Hi, I am Holly, and you are watching Kalkine TV live from Sydney. This is The Stocks in
Action show. In today’s Stocks in Action show, we will take a look at the latest updates from
low-carbon gold mining and exploration firm Resolute Mining, software as a Service business
Zoom2u, and multi-commodity exploration Company Province Resources. We will also cover financial
services focused software company Iress and medical technology company Rhinomed. Lastly,
we will take a quick glance at developments across ASX200. So, stay with me till the end.
Firstly, shares of low-carbon gold mining and exploration firm Resolute Mining were up on Friday
after the company announced the early voluntary repayment of an additional US$30 million on the
Company’s Revolving Credit Facility. The repayment was made from the first instalment of proceeds
received on the sale of the Bibiani Gold Mine and brings Resolute’s total voluntary repayments
in 2021 to US$50 million, strengthening the balance sheet and reducing borrowing costs. The
early repayment reduces the RCF balance to US$100 million while Resolute retains the flexibility
to redraw funds to the US$150 million threshold, up until the maturity date in March 2023.
Resolute’s first scheduled debt repayment under the Term Loan Facility is at the end
of September 2021 and is expected to be funded from cash flows.
Moving on to the next news that covers Zoom2u which is a Software as a Service business. Zoom2u
shares were trading flat on Friday as the company starts trading on the ASX today at 11.00 AM AEST,
following the completion of its IPO. The IPO received a firm support from investors, raising
AU$8.0 million with Foster Stockbroking acting as Lead Manager to the IPO. Zoom2u will have a market
capitalisation of AU$34.7 million at the time of listing at the Offer price. The Company was
founded in 2014 by CEO Steve Orenstein, and now operates two key businesses, Zoom2u and Locate2u.
The Company’s Zoom2u Platform provides an Australia wide Marketplace connecting customers
to a network of local drivers for fast deliveries. Since launching in 2014, Zoom2u has processed over
2 million deliveries. Locate2u was designed to help customers who run their own fleet of drivers,
using their own vehicles, track their fleets live. The software was launched
in late 2020 and as of 30 June 2021 it had 59 customers using the product.
Next news covers Province Resources which is a multi-commodity exploration Company.
Shares of Province Resources were trading up on Friday post the company announced
that it has secured the first of its approvals for its HyEnergy green hydrogen project,
with a licence granted for a site north of Carnarvon. The section 91 licence under the
Land Administration Act permits the Company to commence environmental and other on-ground studies
on site to back a broader feasibility study for the project. The licence encompasses a 98.6
square kilometre site north of Carnarvon, called Town Common. It is planned to be
the production site of the HyEnergy Project, as well as home to some upsteam generation assets.
The Company stated that negotiations are in progress with the State Government, Pastoralists
and Traditional Owners, over a broader area of the Gascoyne Region to support large-scale wind and
solar generation assets. Province Resources has a market capitalisation of AU$169.44 million.
And now, it’s time for a short break but stay tuned as I’ll be back with
more trending updates for the Australian market.
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Welcome back. This is Holly, your host live from Kalkine Studio. And
you are watching ‘The Stocks in Action show’.
Next news covers Iress. It is a financial service focused software company.
Shares of Iress were trading down on Friday as the company agreed to grant an additional exclusivity
of 10 days to EQT Fund Management for completion of due diligence.
Extra time has been provided to EQT to complete its diligence related to the proposal for
funds sent by EQT. On 11 August 2021, Iress had announced receipt of a confidential, non-binding,
and indicative proposal from EQT to acquire all of the IRE shares through a scheme of arrangement.
At that time, IRE had agreed to grant EQT a period of 30 days exclusive
access for pursuing its due diligence work. At present, the agreement is to be finalized after
the additional ten days granted now. The Iress Board shall provide an update to its
shareholders and market in due course. However, it has asked shareholders not to take any steps
based on the EQT proposal as it is still uncertain that the proposal will convert into a transaction.
.………
Shares of medical technology company Rhinomed are trading up on Friday after
the company shared that it has received an initial purchase order for one million
Rhinoswabs from the Victorian Department of Health to support Victoria’s testing ability.
They stated that it would continue to scale up the manufacturing abilities to allow growing domestic
and international demand for this innovative technology. The company expects to earn an
unaudited revenue of AU$3.9 million from this purchase order.
Rhinoswab technology developed by Rhinomed has proven to improve the sample collection procedure.
It is already known that the Rhinoswab is substantially more comfortable to use than
the standard nasal swab, gathers a larger sample, and can speed up the sample collection process.
Rhinoswab is currently working with PCR pathology workflows and equipment. It boasts of
an equivalent cost and quality to both the US and European standard of care nasopharyngeal swabs.
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Before wrapping up, let us quickly glimpse through developments across equity and
commodity markets. Let us first start with ASX 200 performance. The S&P/ASX200 is up today,
gaining 0.42% after setting a new 20-day low. Alumina is up 6.10 per cent while G.U.D Holdings
was up 4.55 per cent. 10 of 11 sectors are higher. Consumer Discretionary was the highest
performing sector today while healthcare was the worst performing sector in the morning.
Alright then, that is all for now. Stay tuned with Kalkine TV for more live market updates.
We will be back with more news on markets, the economy and diverse themes and sector.