The Valmec Ltd (ASX: VMX) share price is soaring today after the company received an acquisition offer valuing it 29% higher than its market capitalisation at previous close.

Right now, shares in Valmec are swapping hands for 40 cents apiece – 25% higher than its previous closing price.

The energy service group has recommended its shareholders vote in favour of the offer, which would see Valmec acquired by Altrad Australia Pty Ltd.

Let’s take a closer look at the news driving the Valmec share price higher this morning.

Valmec’s acquisition offer

Valmec has entered into a scheme of implementation for Altrad Australia to buy around 98% of all outstanding Valmec shares for 41.3 cents apiece in cash.

That represents a 29.1% premium on the Valmec share price’s previous close and a 29.4% premium on its 1-month volume-weighted average price.

The offer values Valmec at around $52 million.

Altrad is an industrial services provider with operations in more than 50 countries. Valmec specialises in providing equipment, construction, and maintenance services to the oil, gas, energy, and infrastructure sectors.

According to Valmec, 2 Valmec shareholders who together hold 18.8% of Valmec’s shares intend to vote in favour of the scheme.

Additionally, all Valmec’s board members who have holdings in the company also intend to vote in favour.

As part of the scheme, Valmec’s managing director Steve Dropulich will retain around 2% of Valmec’s shares. He will also continue in his role after the acquisition.

The scheme of implementation is dependent on: an independent expert’s declaration the acquisition is in Valmec shareholders’ best interests, the absence of a superior offer, and shareholder and court approval.

The company expects its shareholders will be given a chance to vote on the acquisition in mid-October.

Commentary from management

Dropulich commented on the news, saying:

To be recognised and attract the interest of a global leader such as Altrad is a clear recognition of the hard work, dedication and professionalism of our staff and the strong support we have received from our shareholders throughout our journey.

Altrad’s CEO Ran Oren also commented:

Australia and the broader Asia-Pacific region are a key pillar in Altrad’s global growth strategy, which is why I am delighted we have been able to agree terms with the Board of Valmec to merge this strong business into our existing operations. Our committed investment reflects Altrad’s confidence in our Australian team and the growth prospects for our business here.

Valmec share price snapshot

Today’s gains have added to a good year on the ASX for Valmec.

Right now, the Valmec share price has gained 67.5% since the beginning of 2021. It has also gained 168% since this time last year.

The company has a market capitalisation of around $50 million, with approximately 125 million shares outstanding.

The post Here’s why the Valmec (ASX:VWX) share price is gaining 25% today appeared first on The Motley Fool Australia.

More reading

• Why the Dreadnought Resources (ASX:DRE) share price is charging 8% higher
• Why is the Temple & Webster (ASX:TPW) share price up over 3% today?
• 2 defensive ASX 200 shares that brokers rate as ‘buys’ this Monday
• Why the Nick Scali (ASX:NCK) share price is going gangbusters
• 4 reasons you shouldn’t invest like billionaires do

from The Motley Fool Australia https://ift.tt/3imSoWr

The Dreadnought Resources Ltd (ASX: DRE) share price is charging higher, up 8% in early afternoon trade.

Below, we take a look at the ASX resources explorer’s latest results.

What did Dreadnought report?

The Dreadnought Resources share price is surging after the company reported it had uncovered high grade rare earth elements (REE) ironstones at its 100% owned Yin Prospect in Western Australia over a roughly 2.5-kilometre strike.

The Yin Prospect is located 15 kilometres from the Hastings Technology Metals Ltd‘s (ASX: HAS) Yangibana REE Project, which is currently under construction.

For readers with some geological acumen, according to the release, significant rock chips results include:

• 50% total rare earth oxides (TREO), including 2.73% Nd2O3+Pr6O11
• 77% TREO, including 1.84% Nd2O3+Pr6O11
• 76% TREO, including 1.73% Nd2O3+Pr6O11

These results are reported to be similar to those seen in the ironstones at Yangibana.

