The Caspin Resources Ltd (ASX: CPN) share price is skyrocketing today after the company provided an update regarding its Yarabrook Hill project.

Caspin shares are up a whopping 40.7% to $1.21 at the time of writing, creating a 160% yearly gain for the miner. Let's see what it's discovered.

Multiple sulphide zones

Caspin shares are having a party on the ASX after the company updated the market on its drilling targets at Yarabrook Hill in Yarawindah, Western Australia.

According to the company, it has intersected multiple broad sulphide zones over a 250 metre strikezone in one drilling target, and 120 metre strikezone at another. The sulphide intersections ranged between 1% and 3% volume, but were found as high as 15% in some areas, at various depths.

Caspin discovered disseminated copper sulphides, which it says are consistent with the platinum group (PGE) mineralisation style it is targeting in the region. The company noted that the sulphide minerals include "chalcopyrite (copper sulphide), pyrrhotite (iron sulphide) and pentlandite (nickel sulphide) hosted by mafic and ultramafic rocks."

According to the company, the fact these drilling holes are more than a kilometre apart suggests the Yarabrook Hill drill site may house a wide expanse of potentially lucrative minerals. As a result, investors have sent the Caspin share price soaring today.

Caspin's initial drilling is now complete and the company is awaiting assay results.

Management comments

Caspin CEO Greg Miles says this is just the beginning for the company's drill targets:

The two holes at Yarabrook Hill have delivered exactly what we wanted to see, that is, mafic and ultramafic rocks with broad zones of copper and nickel sulphide mineralisation which we believe is a good visual proxy for potential PGE mineralisation.

The holes are 1.25km apart, so the scale of the opportunity is significant. Now we wait with anticipation for the assay results. In the meantime, we are already planning the next work program. We are extremely grateful to have received a co-funded drilling grant through the WA Government Exploration Incentive This is going to allow us to drill the deepest hole at Yarabrook Hill to date which will give us a huge amount of new geological information as well as another opportunity for discovery.

Caspin share price snapshot

The Caspin share price has exploded today and has now reached the highest point in its six-month history on the ASX. The company's shares debuted on the exchange at 46 cents apiece before jumping from 60 cents in March to a previous high of 90 cents just last month. Overall, Caspin shares have gained around 124% in 2021 alone.

The post Why is the Caspin Resources (ASX:CPN) share price exploding 40%? appeared first on The Motley Fool Australia.

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The AFT Pharmaceuticals Ltd (ASX: AFP) share price is unmoved in early trading this morning after the company released its latest financial results.

AFT Pharmaceuticals shares finished yesterday's trading up 1.65% to $4.30 per share.

The pharmaceutical drug manufacturer's share price has fallen more than 3% over the past 12 months, so let's take a closer look at the company's trading results for the FY21 period to 31 March.

AFT Pharmaceuticals report

The Australian pharmaceuticals giant released a positive report overall on the company's FY21 performance, despite noting several challenges it has faced this financial year.

The company's highlight was its revenue, which reached a new record of $113.1 million for the 12-month period up to 31 March, up 7% from the $105.6 million in the prior corresponding period.

AFT Pharmaceuticals' profit after tax was down nearly $4 million, decreasing to $7.8 million down from $12.7 million in the prior year, which the company says "benefited from a one-off gain" of $9.8 million related to the orphan drug
Pascomer.

Its Asian market revenue was also weaker, which the company blamed on the region transitioning towards purchasing higher-margin pharmaceutical products. Meanwhile, the company's gross profit grew by 1% to $48.8 million from $48.3 million and its total assets jumped by nearly 20%, as the company sought to protect inventory amounts.

AFT Pharmaceuticals is now targeting an operating profit range of $18 million to $23 million for FY22.

AFT Pharmaceuticals management comments

AFT Pharmaceuticals chair David Flacks said there was a sense of deserved optimism around the company:

The 2021 financial year has been one of the more challenging in AFT's history as business conditions tightened around the world in the wake of the pandemic.

Nevertheless, as we report another year of record revenue and a more than doubling in underlying earnings, we can look back on the year with a sense of achievement.

AFT Pharmaceuticals share price snapshot

Despite its slight losses this past year, the AFT Pharmaceuticals share price remains very close to its 5-year highs, and more than $1 higher than in January 2020.

AFT Pharmaceuticals shares have rocketed by 16% over the past month since the company signed a major US supply deal, but that's against losses of 15% since 2021 began, as well as its broader 12-month decline.

