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Top 10 at 10: Lithium play Liontown rebuffs big Albemarle takeover offer, shares fly
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Stockhead’s Top 10 at 10, published at ~10.30am each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.
It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.
The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| LTR | Liontown Resources | 2.38 | 56% | 14,982,518 | $3,352,643,315 |
| EMU | EMU NL | 0.003 | 50% | 1,333,333 | $2,900,043 |
| TD1 | Tali Digital Limited | 0.003 | 50% | 161,009 | $6,530,311 |
| GTG | Genetic Technologies | 0.004 | 33% | 200,000 | $34,624,974 |
| MRD | Mount Ridley Mines | 0.004 | 33% | 3,285,714 | $23,354,649 |
| UMG | United Malt Group | 4.57 | 33% | 969,777 | $1,029,176,224 |
| FAU | First Au Ltd | 0.006 | 20% | 91,666 | $5,473,916 |
| PNX | PNX Metals Limited | 0.003 | 20% | 496,666 | $13,451,562 |
| LNU | Linius Tech Limited | 0.0035 | 17% | 2,442,220 | $9,689,239 |
| PGY | Pilot Energy Ltd | 0.014 | 17% | 764,665 | $9,671,132 |
Liontown (ASX:LTR) has rejected a takeover offer from lithium giant Albemarle valuing the mine developer at $2.50 per share – a big premium to yesterday’s closing price of $1.54/sh.
Ablemarle, which has built a ~2.2% stake on-market, previously offered $2.35 per share on 3 March 2023, and $2.20 per share on 20 October 2022.
“In coming to its decision, the Liontown board noted the opportunistic timing of Albemarle’s indicative proposal, coinciding with recent softness in companies exposed to the lithium sector and the pre-production status of the Kathleen Valley project.”
United Malt (ASX:UMG) has received an all cash takeover bid valuing the company at $5 per share, a 45% premium to the last closing price.
UMG entered into an indicative proposal with Malteries Soufflet after previously rebuffing offers on 16 December 2022 for $4.15 in cash per share; on 6 February 2023, for $4.50 in cash per share; and on 8 March 2023, for $4.90 in cash per share.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| AVW | Avira Resources Ltd | 0.002 | -33% | 1,000,000 | $6,401,370 |
| KCN | Kingsgate Consolid. | 1.49 | -26% | 1,438,800 | $444,854,111 |
| AMN | Agrimin Ltd | 0.205 | -21% | 15,829 | $74,971,646 |
| AUK | Aumake Limited | 0.004 | -20% | 49,830 | $5,258,901 |
| BAT | Battery Minerals Ltd | 0.003 | -14% | 399 | $10,273,348 |
| IRX | Inhalerx Limited | 0.043 | -14% | 25,000 | $9,488,348 |
| REM | Remsensetechnologies | 0.07 | -14% | 167,497 | $2,953,387 |
| AZI | Altamin Limited | 0.064 | -14% | 20,001 | $28,987,040 |
| ARV | Artemis Resources | 0.013 | -13% | 475,000 | $23,421,276 |
| AVM | Advance Metals Ltd | 0.007 | -13% | 45,528 | $4,656,353 |
