- PointsBet shares have surged because of the launch of retail sports betting operations in Illinois by its subsidiary. It has completed its Placement and Retail shortfall bookbuild and retail Entitlement offer to support its strategy and strengthen its balance sheet.
- Unibail has signed a deal with a consortium of French institutional investors for the sale of the SHiFT office building for €620 million.
- Carnarvon Petroleum shows considerable progress in FY2020, primarily in the Dorado project, supported shares to surge on the ASX.
ASX-listed PointsBet, Unibail, and Carnarvon have recently noted impressive growth in their share price, bringing them under the spotlight. Let us understand why these stocks have performed well.
PointsBet Holdings Limited (ASX:PBH)
The shares of PBH, in the last three months, have surged over 122%. The shares ended at A$12.200, up 7.954%.
Potential reasons supporting share price surge include:
- On 28 September 2020, PointsBet Holdings announced the launch of retail sports betting operations in Illinois by its subsidiary PointsBet Illinois, LLC. The Company’s first retail bet was at the Hawthorne Race Course.
- On 25 September 2020, PointsBet announced the conclusion of the retail shortfall bookbuild which completes the fully underwritten 1 for 6.5 pro-rata accelerated renounceable entitlement offer. The total proceeds raised via this process was A$82.8 million.
- A day earlier, PBH raised A$153.2 million via a retail component of its fully underwritten 1 for 6.5 pro-rata accelerated renounceable entitlement offer. The fund raised by the Company via Placement and Entitlement offer would be used to strengthen the balance sheet and execute a long-term strategy.
URW shares have not done well in the past three months. However, on 13 October 2020, the shares surged by 7.473% from the previous close, ending at A$3.020. The shares were up following the announcement where the Company signed a deal with a consortium of French institutional investors for the sale of the SHiFT office building for €620 million.
Other Recent Developments:
On 16 September 2020, the Company announced a “RESET” plan worth over €9.0 to bolster its balance sheet and boost financial flexibility to execute its long-term strategy. It also updated its plan to execute €4.0 Bn asset disposal programme and streamline its operations and trajectory to improve agility and optimize the use of resources.
Carnarvon Petroleum Limited (ASX:CVN)
In the last three months, CVN share price has moved from A$0.185 to A$0.245, up 32.4%. At the end of the trading session, CVN shares were up 6.521% from the previous close.
In the Annual Report released on 12 October 2020, the key FY2020 highlights include:
- Completion of Dorado appraisal drilling campaign.
- Amazing flow test results in Caley and Baxter reservoirs
- The beginning of Dorado development planning.
- Acquisition of high-quality Keraudren 3D seismic over Dorado development area and nearby chances.
- Buffalo oil field redevelopment plans advanced with operations set in Timor-Leste.
- Carnarvon improved its equity plus obtained operatorship in Outtrim project in Carnarvon Basin.
- Progressed the suite of highly prospective exploration assets throughout the North West Shelf.