GCIAverage mortgage rates have fallen for the first time in months plus winners, losers & most followed
Welcome to taking stock on.... Thursday 20th July 2023
It's a look at today's top business news & investment views plus the winners, losers, the most read & the most followed including:
Top Business Stories
Average mortgage rates have fallen for the first time in months.
Both two and five-year fixed-rate deals have dropped, according to data from financial information company Moneyfacts.
The average rate on a two-year fixed deal is now 6.79%, down from 6.81%, while the average five-year rate dipped to 6.31%, a decrease from 6.33%.
Rates haven't fallen since the spring.
A surprise drop in the rate of inflation has led to lower interest rate forecasts.
It's now expected that the Bank of England will need to do fewer base interest rate hikes to bring inflation to its 2% target.
Asda to launch new round of price cuts
British supermarket Asda will on Friday cut the prices of 226 own label products by an average of 9%, adding to a body of evidence that a surge in UK food inflation is on the wane, it said on Thursday.
Asda, Britain's No. 3 grocer after market leader Tesco and Sainsbury's, said the latest cuts are across fresh fruit and vegetables, frozen meat and fish products, cupboard staples and ready meals.
While all British supermarkets have cut the prices of some staple products in recent weeks, researcher the Institute of Grocery Distribution has cautioned that food price inflation will still be around 9% in December.
Not all shops displaying prices as clearly as they should, watchdog says
Some shops are failing to display prices as clearly as they should, the consumer watchdog has warned.
The Competition and Markets Authority said this could be preventing shoppers from being able to compare prices.
Concerns with price marking were identified in all the 11 supermarkets and seven variety shops the CMA reviewed.
Wheat prices have risen sharply on global markets after Russia said it would treat ships heading for Ukrainian ports as potential military targets.
Moscow pulled out of a UN deal on Monday that ensured safe passage for grain shipments crossing the Black Sea.
For the past three nights Russia has bombarded Ukraine's grain facilities in Odesa and other cities.
Wheat prices on the European stock exchange soared by 8.2% on Wednesday from the previous day, to €253.75 (£220; $284) per tonne, while corn prices were up 5.4%.
US wheat futures jumped 8.5% - their highest daily rise since just after Russia's February 2022 invasion of Ukraine.
WINNERS
- Acquisition of PAYPT Finance Ltd
GSTechnologies announce that the Company has entered into a legally binding sale and purchase agreement to acquire the entire issued share capital of PAYPT Finance Ltd, a Canadian company holding a Canadian Money Services Business licence.
The Acquisition is subject to approval by the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC"), the regulatory authority overseeing financial transactions in Canada.
The MSB license held by PAYPT encompasses a range of financial activities, including: foreign exchange dealing; cryptoasset dealing; money transfer services; and authorizations for the issuance of debit cards and IBANs.
Subject to FINTRAC's approval of the change of control, the Group plans to rename PAYPT to Angra Global Ltd ("Angra Global"), signifying the Group's strategic intention for Angra's transformation into a B2B-focused Neobank.
LOSERS
- Financing update
The Company continues to be in discussions with existing and potential investors concerning raising further finance. However, given the further passage of time since the most recent announcement on 29 June 2023, the Company's financial situation is becoming ever more critical.
Should the Company be unable to secure additional funding, the prospects for recovery of value, if any, by shareholders would be remote.
- Equity Placing
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused oil and gas company, is pleased to announce that it has placed:
60,000,000 new ordinary shares of 0.1 pence each
140,000,000 new ordinary shares of 0.1 pence each
The placing of the Firm Placing Shares will raise, in aggregate, gross proceeds of £60,000.
Most Followed
Mcap = £12m
OptiBiotix Health, which was formed in March 2012, brings science to the development of compounds which modify the human microbiome - the collective genome of the microbes in the body - in order to prevent and manage human disease and promote wellness.
Acuity RM Group plc (AIM: ACRM), is an established provider of risk management services. It's award-winning STREAM® software platform, which collects data about organisations to improve business decisions and management. It is used by around 70 organisations in markets including government, utilities, defence, broadcasting, manufacturing and healthcare.
