Proactive Spotlight:
Mariana Resources PLC (LON:MARL), the Turkey-focused mining exploration specialist, has agreed to be taken over in a deal that values the business at almost £167mln, representing an 84% premium on last night’s valuation.
Canada-listed Sandstorm Gold, which already owns 7% of the AIM-listed company, is offering its own paper as well as 28.75p per share in cash.
WATCH: Mariana boss talks through 'attractive takeover deal'
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This values Mariana stock, which closed at 59.01p on Wednesday, at 109.71p, and the company at £166.85mln.
The deal has the backing of the Mariana board. Chairman John Horsburgh said: “The terms of the combination represent a significant and attractive premium to the market price of Mariana shares.”
The company’s major asset is a 30% stake in the Hot Maden copper-gold project in Turkey.
Other Proactive news stories:
Gold explorer KEFI Minerals (LON:KEFI) and the government of Ethiopia have triggered resettlement arrangements for the community around the company’s Tulu Kapi gold project.
Windar Photonics PLC (LON:WPHO) has won a new order for 15 of its LiDAR wind turbine tracking units from a new distributor in China focused on independent power producers.
Shares in Stadium Group plc (LON:SDM) were on a surge in early deals after the electronics firm reported a healthy rise in its order book. The supplier of connectivity solutions, power supplies, interface products and electronic assemblies said the order book now stood at more than £28mln, up from £25.8mln at the end of 2016.
Concepta PLC (LON:CPT) remains on track for the launch this year of its fertility treatment myLotus. The first step for myLotus, which is targeted at women with the condition known as unexplained infertility, will be a European standard CE mark, following which the product will be launched both there and in China.
WATCH: Concepta 'moving at a rate of knots' towards myLotus launch
Rosslyn Data Technologies PLC (LON:RDT) has snapped up rival data miner Integritie (UK) to provide a source of recurring sales and broaden its product reach. Consideration will be £2.59mln to be funded from a £2.21mln placing and up to a further £500,000 through an open offer.
Europa Oil & Gas (Holdings) PLC (LON:EOG) confirmed it is now clear to complete its agreed farm-out deal with Cairn Energy PLC (LON:CNE) after the Irish authorities approved the deal.
IGas Energy Plc (LON:IGAS) expects to start new shale drilling in the UK before the end of this year, and it is now looking at sites in the North West for its next projects. IGas confirmed, in a separate statement, that chairman Francis Gugen will step down in June and he will be replaced by deputy chairman Mike McTighe.
Tlou Energy Limited (LON:TLOU) told investors it is bringing in A$800,000 of new capital through its share purchase plan (SPP), and it will separately raise a further A$700,000 after additional requests for new shares.
Marble quarries operator Fox Marble Holdings PLC (LON:FOX) has bagged a €400,000 sales agreement with a Turkish customer.
WATCH: Turkey deal 'testament to the quality of our marble', says Fox boss
Rockhopper Exploration Plc (LON:RKH) has kicked off a new drill programme in Egypt alongside partner Kuwait Energy. The Al Jahraa SE-2X exploration well, on the Abu Sennan Concession, was spudded on Wednesday April 25. It is the first of two wells planned by Kuwait Energy.
Tullow Oil plc (LON:TLW) confirmed production averaged 85,700 barrels of oil per day in the first quarter of 2017, which is at the top of the group’s target range for the whole year. The oiler said it is sticking to its current guidance of 78,000 to 85,000 bopd for 2017.
Russian gold producer Petropavlovsk PLC (LON:POG) returned to profitability in 2016, helped by the gold price rally and lower than projected cash costs. The company reported a profit before tax of US$31.7mln, compared to a loss of US$297.5mln the year before.
Arian Silver Corp (LON:AGQ) has lapsed its option over the Noche Buena gold and silver tailings project to focus on its lithium assets in Zacatecas State, Mexico.
BOS GLOBAL HOLDINGS Limited (LON:BOS), a specialist in productivity software, is forming a global project management office (PMO) based in Hong Kong.
Medical imaging software company Feedback plc (LON:FDBK) has tapped the market to raise £750,000. The company placed shares at 2.75p a pop. Shares last night closed at 4.25p.
WATCH: Zak Mir on Feedback
Investment analysts who follow Instem Plc (LON:INS) will not have to revise their current year forecasts after the company tied up an accounting loose end.
Obtala Ltd (LON:OBT), the agricultural and forestry company, has pledged to invest US$10mln over the next five years in Tanzania under the 'Grow Africa' initiative.
Ortac Resources Ltd’s (LON:OTC) Eritrea associate Andiamo Exploration is set to start drilling at its Haykota licence after arranging funding for the programme. Andiamo will carry out a reverse circulation shallow drill programme at Haykota, which is prospective for copper and gold.
Advanced Oncotherapy PLC’s (LON:AVO) executive chairman Dr Mike Sinclair has purchased 200,000 shares at an average price of 30.44p. Sinclair now holds around 4.93mln shares, or 6.65% of the proton beam therapy pioneer. Financier Bracknor also announced it has converted a further £200,000 worth of loan notes into shares at a price of 25.89p.
Velocys PLC (LON:VLS) the smaller scale gas-to-liquids company, announced that Mark Chatterji has stepped down as a non-executive director with effect from April 25 in order to devote more time to his other interests.
88 Energy Ltd (LON:88E) is one of the most exciting companies on London’s AIM market, so says WH Ireland analyst Brendan Long.