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Shares in national media company Seven West Media Ltd (ASX: SWM) have soared to new heights today and are now trading at 58.5 cents apiece.

The free-to-air TV giant’s share price is now back on the podium by setting a corresponding 3-year high, after rallying 42% in the last month.

With Seven West shares inching higher in afternoon trade today, they have also outpaced the benchmark S&P/ASX 200 Index (ASX: XJO) which is 1.25% in the red.

Here’s a closer look at what has investors chasing a position in Seven West.

New multi-year highs are a good thing

Seven West’s share price shot up in an almost vertical fashion to finish the month of October, after a series of positive catalysts – positive due to the market’s reaction.

First, the company informed investors that it folded all of its debt instruments into one facility last month.

Seven notes the move will result in immediate benefits to its balance sheet and earnings potential. These include more favourable interest payments and flexibility to retain more cash each earnings cycle.

As a result, the company sees its net debt reduce by $158 million or 57% on a net debt ratio of 0.95x, per the release.

One way for a company to drive growth is through acquisitions. Seven certainly followed this manta when it announced the acquisition of Prime Media Group Ltd (ASX: PRT) to kick it off for November.

Seven acquired Prime Television and all of its subsidiaries on a valuation of $131.9 million, equalling 36 cents per Prime share.

As Seven will absorb all of the cash and distributions on Prime’s balance sheet, the net cost for the company in the transaction finalises at just $72 million.

The net result of both announcements sent Seven West shares flying in the days afterwards, and the pace hasn’t slowed down since.

After a small hiccup last week, they took off once again, after Seven released its AGM on Tuesday. There, it advised that the group has assumed position as the dominant free-to-air TV network in Australia.

Shareholders must now be fist-pumping in Rocky-like fashion celebrating the multi-year highs.

What are brokers saying about Seven West shares?

Following the commentary at its AGM, analysts from Swiss investment bank UBS weren’t so sure if Seven’s results are truly organic or not.

UBS questions if Seven did actually outperform its peers, or was simply the beneficiary of a buoyant TV ad market.

It is waiting on media competitor Nine Entertainment Co. Holdings Ltd (ASX: NEC) to make commentary before making up its mind.

Yet, despite the reservations, the broker retained its buy rating on the share, reiterating its 95 cents price target in the process.

JP Morgan is also bullish on the direction of Seven West’s share price. It reckons the Prime acquisition “places [Seven] in a better position to deliver a consolidated national media partnership, with more data across a faster growing market”.

It notes the acquisition has the potential to bring an accretive gain of $5 million to $10 million to Seven through various cost and revenue synergies.

The broker also reckons that structural headwinds from “continued migration of advertising spend away from the company’s core TV broadcasting and print businesses to other digital platforms” are already priced into the Seven West share price.

As such, JP Morgan raised its price target on Seven West shares by 8% to 70 cents neat, implying an upside potential of almost 20% at last check.

What about in the last year?

The Seven West share price has been an outperformer over the past 12 months, delivering outsized returns to shareholders.

In that time, it has climbed over 178%, after rallying another 77% since January 1. It has gained 11% in the last week alone.

Each of these returns has outpaced the broad index’s gain of around 14% for the past year of trading.

The post 42% in a month: Seven West (ASX:SWM) share price just hit 3-year highs. appeared first on The Motley Fool Australia.

More reading

• Why is the Beach Energy (ASX:BPT) share price continuing to slide on Wednesday?
• Two quality ASX 200 shares for an inflationary world: fundie
• Why this quality ASX 200 share is seriously cheap: expert
• Why has the Boral (ASX:BLD) share price jumped 5% since the start of this month?

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.

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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.

What happened

The U.S. Bureau of Labor Statistics released inflation data for October at 8:30 a.m. EST today. Cryptocurrency Bitcoin (CRYPTO: BTC) immediately spiked higher and hit an all-time high of nearly $69,000 per coin around 45 minutes later, according to CoinDesk. As of noon, the price of Bitcoin was sitting at $68,700, a 2.9% increase over the previous 24 hours.