Mcap = £8.7m
Most Read RNS
- Offtake and Prepayment Agreement Update
Offtake and Prepayment (dis)Agreement:
On 28 June 2023, the Company received a purported notice of termination of the Agreement from Canmax (following service of a Force Majeure Notice on Canmax on the 25 June 2023) which demanded the Company settle the prepayment amount of US$34.7m within 90 days. The Company has disputed the appropriateness of the notice of termination based on legal advice.
Subsequently, the Company has received, and acknowledged, a further written notice from Canmax on 17 July 2023 that there is a dispute under the Agreement and notes that both parties are now required to seek to resolve the dispute in good faith by "friendly negotiation". To the extent that the parties are unable to resolve the dispute in 10 days, then either party may then refer the dispute to arbitration in Singapore. These discussions remain ongoing and nothing has been agreed at this time.
Zulu plant modification update:
Whilst the above Upgrades may improve throughput of the plant at Zulu, it is unlikely to resolve the formal state of Force Majeure as announced on the 26 June 2023, that is still expected to endure for approximately 14 weeks.
Funding update and Special General Meeting
Premiers' cash reserves remain constrained, and this has been exacerbated following rejection of the special resolution proposed to shareholders at the Company's Annual General Meeting ("AGM") to disapply pre-emption rights, as announced on 26 June 2023.
The Company is also exploring potential options to secure interim short-term funding from certain members of the Board.
RNS Worth Reading
- Business Update and U.S. Q2 2023 Highlights
The Company saw strong prescription growth in Q2 and 1H 2023. Total prescriptions for the 2nd quarter of 2023 increased to over 15,800, a 50% increase compared to Q1 2023, and a 173% rise compared to the same period in 2022. In the first half of 2023, total prescriptions grew to approximately 26,300 which exceeds the total prescription volume for all of 2022 and represents an increase of 210% compared to 1H 2022.
The substantial growth in H1 puts Shield on track to meet its 2023 Goal for U.S. Accrufer® prescriptions:
Snapshot of increasing Q2 KPI metrics - (all comparisons are sequential to Q1 2023)
· Increase in total prescriptions -- Over 15,800, grew 50%
o May grew 28% vs April, and June grew 30% vs May
· Increase in new prescriptions - grew 63%
· Increase in first time writers - grew 157%
· Positive clinical experiences leading to follow-up prescriptions
o High percentage of repeat writers - 73% of the HCP's who wrote an Rx in Q1 '23 wrote another prescription in Q2
- Board changes including appointment of new CEO
Destiny Pharma, a clinical stage innovative biotechnology company focused on the development of novel medicines that can prevent life-threatening infections, announces that Chris Tovey will join the Company as Chief Executive Officer on 1 September 2023, taking over from Dr Debra Barker - interim CEO - who will return to her position as a Non-Executive Director.
Chris Tovey biography
Before joining Destiny Pharma Chris was at Jazz Pharmaceuticals and prior to that at GW Pharmaceuticals where at both companies he was the Chief Operating Officer with responsibilities which included amongst other things, manufacturing all commercial activities outside the US and manufacturing. In over a decade at GW, Chris played a key role in developing the company from a small UK biotech into a global leader with commercialised products that established a new class of medicines and that changed the lives of thousands of patients and families. He led the successful scale up of the organisation and specifically manufacturing and the commercial strategy and played a key role in the executive team that raised in excess of $1.3 billion following a successful NASDAQ IPO.
- Q2 Trading Update
Key Highlights
New bookings in Q2 2023 were up 196% year-on-year from US$28.4m to US$84.1m. North American customers represented over two-thirds of the total bookings in the quarter.
Licence and Non-recurring Engineering ("NRE") bookings in Q2 2023 were up 150% year-on-year to US$47.7m. These bookings were primarily driven by North American customers, including a 3nm custom silicon design win with a leading optical module company and a 3nm IP licencing design win with a leading industrial automation business. Chinese customers[2] represented less than 10%.
Outlook
The outlook for 2023 remains unchanged. Alphawave Semi expects 2023 revenue of US$340m to US$360m and adjusted EBITDA of approximately US$87m (or approximately 25% of revenue), which is at the mid-point of the revenue guidance range.
Despite the uncertain macroeconomic environment, our growing pipeline reflects positive secular growth trends in data infrastructure markets and the continued investment in next-generation AI- centric connectivity solutions. This, combined with our talented team and strong balance sheet, give us confidence in our future.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.