Dreadnought has identified a total of 12 REE prospects based on “wide spaced radiometric anomalies coincident with apparent ironstone outcrops”. 11 of those 12 prospects have yet to be inspected.

Commenting on the results, Dreadnought’s managing director, Dean Tuck said:

It is encouraging to confirm high-grade REE mineralisation over 2.5 kilometres at the first of twelve prospects. Having confirmed similar mineralogical characteristics to Yangibana, we are now in the process of confirming another key economic driver being similar metallurgical characteristics.

Tuck said the company will conduct a detailed airborne magnetic-radiometric survey before the drill program commences. “The metallurgical assessment will focus on the potential for the TREO to be upgraded into a saleable intermediate product in the form of a concentrate,” he added.

Dreadnought Resources share price snapshot

Longer-term shareholders will have little to complain about these past 12 months as the Dreadnought Resources share price gained 320%. By comparison the All Ordinaries Index (ASX: XAO) is up 24% in that same time.

Year-to-date the Dreadnought Resources share price is up 110%.

The post Why the Dreadnought Resources (ASX:DRE) share price is charging 8% higher appeared first on The Motley Fool Australia.

More reading

• Why is the Temple & Webster (ASX:TPW) share price up over 3% today?
• 2 defensive ASX 200 shares that brokers rate as ‘buys’ this Monday
• Why the Nick Scali (ASX:NCK) share price is going gangbusters
• 4 reasons you shouldn’t invest like billionaires do
• Digital Wine (ASX:DW8) share price dumps on acquisition

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3Bgjuay

The S&P/ASX 200 Index (ASX: XJO) is having a very depressing start to the week today. The ASX 200 is currently down 0.84% to 7,287 points. One ASX share that isn’t joining the pity party today is Temple & Webster Group Ltd (ASX: TPW). The Temple & Webster share price is currently up a very healthy 3.13% to $10.89 at the time of writing.

That’s an outperformance of the broader market by around 4% – not an insignificant number. So why are Temple & Webster shares performing so well today?

Well, unfortunately, there are no easy answers to this one. Temple & Webster has not released any official news announcements today, so we can rule that out.

However, we can speculate on another possible reason why Temple & Webster shares are having time in the sun today.

Look at the ASX 200 today and you will see a bevvy of winners and losers. Shares that seem to be correlated to economic growth, such as the ASX banks, are getting hammered today. Commonwealth Bank of Australia (ASX: CBA), for example, is currently down 1% to $97.17 a share.

But other ASX shares are doing far better. Afterpay Ltd (ASX: APT) is currently up almost 1.8%. Zip Co Ltd (ASX: Z1P ) is also in the green. As is the Wesfarmers Ltd (ASX: WES) share price. Domino’s Pizza Enterprises Ltd. (ASX: DMP) shares are also in the green today, and CSL Limited (ASX: CSL) isn’t too far behind.

Are Temple & Webster shares benefitting from lockdowns?

All of these shares have something in common. They have all been classed (to varying degrees) as ‘pandemic winners’. Last year these companies proved (once again, to varying degrees) that they could not only survive, but thrive, in a COVID world.

The Temple & Webster share price fell more than 30% in the initial market crash last year that was sparked by the onset of the coronavirus pandemic. But this drop did not last long, as the online furniture and homewares retailer started proving that its business was holding up, and even growing, during the worst of the lockdowns last year.

You only have to look at the company’s FY2021 half-year earnings to see this in action. Back in February, Temple & Webster reported revenue growth of 118% to $161.6 million and earnings before interest, tax, depreciation, and amortisation (EBITDA) growth of an astonishing 556% to $14.8 million. Active customers were also up a pleasing 102% to 678,000.

Why is this relevant? Well, New South Wales and now Victoria are back in lockdown as we speak. This is obviously very bad news for the national economy, which might explain why the ASX banks and the broader market are having a rough start to the week. But investors seem to be remembering last year’s lockdown winners today. And Temple & Webster is evidently one of them.