So what

According to the Bureau’s data, inflation in the U.S. was 6.2% over the past year. When adjusting for food and energy increases, inflation was up just 4.6%. However, a 4.6% increase is the highest inflation has been since 1991. Hitting a 30-year high is particularly discouraging because the past three months had shown relative signs of improvement.

Because inflation hasn’t been this big of a problem in 30 years, investors are naturally looking for ways to hedge against inflation now more than ever. Cryptocurrency is viewed by many as a way to hedge, and Bitcoin is the largest cryptocurrency by market capitalisation, valued at around $1.3 trillion. Therefore, it’s only natural that investors ran to Bitcoin when the inflation numbers came out.

Now what

Inflation is a reality most years. The questions that can’t be answered here are how high will inflation go and how long will it last. Because these questions remain unanswered, it’s hard to predict how inflation might impact the price of Bitcoin going forward. Therefore, if you own or are thinking of buying some, it would be more beneficial to focus on the underlying fundamentals of the Bitcoin blockchain network. For example, it’s about to get an upgrade called Taproot that will make transactions more efficient, which could boost long-term adoption. This is something easier to analyze and understand and why investors should spend time focusing on things like this instead of just fretting about inflation.

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

The post Here’s why Bitcoin hit a new all-time high on Wednesday appeared first on The Motley Fool Australia.

More reading

• Looking for crypto investing advice? Why your financial adviser’s lips may be sealed
• Why Bitcoin hit all-time highs on Tuesday
• The total value of crypto just surpassed US$3 trillion, what’s next?
• Why Dogecoin, Shiba Inu and Bitcoin investors should ‘follow’ Elon Musk
• Here’s why the Betashares Crypto Innovators ETF (ASX:CRYP) share price is surging 7% today

Jon Quast owns shares of Bitcoin. 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.

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The Polynovo Ltd (ASX: PNV) share price is struggling on the ASX on Thursday.

Earlier today, the medical device company’s share price fell to $1.47 – its lowest price in more than 18 months.

At the time of writing, the Polynovo share price is $1.50, which is 2.29% lower than its previous close.

The dip comes despite no news having been released by Polynovo. However, the company isn’t alone in its tumble.

Right now, the S&P/ASX 200 Index (ASX: XJO) is sporting an 0.8% fall. Additionally, the S&P/ASX 200 Health Care Index (ASX: XHJ) is the second-worst performing sector today, having dropped 2.33%.

Let’s take a closer look at what’s likely weighing on the Polynovo share price today.

Polynovo share price hits 18-month low

While it’s a tough day on the ASX for the Polynovo share price, at least it’s not alone in its struggles.

In fact, much of the ASX 200 index is in the red, potentially weighed down by the poor performance of US markets overnight.

While many of Polynovo’s US-based peers gained during Wednesday’s session, plenty of Nasdaq and NYSE-listed stocks dipped amid the release of the latest US inflation figures.

Generally, the ASX trends in line with the Nasdaq and NYSE. Thus, US markets might be to blame for some of today’s dip.

Additionally, Polynovo’s stumble is pretty much in line with its sector’s performance. In fact, the only ASX 200 health care share to record a rise today is Fisher & Paykel Healthcare Corp Ltd (ASX: FPH). Its share price has gained 0.36% to $30.99 at the time of writing.

Meanwhile, the Ramsay Health Care Limited (ASX: RHC) share price is bringing up the sector’s rear, sporting a 3.92% dip to $69.43.

Today’s fall included, the Polynovo share price has plunged 15.5% over the past 30 days. It’s also 62% lower than it was at the start of 2021.

The post Why did the Polynovo (ASX:PNV) share price just hit an 18-month low? appeared first on The Motley Fool Australia.

More reading

• Why ANZ, Clinuvel, PolyNovo, and Vulcan shares are dropping
• Why the PolyNovo (ASX:PNV) share price is sinking 8% today
• ASX 200 (ASX:XJO) midday update: Sydney Airport agrees to takeover, Wesfarmers’ strikes API deal
• Can the Polynovo (ASX:PNV) share price hit $3 by Christmas?
• Polynovo (ASX:PNV) share price rises after “positive” FY22 quarterly update

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended POLYNOVO FPO. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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National Australia Bank Ltd (ASX: NAB) reported its FY21 result to investors this week. Analysts have had a look – do they rate the NAB share price as a buy?

