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OFX Group (ASX:OFX) took off after it announced it had entered into a transaction process deed regarding an all-cash acquisition of 100% of the issued share capital of its shares by Alakazam Holdings Bidco, the direct owner of UK- based international payments company Equals Group. The move follows the undertaking of a strategic review by OFX announced to the market in early February.
Under the scheme, OFX shareholders would receive $1.00 cash per OFX share, representing $247 million equity value and $233 million enterprise value for OFX. The OFX board has noted it intends to unanimously recommend that shareholders vote in favour of the scheme, subject to parties agreeing.
Equals is an FCA-regulated electronic money institution and payment institution in the United Kingdom and an NBB-regulated institution in Belgium. OFX is a money transfer and financial operations company providing clients with real-time financial control and visibility to do business anywhere.
OFX’s shares have been up 71.6% to 81.5¢.
Harvest Technology Group (ASX:HTG) was popular with punters after signing a strategic partnership MOU with a Ukrainian technology park focusing on data transmission under electronic-warfare conditions.
Under the non-binding memorandum with Technopark, a Ukrainian technology and research organisation, the parties intend to explore the adaptation, integration, testing and potential deployment of Harvest’s ultra-low-bandwidth Nodestream platform in unmanned aerial systems (UAS), ground robotic platforms (including counter-mine/demining platforms) and AI-enabled systems.
Proposed cooperation would focus on resilient real-time video, telemetry and data transmission under electronic-warfare (EW) conditions and severe bandwidth constraints (from 8 kbit/s), and on validating Nodestream performance in demanding operational environments.
“This memorandum reflects the growing international interest in Nodestream’s ability to deliver resilient communications where bandwidth is scarce and conditions are contested,” Harvest CEO, Veronica Bainton, said.
“It is an early, non-binding step, and any future work will be undertaken strictly in line with our export-control obligations — but it opens a pathway to validate our technology in some of the most demanding operational environments in the world.”
HTG was up to 15% to 1.2¢.
D3 Energy was popular after it confirmed it had spudded the first of two helium wells at Nooitgedacht in South Africa. Part of the program will collect additional data on helium and methane concentrations with drilling aimed at increasing the company’s reserve base in the proven ER315 licence area.
D3, made up of experienced Australian oil and gas executives, has already booked reserves to underpin a production right application lodged last year and is positioned along the Homestead Fault that traverses through the northern section of ER315.
“With our production right application accepted for processing by Petroleum Agency SA last year, this drilling programme is about continuing to build the data set that supports the ongoing development of this area as one of the most compelling helium provinces in the world,” MD and CEO, David Casey, said.
D3E jumped 17.7% to 36.5¢, at time of going to print.
Looking wider, the ASX 200 was up in early trade, gaining 101.6 points. Over the last five days, the index gained 0.95% and is currently 3.02% off its 52W high.
Nationally, the seasonally adjusted unemployment rate remained at 4.4% in June, according to the latest data from the ABS. “In June, we recorded a 76,000-person rise in employment, driven by a 47,000-person rise in part-time employment,” Sean Crick, ABS head of labour statistics, said this morning.
The underemployment rate rose 0.2 percentage points to 6.5 per cent in June. “People aged 55-64 years old had the largest annual growth in the participation rate, up 0.8 percentage points to 70.6 per cent,” said Mr Crick.
That’s Thursday’s HotCopper Trends, I’m Colin Sandell-Hay – see you for close.
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