This may be why we are seeing a healthy bump in the Temple & Webster share price today. At the current pricing, Temple & Webster has a market capitalisation of $1.31 billion.

The post Why is the Temple & Webster (ASX:TPW) share price up over 3% today? appeared first on The Motley Fool Australia.

More reading

• Why CSL, Humm, IntelliHR, & Vulcan shares are pushing higher
• The CBA (ASX:CBA) share price slips as COVID loan support announced
• The CBA (ASX:CBA) share price is down 5% in the past month, here’s why
• The CSL (ASX:CSL) share price is down 9% in a month, here’s why
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, CSL Ltd., Temple & Webster Group Ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Wesfarmers Limited. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/2UsTmIK

The S&P/ASX 200 Index (ASX: XJO) is having a rather dreadful start to the week this Monday. At the time of writing, the ASX 200 is down 0.87% to 7,284 points.

But many investors love to buy ASX shares on days like today, simply because they can pick up their favourite shares for a relatively cheaper price. With uncertainty seemingly returning to the share market, many investors might also be looking to shares that can be labelled as ‘defensive shares’, companies that are capable of generating cash flows regardless of the economic weather.

So with that in mind, here are 2 defensive ASX 200 shares that brokers rate as ‘buys’ today:

2 defensive ASX 200 shares rated as ‘buys’ this Monday

Coles Group Ltd (ASX: COL)

Coles is one of the largest defensive ASX 200 shares on the share market today. And it doesn’t get too much more defensive than the groceries and other household essentials that Coles sells through its huge network of stores nationwide. We all by now would be familiar with the heightened levels of grocery consumption that COVID outbreaks seem to induce.

Coles has actually not been a great performer of late. This company is still down more than 7.5% year to date in 2021 so far, and is also down 4.5% over the past 12 months. However, one broker who thinks the Coles share price might be an ASX 200 buy today is investment bank, Goldman Sachs. Goldman currently has Coles rated as a ‘buy’, with a 12-month share price target of $19.40 a share.

This implies a potential future upside of more than 13% over the next 12 months (not including any dividend returns either). Goldman likes Coles shares right now due to the company’s Smarter Selling cost-cutting program, as well as its efficiency-driving investments in its supply chains.

Telstra Corporation Ltd (ASX: TLS)

Telstra is our second ASX 200 share to look at today. This telco is also arguably a highly defensive share. It’s difficult to imagine most Australians giving up their phones, internet plans or broadband connections these days, no matter the economic weather. And Telstra is the country’s leading purveyor of all three.

Unlike Coles, the Telstra share price has actually been a very rewarding asset to own in recent months. Telstra shares are currently up almost 25% year to date so far, as well as being up nearly 11% over the past 12 months.

Goldman is also bullish on Telstra, rating the telco as a ‘buy’ with a 12-month share price target of $4.20 a share. This implies a potential future upside of 11.7% for this ASX 200 share, also not including any dividend returns. Goldman reckons Telstra’s recent sale of half of its mobile towers is conducive to future shareholder value. Additionally, Goldman likes Telstra’s “strong earnings outlook, particularly in mobile”.

The post 2 defensive ASX 200 shares that brokers rate as ‘buys’ this Monday appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Altium sinks, Oil Search CEO resigns
• ASX construction shares fall on worksite shutdowns in NSW
• Brokers using the lockdown to upgrade earnings forecasts on these ASX 200 shares
• ASX energy shares in focus as OPEC+ strikes deal to lift oil production
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET and Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3hQ7Uvb

The Nick Scali Limited (ASX: NCK) share price is the spot of green amongst the sea of red today.

At the time of writing, shares in the household furniture retailer are selling for $11.52 – up 4.39%. The All Ordinaries Index (ASX: XAO), meanwhile, is down 0.95%.

The company comes into focus after it confirmed it was in discussions to buy Plush Sofas. Nick Scali entered a trading pause prior to the announcement.