The post What's with the AFT Pharmaceuticals (ASX:AFP) share price today? appeared first on The Motley Fool Australia.

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The Synlait Milk Ltd (ASX: SM1) share price is on watch this morning after the company downgraded its FY21 guidance.

Synlait shares finished Friday's session trading 7.5% higher at $2.99 per share.

The milk powder and milk solids product manufacturer's share price is down more than 50% over the past 12 months. Let's take a look at Synlait's new guidance.

Synlait's expectations turn sour

Synlait shares will be in the spotlight after the company's board downgraded its guidance figures this morning. This came after the company undertook an internal review of the "already disclosed risks" that are currently hampering its business performance.

Synlait now expects to make a net profit after tax (NPAT) loss of between $20 million and $30 million in FY21.

One of the reasons for the downgrade is the company's expectation of ongoing shipping delays, which will result in the sale of some ingredient products occurring after the FY21 balance date.

Synlait is also achieving lower prices for ingredient products than usual, due to "prevailing market prices", which it blames on a combination of sales phasing and volume pressure. Furthermore, the company says it's adopting a "more conservative" approach to year-end inventory volumes and valuation, leading to what it believes is a safer guidance figure.

The Synlait share price crashed in late March after the company cancelled its original FY21 guidance following a significant drop in demand from A2 Milk Company Ltd (ASX: A2M). At that time, the company had forecast FY21 NPAT to be "broadly breakeven".

But faltering guidances aren't the Synlait board's only problem. It's also been hit in the past two months by the losses of its CFO and CEO in quick succession.

Management comments

Synlait CEO John Penno kept his update comments short but not so sweet, saying:

I am disappointed to share this news with our investor base. As a team we are focused on closing out this year as well as we can, then resetting, and delivering a much improved financial performance in FY22.

Synlait share price snapshot

The Synlait share price has performed poorly since the outbreak of the coronavirus pandemic slammed the Chinese milk and baby formula market shut. Synlait shares are now down near the company's five-year lows, after peaking at over $12 in late 2018. The company's shares have lost 39% in 2021 alone.

The post Synlait (ASX:SM1) share price on watch after guidance downgrade appeared first on The Motley Fool Australia.

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By market close, the Cleanaway share price was trading 0.36% higher at $2.78, adding to a 50% yearly return.

The company has been under fire by the Brimbank Council and Ravenhall residents over contaminated soil and garbage odour stemming from its waste plant.

It has been a long legal stoush for Cleanaway. Let's look at what the decision means for the waste management and recycling station company.

Cleanaway's court case

Australia's High Court today dismissed a legal challenge against approval for Cleanaway to extend its waste management station, Melbourne Regional Landfill, in Ravenhall, Victoria.

In June 2017, the Planning Minister for Victoria issued planning approval for the extension that would continue Cleanaway's licence to operate the facility until 2046. The company also required works approvals to expand the facility.

Cleanaway has now faced and won legal challenges in the High Court, Court of Appeal and Supreme Court. Today's decision was the last of these court cases.

The company also faced a higher-profile legal battle over its planned acquisition of French waste company Suez's Australian operations. That deal eventually collapsed.

Cleanaway management comments

Chief operating officer Brendan Gill welcomed the decision:

Cleanaway welcomes the High Court decision today, confirming that the Melbourne Regional Landfill can continue to provide an essential waste service for the community well into the future.

Securing the continued long‐term operations at the site supports our Footprint 2025 Strategy. The site is a waste management hub of state importance that provides critical waste management services, including for
residual waste streams that cannot be recycled.

Cleanaway share price snapshot

The Cleanaway share price has been subject to a balancing act from investors over the past 12 months. Despite rocky news reports, the company's record results have largely led market sentiment.

Cleanaway shares are up 19% this year-to-date and 12.9% this month. It has also beaten the industrials sector by 45% over the past year.

The post Cleanaway (ASX:CWY) share price lifts on 'critical' court win appeared first on The Motley Fool Australia.

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The Estrella Resources Ltd (ASX: ESR) share price has shot up today after the company intersected "massive" nickel and copper sulphides in West Australia's Carr Boyd ranges.

Estrella shares are up 17% at 5.5 cents at the time of writing, after peaking this morning at an intraday high of 6.5 cents.

Let's take a closer look at the latest results from its 100% owned Kimberley mine.

