Top 10 at 11: Info tech lifts ASX as small caps revamp capital and asset structures

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

ASX tips up in early trade

The ASX 200 has risen 0.2% in the first hour of trade, led higher by a strong 1.22% gain in the info tech sector.

There’s a broad show of strength in the market this morning, with 9 of 11 sectors in the green and the ASX All Ord Gold index climbing 1.08%.

Materials (-0.22%) and financials (-0.22%) are lagging in the sectors at present, while the ASX 200 Banks adds its own weight, sliding 0.63%.

Let’s see who’s making waves on the ASX this morning…

WINNERS

In the news…

Energy World (ASX:EWC) is preparing to restructure its capital and management under a proposal that would see US$440 million in debt transformed into shares.

EWC is converting its debt with Slipform Engineering Group into shares at $0.88 each, 44-times its current 30-day VWAP of $0.02.

EWC managing director Brian Allen will also step down from the position after 24 years, with new interim chair Alan Jowell and CEO Edward McCartin taking up their roles effective today.

The company has opted to engage in a share conversion with Slipform, owned by the Elliott family (founder Stewart Elliott passed away last year), in order to repay the outstanding debt.

Next Science (ASX:NXS) is looking to offload the vast majority of its assets and intellectual property in an asset purchase agreement with Demetra Holdings S.p.A for a total sale price of US$50 million.

NXS will retain ownership of the durable medical equipment and intends to return the net proceeds of the sale to shareholders to the tune of US$30million. Management has signalled it intends to vote in favour of the transaction at the next EGM.

MRG Metals (ASX:MRQ) has secured a mining licence for the fully funded Corridor Sands heavy mineral project, covering the Nhacutse and Poiombo deposits.

They’re home to a 257Mt JORC resource at 6% total heavy mineral sands, which can now be added to the 103Mt at 6.6% THM Koko Massava deposit, which has already been licenced.

MRG plans to get Corridor Sands up and running within the next year to 18 months.

Renegade Exploration (ASX:RNX) has unearthed multiple silver rock chips grading above 1000 g/t at the Broken Hills project in Nevada, US.

Five rock chips exceeded 1020 g/t silver with additional gold values up to 16.21 g/t gold, peaking at 2469 g/t silver.

LAGGARDS

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.