TP ICAP (TCAP) shares rose again, climbing 3.97% to 224.9p following £310m raise
TP ICAP said on Thursday it had raised c.£310m (or $430.25m) from a rights issue, aimed at funding the bulk of the cost of its purchase of U.S. share trading platform Liquidnet.
The company also noted in yesterday’s morning statement that shareholders had subscribed to 98.3% of shares on offer at a price of 140 pence per share. Under the terms of the fundraising, it said shareholders will receive two rights for every five shares they own.
Commenting on the acquisition in January, CEO, Nicolas Breteau noted that the purchase will provide “a unique opportunity to transform TP ICAP's growth prospects by materially accelerating our stated strategy of electronification, aggregation and diversification”.
He added, “We believe our two businesses are highly complementary and the deal, when completed, will help us to drive growth and shareholder value in the medium to long term.”
Oilex (OEX) shares jumped 31.67% to 0.198p off the back of ‘advanced discussions’
Shares in the oil and gas exploration and production company have gained nearly 50% in value this week following its recent announcement that it is in advanced discussions to acquire Gujarat State Petroleum Corp’s (GSPC) 55% interest in the Cambay oil field in India.
The AIM-quoted company first announced to investors that it had reached an agreement to buy GSPC’s stake back in September 2019 however it is still waiting to complete the process.
"While the execution of the agreement has been delayed by the impact of Covid-19 pandemic, we have continued to work together to bring this matter to completion,” it told investors. While discussions remain ongoing, it is not clear when these will be finalised.
Sterling Energy (SEY) shares rose 23.32% to 17.25p while investors sell shareholdings
The oil and gas firm which interests in Somaliland said Waterford Finance & Investment and Mistyvale are to sell their entire 29% and 16% respective shareholdings in the company.
It told investors on Thursday that it ‘understands that a number of institutional and high net worth investors have agreed to purchase the shares being sold by Waterford and Mistyvale.’
The sale of Waterford’s interest automatically terminates a previous relationship agreement between the two parties which governed the appointment of Michael Kroupeev to the Board.
Meanwhile, the Group highlighted two new Board appointments; Tullow Oil’s former CEO, Paul McDade, and former Executive Vice President, Ian Cloke, as Executive Directors.
Sterling said both hold extensive knowledge of identifying and developing oil and gas assets in West Africa and intend to refocus the group’s strategy on producing assets in this region.
‘We look forward to working with our new shareholders and our existing shareholders to reconstitute the Board and move forward with a refreshed strategy for the business,’ it said.
Scirocco Energy (SCIR) up again by 17.9% to 1.35p as it enters sustainable energy space
The group which is focused on opportunities within the European energy market, said it will expand its existing investment strategy to identify new opportunities within the low-carbon space, including renewable energy, circular economy and energy storage and transfer.
It said these new areas of investment ‘represent a compelling market opportunity, with strategically consistent assets that complement Scirocco's ambitions to be part of the energy transition space, as the world looks to embrace a more sustainable energy future.’
It outlined that its goal is to acquire a focused portfolio of cash generative assets within the sustainable energy and circular economy sector. It said it is already in ‘advanced dialogue’ regarding its first transaction in the sustainable energy space through the acquisition of an energy generation asset and is actively progressing with the due diligence process.
Based on the pipeline of opportunities within its new area of focus, the Board highlighted to investors that it is targeting an enterprise value invested asset base of £150 million which is capable of generating cash flow of circa £20 million per annum within a period of five years.
Indivior (INDV) fall a further 6.75% to 129.7p after posting a full-year loss
Shares in the pharmaceutical company which specialises in addiction treatment fell on Thursday as the Group slumped to a full-year loss as a result of the lost market share from Suboxone as well as the company’s settled litigation in relation to the US opioid crisis.
It swung to a loss of $156m compared to $178 in FY19 while net revenue dropped 18% to $647m (FY19: $785m). Indivior attributes most of its revenue loss to lost market share from Suboxone but stated that revenue was partially offset by higher income from Sublocade.
The Company is aiming to ramp up its sales of Sublocade, its injectable opioid dependency treatment, to further offset a steady decline by Suboxone, which has now come off patent.
"Given the challenges of the COVID-19 pandemic, I am delighted both with the solid results that Indivior delivered in FY 2020 and with the dedication to patients displayed by each and every one of our employees,” commented Mark Crossley, Chief Executive of Indivior.
He added, “Accelerating the growth of SUBLOCADE remains the biggest potential driver of value creation. We are committed to delivering clear, measurable progress in FY21 against our SUBLOCADE peak annual net revenue goal of $bn+ and organic revenue diversification strategies."