Firstly, let’s see how the result stacked up.

NAB FY21 result

The big four ASX bank said that it generated $6.36 billion of statutory net profit.

Meanwhile, the cash earnings came to $6.56 billion – that was an increase of 76.8% year on year. Excluding FY20’s large notable items, the NAB’s cash earnings increased by 38.6%.

NAB explained that its total revenue declined by 2.2%. Higher volumes were more than offset by lower markets and treasury income which was challenged by more limited trading opportunities.

The net interest margin (NIM) declined by 6 basis points to 1.71%. However, excluding the 6% reduction from markets and treasury (which includes the impact of holding higher liquid assets), NIM was flat which reflected lower funding and deposit costs and home repricing. But this was partially offset by the impact of the low interest rate environment combined with “home lending competitive pressures” and a mix shift towards more fixed rate lending.

Expenses officially fell 13.2%. Excluding large notable items in FY20, expenses actually rose 1.8% with important drivers such as performance-based compensation provisions, as well as hiring more people to support growth, partly offset by productivity benefits and lower restructuring related costs.

During the worst of the COVID-19 crash last year, the NAB share price fell heavily and there was a worry of bad debts. In this result, NAB’s credit impairment charge was a write-back ­of $217 million compared to a FY20 charge of $2.76 billion.

NAB said that its ratio of 90+ days past due and gross impaired assets to gross loans and acceptances reduced by 9 basis points to 0.94%.

The big four bank said:

The economic outlook is improving with restrictions easing. But uncertainties exist including the impact of tapering support and the extent and breadth of the rebound. To reflect this, collective provisions remain prudent at 1.35% of credit risk weighted assets.

Balance sheet and dividend

NAB’s balance sheet continues to strengthen. Its overall common equity tier 1 (CET1) ratio was 13% at the end of FY21, up 153 basis points over the year. That includes 29 basis points from the net proceeds of the sale of MLC Wealth, less the acquisition of 86 400.

However, it’s expected that the net pro forma CET1 ratio will be reduced by around 75 basis points by the acquisition of Citigroup’s Australian consumer basis as well as the remaining $2 billion share buyback, less proceeds from its BNZ Life sale.

NAB decided to more than double its annual dividend, from $0.60 per share in FY20 to $1.27 per share in FY21. This represented a cash dividend payout ratio of 63.7% of continuing operations.

Is the NAB share price a buy?

Opinions are somewhat mixed on the bank after the result.

For example, Citi is ‘neutral’ on NAB shares, with a price target of $29.50. It thinks it is one of the better big four banks after this result, but there remains a lot of competition in the property loan space. Citi is expecting slight underlying growth in FY22. The broker thinks NAB will pay a FY22 annual dividend per share of $1.45.

However, analysts at Macquarie Group Ltd (ASX: MQG) think that the NAB share price is a buy, with a price target of $30.50. Macquarie also believes NAB is doing better than its big competitors. But, despite the buy rating, Macquarie actually thinks NAB will generate less profit and pay a small dividend in FY22 compared to Citi’s estimates. Macquarie has projected an annual dividend per share of $1.35 from NAB in the current financial year.

The post Do analysts rate the NAB share price a buy after its FY21 result? appeared first on The Motley Fool Australia.

More reading

• How does the CBA share price performance stack up against the other big banks?
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• Race to the top: These 3 ASX shares all smashed new 52-week highs today
• NAB (ASX:NAB) share price lifts as CEO calls for mortgage buffers to stem soaring house prices

Motley Fool contributor Tristan Harrison 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.

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The All Ordinaries Index (ASX: XAO) is taking a bit of a beating so far this Thursday. At the time of writing, the All Ords is down by 0.73% at 7,681 points. But one All Ords share is defying this general market sentiment, and decisively so. That would be the Vulcan Energy Resources Ltd (ASX: VUL) share price.

