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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the financial year in a disappointing fashion. The benchmark index is currently down 0.3% to 7,289.8 points.

Here’s what is happening on the market today:

SEEK changes CEO

The SEEK Limited (ASX: SEK) share price hit a record high this morning. This follows confirmation that SEEK’s co-founder Andrew Bassat has stepped down as CEO and been placed by former Commonwealth Bank of Australia (ASX: CBA) CEO, Ian Narev. In addition to this, the job listings company hinted that it might announce a demerger of its SEEK Investments business in August with its full year results.

IGO rises on $1.9 billion transaction completion

The IGO Ltd (ASX: IGO) share price climbed to a decade-high this morning after completing its transformational transaction to form a new lithium joint venture with Tianqi Lithium. The $1.9 billion transaction sees the company acquire a 49% non-controlling interest in Tianqi Lithium Energy Australia, providing it with a 24.99% indirect interest in world-class Greenbushes Lithium Mining and Processing Operation. It also gives IGO a 49% interest in the Kwinana Lithium Hydroxide Plant.

Lendlease downgrades guidance

The Lendlease Group (ASX: LLC) share price is trading lower today after the international property and infrastructure company downgraded its guidance. According to the release, the pandemic’s resurgence in the UK has resulted in a delay in its expected timing to secure an investment partner for its International Quarter London. As a result, it is expecting a core operating profit of between $375 million and $410 million after tax for FY 2021.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Regis Resources Limited (ASX: RRL) share price with a 5.5% gain. Regis is one of a number of gold miners charging higher today despite a relatively flat gold price. The worst performer has been the Metcash Limited (ASX: MTS) share price with a 5% decline. This morning its shares traded ex-dividend for its fully franked final dividend.

The post ASX 200 down 0.3%: SEEK record high, IGO jumps, Lendlease downgrade appeared first on The Motley Fool Australia.

More reading

• Why the Lendlease (ASX:LLC) share price is tumbling today
• 3 best ASX travel shares of financial year 2021
• These are the 5 worst performing ASX mining and resource shares of FY21
• IGO (ASX:IGO) share price higher after completing $1.9bn transformational transaction
• 5 lessons for ASX share investors from financial year 2021

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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Shares in Damstra Holdings Ltd (ASX: DTC) are flying today after the company announced it has secured a new $20 million debt facility. At the time of writing, the Damstra share price is 88 cents – 6.02% higher than its previous closing price.

Damstra is a software company providing workplace management solutions and safety requirements.

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

New debt facility

According to Damstra, the new debt facility will put it in a better position to fund its future growth.

Additionally, the new facility offers more flexible covenants and interest-only repayments. Damstra states this will improve its operating cashflow and provide extra capital to support its global growth ambitions.

Damstra’s new facility is with San Francisco-based Partners for Growth (PFG). PFG specialises in funding growing technology companies.

Previously, Damstra had a debt facility with Westpac. That facility was drawn down to $3.7 million.

That debt has now been transferred to Damstra’s facility with PFG, leaving it with access to around $17 million of additional capital.

Damstra’s PFG debt facility is for 36 months with fixed interest rates for the life of it. To pay its exisiting debt, Damstra will use an initial drawn down tranche at a fixed interest rate of 7.85%.

As part of its agreement with PFG, Damstra will issue the funding provider warrants. The warrants will be exercisable into up to roughly 1.6 million shares.

The warrants’ exercise prices will represent a premium of between 20% and 50% on the five-day weighted average price of Damstra shares prior to today’s announcement.

Commentary from management

Damstra’s CEO Christian Damstra said of the company’s new debt facility:

The outlook for Damstra has never been better as we continue to successfully execute our strategy. Partners for Growth and their strategic partner, the Silicon Valley Bank, have a strong track record of supporting high-growth technology companies, and we look forward to working with them as we look to capture the huge growth opportunity for our business around the world.

Damstra share price snapshot

This year has been a tough year for the Damstra share price. It has fallen 42% since the year began.

It has also dropped 33% since this time last year.

The company has a market capitalisation of around $155 million, with approximately 186 million shares outstanding.

The post The Damstra (ASX:DTC) share price is soaring today. Here’s why appeared first on The Motley Fool Australia.

More reading

• 3 small cap ASX shares worth watching closely
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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. owns shares of and has recommended Damstra Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Damstra Holdings Ltd. 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 IPH Ltd (ASX: IPH) share price is climbing today following an acquisition update by the intellectual property services provider.