"Massive nickel, copper sulphide potential"

Estrella's most recent drilling hole intersected a 12.9 metre long zone of massive, semi-massive, breccia, matrix and
disseminated nickel, copper and iron sulphides.

The company is seeking to become a large ore producer, and this find reinforces a previous intersection of nickel and copper sulphides found 40 metres north of the current strike zone.

According to the company's update, the sulphide and rock textures in this drilling region confirm basal contact mineralisation and "massive nickel and copper sulphide potential".

The core of these findings is now being cut away and sent for assays, which usually take one to two weeks to return an accurate grade result.

Estrella was particularly encouraged by the drilling results, as it accelerates its third phase of drilling in the region to test downhole electromagnetic targets. It's also currently looking to find additional potential zones.

Estrella management comments

Estrella managing director Chris Daws welcomed the results, saying:

I am extremely pleased with this significant intersection as it further validates our exploration strategy at the T5 Conductor. Make no mistake, our resolve to locate a world-class orebody for our shareholders is unwavering and this intersection is yet another promising sign that we are homing in on this orebody.

Phase 3 drilling in particular has been highly successful, with a 100 per cent strike rate for hitting nickel-copper sulphides.

Estrella share price snapshot

Estrella investors had the time of their life in October last year, when the Estrella share price shot from one cent to 17 cents in two days, a casual 450% rise.

Since then it's been on a downward trend back to earth, and has fallen around 30% this year-to-date despite today's huge gains.

The post Estrella (ASX:ESR) share price is exploding today, up 17%. Here's why appeared first on The Motley Fool Australia.

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Macquarie Group Ltd (ASX: MQG), Transurban Group (ASX: TCL) and other Australian construction giants are in the spotlight over a new Grattan Institute report, criticising cost blowouts and a lack of competition within the industry.

The Macquarie share price is down 2.9% today to $149 per share, adding to a loss of 4.15% this month, while Transurban shares have fallen 3.5% today and 2.9% over the past month.

Who's benefitting from the infrastructure boom?

The Australian policy think tank's report centred on Macquarie's "inadequate development" of the Sydney Metro City and Southwest project.

The cost of the rail network upgrade has ballooned by more than half a billion dollars from its original contract of $2.7 billion, despite Macquarie winning the contract after submitting an unsolicited proposal to the NSW state government.

Macquarie's construction of Sydney Martin Place train station alone has risen by more than $200 million "with no justification provided in central documentation".

Meanwhile, Melbourne's West Gate tunnel construction, awarded to Transurban, has been delayed by two years, with no revelation of who's forking the bill for continued setbacks.

Queensland's 2018 rail upgrades for the state's New Generation Rollingstock trains also cost an additional $361 million in refitting to meet the nation's disability access requirements.

In their latest state budgets, Queensland, Victoria and NSW set aside more than $400 billion for infrastructure projects, with the federal government adding another $110 billion.

Grattan argued that state government spending sprees on infrastructure contracts have been overshadowing a lack of financial prudence in protecting against cost overruns.

Grattan calls for international competition

Australian government spending on rail projects is in the top quarter of OECD countries: 26% higher than in Canada, 29% higher than Japan.

Grattan argued that unsolicited proposals for construction projects should be subject to greater scepticism, given construction contracts have been skewed towards Australian companies:

It's common for governments to end up paying firms more than the amount publicly claimed when the contracts were signed, yet we rarely find out the legal basis of the claim, or how the size of the additional payment was arrived at.

Few firms have the technical and financial capability to win contracts worth $1 billion or more. So it's crucial that international firms can enter the Australian market, bringing global innovation and know-how.

In selecting a successful bidder, governments should not weight local experience any more heavily than is justified to provide infrastructure at the lowest long-term cost.

It also argues that governments should be willing to enforce original project budgets. 

When they sign a contract, they should show by their actions that they will not pay additional amounts for risks that contractors have agreed to take on.

In response, the Australian Constructors Association called many of the claims questionable while highlighting the benefits of creating greater efficiencies within the sector.

The ACA highlighted the need to focus on greater issues in construction: from a higher representation of women in its workforce to more focus on preventing construction worker suicide.

It said it always "advocates for maximising local content wherever commercially practical in a competitive bid process" and backed the efficacy of 'market-led proposals' such as Macquarie's Martin Place project.

The Grattan Institute's latest report on the cost of Australian infrastructure provides some useful recommendations that unfortunately are overshadowed by poorly supported claims that further damage an already fragile construction industry.

