Guangdong Electric Power Development (SHE:000539) said the stake held by its controlling shareholder Guangdong Energy Group in the company has declined to 68.30% from 69.41%.
The stake reduction stemmed from the conversion of 58.3 million A shares by bondholders of exchangeable bonds issued by Guangdong Energy Group, according to a Wednesday filing with the Shenzhen bourse.
Shares of the power company were down 6% in recent trade.
Vysarn's (ASX:VYS) planned acquisition of NewGround is strategically consistent with its objective of building an integrated water services business, and it has reached a level of scale/diversification that positions it as a leading vertically integrated provider of end-to-end water solutions in Australia, Euroz Hartleys said in a Wednesday note.Vysarn entered into a binding share sale agreement for the acquisition of NewGround, which deals in industrial-scale irrigation systems, pumping systems, and ancillary technology, for a total consideration of up to 33 million Vysarn shares and AU$25 million in cash.The deal broadens its exposure beyond resources and utilities by establishing a new operating segment focused on water infrastructure, irrigation, facilities management, and related services. It provides greater earnings diversification, introduces more defensive revenue streams, and creates opportunities to leverage NewGround's capabilities across Vysarn's existing water services platform.The acquisition is expected to be immediately earnings-per-share accretive on a pro-forma basis.The investment firm retained its buy rating on Vysarn and placed the price target of AU$0.89 per share under review.
Challenger Gold's (ASX:CEL) first gold-silver doré from its Hualilán project in Argentina marked the company's transition to a gold producer from an explorer, Euroz Hartleys said in a Tuesday note.The first pour, under a toll milling agreement with Austral Gold (ASX:AGD), produced around 200 kilograms of doré estimated to contain 500 ounces of gold and 6,000 ounces of silver from around 15,000 tonnes of ore.The agreement provides the company with an annual guaranteed processing capacity of 150,000 tonnes and a total secured capacity of 450,000 tonnes over three years.The Hualilán toll milling pre-feasibility study used recoveries of 84% for gold and 66% for silver at nearly 100% payability, implying revenue potential of roughly $2.7 million.There are no changes to the modelling assumptions for the initial toll milling operations, the financial services firm said.Euroz Hartleys reaffirmed its speculative buy recommendation and AU$0.40 price target on Challenger Gold.Challenger Gold shares rose more than 3% in midday trade on Wednesday, while Austral Gold shares were down 4%.
PhosCo (ASX:PHO) said it identified phosphate mineralization at the DOH prospect within its Gasaat project in Tunisia, according to a Wednesday Australian bourse filing.The results were up to 12.5 meters at over 20% phosphorus pentoxide from 93.3 meters, including 2.4 meters at over 23% phosphorus pentoxide from 95.3 meters and 3 meters at about 25% phosphorus pentoxide from 99.7 meters.The company said the phosphate horizon was intersected at an average thickness of 13 meters, extending over a strike length of 1.3 kilometers and a width of more than 600 meters, with the latest drilling also returning results from the KM deposit and the GS prospect.The company's shares rose almost 3% in recent Wednesday trade.