Let’s take a closer look at today’s news.

Nick Scali wants a new Plush Sofa

In a statement to the ASX, Nick Scali confirmed it was in “non-exclusive discussions” with Greenlit Brands to acquire the Plush Sofas brand.

The Australian newspaper reported before the trading pause that the furniture company would spend up to $100 million on the purchase. Plush generates around $20 million in annual turnover, according to the report.

In its statement, Nick Scali Limited stressed the lack of certainty around the ongoing discussions and said no binding agreement has yet been reached.

It also said if any transaction should proceed, the company would pay for it “with a combination of cash on hand and debt”.

Investors clearly believe the deal would be of value to the company, judging by the Nick Scali share price.

Nick Scali share price snapshot

Over the past 12 months, the Nick Scali share price has increased 75%.

In its half-year financial report, the company declared revenue of $171 million – a record for the company and an increase of 24.4% on the prior corresponding period (pcp).

Earnings before interest, tax, depreciation and amortisation (EBITDA) rocketed 94.2% on the pcp to $60.2 million and underlying net profit after tax (NPAT) was up almost 90% to $40.5 million.

The company paid an interim dividend of 40 cents per share on the results.  Nick Scali management said a surge in demand during the pandemic drove the strong results.

The company paid back half the amount of JobKeeper payments it received on the back of sustained public pressure. The federal government’s wage subsidy program was intended to help businesses that would suffer financially because of the novel coronavirus.

Nick Scali Limited has a market capitalisation of $933 million.

The post Why the Nick Scali (ASX:NCK) share price is going gangbusters appeared first on The Motley Fool Australia.

More reading

• 3 high-yielding ASX dividend shares
• 3 ASX shares with BIG dividend yields
• 8 ASX shares that supercharged us out of COVID-19: analyst

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3zcN13a

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

They say that imitation is the sincerest form of flattery . When it comes to investing, imitating the way that billionaires invest might seem like a great way to amass a fortune of your own. In reality, though, that’s a bit more problematic than it might seem at first glance.

Billionaires tend to have both different money needs and access to different money tools than we ordinary folks do. They also tend to have the ability to lose millions of dollars and not even feel it, whereas if you or I lost that much, it would likely be devastating. With that background in mind, here are four reasons you shouldn’t invest like billionaires do.

No. 1: They need less of their money than you do of yours

One of the ironies of the world is that the rich can live more cheaply than ordinary folks can. If the rich live with no debt, they don’t pay debt service costs. If they do have debt, they likely get the best terms and use it as a financial tool, rather than out of necessity. In addition, it’s easier for the rich to afford more efficient & environmentally friendly things like solar panels, electric cars, and high efficiency insulation, windows, and other building materials.

All that adds up to a situation where billionaires not only have more money than the rest of us do, but also one where they need less of what they have in order to cover their absolutely necessary costs. As a result, they can be aggressive with a larger part of their investments than most ordinary folks can, and still wind up OK when things go wrong. We ordinary folk, on the other hand, need a larger portion of our assets socked away in a safer location for the inevitable “life happens” events.

No. 2: They tend to own too much of their employer’s stock

Many billionaires became billionaires because they were the founders of an ultimately successful company or the turnaround expert who saved a struggling business. Much of their wealth is tied up in the stock of the company they founded or run, which basically means their wealth is dependent on the continued success of that business.

As a controlling shareholder or influential leader of the business, their financial fate is largely in their own hands with that setup. If you’re not in such a position, then having too much of your net worth tied up in your employer’s stock can actually end up as one of the biggest financial mistakes you can make. After all, if the company gets into trouble, you can lose both your job and your life savings at the same time.

No. 3: You can diversify in ways they can’t

Having billions of dollars might seem wonderful, but having it largely tied up in a single investment like so many billionaires do can be quite terrifying. That raises a key question of why they don’t just diversify their portfolios. Unfortunately, even if they want to, it’s tough for them to do so, for two key reasons.

