Although at the time of the Iraq conflict shares of Gulf Keystone (GKP) understandably divided the market, even then there were those who judged the company something of a cash machine. This point has been underlined by the latest news from the Kurdistan producer. The latest is that it has received a gross payment of $35.8 million ($28.0 million net to GKP) the Kurdistan Regional Government. Following this, the current outstanding arrears balance is $54.8 million net to GKP, so perhaps more to look forward to financially.
Poolbeg Pharma (POLB), a developer of novel infectious disease treatments, has been the first spin-off from fast growing pharma services group Open Orphan (ORPH), one of the best stock market successes of the past couple of years. It may be that following the latest announcement from Poolbeg, it could be on the same path as ORPH. this is said on the basis of news that Schroder Investment Management has increased its holding in Poolbeg to 5.13% from 4.5% at admission, having purchased additional shares in the aftermarket. Poolbeg floated on the LSE last week having raised £25m, with an initial market cap of £50m. Institutional support such as that of Schroders is key to small caps making it to the ranks of the significant players on the market, so in this respect Poolbeg is off to a good start.
Perhaps not surprisingly, shares of Angus Energy (ANGS) were up 10% late in the session as the company said that Lincolnshire County Council Planning Committee have decided in favour of its application to perform a short-term side track operation at the Saltfleetby Gas Field site. This application follows on from our announcements of 12 June 2020 and 7 August 2020 detailing permissions successfully granted by Lincolnshire County Council for the associated pipeline works at nearby Theddlethorpe and the gas processing facilities on B site extension.
Shares of clinical research, medical device, life science and environmental science group DeepVerge (DVRG) stood at 28.5p in the wake of the latest update from the company and its AGM. Traders were pointing to the update from Labskin where the prospect of 20,000 tests per month at £75 per test would add up to income of £1.5m per month. Add in a roll out of the US and China, and the monthly figure could be up to £18m. DeepVerge is also in the frame as a revenue winner through MicrotoxPD wastewater, which is under NDA from multiple governments for an additional roll out of what is another unique service.
Shares of Osirium (OSI) made a long overdue return to the stock market leaderboard with a 7% jump. Here the software and IT services group is very much in the zeitgeist as far as the news is concerned, given the proliferation of ransomware attacks and other cybersecurity misdemeanours. With a broker target from Stiefel of 123p versus the present 22.5p, there is an argument for suggesting that the company remains overlooked by the market. This is especially the case given that last month’s results showed continue strong traction in the NHS market with a record Q1/2021 as the momentum continues. Given that there are 234 NHS foundation trusts in England, and Stiefel comments that Osirium has only just “scratched the surface” of the opportunities available.
There was an announcement late in the day from palladium, platinum, rhodium, iridium and gold producing company, Eurasia Mining (EUA). Here there was the appointment of a new CEO of its Kola subsidiaries. Konstantin Firstov, former Managing Director of Rosgeo has been appointed as CEO of Eurasia's 100% subsidiary Yuksporskaya Mining Company / Yuksporskaya Gornaya Kompaniya. In March Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine PGM and battery metals assets, a total of 104.6Moz of Platinum equivalent Russian Code reserves and resources in the immediate vicinity of the Company's Monchetundra Project in the Kola Peninsula.