During late morning trade, IPH shares are fetching for $8.03, up 2.95%. In comparison, the All Ordinaries Index (ASX: XAO) is flat at 7,587 points for the day.

Acquisition update

Investors are snapping up IPH shares after the company announced it has expanded its digital and trade mark capability.

According to its release, IPH advised it will acquire leading Australian online automated trade mark application platform, Applied Marks.

Under the transaction, IPH will pay upfront cash consideration of $5 million for Applied Marks. In addition, up to $2.1 million will be payable from two years after the completed transaction. This is based on Applied Marks achieving set out minimum performance targets.

The newly added company will continue to operate existing platforms, but also extend into other areas of revenue growth. The resources and technology acquired from the deal are expected to contribute to a new Digital Services function within the group.

IPH CEO, Dr Andrew Blattman commented:

The acquisition of Applied Marks accelerates our digital capability while allowing us to address an expanded market. It bolsters our ability to participate in the online automated IP services space, and will support us to evolve our traditional trade mark offering in line with the changing market.

Over time we expect to harness this digital expertise in related areas of IP and use those tools to support a more seamless interaction amongst providers, clients and regulatory authorities to generate further efficiencies for our teams and our clients across the regions in which we operate.

IPH share price summary

In 2021, IPH shares gained around to 25%, and around 8% over the past year. The company’s share price has noticeably trekked higher since the start of June, up 16% for the month.

IPH presides a market capitalisation of roughly $1.7 billion, with more than 217 million shares on its books.

The post Why is the IPH (ASX:IPH) share price is edging higher today appeared first on The Motley Fool Australia.

More reading

• Worley (ASX:WOR) share price drops on latest contract award
• Why the Lendlease (ASX:LLC) share price is tumbling today
• Why the SEEK (ASX:SEK) share price just hit a record high
• Happy New (Financial) Year!
• 3 best ASX travel shares of financial year 2021

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 recommended IPH Ltd. The Motley Fool Australia has recommended IPH Ltd. 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 Worley Ltd (ASX: WOR) share price is in the red today. The price movement comes despite the company being awarded a new contract to maintain a wind farm.

At the time of writing, shares in the global engineering company are down 2.59%, trading at $11.65. In comparison, the S&P/ASX 200 Index (ASX: XJO) is currently 0.22% lower.

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

What did Worley announce?

In a statement to the ASX, Worley says it has been awarded “two operations and maintenance services contracts” for 6 wind farms in Victoria owned by Pacific Hydro.

Worley will provide “full asset management, operations, and maintenance services” for nearly 200 wind turbines and other equipment. The term of the contract is 10 years for half the sites and 5 years for the remainder. Worley did not disclose the value of the contract.

The Worley share price also fell on Tuesday, when the company announced the signing of a new contract.

Management commentary

Worley CEO Chris Ashton said:

We are pleased that Pacific Hydro has chosen to continue its long-term relationship with Worley and extend our role in supporting the generation of renewable energy on these wind farms.

As a global company headquartered in Australia, we are helping our customers adapt to the world’s changing energy needs through bringing Worley’s global expertise and capability in renewable energy.

Worley share price snapshot

The Worley share price has increased 32.3% over the past 12 months but it still has not recovered since the COVID market crash of March last year.

On the first trading day of 2020, Worley shares finished that day at $15.34. The current share price of around 11.6% is some 20% lower than that level.

In fact, in the last 52 weeks, the highest point the Worley share price has reached is $14.01.

Worley Ltd has a market capitalisation of around $6.3 billion.

The post Worley (ASX:WOR) share price drops on latest contract award appeared first on The Motley Fool Australia.

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• Worley (ASX:WOR) share price edges lower despite contract wins
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• These 3 shares were the biggest gainers of the ASX 200 this week

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 Lendlease Group (ASX: LLC) share price is tumbling in morning trade today. At one stage it was down more than 5%. However, at the time of writing it has recovered slightly, with shares trading at $11.27 — down 1.66% on the previous close.

Below we take a look at the international property and infrastructure group’s latest market update.

What update did Lendlease report?

Lendlease’s share price is sinking after the company updated the market on the continuing impact of COVID-19 on its core operating business.

According to the update, the virus and subsequent lockdowns continue to affect each of the property group’s core global segments.

