Spirent Communications (SPT) shares ticked up 7.66% to 246.5p as it acquires wireless test solutions provider octoScope
Spirent, which provides test, assurance, and analytics solutions for next-generation devices and networks, announced that it has acquired US-based technology company octoScope for an initial cash consideration of $55m as well as an additional consideration of $18 million.
The $55m is on a debt and cash free basis while the further $18m consideration is based on annual revenue growth targets for 2021 and 2022 and retention of key staff, it noted.
It said octoScope's products are used by a blue-chip roster of leading global communication service providers, chipset, device, network infrastructure and Wi-Fi equipment vendors including: Google, Facebook, Verizon, Qualcomm, Nokia, Amazon, Philips and Sony.
Spitent said the acquisition is in line with its targeted investment and M&A plans aimed at securing broader assurance opportunity and expanding its diversified customer base.
Commenting on the acquisition, Eric Updyke, Chief Executive Officer of Spirent said, “This acquisition supports our strategy of sustainable, profitable growth by establishing Spirent as the firm market leader in the expanding Wi-Fi space, adding to our 5G solution portfolio.”
Premier African Minerals (PREM) shares jump 27.97% to 0.0915p as commodities continue to surge
Shares in the multi-commodity mining and natural resource firm have risen by 40% in value since mid-February as commodities recently rose to their highest in almost eight years.
“Folks who have really ignored commodities for quite a long time are now starting to get positioned,” said Bart Melek, Head of Commodity strategy at TD Securities. “The implication is that this could go on for a bit. It’s very much a function of expectations of scarcity.”
Last month, Premier hired New York-based EAS Advisors to enable access to institutions and funding as it develops mining and exploration projects in Sub-Saharan Africa.
In particular, the Company told investors of its intentions to secure funding for a Definitive Feasibility Study ("DFS") at the Company's Zulu Lithium project in Zimbabwe ("ZULU").
Lithium is a key ingredient needed for lithium-ion batteries, particularly for its use in electric vehicles, an area expected to attract greater investors interest over the next decade.
Looking ahead, Benchmark Minerals Intelligence has forecasted that almost 200 battery “megafactories” will be built in the next 10 years, more than doubling the existing number.
Founder of EAS Advisors, Edward Sugar commented that, "With ever increasing EV demand the need for development of lithium projects becomes more essential. We're looking forward to working with Premier African Minerals regarding its ongoing finance, particularly regarding the Company's Zulu lithium project, as well as lifting its profile in North America."
Origo Partners (OOP) shares see recent boost, rising 27.91% to 0.275p
Shares in the investment firm which holds a portfolio of interests in companies based or principally active in China and Mongolia have gained nearly 25% in value since Wednesday.
‘The price actions after a period of calm could indicate that there’s some news coming, or equally this could reverse quickly, too,’ the The Armchair Trader said in a note on Thursday.
Clear Leisure (CLP) shares continue to gain value, rising a further 18.46% to 3.85p
Shares have soared in value since the beginning of 2021 with shares rising from 0.26p to 3.25 - that’s an over twelve-fold increase. The stock has gained value in recent weeks after raising £1m with individual investor, Mr John Story, thereby granting him an 11.14% stake.
The investment firm said the proceeds of the placing will allow it to accelerate and widen the development of its latest plans within the cryptocurrency space, an area which has seen increased investor interest in recent weeks with Bitcoin continuing to hit record highs.
The recent spike follows Tesla’s $1.5bn investment in the cryptocurrency with Elon Musk publicly stating that he believes that bitcoin is on the “verge of broad acceptance”. Several companies have followed suit by accepting the cryptocurrency as a form of payment.
According to the BBC, the cryptocurrency has now increased by more than 90% in value since the start of January 2021, thereby pushing its total market value above $1 trillion.
Executive Chairman and CEO, Francesco Gardin, said having Story as a substantial shareholder would grant direct access to several technologies he has recently invested into, which he added could be “extremely beneficial” to its new cryptocurrencies’ initiatives.
Baillie Gifford US Growth Trust (USA) shares fall a further 8.67% to 284.5p as investors continue to trade in technology stocks
Despite the fund generating a 110% return last year, shares in the trust have shed around 25% in value since mid-February as rising interest rates continue to ward off investors.
The recent slump in the technology-orientated fund comes as investors continue to trade in growing technology companies in favour of those set to profit as the economy recovers.
As reported by the Telegraph, the recent sell-off was also driven ‘in part by fears that Joe Biden's $1.9 trillion stimulus package and a wider recovery will stoke higher inflation and that the US central bank will raise interest rates to increase the cost of borrowing and cool the economy.’