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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.
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FTSE 100 - WINNERS
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International Consolidated Airlines, up 1.9%. Europe on Wednesday began lifting travel bans on Britain put in place to contain a new fast-spreading Covid strain. France was reopening cross-border travel with Britain Wednesday but a negative Covid-19 test will be required, while the Netherlands also said it was lifting its ban beginning Wednesday but noted that all passengers, including EU citizens, must have a recent negative test to enter.
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FTSE 250 - WINNERS
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Cairn Energy, up 28%. The oil & gas exploration and development company said a tribunal established to rule on its claim against the Indian government found in the company's favour, to the tune of USD1.2 billion. Cairn's claim was brought under the terms of the UK-India Bilateral Investment Treaty. The tribunal ruled unanimously that India had breached its obligations to Cairn under the treaty and has awarded Cairn damages of USD1.2 billion plus interest and costs, which now becomes payable. The dispute between Cairn Energy and the Indian government stretches back to early 2014, when the Indian government froze Cairn Energy's 10% stake in Cairn India following the introduction of retrospective tax legislation.
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OTHER MAIN MARKET AND AIM - WINNERS
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Carclo, up 24%. The West Yorkshire-based plastic parts manufacturer said it has signed a framework agreement with a major global original equipment manufacturer for the production of medical diagnostic disposable devices. Carclo said the agreement with the unnamed company allows the award of production contracts to its Carclo Technical Plastics division for the manufacture of a range of diagnostic products over the next ten years. Carclo added that production contracts are expected to be awarded in the first half of its financial year ending March 31, 2022, with full production volumes expected to be achieved in the second half of financial 2022. At full rate of production, the contracts are expected to deliver annual revenue of between GBP10 million to GBP15 million.
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Sound Energy, up 18%. The Moroccan-focused upstream gas firm said it has signed a letter of exclusivity with Italian exploration services provider Italfluid Geoenergy. Under the letter, both companies have agreed to negotiate and enter into a binding project contract which will commit Italfluid to design, construct, commission, operate and let to Sound Energy a micro liquefied natural gas plant. The plant can produce LNG, and will treat and process raw gas from the phase one development project for TE-5 Horst at the Tendara production concession. The period of exclusivity will last until the end of March 2021. The proposed project contract has an initial period of five years, with an initial payment of USD5 million to Italfluid within 30 days of the notice to proceed with phase one, and USD2 million within 30 days of the successful commissioning of the mLNG plant.
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SEC Newgate, up 12%. The public relations firm announced the acquisition of a 60% interest in German consultancy Orca Affairs for a maximum of EUR3.5 million. SEC Newgate will acquire the interest in four tranches of 15% per year until 2024. The Milan-based company will make an initial payment of EUR700,000 on April 1 next year and will make three deferred cash payments in 2022, 2023 and 2024 through an earn-out mechanism linked to Orca's earnings before interest, tax, depreciation and amortisation. As a result, the total consideration for the acquisition ranges from EUR2.2 million to EUR3.5 million. In 2019, Orca's pretax profit was EUR2.2 million, on revenue of EUR10.5 million. The acquisition is expected to be earnings enhancing in 2021, and Orca being part of SEC Newgate will help it build its business at a local, regional, national and international level.
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OTHER MAIN MARKET AND AIM - LOSERS
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Infrastrata, down 8.0%. The infrastructure projects firm has proposed to raise up to GBP7.4 million through a placing and open offer of shares, with the cash to be used for acquisitions and working capital. Infrastrata will issue 14.2 million shares at a price of 45 pence each through the placing to raise GBP6.4 million, and 2.2 million shares at the same price to existing shareholders through an open offer to raise GBP1.0 million. The placing will be conducted in two tranches, with GBP4.0 million from the first tranche and GBP2.4 million from the second. Proceeds from the share issue will go towards the acquisition of a robotic welding panel line and other yard refurbishment programmes in preparation for the award of fabrication contracts. Additionally, the boost to working capital will improve Infrastrata's negotiating position on new contract opportunities.
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By Lucy Heming; lucyheming@alliancenews.com
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