Vulcan Energy shares are currently up a very pleasing 5.76% so far today at $10.84 a share. That’s a meaningful outperformance of the broader market.

So what’s causing Vulcan shares to rocket higher this Thursday?

Well, it’s not entirely clear. This lithium developer hasn’t released any major news or announcements today so far.

But we still might be able to dig a little deeper and guess what’s going on today.

What’s pushing up the Vulcan share price today?

Yesterday, we did get some news from Vulcan. That came in the form of an announcement the company has inked an agreement with Rhein Petroleum to purchase 3D seismic and drilling data.

As we covered yesterday, this agreement will help the company “understand the sub-surface” of the 315 square kilometres that this 3D data covers.

This was arguably not bad news for Vulcan. But, even so, yesterday saw the Vulcan share price lose a nasty 6.8% or so. My Fool colleague James posited this might have been the results of the announcement being “overshadowed by its ongoing short-seller attack and broad weakness in the lithium sector [yesterday]”.

Vulcan has indeed been struggling with short-seller attacks, most prominently that from J Capital that was published back in October.

With ASX lithium shares back in the hot seat today — we’ve seen gains from Pilbara Minerals Ltd (ASX: PLS) and Orocobre Limited (ASX: ORE) — perhaps investors have finally turned their attention to what Vulcan had to say yesterday and decided it was worth piling in today.

Whatever the reason, it would be a welcome change for Vulcan investors. Although Vulcan remains up a pleasing 291% year to date in 2021, it is down around 27% since 26 October.

At today’s Vulcan Energy share price, this company has a market capitalisation of $1.26 billion.

The post Vulcan Energy (ASX:VUL) share price lifts 6% to defy wider market selloff. Here’s why appeared first on The Motley Fool Australia.

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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. 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.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of Wall Street and is tumbling lower. At the time of writing, the benchmark index is down 0.65% to 7,376.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is up a further 7% to $9.80. Investors continue to buy this mineral exploration company’s shares following the release of an update on its Gonneville deposit. That update reveals the largest nickel sulphide discovery in over 20 years and the largest platinum-group elements (PGE) discovery in Australian history. Bell Potter was impressed. It retained its (speculative) buy rating and lifted its price target by 85% to $11.73.

Estia Health Ltd (ASX: EHE)

The Estia Health share price is up over 5% to $2.21 following the release of its annual general meeting update. At the event, the aged care operator reported that its occupancy rate stood at 92.8% at the end of October. This was broadly in line with levels reported in August. Management also advised that cash flows have been solid and its debt has been further reduced to $57.5 million.

De Grey Mining Limited (ASX: DEG)

The De Grey Mining share price is up 4% to $1.20. This morning the gold explorer announced consistent infill results in Brolga Stage 1 pit. Management notes that results demonstrate thick mineralised intervals in the centre of Brolga. This could be a big positive as the recently announced scoping study of the Mallina Gold Project identified Brolga as an early production source.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has jumped 8.5% to $15.51. This is despite there being no news out of the iron ore producer on Thursday. However, reports that embattled Chinese property giant Evergrande has avoided defaulting could be boosting Fortescue’s shares. If Evergrande were to collapse it could have dire consequences for the Chinese property market and iron ore demand.

The post Why Chalice, De Grey, Estia Health, and Fortescue shares are racing higher appeared first on The Motley Fool Australia.

More reading

• Why the Rio Tinto (ASX:RIO) share price underperformed the materials sector over the last 3 months
• Evergrande reportedly defaults, DMSA is preparing bankruptcy proceedings
• ASX 200 (ASX:XJO) midday update: Xero’s results and Nearmap’s guidance disappoint
• Dream run: Why the Chalice Mining (ASX:CHN) share price is up another 5% today
• Here are the top 10 ASX shares today

Motley Fool contributor James Mickleboro 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.

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The Pure Hydrogen Corp Ltd (ASX: PH2) share price is surging today, buoyed by positive developments for the company’s hydrogen plants. 