First, it causes an image problem. Executives of publicly traded companies need to disclose when they buy or sell shares. When an executive sells a large chunk of shares, it tends to raise very public questions on whether that executive really believes in the future of the company. That tends to keep billionaire CEOs and other executives invested even if they know they really should diversify their holdings.

Second, the taxes they face can be staggering. Assuming most of those billionaires’ riches come from highly appreciated stock, even a small act of diversification can be costly. 1% of a $1 billion nest egg works out to $10 million. If that has a near $0 basis, the billionaire can easily face over $2.3 million in federal taxes. In addition, state and local taxes on top of that could drive the total tax bill above $3 million. Even for a billionaire, paying millions in otherwise avoidable taxes can be a tough pill to swallow.

No. 4: You can invest in faster growing places than they can

Warren Buffett has mentioned that it’s hard to invest in the fastest growing companies once your own portfolio gets large enough. This is because the fastest growing companies tend to be smaller ones. With a huge asset base, you simply can’t buy enough of a small, fast growing company to make a difference to your overall portfolio.

That gives you one major advantage over the billionaires of the world: You can position the growth portion of your portfolio for the potential for higher returns than those biggest investors can. It may not be enough on its own to get you to billionaire status yourself, but compounded growth over decades is a great path to give yourself a strong chance to reach millionaire status.

Invest for your own success

The beauty of investing is that both you and the billionaires of the world have access to the stock market and its ability to create long-term wealth over time. The portfolio balance you’ll have will be different than what they have. They may have more money than the rest of us, but the access we have to faster growth investments and easier diversification gives us the opportunity to do just fine for ourselves.

So even if you shouldn’t invest just like billionaires do, you should still be inspired by their successes to invest for yourself. Over time, the wealth the market can help you build can help you reach for a financially comfortable future.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post 4 reasons you shouldn’t invest like billionaires do appeared first on The Motley Fool Australia.

More reading

• Digital Wine (ASX:DW8) share price dumps on acquisition
• Empired (ASX:EPD) share price rockets 59% on takeover news
• Here’s why the Predictive Discovery (ASX:PDI) share price is rocketing 52% higher
• AnteoTech (ASX:ADO) share price lifts as Ellume US sales ramp-up
• Why CSL, Humm, IntelliHR, & Vulcan shares are pushing higher

Chuck Saletta has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

from The Motley Fool Australia https://ift.tt/2UnF649

The Digital Wine Ventures Ltd (ASX: DW8) share price has dumped more than 14% after emerging from a trading halt.

Shares in the company were placed in a halt late last week, having last traded at 9.1 cents. After being reinstated to the market, shares in Digital Wines dumped more than 14%, hitting an intra-day low of 7.7 cents.

At the time of writing, the Digital Wines share price has recovered slightly trading at 8.3 cents.

Investors were triggered after the company announced a strategic acquisition earlier today.

Shares in Digital Wines tank on strategic acquisition

Digital Wines announced to the market that the company intended to undertake a strategic acquisition of Parton Wine Group.

Parton Wine was established 14 years ago with more than 23,000 square metres of warehousing around Australia. The company is one of Australia’s largest specialist wine and beverage logistics with over 200 unique suppliers.

In an investor presentation, Digital Wine highlighted that the acquisition would bolster its WINEDEPOT business. According to Digital Wine, the acquisition will provide a lift in key performance metrics and support the company’s growth strategy.

As part of the acquisition, Parton Founder Richard Raddon will join WINEDEPOT’s senior executive team as General Manager of logistics.

Digital Wine CEO, Dean Taylor, commented on the acquisition;

“Along with an immediate lift in key metrics, the acquisition provides us with another 225 customers that can be leveraged to drive further growth across our platform. The scale of the merged operation, overlaid with our investment in state-of-the-art technology, will undoubtedly help position WINEDEPOT as the market leading supply chain solution, focused on supporting the eCommerce shift in the wine industry.”.