In addition, Lendlease is expecting a core operating profit of between $375 and $410 million after tax for FY21.

In its announcement, Lendlease said the pandemic’s resurgence in the UK has resulted in a delay in its expected timing to secure an investment partner for its International Quarter London.

Also in London, Lendlease said lower rents along with diminished demand on its recently completed residential buildings at Elephant Park were “impacting the profitability of our first two residential for rent buildings”.

On the positive front, in Australia Lendlease reported it had secured an investment partner for the second residential tower at One Sydney Harbour. In Melbourne, it signed an anchor tenant for the largest office tower at Melbourne Quarter. This was then forward sold.

And back in Europe, the company said it had secured another investment partner for the Milan Innovation District.

Lendlease forecasts statutory profit for the 2021 financial year in the range of $200 million–320 million after tax. In addition, it said its balance sheet and liquidity position “remain strong, with gearing expected to be below the bottom end of the target range of 10-20%”.

The company’s new global CEO, Tony Lombardo, is carrying out an extensive review of core business operations. Lendlease said it will update the market on the outcome when it announces its full financial year results on 16 August.

Lendlease share price snapshot

The Lendlease share price has been under pressure over the past 12 months, down 7.78%. By comparison the S&P/ASX 200 Index (ASX: XJO) is up 22.79% over that same time.

Year-to-date Lendlease shares have continued to struggle, down 14% so far in 2021.

The post Why the Lendlease (ASX:LLC) share price is tumbling today appeared first on The Motley Fool Australia.

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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 SEEK Limited (ASX: SEK) share price has been pushing higher again on Thursday.

In early trade, the job listings company’s shares rose 3% to a record high to $34.15.

This latest gain means the SEEK share price is up almost 17% since the start of the year.

Why is the SEEK share price pushing higher today?

Investors have been bidding the SEEK share price higher today following the release of an update.

According to the release, in line with previous announcements, SEEK’s co-founder Andrew Bassat has stepped down as Managing Director and Chief Executive Officer (CEO) today. Replacing him at the helm is former Commonwealth Bank of Australia (ASX: CBA) CEO, Ian Narev, who has commenced in the role this morning.

Andrew Bassat is expected to transition to a new role as Executive Chairman and CEO of an independent SEEK Investments entity in due course. In the meantime, the Board has appointed Mr Bassat as a non-executive director of SEEK, effective today.

SEEK’s Chairman, Graham Goldsmith, commented: “On behalf of all at SEEK and our shareholders, I would like to thank Andrew for his vision, leadership, passion and commitment. Andrew has led SEEK for more than 23 years and leaves the business in a strong position. We are fortunate to retain Andrew’s experience on the SEEK Board and his entrepreneurial drive in his new full-time role as Executive Chairman and CEO of SEEK Investments.”

“Over the last 2 years, Ian has led SEEK’s operating businesses including making a significant contribution through a challenging 2020. Ian has a strong track record in public company leadership, digital transformation and strategy and we are fortunate to have such a high calibre leader succeed Andrew. I am confident this will be a seamless transition,” he added.

SEEK Investments update

In February SEEK announced that it was undertaking a review of various options to provide SEEK Investments with a greater degree of independence, focus and access to third party capital, and to allow SEEK to retain significant economic exposure to SEEK Investments.

Today’s release explains that the review is progressing and SEEK will provide an update to the market with its full year results. This could potentially see SEEK become the latest ASX 200 share to undertake a demerger. We’ll find out in August.

The post Why the SEEK (ASX:SEK) share price just hit a record high appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of SEEK 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 has recommended SEEK 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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Pop the champagne! Let off the fireworks!

At midnight, an old year finished and a new one began.

Sing it with me… “Should old acquaintence be forgot…”

Huh? Not as excited as me? 

Didn’t even realise that Financial Year 2020/21 has just given way to Financial Year 2021/22?

Fair enough.

I can’t say I blame you.

Truth be told, I’m not that excited, either.

One arbitrary trip around the sun shouldn’t really be the basis for either decision-making or for determining success or failure.

Long term investing (which should be a tautology, given all investing should be long term!) isn’t measured in days, weeks, months, or even a year.

So, while you’ll read plenty of ‘the year that was’ articles today, they’re just not that important.

They are the equivalent of what political journos call ‘racecalling’ — focussing on the short term ‘winners and losers’, rather than the deeper, more important issues that actually matter.

