Lunchtime small cap wrap: Who’s stepping forward and who’s staying put
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Here are the key ASX small cap gainers and decliners at 12pm AEST Friday.
The ASX Small Ords index was up 18 points at 2722 at 12.45pm AEST.
In the green
Takeover target Mineral Deposits (ASX:MDL) has surged in morning trade after suitor ERAMET made an all-cash offer this morning.
Shares were trading up 25 per cent at $1.46 — equal to the bid price — a 33 per cent increase to its one-month volume-weighted average.
France-based ERAMAT wants to gain ful control of a 50-50 mineral sands joint venture called “TiZir” in Senegal and Norway. ERAMET and MDL own half each.
“We believe that the TiZir asset would be best placed being wholly-owned within a larger, diversified portfolio such as ERAMAT’s. It is the right move done at the right time,” MDL shareholders were told.
The same news spurred NGE Capital (ASX:NGE) up 21.5 per cent to 65c, given the weight of the MDL investment in the company’s portfolio.
Chilean miner Equus (ASX:EQE) was trading up 20 per cent to 3c.
The company this month confirmed widespread mineralisation at its newly acquired Cerro Diablo project — intercepting both precious and base metal prospects.
Equus says the site is located in a world-class mineral province hosting Jurassic age volcanic rocks.
Shares in the company were trading up 17 per cent to 33c.
In a paper presented to an industry conference the company presented successful results for real-time detection of carbapenemase producing organisms — that is, superbugs in the gut.
That paved the way for commercialisation in Europe, Genetic said.
Brain tumour drug developer Patrys (ASX:PAB) has surged off the back of the release of its latest quarterly.
The company was trading up as much as 4.4c, settling up 16 per cent to 4.2c.
Quarterly figures showed the company had $2.8 million in the bank at the end of March after a recent raise, with further funds to come from insurance claims related to a manufacturing run of its products back in 2014-15.
In the red
Energy saving platform BuildingIQ (ASX:BIQ) fell 24 per cent to trade at 6.2c.
In an update to market this morning chief Michael Nark said the company had experienced growth despite seasonal issues.
Cash receipts from customers were 6 per cent lower (at $680,000) compared to the previous period.
It spent $2.04 million over the period, up 12 per cent.
Symbol Mining (ASX:SL1) has fallen back after last week’s surge — trading down 13.9 per cent to 3.1c.
The stock had no news in the market.
Next-gen media play Adslot (ASX:ADJ) dropped 13 per cent to trade at 2.6c.
The company released findings of its strategic review earlier this year — moving its focus to the US market and implementing a cost reduction plan.
Wireless communicator Mobilicom (ASX:MOB) has slipped after 11 million of its shares were released from escrow.
The company was trading down 12 per cent at 6.1c.
Smart city maker Quantify (ASX:QFY) dropped 12 per cent to trade at 2.8c with no news in the market.
Last week it signed a MOU with developer Greaton Group to implement its tech into several multi-million dollar developments in Sydney.