Digital Wine was able to raise $7,500,000 via a share placement at 6.5 cents. The capital raising was constructed as a two-tranche placement, with the funds used to fund the acquisition of Parton and support the company’s growth strategy.

More on Digital Wine

Digital Wine is an online beverage supplier that provides end-to-end supply chain solutions for wine producers, distributors, importers and retailers. The company’s WINEDEPOT business operates as a cloud-based software-as-a-service. The WINEDEPOT technology platform removes inefficiencies in supply chains and empowers direct-to-market sales.

In addition to details on the acquisition, Digital Wine also provided an update on its WINEDEPOT business.

The company highlighted that WINEDEPOT has completed the 2nd stage of its rollout in Melbourne. In addition, WINEDEPOT Logistics shipped record 27,000 cases in June. Digital Wine also noted that WINEDEPOT signed up 25 new suppliers and expects WINEDEPOT DIRECT to go live in July.

The post Digital Wine (ASX:DW8) share price dumps on acquisition appeared first on The Motley Fool Australia.

More reading

• Why isn’t the Digital Wine (ASX:DW8) share price trading today?

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3rqxn1h

The Empired Ltd (ASX: EPD) share price has jumped firmly into the green today as French company Capgemini announced it has agreed to pay $233 million for the ASX-listed name.

Let’s take a walk through this morning’s events in a bit closer detail.

Quick recap on Empired

Empired is an IT services provider that has expertise in a raft of IT-specific domains, such as cloud services and data insights.

The company provides its services to a wide range of industries. It has two segments that operate in Australia and New Zealand.

At the time of writing, Empired has a market capitalisation of $209 million.

Capgemini’s proposal

French multinational Capgemini announced this morning it proposed to buy 100% of Empired shares for $233 million.

The $1.35 per share bid represents a ~65% premium to Empired’s closing share price on Friday.

Capgemini’s proposal also values Empired at a “normalised EV/EBIT” multiple of 16.7 times for FY 2021.

Empired’s board unanimously recommended that shareholders vote in favour of the proposal, claiming the scheme “is in the best interest of Empired shareholders”.

Speaking on the proposal, Empired chair Tom Stianos stated:

After considering all the relevant factors, we believe this is a compelling offer for Empired shareholders. It provides shareholders with the opportunity to realise immediate value for their shareholding, at a significant premium to current trading levels.

Chief executive Russel Baskerville also weighed in:

If implemented, the Scheme will provide outstanding career opportunties for our people and have a positive impact for existing and prospective clients by providing them with access to the significant resources, service capabilities and international experience of Capgemini.

Baskerville intends to vote “all shares within his control” – around 5.8% of shares on issue – in favour of the proposal.

The market seems to have favoured the announcement, as Empired shares are now exchanging hands at $1.31, a 60% jump on the day.

Empired shareholders are expected to vote on the proposal in early October.

Empired share price snapshot

The Empired share price has posted a return of 92% since January 1. This has extended the previous 12 months’ return of 273% into the green.

Both returns have outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of ~21% over the past year.

The post Empired (ASX:EPD) share price rockets 59% on takeover news appeared first on The Motley Fool Australia.

More reading

• Up 164% in 12 months, Empired (ASX:EPD) share price unmoved by contract win

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3rltOcU

The Predictive Discovery Ltd (ASX: PDI) share price is rocketing higher in early afternoon trade, up 52%.

Below, we take a look at the ASX gold share’s latest exploration announcement.

What new results did the gold explorer report?

Predictive Discovery’s share price is soaring after the company reported promising new gold results at its Bankan Project, in Guinea.

Four diamond drill holes – totalling 1,033 metres – intersected “high to bonanza gold grades over broad widths”. The ASX gold explorer said that both gold grade and consistency increased with depth.