During mid-afternoon trade, the energy company’s shares are up 9.42% to 75.5 cents. This means that its shares have risen to an astonishing 70% in the space of just one week.

What did Pure Hydrogen announce?

Investors are pushing Pure Hydrogen shares higher on news of the company’s positive release.

According to the update, Pure Hydrogen provided more details regarding the term sheet signed with CAC-H2 on Tuesday.

Pure Hydrogen is seeking to build its presence across the east coast of Australia with three new waste hydrogen plants. The facilities will be constructed in the country’s three most populous cities, Sydney, Melbourne and Brisbane.

The first plant will be built north of Brisbane and is expected to be operational sometime in late 2022. The remaining plants in Melbourne and Sydney will be completed around mid-2023.

The key terms of the deal will see the minimum hydrogen supply of 1,000 kilos per day for six years. This can be expanded upon agreement, and there is an additional option to extend the contract for another six years.

CAC-H2 process will involve turning wood waste into hydrogen through a gasification process of pyrolysis. A second stage then follows which separates and purifies the hydrogen gas.

Pure Hydrogen will operate the plants, and undertake sales and marketing activities for the sale of hydrogen.

It is expected that further details in relation to each site and plant size will be released within the next month.

Pure Hydrogen share price summary

Since the beginning of 2021, Pure Hydrogen shares have taken off, leaping by more than 780%. When zooming out to the last 12 months, its shares have further accelerated to post an incredible gain of 860%.

Based on today’s price, Pure Hydrogen commands a market capitalisation of around $243.25 million, with approximately 313.88 million shares outstanding.

The post Pure Hydrogen (ASX:PH2) share price leaps 9% as first plant set to be operational next year appeared first on The Motley Fool Australia.

More reading

• Pure Hydrogen (ASX:PH2) share price rockets 25% amid major plant production news
• Why the Pure Hydrogen (ASX:PH2) share price is leaping to a multi-year high today
• Pure Hydrogen (ASX:PH2) share price jumps 5% on hydrogen vehicle plans

Motley Fool contributor Aaron Teboneras 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.

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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.

What happened

Shares of Coinbase Global (NASDAQ: COIN) sank 8% on Wednesday after the digital-asset trading platform’s third-quarter results fell short of investors’ expectations.

So what 

Coinbase’s net revenue decreased by 41% sequentially to $1.3 billion. That was below Wall Street’s estimates, which had called for revenue of roughly $1.6 billion. 

The cryptocurrency exchange’s monthly transacting users fell to 7.4 million, compared to 8.8 million in the second quarter. Its trading volume, in turn, declined by 29% to $327 billion. 

All told, Coinbase’s net income plunged 75% to $406 million.

Now what

Coinbase’s fortunes are largely dependent on the continued success of Bitcoin and Ethereum, the two most popular and valuable cryptocurrencies. Bitcoin accounted for 19% of Coinbase’s trading volumes in the third quarter, while Ethereum represented 22%. Thus, the recent rally in Bitcoin’s and Ethereum’s prices to new all-time highs bodes well for Coinbase’s fourth-quarter results.

Looking further ahead, Coinbase’s fate is likely to correlate with cryptocurrency adoption trends.

“Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the cryptoeconomy and our ability to serve users through our products and services,” the company said in a letter to shareholders. “We encourage our investors to take this point of view.” 

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

The post Why Coinbase shares crashed on Wednesday appeared first on The Motley Fool Australia.

More reading

• Here’s why the Betashares Crypto Innovators ETF (ASX:CRYP) share price is surging 7% today
• How the Coinbase share price rocketed 40% last month
• ASX’s first cryptocurrency ETF is listing Thursday
• ASX set to welcome first cryptocurrency ETF… but there’s a catch

Joe Tenebruso 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.

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The Hazer Group Ltd (ASX: HZR) share price is wobbling in and out of the green today. Fortunately, it’s still sporting its recent gains.

At the time of writing, the Hazer share price is $1.68, flat with its previous close.

That leaves the creator of hydrogen and graphite-producing technology‘s gains for the last 30 days at 54%.

