Unbound Group plummets 40.91% to 13p on £4.3m capital raise via discounted shares
Unbound Group said yesterday it would raise £4.3m via a placing, subscription, and open offer to "accelerate its growth strategy and boost profitability". The company said it would seek to raise £3.3m by placing 20.8m new shares and offering another 1.2m shares for subscription, both at a price of 15p/share. This represents a 32% discount to Unbound Group's closing closing price on Thursday.
Tirupati Graphite jumps 31.58% to 37.5p on increased production in Madagascar
Tirupati Graphite announced it would increase its primary flake graphite production capacity in Madagascar to 30,000 tonnes by September 2022, making it "one of the few significant producers of the critical mineral outside China."
In June, the company announced it had been struggling to achieve H1 production targets due to constrained weather conditions, causing difficulties in transportation of mined ore to its processing plant. To address these challenges and mitigate against future similar issues, Tirupati Graphite said it would rehabilitate 5km of road, set up pre-concrete units at pit heads, and carry out final processing in the plant area to reduce heavy loads on the road network.
Agriterra Limited shares correct down 18.28% to 4.76p after Wednesday's announcement of a CEO change sent them soaring 28.95%
Agriterra announced on Wednesday that its CEO, Rui Sant'ana Afonso, had tendered his resignation, effective 31 July 2022. Hamish Rudland, a current Non-Executive Director and controller of the Company's largest shareholder, Magister Investments Limited, will assume the position of Interim CEO from 1 August 2022 until a suitable replacement full-time CEO is identified.
Agriterra also announced the appointment of Peterhouse Capital as Broker to the company with immediate effect. Strand Hanson will remain Nominated & Financial Adviser.
Agriterra shares jumped 28.95% on the day of the news. Today they corrected down 18.28%.
Morses Club shares correct up 17.27% to 5.5p after Wednesday's announcement of a scheme to settle customer redress claims sent them down 42.29%
Morses Club said on Wednesday it would pursue a scheme of arrangement for dealing with customer redress claims for "unaffordable lending" against the company. "Whilst the directors consider that Morses Club has adequate liquidity for the immediate future, they believe that without a potential scheme, the level of redress claims could jeopardise the group's future" it said.
The company also announced it would recognise an additional provision of c. £45m in its FY22 accounts as an exceptional item, due to "the emerging position relating to complaints in advance of a potential Scheme".
Morses Club shares plummeted 42.29% on the day of the news. Today they corrected up 17.27%.