The gold company with a primary focus on reviving historic mines saw its share price surge by more than 30% in early trade today after reaching agreement on a farm-out for a project in South Korea. A joint venture will see local investors putting $5m into the deal, which has no contribution requirement from Bluebird.
Petrochemicals giant BP issued its Q1 numbers this morning which presented a decidedly mixed picture. Whilst shareholders were left looking at a further $1.75bn share buyback, profits fell short of forecast targets with lower oil and gas prices dominating. The market reaction was however relatively muted with shares down by just over 0.5% in early trade.
There was a business update out from Mast Energy this morning covering off a number of aspects although the 26% slide in share price suggests that investors are focused more on the issuance of new equity in relation to the capitalisation of a loan. Since IPO just over three years ago, Mast has struggled and the share price has lost more than 98% of its value and with the market cap now down at just £600,000 it’s increasingly difficult to see how much runway is left.
Headlines we expect on Wednesday
Boohoo Group Final Results
This time last year Revenue £1,769m, Gross margin 50.6%, Cash at year end £5.9m
This time last year Statutory revenue £167.4m, Gross profit £101.7m, Dividend 1.776p