If we could just halve the gap in productivity growth between the construction industry and other industries over the past 30 years, we could construct an extra $15 billion of infrastructure every year for the same level of expenditure and employ an extra 15,000 people. That is equivalent to constructing another three Western Sydney Airports every single year.

Construction share price snapshot

So, is the Australian construction and industrials industry "fragile"?

You may think that record government infrastructure spending is good news for the biggest construction companies on the S&P/ASX 200 Index (ASX: XJO)? Think again.

Some ASX infrastructure and construction giants have performed relatively poorly, despite record spending and the ASX hitting its highest value over the past few weeks. Take Transurban and Decmil (ASX: DCG), for example. Their share price has fallen a respective 2.7% and 44% over the past 12 months.

And despite Australia's infrastructure boom, it's slightly more challenging to track the overall sector performance due to the diversification of many of its companies and the lack of a construction index on the ASX. Some companies are still performing well.

Recent losses in the Macquarie Group share price are possibly a result of controversial reports around its business handling of Nuix Ltd (ASX NXL), but it's still up 42% over the past 12 months.

Meanwhile, strong performers like Boral Limited (ASX: BLD) shares are up 13% this month and 162% over the past 12 months. The SRG Global (ASX: SRG) share price is also up by 113% over the past year. 

The post ASX construction giants under fire over cost blowouts, lack of competition appeared first on The Motley Fool Australia.

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Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of Transurban Group. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Tesla Inc (NASDAQ: TSLA) share price is "ridiculous", and its lithium batteries are "inferior".

That's what Michael Burry – the investor who's profited millions from betting against overhyped companies and market speculation – has been saying about the world's most valuable car manufacturer.

He's put his money where his mouth is: betting US$534 million against Tesla's share price through 'put options'.

Since it was founded 17 years ago, Tesla has become one of the most famous brands on earth and made its CEO, Elon Musk, the world's richest man. He's since dropped back to third as Tesla shares have faltered lately and fallen in value.

The rapid rise of the lithium battery-powered electric vehicle pioneer is largely based on the global race towards renewable energy sources. But it's also involved an incredible amount of market fervour, as investors and consumers alike scramble towards "future tech".

Burry's runs on the board

Burry, the former Scion Capital hedge fund manager, has always been sceptical of market fervour.

The 49-year-old became one of the world's most famous investors when he and his fund profited nearly $800 million by shorting subprime mortgages before the 2006 US house market crash.

He later drew mainstream attention after Christian Bale portrayed him in 2015's smash-hit film The Big Short.

But Burry had successfully doubted periods of inflated market speculation since pre-1999 when he made a fortune shorting tech stocks before the dot-com bubble. More recently, he helped kick-start the GameStop frenzy by taking a stake in the video game retailer.

The investor and physician held put options on more than 800,000 Tesla shares at the end of last month, worth around $534 million. The strike price that Burry is shorting the Tesla shares for is unclear. But if the clean-energy car maker's price does fall below Burry's valuation, he'll make an immense profit off potentially thousands of Tesla shareholders.

The longest put options tend to expire within three years, so Burry may be banking on some time before he sees his short positions come to fruition. But he's clearly drawing parallels between Tesla, the '90s tech market crash, and the 2000s global financial crisis.

Burry deleted his Twitter account after US federal regulators visited him about his tweets – the source of these claims. Still, in a tweet that's since been deleted, he called the current Tesla share price and valuation "remarkably similar to 1999 and 2006".

"I live in the land of $TSLA," Burry continued. "I know what a Tesla car is. I talk to the mechanics and dealers. But being short is so much more than that."

What's wrong with Tesla?

Burry isn't the first to doubt Tesla's valuation. Elon Musk himself wrote that the "Tesla stock price is too high" back in May last year when the price was only $150 per share.

It's now worth $576 per share, but that's already accounting for a 20% wipeout so far in 2021. In January, it rose as far as $880.

Critics have pointed out that despite Tesla's valuation dwarfing other car makers – Tesla's market cap is roughly 5 times that of the world's largest auto manufacturer, Volkswagen – the company relies on regulatory credits for profitability. 

During Tesla's share price highs in January this year, the company boasted a fully diluted market cap of nearly $1 trillion. Many analysts noted the company's earnings could have risen tenfold and still could not justify that valuation. 

