The market may have had a mixed start to the week, but that hasn't stopped some shares from surging higher.
Three small cap shares that have started the week strongly are listed below. Here's why they are on the rise:
The Bigtincan Holdings Ltd (ASX: BTH) share price has pushed almost 5.5% higher to 30 cents after the enterprise mobility software provider released a market update for FY 2019. According to the release, a solid start to the year means that management believes the company is on track to deliver on its objective of at least 35% and 40% growth in revenue in FY 2019. In addition to this, based on current trends, it expects its monthly recurring revenue in December 2018 to match its monthly operating expenses during the month on a normalised basis. This puts the company on course to achieve an operating neutral outcome by the end of December.
The Explaurum Ltd (ASX: EXU) share price has rocketed 42% higher to 10.5 cents after the gold exploration company received a takeover offer from Ramelius Resources Limited (ASX: RMS). Ramelius has made an all scrip offer of 1 Ramelius share for every 4 Explaurum shares. This implies a price of 12.3 cents per share based on a 30-day VWAP of the Ramelius share price. The Explaurum board has stated that it is concerned that the proposed consideration is inadequate and undervalues its underlying assets and future prospects. As such, it has urged shareholders to take no action.
The Spookfish Ltd (ASX: SFI) share price has jumped over 13% to 8.5 cents after the geospatial imagery company advised that Eagle View Technologies has increased its cash price takeover offer from 8 cents per share to 9 cents per share. The Spookfish directors continue to unanimously recommend that shareholders vote in favour of the scheme, in the absence of a superior proposal and subject to the independent expert concluding that it is in the best interests of shareholders. All Spookfish directors intend to vote in favour of the scheme, as does major shareholder Hoperidge which owns 19.9% of the company's shares.
