The great Canadian Overseas Petroleum (COPL) / HSBC (HSBA) TR1 mystery continued, with the bank topping up from 4.7% to 5.1% in the oil and gas group which is reportedly in the run up to the acquisition of Atomic Oil & Gas. It apparently remains a mystery as to whether HSBC is building a stake or just engaging in a share transfer on behalf of clients. Whatever the case may be, the stock was up another 4% to 0.375p.
Although perhaps a rather quiet session, it was noticeable by some decent strategic share buying. Arguably, top of the list, and certainly significant given the company’s recent IPO, was news from Tirupati Graphite (TGR). Here small cap specialist fund manager Premier Miton unveiled a TR1 with a fresh holding in graphite group at 5.07%. This makes for not only a validation of Tirupati’s recent arrival on the stock market, the value in the stock, and also the prospects for the company. Shares of Tirupati have recently been flirting with the 100% gain level versus their 45p list price in December.
Another stock which has received fresh validation from a significant investor has been vertically integrated CBD group Zoetic International (ZOE), as UHNW investor John Story has raised his stake in the fast-growing company from 6.26% to 7.59%. The shares have risen some 20% since last month’s failed short attack, one which appears to have galvanised bulls of the company into topping up their holdings. This has particularly been helped along by Zoetic’s update last week on its original US distribution agreement.
Joining the investment spending spree was Vela (VELA), which said that it had invested approximately £66,000 in Mode Global Holdings (MODE), the LSE-listed fintech group, as part of Mode’s over-subscribed placing to raise £6 million to support the continuing rapid growth of Mode’s new-breed financial products and services. Given how well received the Mode IPO was, and how much Bitcoin has soared since the company floated, it would appear that the company’s share price in the upper 50p’s does, if nothing else, represent an attractive proxy to the present Gold Rush in digital assets.
There was the sweet smell of success for shareholders in Fragrant Prosperity (FPP), to the tune of a 20% rise. This came in the wake of this week’s £543,000 equity fundraise. The company said the placing provides important additional financing to identify appropriate acquisition candidates, in particular in the burgeoning Cannabis and Cannabis Therapeutics related sectors. It also seeks to identify at least one additional Director who will add to the current in depth experience of the existing board to assist with this search.
Tech investor All Active Asset Capital (AAA)* said that it had exercised the first tranche of the option agreement with AAQUA B.V. (‘AAQUA’) (‘the Option’), announced on 18 December 2020, and has acquired 6,000 new AAQUA shares. Under the terms of the Option, AAA can, subject to certain conditions, subscribe for up to 125,000 new AAQUA ordinary shares at €1,000 per share, being a total cost of €125 million if fully exercised. Perhaps the most interesting part of the RNS was the “About AAQUA section.” Here we found out that the company seems to be something of an over-achievers magnet: “Recent senior hires include people from Google, Facebook, Twitter, TikTok, ESPN, Netflix and a variety of other global technology, consumer and media brands.” Rather intriguingly, the company added, ”AAQUA anticipates that, before the end of Q2 2021, a range of its bespoke initiatives will be revealed publicly.”
Back in the world of the minnows, it was noticeable that shares of Sabien Technology (SNT) were holding firm near the 0.1p, and delivering a 6% rise. Here traders remained impressed by the recent change of focus by the company into the development of disruptive green energy focused technologies. They were even more impressed by the Executive Chairman of Sabien recently making a proposed investment in the company at 0.1075p, representing a 115% premium to the prevailing share price. This has been regarded as a combination of commitment, belief, and the kind of moral and fiscal rigor one would associate with a saint. On this basis we have a fully funded Green SPAC, with a fully aligned Chairman at the helm.
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*The author owns shares in All Active Asset Capital (AAA).