Tesla aims to sell more than 20 million electric vehicles (EVs) per year, and its revenue has been rapidly rising in recent years. But its car sales remain minuscule compared to the world's largest automotive companies, with total sales figures in the hundreds of thousands and production capacities as low as 4% of Toyota's.

The world's largest automotive manufacturers, such as Volkswagen and Toyota, are now storming into an increasingly competitive electric vehicle market, many with much cheaper offerings to match their global factory output.

It's in the mass market that Tesla may struggle most. The company's cheapest offering, the Model 3, retails for around $60,000 in Australia, significantly more expensive than its rival cut-price EV offerings from MG, Nissan, Renault and Hyundai.

It's also double the price of comparable hybrids on the market from the likes of Toyota and Subaru, which benefit from entering the market years earlier.

Tesla has long been promising a budget-priced Model 3 that would retail around the $45,000 mark, but it's never eventuated. This is becoming a habit of sorts, just one of the many public timeframes that Musk has failed to reach.

Tesla's major strength is its up-market offerings, and the company has a stranglehold on the US EV market, where it accounts for around 80% of electric vehicle sales in the country.

This is partly thanks to a generous tax credit system the US government handed Tesla buyers, which has now ended, making foreign EV manufacturers much more competitive.

In Europe and Asia, the EV market is a very different story, with Tesla market share around the 20% mark and rapidly declining.

Tesla's tech battle

Tesla's major advantage in expansive nations like the US and Australia has been the traditionally unparalleled range that its EVs offer. But now it seems its pioneering electric batteries may also be losing ground.

Toyota is scheduled to release its new solid-state electric battery this year, which could charge in as quick as 10 minutes due to the high density of its electrolyte cells. Tesla is reportedly yet to develop the technology.

Meanwhile, at the upper end of the market, Tesla's flagship Model S's 600-kilometre range is reportedly set to be outgunned by a new EV disruptor: the energy-dense battery manufacturing start-up Lucid Motors.

The Lucid Air range of luxury EVs, which boasts battery ranges exceeding 800 kilometres and batteries that charge "in minutes", retail for a similar price to the Model S. Lucid began accepting Australian orders in November last year.

Analysts fear that new challenges directly to the heart of Tesla's market may come thick and fast over the coming years.

There have also been question marks over the safety of Tesla vehicles. The company has drawn significant criticism over electric door handles that fail to extend during fires (a susceptibility of all-electric vehicles), which have previously resulted in gruesome road fatalities.

There are also doubts from some quarters about the long-term future of lithium batteries.

Proponents of hydrogen fuel cells believe the renewable energy source will one day replace lithium batteries entirely due to hydrogen's superior potential power delivery, portability and manufactural simplicity.

Musk, however, has been famously derisive of hydrogen, calling it "fool cells". 

Tesla speculation

Many of the justifications around Tesla's share price rely on intense speculation, both from outside investors and company figures like Musk himself.

Musk recently proposed to shareholders that the company could earn "$50 billion of incremental profit annually" from unleashing self-driving Teslas onto the streets, which would herald a shift towards greater gross profit margins for the company as a potential software manufacturer.

However, analysts have again disputed the claims, saying Tesla's bullish expectations have the potential to be vastly undercut by increasing competition, not to mention a regulatory market that doesn't yet exist. 

It's all far from doom and gloom. Tesla expects to increase its vehicle sales by an average of 50% annually over the next few years, while diversification opportunities in solar and its home battery business present significant room for growth.

The real question mark on Tesla's future might be whether Musk's pioneers can keep pace with the electric car industry behemoth they helped create.

The post Technology, Toyota and The Big Short: The myriad problems with Tesla appeared first on The Motley Fool Australia.

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Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Tesla. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The SKY Metals Ltd (ASX: SKY) share price was up today after the company noted copper sulphides in its latest exploration update.

SKY Metals shares were trading 3.4% higher at 15 cents per share at the close of trade. 

Let's see what's spearheading a minor recovery in the SKY Metals share price today.

SKY Metals' wide copper sulphides

SKY Metals reported exploration updates for three separate New South Wales drill projects today, all with ostensibly solid results.

The company has intersected wide zones of copper sulphides in its maiden reverse circulation drilling operations at its Iron Duke project. Iron Duke is a copper-gold project. 

The copper price is currently barnstorming near its all-time highs, so copper sulphides may have a positive impact on the SKY Metals share price. SKY Metals has submitted the samples from its Iron Duke project and is currently awaiting full assay results to discover whether its found any high-grade results.