While there’s been no price-sensitive news from Hazer in the last 30 days, there have been several happenings that might have piqued the market’s interest.

Let’s take a look at what might have driven Hazer’s shares lately.

Hazer’s great month on the ASX

The Hazer share price has taken off over the last month, seemingly alongside the market’s interest in hydrogen.

This time last month, many shares in the ASX hydrogen sector were boosted when 2 Australian states released plans to kickstart a green hydrogen industry. Green hydrogen is that which is created using only renewable energy.

First, the Queensland government teamed up with Fortescue Metals Group Limited‘s (ASX: FMG) subsidiary Fortescue Future Industries to build a hydrogen equipment manufacturing centre.

Then, days later, New South Wales announced a $3 billion green hydrogen strategy.

The Hazer share price gained 9% on the day the Queensland-based plan was announced and was boosted another 24% when New South Wales released its strategy.

On 18 October, the market’s excitement for Hazer’s stock was renewed when the company released its quarterly activities report.

Finally, the Hazer share price gained 0.9% on Monday amid the announcement of the Australian Government’s Future Fuels and Vehicles Strategy.

The strategy includes providing additional funding for hydrogen refuelling infrastructure. Thus, it could help to increase the uptake of hydrogen-powered vehicles.

Hazer share price snapshot

Including its strong month’s performance, Hazer’s stock has gained 112% year to date.

It has also gained 162% since this time last year.

The post The Hazer (ASX:HZR) share price is having a bad day but it’s still up 50% in a month appeared first on The Motley Fool Australia.

More reading

• Hazer (ASX:HZR) share price rises as hydrogen refuelling gains federal funding
• The Hazer (ASX:HZR) share price jumps 8% as hydrogen ETF hits all-time high
• Why the Hazer (ASX:HZR) share price is lifting today
• How fast is green hydrogen growing and which ASX shares could benefit?
• Here’s why ASX hydrogen shares are leaping higher today

Motley Fool contributor Brooke Cooper 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.

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The Global Energy Ventures Ltd (ASX: GEV) share price has come out of a trading halt today. This follows an update in regards to its capital raising efforts from the energy solutions company.

However, the news has not been well received by investors. At the time of writing, Global Energy shares are down a sizeable 9.68% to 14 cents. For context, the All Ordinaries Index (ASX: XAO) is down 0.71% to 7,682 points.

Successful placement

In a statement to the ASX, Global Energy advised it has successfully completed its institutional placement.

The company received firm commitments from both new and existing institutional, sophisticated, and professional investors to raise $10 million (before costs).

The placement will see 80 million new ordinary shares issued at a price of 12.5 cents apiece. This represents a 24% discount on the last closing price on 8 November, and a 10.5% discount on the 15-day volume-weighted average price.

The funds acquired from the placement will be used to accelerate the development of the Tiwi green hydrogen project in the Northern Territory. This includes:

• Tiwi green hydrogen project feasibility study;
• Ongoing engineering and approvals for the pilot compressed hydrogen ship;
• Administration costs; and
• General working capital.

The newly created shares are expected to be allotted and issued on 17 November.

In addition to the placement, Global Energy will undertake a non-underwritten share purchase plan (SPP), raising another $2 million. The terms will be the same as offered in the institutional placement.

The SPP will open on 22 November, with settlement on 13 December.

Global Energy managing director and CEO Martin Carolan commented:

The company’s launch into the upstream green hydrogen production with the Tiwi green hydrogen project provides a unique investment opportunity as the company positions compression as a first mover advantage into the production, storage and transport of hydrogen.

The capital raising will accelerate the development of the Tiwi green hydrogen project while also supporting our ongoing engineering, approvals and commercialisation for our proprietary ship design.

Global Energy share price summary

Over the last 12 months, Global Energy shares have accelerated by around 50%. They are also up 75% year to date.

Global Energy presides a market capitalisation of roughly $70 million, with approximately 457.17 million shares on its registry.

The post Global Energy (ASX:GEV) is raising $10m for its green hydrogen project. But investors aren’t impressed appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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.

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