30 May 2016

Forte to resume in Australia

Harriet Russell

The opera house in Sydney. Photo: Dan Breckwoldt.

The opera house in Sydney. Photo: Dan Breckwoldt.

West Africa-focused Forte Energy's (LON:FTE) stock will resume trading in Australia after corporate transactions fell through.

Prospective corporate transactions were alluded to last month which prompted the suspension of the group's shares on the Australian ASX market on 1 February. At the time, the company said the shares would remain off limits until the release of appropriate quarterly reports and while discussions continued.

However, the uranium specialist has revealed today that as discussions have failed to come up with any viable transactions, the group will lift its Australian suspension. The decision to resume trading has also been taken after analysis of quarterly reports.

On an aside, Forte has also revealed it has managed to raise £587,177 under its £10 million Equity Financing  facility with Darwin Strategic, a majority owned subsidiary of Henderson Volentis Capital. The funds have been raised by the issue of 29.3 million new shares to Darwin Strategic at a price of 2.01p.

The draw upon the facility is the first by the company  and the price per share was representative of a 13 per cent premium to the closing price on 28 February.

The activity on the Australian markets is significant as this is where the group chooses to locate itself.

Shares on the London market were down 21 per cent this morning to 1.4p, valuing the company at £15.4 million.

Tags: Australia, Uranium, West Africa

Cash Shells 2015

Published in September 2015 this annual research report provides a comprehensive overview of cash shells on the Main Market, AIM and PLUS landscape. Order your copy today

 

Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info

 

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Motif Bio and the ticking timebomb

The recently published O'Neill report on antimicrobial resistance shows it to be a ticking timebomb. Resistance to antibiotics raises the prospect of 10 million deaths a year by 2050. This is a big opportunity for AIM listed Motif Bio (AIM: MTFB).      

Make mine a double!

Fevertree Drinks (AIM: FEVR) has been one of the most spectacular new issues on AIM in recent years, rising 412 per cent from the float price in late 2014. Today’s trading update served to emphasise why the shares are doing so well and drove them up another 15 per cent.

Fox Marble might be worth the wait 

Fox Marble (AIM: FOX) has raised £2 million through a placing at 10p. The funds will be mainly used to complete its long-delayed marble processing factory in Kosovo. Fox has an exciting story but unfortunately is lagging way behind its original roadmap to profitability.

Business as usual at XL Media 

XL Media (AIM: XLM) has announced the result of its strategic review. I hope no one was holding their breath, because the conclusion is to carry on as usual! The good news is that trading is said to have ‘maintained its excellent start to 2016’.

A Quantum of solace

Quantum Pharma (AIM: QP.) committed the cardinal sin of overpromising and under-delivering during its first year on AIM. New products took longer to come through the regulatory process than expected, which caused downgrades and a share price collapse from a high of 172p last June to the current 58p. However results for the financial year which ended in January suggest the company is getting to grips with the problems in its Niche Pharmaceuticals division.

Elecosoft constructs a strategy for growth 

Elecosoft (AIM: ELCO) is a specialist software company serving architects and builders. It used to be a much larger business but sold out of its building materials businesses four years ago to focus on its software arm. The challenge now is to generate some revenue growth and move off a sales plateau which has been in place since then.

More News