Warren Buffett has had some terrible years. And some great ones.

But neither matters all that much — it’s the compound impact of all of them, combined, that determines success or failure.

He focuses on the process and lets the results take care of themselves.

And — spoiler alert — that’s the secret to investing success.

Not the ‘biggest winners of last year’. Not even the ‘biggest winners of next year’.

Not the trendy ‘FOMO’ stocks. (Or cryptos, or anything else).

Not the ‘hot new things’.

Disappointed? That’s okay.

See, here’s the thing: you can be the tortoise, or you can be the hare. We know how that turns out.

There are no shortcuts, I promise you.

Just sensible, long term investing.

Sure, you can wish it was different. You can pretend it’s different.

You can spend your time (and perhaps your money) trying to find some hot new thing, Some shortcut. Some ‘get rich quick’ scheme.

Good luck.

I hope most of you reading this are already members of the ‘get rich slowly‘ club, instead. 

The one that I think has much, much better odds of success.

The one that knows great investing results have always come from disciplined saving, regular investing in quality businesses, and… time.

See, despite some tough love earlier, this isn’t a doom and gloom message.

It is, instead, to let you know that I think there’s a better way.

That ‘better way’ is encapsulated in the list that follows.

See, I do this job because I want to help you achieve financial independence.

And that led to a list, first published many years ago, called “Foolish New Year’s Resolutions”.

I try to write something new in this space every time, but I make an exception for that list, which I repeat every six months,

It is, I hope, something of a wake-up call for some, and a touchstone to return to, for others.

So, without further ado, my list of resolutions that, I hope, can put or keep you on the path to financial independence:

13 Foolish New Year’s Resolutions

1. I will live below my means — spending less than I earn.

2. I will save money into a rainy-day fund so I’m ready for what life might bring.

3. I will pay off my credit card debt, and then only spend what I can pay off within the interest free period each month.

4. I will regularly add to my investment account.

5. I will invest money I don’t need for at least 3-5 years to build my nest egg.

6. I will learn more about investing, taking control of my financial future.

7. I will invest in quality businesses, buying a slice of the company, not just a code on a screen.

8. I will buy shares in a company with the intention of holding them for the long term.

9. I will sell when my investment thesis fails, the company is overvalued or I have a better idea.

10. I will avoid anchoring my decisions to the price I paid for my shares.

11. I will remember that the market can be moody and over-react, both on the upside and the downside.

12. I will expect volatility, and I won’t let it spook me into selling. Indeed, volatility can offer me great opportunities!

13. I will let the market offer me prices (be my servant), not dictate my mood or actions (be my master).

(Want a printable version? I’m glad you asked. Here it is!)

Happy New (Financial) Year, fellow Fools!

Fool on!

The post Happy New (Financial) Year! appeared first on The Motley Fool Australia.

More reading

• Why the SEEK (ASX:SEK) share price just hit a record high
• 3 best ASX travel shares of financial year 2021
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• Why the Rhipe (ASX:RHP) share price is surging 21% higher today
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Motley Fool contributor Scott Phillips 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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ASX travel shares arguably copped the biggest blow from the COVID-19 pandemic.

Every country suddenly found itself fighting an invisible enemy. And one of the bluntest ways to control the spread of the virus was to close the borders.

Australia, as an island nation, was one of the first to go down this route.

Then Australia, as a federation, saw its constituent states shut their borders to each other. 

So not only did the travel industry find itself with no international revenue, domestic sales dried up as well.

But this catastrophe has also meant some travel businesses were in for a spectacular recovery out of the crisis over the 2021 financial year.

The 3 best-performing travel shares from the past 12 months out of the All Ordinaries Index (ASX: XAO) were:

• Sealink Travel Group Ltd (ASX: SLK): up 115.5% in the 2021 financial year
• Corporate Travel Management Ltd (ASX: CTD): up 111.5%
• Alliance Aviation Services Ltd (ASX: AQZ): up 53.2%

Eley Griffiths portfolio manager Nick Guidera told The Motley Fool that stocks like these showed just how productive it was to put money into travel the past 12 months.

“If you had invested in Sealink and Corporate Travel as the peak of the pandemic infection in Australia was subsiding (June 2020), you would have more than doubled your money,” he said. 

