By the closure of the market session on 29th November 2019, the benchmark index, i.e. S&P/ASX200 was at 6846 with a fall of 18 points from its last close. Besides the decline, some of the companies managed to trade in green and provided investors and traders a day of wealth. In the below article, we would be discussing about those companies, out of which 14D and VN8 announced the acquisitions in order to provide an expansion to their respective business.
1414 Degrees Limited (ASX: 14D)
1414 Degrees Limited (ASX: 14D) is involved in commercialising the bulk energy storage solutions to transform intermittent renewable generation into baseload electricity as well as decarbonise heat supply.
Acquisition of Aurora Project
- 14D through a release dated 29th November 2019 announced that the company is ready to make an acquisition of SolarReserve Australia II Pty Ltd, which owns the Aurora Solar Energy Project in South Australia as well as two solar sites in NSW.
- It was mentioned in the release that the Aurora Solar Energy Project possesses approval of SA Government for the development of a 70 MW solar PV farm and 150 MW of generation from a concentrated solar thermal plant.
- Also, the key personnel of the company stated that the company would be utilising South Australian technology in order to design a big-scale, thermal energy storage plant capable to deliver reliable power on national grid’s requirement.
A Look at First Quarter of FY20
14D released its quarterly results for the period closed 30 September 2019 highlighting the following pointers:
- The cash balance of the company remains solid as monthly outgoings have reduced after the commissioning of the GAS-TESS.
- An amount of more than $1.5 million has been advanced for a bespoke turbine, heat exchanger and storage components for the subsequent TESS plant.
- The company is expecting a boost in the cash balance from $7.7m cash balance at the end of the September 2019 quarter because of substantial R&D rebate in November.
The stock of 14D last traded at $0.245, with an upsurge of 48.485% from its last close, as on 29th November 2019. The market capitalisation of the company stands at $28.46 million while the outstanding shares of the company stands at 172.46 million. The stock made a high and low of $0.405 and $0.155 during the last 52 weeks. It gave a return of -34.00 percent and -43.10 percent in the timeframe of the last three-month and six-month.
Vonex Limited (ASX: VN8)
Vonex Limited (ASX: VN8) is involved with the development of technologies in communications, which includes its established cloud hosted PBX system.
Acquisition of 2SG Wholesale
- On 29th November 2019, the company announced that it has inked a binding term sheet with 2SG Wholesale Pty Ltd for acquiring Wholesale business operations of 2SG as a going concern.
- When it comes to consideration, the company will be paying an amount of $2.66 million, which comprises of 21,578,947 ordinary shares at a deemed issue price of $0.10, which is to be escrowed for 12 months after the issue. The total consideration also includes $500,000 in cash on completion of transaction.
- The consideration fetches Wholesale’s proprietary billing of 2SG and provisioning systems, contracts with major telecommunications entities, etc along with zero debt.
- As per the release dated 29th November 2019 by ASX, the securities of VN8 has been placed under a trading halt on the back of request made by the company as the company is going to release an announcement related to the outcome of VN8’s submission to the ASX on the application of chapter 11 of the listing rules of the 2SG Wholesale acquisition notified to the market.
- The securities will be under the halt till the beginning of normal trading on 3rd December 2019 or when the update provided to the market.
Also Read: Health Checkup of Financials of the company
The stock of VN8 last traded at $0.145, zooming up by 47.959% compared to its previous close, as on 29th November 2019. The market capitalisation of the company stands at $14.64 million while the total shares outstanding of the company stands at 149.34 million. The stock made a high and low of $0.170 and $0.073 during the last 52 weeks. It produced return of -6.67 percent and -14.78 percent in the last three-month and six-month timeframe.
Benitec Biopharma Limited (ASX: BLT)
Benitec Biopharma Limited (ASX: BLT) is in the development of the Group’s therapeutic pipeline as well as pre-clinical programs, funding, and protecting and building the IP estate.
Chairman’s Address to Shareholders
- The Chairman at 2019 Annual General Meeting stated that BB-301 is an internally optimised, AAV-based gene therapy agent that can silence the expression of the mutated, disease-causing PABPN1 gene as well as replace the mutant.
- Over the prior 12-months, an incomplete set of BB-301-focused non-clinical experiments have been conducted in large animal subjects, however, the results of which were inconclusive.
BB301: Single-Vector Silence-and-Replace Approach, Source: Company’s Report
Issue of Securities
- The company recently announced that it has issued 4,128,600 fully paid ordinary shares on 28th November 2019 in consideration of US$20.643.
- The shares have been issued on exercise of one Pre-Funded Warrant and would be represented by 20,643 American Depositary Shares.
The stock of BLT last traded at $0.039, climbing up by 25.806% as on 29th November 2019. The market capitalisation of the company stands at $9.7 million while the outstanding shares of the company stands at 313.03 million. The stock made a high and low of $0.160 and $0.031 during the last 52 weeks. It gave the return of -36.73 percent and -75.20 percent in the last three-month and six-month timeframe.
Invion Limited (ASX: IVX)
Invion Limited (ASX: IVX) is a life-sciences company which leads the international clinical development of a novel PDT or PhotoDynamic Therapy for cancer disease.
On 29 November 2019, as per ASX request, IVX updated with more information on the previously released ASX update dated 27 November 2019, on PhotosoftTM technology shrinking ovarian cancer by more than half, which was as follows:
- Invion Limited announced the outcomes from a pre-clinical study, which was undertaken by Hudson Institute of Medical Research.
- It was mentioned in the release that the study has used the first batch of Australian-made PhotosoftTM compound on mice with ovarian cancer and reached to result that PhotosoftTM caused the immediate as well as specific death of tumour tissue, with no apparent negative effects in the surrounding healthy tissues. On 29 November 2019, the company updated that ovarian cancer detection in the mice was verified before its usage in the study. In total forty-eight mice with primary ovarian tumours were utilised during the conducted study.
- The results also stated that the size of the tumours in animals, which have been treated with PhotosoftTM Technology has decreased to less than half of their original size over a three-week period.
Further, on 29 November 2019, IVX notified the market that there was no substantial difference between the terms “pre-clinical trial” as mentioned in the notification title and “pre-clinical study” as stated in its body.
The stock of IVX last traded at $0.014, with a rise of 16.667% against the previous close, as on 29th November 2019. The market capitalisation of the company stands at $66.01 million while the outstanding shares of the company stands at 5.5 billion. The stock made a high and low of $0.029 and $0.008 during last 52 weeks. It provided return of -20.00 percent and -33.33 percent in the past three-month and six-month duration.
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