The company clearly has faith in its Iron Duke project, however, as it's already secured a diamond drilling rig from a contractor that's due to start within two weeks.

The company also reported results from its Galwadgere project, another copper and gold mine.

SKY Metals currently has resource modelling underway for the Galwadgere deposit, but drill core re-sampling from its historic Galwadgere diamond drill holes has delivered "wide copper-gold results".

The company reported  27.8 metres of 0.5% copper & 0.07g/t of gold from 175 metres deep.

Meanwhile, its Cullarin gold, lead and zinc mine has revealed "further strong zones of gold-lead-zinc" according to the company. SKY Metals is reporting nine metres of 0.57g/t gold, 0.31% copper, and 4.55% lead and zinc from 136 metres deep.

Sky Metals share price snapshot

The Sky Metals share price had barely nudged above four cents in the entire previous decade until 2020 when it tripled in four months between January and April last year.

It's since fallen back off those highs and has been steady around the 15 cent mark in 2021. Overall, it's down more than 50% in the past 12 months.

The post SKY Metals (ASX:SKY) share price jumps on copper update appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

SkyCity shares were trading down 0.31% at $3.26 at the market close after the company revised upwards the margin range on its six-year bond offers.

The casino and hotel operator is still recovering from a huge share price fall early last year, so let's find out how today's report is affecting the SkyCity share price today.

SkyCity's bond offers

In April, SkyCity announced it was offering up to NZ$125 million (AU$116 million) in 6-year, unsecured, unsubordinated, fixed-rate bonds. The bonds will mature on 21 May 2027.

Then on 10 May 2021, SkyCity announced an indicative issue margin range of 1.6% per annum and a 3% minimum interest rate for the bonds. Today, the company has revised the indicative issue margin range to 1.7% per annum, but it's kept the 3% minimum interest rate.

The company said it upped the rate in response to "market changes". It's offering the bonds to institutional investors and New Zealand retail investors. SkyCity has also left open the option to increase bond sales by a further $50 million to $175 million total if the offer is oversubscribed.

The issue margin and interest rate for the bonds will be set following a bookbuild process, which started today but won't close until 17 May. 

The company noted the purpose of the capital raising initiative in its indicative terms sheet, published today:

The offer forms part of SkyCity Group's ongoing capital management strategy, enhancing diversity of sources of funding and lengthening the debt maturity profile. The net proceeds of the offer will be used to reduce the drawings on SkyCity's bank facilities.

SkyCity share price snapshot

As recently as two months ago, the SkyCity share price had been one of the stronger performing ASX gaming shares. However, its 12-month gain through 2020 to March this year has more than halved since then and it's now 5% down against the consumer cyclical sector in the past year.

This is despite slow and solid gains since March. The SkyCity share price has gained steadily since the company announced the bond offer at the end of last month.

The post Why is the SkyCity (ASX:SKC) share price falling today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Aldoro Resources Ltd (ASX: ARN) shares were booming today after the company announced it has commenced drilling at its Narndee project. By the market's close, the Aldoro share price was trading 8.2% higher at 33 cents.  

Let's take a closer look at the gold and nickel miner's latest news. 

Drilling kicks off

The Aldoro share price had a bumper day after the company announced frontline drilling at its 100%-owned project site has begun. Aldoro advised that the drilling was being undertaken in areas where it's already found "high confidence" anomalies, with fixed loop electromagnetic surveys. It's also secured a diamond drilling contractor, which it expects to be on-site in June.

Aldoro is targeting a 5,000-metre program at Narndee, near Cooladar Hill in Western Australia, with the ability to increase its program size if it receives promising results. The current drilling is focused on three confirmed target sites within that zone.

The company says its initial drilling holes will also act as "dual-purpose inspection holes" to gauge the suitability of those targets for further down-hole transient electromagnetic surveys.

The Narndee project is situated on clay bedrock, which has the possibility to produce misleading results. 

These surveys improve the accuracy of any future drilling locations, reducing the risk of expensive drilling in redundant targets. The original surveys were conducted by independent geologists from Southern Geoscience Consultants.

Aldoro is also in the process of finalising a gradient array (GAIP) survey. GAIP is an electrical geophysical technique that has the ability to identify disseminated sulphide mineralisation, a type of ore that often contains copper and zinc deposits.

Background

Aldoro shares listed on the ASX in September 2018. The company conducts mineral exploration and development and has a collection of gold and nickel-focused advanced exploration projects all located in Western Australia.