“The travel subsector has significantly outperformed both the consumer discretionary sector and the broader S&P/ASX 200 Index (ASX: XJO) by more than 90% during the past year.”

Sealink still presents a ‘significant opportunity’

Transport and tour provider Sealink enjoyed several boosts during the 2021 financial year, according to Guidera.

“Sealink has benefited from a number of factors including the renewal of its key bus contracts in [Western Australia], [South Australia] and Singapore, which the company acquired as part of the Transit Systems acquisition in late 2019,” he said.

“At the same time, its domestic tourism assets and government-backed maritime routes have seen a surge in demand as Australian’s have been forced to holiday at home.”

Despite doubling its value, Guidera reckons the stock has more climbing to do.

“I think there is a significant opportunity in Sealink. The Transit Systems earnings are broadly de-risked and a significant pipeline of future bus contract opportunities — more than $500 million — are expected to be potentially awarded in the coming months,” he told The Motley Fool.

“Tourism assets provide continued leverage to domestic tourism, as well as future upside when international tourists return. The stock is trading broadly in line with 12-month averages despite a significantly improved outlook.”

Corporate Travel looks expensive now

As the player with the best balance sheet in the industry, Corporate Travel was a darling among ASX investors, according to Guidera.

“[It] was and is in a position to reach a break-even point faster than its leisure competitors.”

The company even had enough money to acquire US player Travel & Transport Inc last year.

“CEO Jamie Pherous didn’t waste a good crisis and used his balance sheet to acquire a sizable business in the USA, which will bring scale to the existing operations at a very attractive price,” said Guidera.

“Corporate Travel is well placed to take advantage of the significant growth in US airline passenger numbers month-on-month, as a vaccinated US economy continues to reopen.”

But the doubling of the share price in the past year has put Guidera off somewhat.

“On near-term earnings forecasts, [travel] agents such as CTD look expensive,” he said.

“However, on FY23 numbers, which many are hoping is more reflective of 2019 conditions, valuations are more appealing.”

Alliance’s growth could come regardless of economy

The little airline services provider is a favourite of Montgomery Investment Management chief investment officer Roger Montgomery.

Like Corporate Travel, Alliance bought up useful assets last year at a pandemic discount.

“Last year, Alliance took advantage of slumping global travel, announcing it would spend just $197 million to acquire 30 Embraer E190 aircraft, lifting the number of planes in its fleet to 66,” he said in a blog post.

“These prices are cents on the dollar of the original capital cost of the assets. This is Alliance’s key competitive advantage, great operational on-time performance from the lowest capital cost aircraft in the market.”

The company ‘wet leases’ aircraft to the big rivals like Qantas Airways Limited (ASX: QAN) and Virgin Australia.

“Wet leases are agreements between two airlines, where the lessor agrees to provide an aircraft, crew, maintenance and insurance to the lessee in return for payment on the number of hours the aircraft is operated, irrespective of how many passengers are on the plane or the price they paid for their seat.”

Montgomery is convinced the stock will continue its ascent from the financial year end price of $4.55.

“We believe it is worth in excess of $5.00 per share.”

The post 3 best ASX travel shares of financial year 2021 appeared first on The Motley Fool Australia.

More reading

• 5 lessons for ASX share investors from financial year 2021
• Will ESG concerns really affect companies like Endeavour (ASX:EDV) and AGL (ASX:AGL)?
• These were the worst performing ASX 200 shares in June
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• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Tony Yoo owns shares of Corporate Travel Management Limited and Qantas Airways 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 Corporate Travel Management 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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Not all shares can be winners, some have to come in last. And with so many mining and resource shares on the ASX’s All Ordinaries Index (ASX: XAO), there will no doubt be some poor performers in the pack.

There’s a clear pattern among the 2021 financial year’s biggest fallers – in fact, it’s etched in gold. Let’s take a look.

Worst performing mining and resource shares of FY21

Resolute Mining Limited (ASX: RSG)

The Resolute Mining share price was the worst performing mining and resource share of the financial year – dropping a whopping 58%. The Resolute share price has fallen from $1.22 to just 51 cents over the past 52 weeks.

The company is a gold miner with assets in Senegal, Mali, and Ghana. During FY21, the company’s lease on the Bibiani Mine was terminated and it was affected by the Mali military’s mutiny.

