhaps both. The owner of the London Cocktail Club agreed this week to acquire the Adventure Bar Group (ABG), which he says will expand to nine more bars.
The company said the bars included in the purchase include seven established themed bars in popular London locations, a large open-air bar, a dining and entertainment venue in Birmingham, a bar site opening in Birmingham on May 17 and a 50% stake in a London rooftop bar center.
After a year of closures and with the bar reopening schedule still a bit unresolved, now is probably a good time to make an acquisition if you have the cash; Nightcap did not, so it announced the issuance of up to 11.9 million new shares at a price of 21 pence each, a reduction of 37% from the closing share price the day before. the announcement of the acquisition of £ 2.5 million.
Shares ended the week at 26.5 pence, down 21% on the week.