Among the top results:

• 7m @ 11.7g/t Au from 301m, including:
  • 0m @ 31.9g/t Au from 313m (including 7.0m @ 50.3g/t Au)
• 6m @ 5.7g/t Au from 237m, including:
  • 40m @ 7.3g/t Au from 239m

Commenting on the latest results, Predictive Discovery’s managing director, Paul Roberts said:

Following up our recent, previous best-ever intercept of 44 metres at 8g/t Au with a significantly broader and higher-grade gold intercept 100 metres to its north is simply remarkable… [W]e can see a clear progression of both increasing grade and grade consistency as we drill deeper.

Roberts said the latest results give the company “a high-grade gold zone which is 100-200 metres long, extends down-dip for over 250 metres and, very promisingly, is open at depth”.

He added:

Our immediate task is to define the new high-grade zone by infill and extension drilling. To this end, the multi-purpose drill rig currently on site will be focused on further defining and extending this zone over the next few months.

Predictive Discovery said it’s working with a Senegal-based drill contractor to get its truck mounted air core rig on to the Bankan Project for the rainy season. That rig will test the newly defined gold targets.

Predictive Discovery share price snapshot

Predictive Discovery’s share price is up 82% over the past 12 months. By comparison the All Ordinaries Index (ASX: XAO) has gained 24% over that same time.

Year-to-date, the Predictive Discovery share price has been on a tear, up 142% with today’s intraday gains factored in.

The post Here’s why the Predictive Discovery (ASX:PDI) share price is rocketing 52% higher appeared first on The Motley Fool Australia.

More reading

• Why the Predictive Discovery (ASX:PDI) share price is rocketing 20% today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3xQdza4

The AnteoTech Ltd (ASX: ADO) share price is bouncing around today with above-average trading volume. This comes as Ellume secures further approvals from the United States Food and Drug Administration (FDA) for its COVID-19 rapid antigen home test.

At the time of writing, the AnteoTech share price is up 4.17% to 25 cents. Meanwhile, the trading volume is around 4.3 million shares. This represents around 91% of the company’s average volume for a whole month.

Let’s look at the latest news and why AnteoTech shares are returning a positive reading today.

More tests to fly out the door

For those unaware, AnteoTech is connected to Ellume by providing its ‘AnteoBind’ technology for Ellume’s at-home tests.

According to recent reports, Brisbane-based Ellume is ramping up its rollout of the tests across the United States. This follows the local company receiving approval from the FDA to sell COVID tests to point-of-care providers. Such providers include doctors, pharmacists, and commercial venues.

While millions of at-home COVID tests are flying off the shelves, Australia can’t say the same. Due to Australian legislation, over-the-counter test kits are currently banned locally.

Additionally, in an interview with The Australian Financial Review, Ellume founder and CEO Mr Sean Parsons said:

Right now, the TGA [Therapeutic Goods Administration] are not able to review a submission we make for a home COVID test because there is a piece of legislation that is prohibiting them. Their hands are tied. The law was written when pandemics weren’t really imagined and they wanted to force people to record how many of those illnesses [went] through the health system. I don’t think it really makes sense now

The statement is timely given the current situation faced by the New South Wales Government. A further 98 local COVID-19 cases were recorded by the state overnight.

ASX-listed AnteoTech rides the Ellume buzz

The Anteotech share price has had a cracking 12 months, with shares gaining around 650% over the period. Incidentally, AnteoTech is possibly benefitting from the fact that Ellume is not a publically listed company. With Ellume being an AnteoTech customer, investors might consider the ASX-listed company to be the next best thing.

Finally, the AnteoTech share price was the best performing ASX-listed healthcare share in FY21. The company now holds a market capitalisation of around $478.5 million.

The post AnteoTech (ASX:ADO) share price lifts as Ellume US sales ramp-up appeared first on The Motley Fool Australia.

More reading

• The 5 best ASX shares of FY21 revealed
• The 5 best performing ASX healthcare shares of FY21, did yours make the cut?
• These 3 ASX biotech shares are all up at least 120% in a year

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/2UfZHrb