It has a market capitalisation of around $574 million, with approximately 1.1 billion shares outstanding.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price was the second worst performer, falling 55% over the 2021 financial year. Regis shares are currently trading for $2.44 apiece – at the beginning of the financial year, Regis shares were $5.30.

In a case of unfortunate timing, its share price closed yesterday’s session at a new 52-week low.

Regis is a gold miner with assets in Western Australia.

It has a market capitalisation of around $1.8 billion, with approximately 754 million shares outstanding.

St Barbara Ltd (ASX: SBM)

The St Barbara share price fell 48% over the financial year just gone – it’s now $1.76. At the start of the 2021 financial year, shares in St Barbara were trading for $3.28.

The most recent hit to the St Barbara share price came in May, when it downgraded its production guidance and increased its expected costs.

St Barbara is another gold miner. Its operations are based in Australia, Canada, and Papua New Guinea.

The company has a market capitalisation of around $1.2 billion, with approximately 708 million shares outstanding.

AngloGold Ashanti CDI (ASX: AGG)

The AngloGold Ashanti share price also had a tough year. It fell 43% in the 2021 financial year to trade for $4.83.

The company is a global gold miner with a head office in South Africa and assets in 4 continents. It also produces silver and sulphuric acid as they’re by-products of its gold production.

The most recent news from AngloGold came late last month, when the company shared a rescue mission had begun after a contract worker was unable to be found after a fall of ground at one of the company’s mines in Ghana. AngloGold updated the market on the rescue mission 7 days later, but the missing worker was yet to be found.

AngloGold Ashanti has a market capitalisation of around $424 million, with approximately 2 billion shares outstanding.

SSR Mining Inc CDI (ASX: SSR)

The SSR Mining share price made the list of the worst performing mining and resource shares of the 2021 financial year despite only debuting on the ASX in September 2020.

Its shares have fallen 33% since then. They’re currently swapping hands for $20.53 apiece.

However, SSR Mining isn’t new to the ASX – it used to trade as Alacer Gold Corp.

The company is yet another gold producer. It has operations in the United States, Canada, Turkey, Mexico, and Peru. It also produces a small amount of silver.

SSR Mining shares have been falling lately despite the company releasing good news, including a positive first quarter report and news of increased debt facilities.

The company has a market capitalisation of around $375 million, with approximately 220 million shares outstanding.

The post These are the 5 worst performing ASX mining and resource shares of FY21 appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• ASX gold miners like Regis (ASX:RRL) hit a 52-week low today
• These are the 10 most shorted shares on the ASX
• 5 things to watch on the ASX 200 on Friday
• Top brokers name 3 ASX shares to sell 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 Rhipe Ltd (ASX: RHP) share price has returned from its trading halt with a bang this morning.

At the time of writing, the leading cloud and technology solutions provider’s shares are up a sizeable 21% to a 52-week high of $2.53.

Why is the Rhipe share price rocketing higher?

Investors have been scrambling to buy the company’s shares this morning after it confirmed that it has received a takeover approach.

According to the release, Rhipe has received a confidential, non-binding, conditional proposal from Norway-based Crayon Group to acquire 100% of the shares in Rhipe by way of a scheme of arrangement for $2.50 per share. This represents a 19.6% premium to its last close price.

It is worth noting also that Crayon’s offer will be reduced by any dividends or distributions declared by Rhipe after the date of the proposal.

What are the terms?

The release notes that Crayon’s proposal assumes a net cash position of Rhipe at closing of at least $31 million.

It also advised that the proposal states that any final, binding offer would be subject to a number of conditions. This includes the satisfactory completion of confirmatory due diligence and negotiation of a scheme implementation deed, unanimous and continuing recommendation of the Rhipe Board, and no material adverse changes occurring in relation to Rhipe.

There are also customary conditions including Rhipe shareholder approval, FIRB approval, and other requisite regulatory approvals.

What now?

Following a detailed consideration of the proposal, after consultation with its appointed advisors, the Rhipe Board has decided to allow Crayon to undertake limited confirmatory due diligence on a non-exclusive basis. This is being done to enable Crayon to present the Rhipe Board with a satisfactory binding proposal.

However, the company has warned that there is no certainty that Crayon will submit a satisfactory binding proposal. As a result, it has advised Rhipe shareholders to take no action at this time.

The post Why the Rhipe (ASX:RHP) share price is surging 21% higher today appeared first on The Motley Fool Australia.

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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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