The Narndee Igneous Complex, which comprises the project Aldoro has just begun drilling, is its flagship drilling region. The company has previously found it to be "highly prospective" for nickel, copper and platinum group (platinum, palladium, rhodium) mineralisation.

The company's other projects include the Cathedrals Belt Nickel Project near Mount Alexander in WA and four separate gold tenements, which are currently under company review.

Aldoro share price snapshot

The Aldoro share price appears to be finding steady ground over the past two weeks after doubling between early March and mid-April. On 19 April, the company's shares hit an intraday high of 45.5 cents before gradually retreating to their current levels. Aldoro shares have also gained more than 100% so far in 2021. 

The post Aldoro (ASX:ARN) share price booms 8% on new drilling project appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Moelis Australia Ltd (ASX: MOE) share price spent a day in the green today after the company released an investor presentation and operational update.

Moelis shares are trading up 3.9% at $5.58 as the market close draws near.

Let's take a look at what's behind the Moelis share price increase today.

Moelis operational update

In today's release, the financial services company reported strong net fund inflows and a significant increase in assets.

Recapping the results from its first four months of trading in FY21, Moelis reported strong net fund inflows of $340 million, up $115 million on the prior corresponding period.

It grew its portfolio of assets under management by 7% to $5.8 billion and settled on four new hotels worth a combined $135 million, that were exchanged in FY20.

The company has been granted a retail Australian Finance Licence (AFSL2) and launched its first two retail credit funds. Moelis also hired 5 new executives in its corporate advisory branch, including 2 new managing directors.

Looking ahead

Moelis is forecasting bright results for the company's future, given it currently has more than $300 million of new real assets under due diligence for new and existing funds. 

The company's management reiterated its expectation that FY21 underlying earnings per share (EPS) will increase between 10% and 20% on FY20, with the prediction that it will closer to the 20% mark. 

Overall, it's been a sharp rise for the Australian company, which started operating in Australia in 2009 and was achieving revenue of $60 million by its seventh year of operation. Its corporate advisory network now spans 18 countries..

The group is proposing to change its name to MA Financial this year. The Moelis board believe a brand transition as necessary given its expanding financial services profile.

Moelis share price snapshot

The Moelis share price is moving closer to doubling its $2.99 value of 12 months ago, rising 81% in this period. It's also added 18% since 2021 began.

The company's turnaround has been significant, given that as recently as February this year its 12 monthly performance was in the red after being hammered during the COVID-19 pandemic.

The post Here's why the Moelis (ASX:MOE) share price has lifted today appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The HeraMED Ltd (ASX: HMD) share price tanked today, closing 9% lower at 15 cents apiece.

This came despite the company signed a pilot deal with Obstetrix Medical, one of the USA's largest women's and children's healthcare providers.

HeraMED and Obstetrix pilot agreement

HeraMED is a company focused on enhancing the digital resources available throughout the maternity process.

HeraMED's pilot deal with Obstetrix links the company with US giant Mednax, of which Obstetrix is a subsidiary. Mednax provides maternity services to one in four babies across 39 US states.

Obstetrix is focused on providing birthing clinical services to obstetricians, including clinical research and a range of telehealth services.

Obstetrix has signed a pilot deal to evaluate HeraMED's HeraCARE software and devices, which allow mothers to self-monitor their foetus' heart rate, among other services. The deal involves the purchase of 100 HeraCARE licences.

HeraMED says that when the pilot program is complete, both companies aim to form a "comprehensive agreement" for further purchases.

HeraMED management comments

HeraMED CEO, David Groberman said:

We are delighted to have signed our first pilot agreement in the U.S. with a company of such significant status and scale. As a physician-led national medical group that partners with hospitals, health systems and health care facilities, focused exclusively on women's and children's care, Obstetrix Medical Group is a highly relevant partner and very well placed to support our commercialisation strategy.

Our focus remains on progressing the growing pipeline of potential partnerships, and HeraMED is well placed to capitalise on these opportunities and will update the market at the appropriate time.

HeraMED share price snapshot

The HeraMED share price has gained 24% in the past month and 40% this year to date. It's traditionally been a fairly volatile share, and was just nine cents at the end of March this year.

However, a commercial agreement with Joondalup Health Campus saw the HeraMED share price hit 17.5 cents in mid-April before retreating again to its current price.

