Inchcape PLC (LSE:INCH) investors were (slightly) positive in their response to its UK exit, with the FTSE 250 used-car dealer selling its British retailing operation to its larger rival Group 1 Automotive for £346 million.
The UK Retail operations that are being sold generated over £2 billion in revenue in 2023, accounting for 18% of Inchcape’s total revenue.
Inchcape shareholders are expected to net £100 million through a share buyback programme funded by the disposal, with the remaining funds earmarked for future growth initiatives.
Inchcape shares were up 3.7% trading at 724.5p.
Elsewhere, small-cap would-be mine builder Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF) saw its share price collapse around 80%, to 0.49p, after it conceded it has failed to secure a debt restructuring and full financing to complete its large nickel project in Brazil.
Horizonte said it must now consider alternative options which could include financings at subsidiary level, a sale of the project in its current incomplete state, or the liquidation of the project’s assets.
“The company does not believe that any of these options are likely to recover any value for the company's shareholders,” it said in a statement.
Interim chief executive said the board was “extremely disappointed” and highlighted the quality of the project and of the comprehensive work undertaken by the company, but pointed to the “lack of prospects in a recovery of the Ferro-Nickel market” which he says has impeded the confidence of investors in earlier stage projects with high capital intensity.
Audioboom Group PLC (AIM:BOOM) was down more than 15% in Monday’s early deals, trading at 255p, as it reported reduced revenues for 2023 – at US$65 million versus US$74.9 million last year – whilst the podcast hosting company pointed to “a soft advertising market, constrained by macro economic headwinds”.
Invinity Energy Systems PLC (AIM:IES, OTCQX:IESVF, AQSE:IES) traded higher, up 9% to 23.98p, after it highlighted “significant progress towards securing a material investment from multiple strategic partners”.
Financial details are yet to be disclosed, but the company told investors that multiple parties have completed comprehensive due diligence and its management is “extremely pleased” that the potential new backers include a ‘Tier 1 investor’ that it believes will, if concluded, “materially enhance the Company's business and reputation in both the UK and internationally”.
Also with positive GreenRoc Mining PLC (AIM:GROC) was also on the move, rising 16% to 1.86p, as it announced it has a letter of intent from the Export-Import Bank of the United States for a potential US$3.5 million financing, to support its early stage graphite project in Greenland – which would potential export its product to America in the future.
Angola oil explorer Corcel PLC (LSE:CRCL), meanwhile, moved 15% lower to 0.31p on its funding announcement. The company today announced a £1.3 million equity raise, plus a £500,000 ‘follow-on’ investment.
The placing is priced at a premium to the prevailing market price, is cornerstoned by existing shareholders, and will require an EGM vote as the proposed number of new shares exceeds the board’s pre-agreed authorities.
Wildcat Petroleum (LSE:WCAT) shares lost a third of their value this morning, to trade at 0.14p, as it has been denied a service contract in Sudan, where it previously anticipated it would operate the Bamboo oilfield – it comes as a result of ministerial directives issued at the end of March amid the deteriorating political situation in the country.