The post HeraMED (ASX:HMD) share price tanks despite US healthcare deal appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Advanced Human Imaging Ltd (ASX: AHI) share price has plummeted today after the company released a commercial agreement with e-Mersion Media. 

Advanced Human Imaging shares are down 8.19% to $1.07 at the close of trade today, against a huge 12-month return of 610%. Let's see why the smartphone-based human scanning technology producer has been wobbling lately.

Advanced Human Imaging deal

In today's release, Advanced Human Imaging advised it has just signed a binding term sheet, which is an informal pre-contractual agreement, with e-Mersion Media.

e-Mersion Media is a Melbourne company that specialises in providing digitisation capabilities to print magazines. It focuses on increasing magazine engagement through interactive touch and videography.

The deal will allow Advanced Human Imaging to spruik its technology through e-Mersion's digital portal, utilising the company's audio, video and other engagement capabilities.

e-Mersion will advertise Advanced Human Imaging's body scanning services to highly targeted customers through its digital magazines.

Advanced Human Imaging's report says that e-Mersion publications "have the potential to reach millions of consumers every month via channels they operate within and clients they service". 

Management comments

Advanced Human Imaging CEO Vlado Bosanac spoke about the company's thought process, saying:

When I met the guys from e-Mersion, they shared with me their digital publication platform. My immediate thought was its just a hybrid version of Kindle. When they demonstrated an interactive magazine they had enhanced, it could not have been further from what I was thinking.

I was floored by the level of interaction and how the content was a combination of touch, video, and sound. I can see people interacting with this enhanced magazine technology and using their in-device camera empowered with our technology to have a health check or simply size a garment before they order right there in the magazine.

Advanced Human Imaging share price snapshot

It seems the company's investors have not been as excited by the deal as its CEO. The Advanced Human Imaging share price has fallen by an incredible 70 cents (46% of its value) in just 13 days since the end of April.

Advanced Human Imaging shares fell by a similar margin just seven days ago on news of a similar tech partnership with Discovery subsidiary Vitality.

The post Advanced Human Imaging (ASX:AHI) share price is sinking, but why? appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Lynas Rare Earths Ltd (ASX: LYC) shares are slumping today after the company provided an update to investors on its Malaysia operations. At the time of writing, the Lynas share price is trading 1.38% lower at $5.70.   

Lynas is the world's second-largest producer of rare earths and the only significant producer outside China. Rare earth materials are key components in the production of renewable energy technologies. 

Lynas Malaysian operations 

Lynas operates the Lynas Advanced Materials Plant in Pahang, Malaysia. It first built the facility in 2012 to process rare earth material at a lower cost than it could in its home of Western Australia.

Late yesterday, the company provided an update on how the latest coronavirus lockdown regulations in Malaysia are likely to affect its rare earth processing plant there. The Malaysian Government also announced yesterday that the movement control order (MCO) it had implemented last year in response to the pandemic is being extended until early next month. An MCO is a national governmental restriction on public and business behaviour to help curtail the spread of the virus.

The country is currently experiencing a third wave of infections and has placed restrictions on social gatherings as well businesses and the education system. 

While Lynas was quick to provide some reassurance to investors regarding its operation in Malaysia, judging by today's share price movements, it seems some investors are a little concerned. 

In a market update yesterday, the company insisted that the plant will continue to operate with "standard procedures":

The MCO, which is in effect for the period from 12 May 2021 until 7 June 2021, permits all economic sectors to continue to operate during the period of the MCO. Consistent with the MCO and previous updates, the Lynas Malaysia plant continues to operate with Standard Operating Procedures (SOPs) in place.

Lynas Malaysia has already implemented strict health and hygiene protocols that meet and exceed the Ministry of Health's requirements. Products produced at the Lynas Malaysia plant are essential to the manufacturing supply chains for critical industries including automotive, medical devices, oil refining and machinery & equipment.

Lynas share price snapshot

The Lynas share price has lost around 8% over the past month and also fell by 11% in April. Lynas shares are, however, still up by around by more than 40% year to date and over 200% in the past year. 

The post Lynas (ASX:LYC) share price slides following Malaysian update appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Pure Foods Tasmania Ltd (ASX: PFT) share price went nuts earlier today after the company released a sterling customer update.

After reaching an intraday high of 72 cents in mid-afternoon trade, the Pure Foods share price lost its beans and has since retreated to 65 cents apiece, up 3.17%.

Let's see why the smoked salmon and trout producer is performing so well today.

Pure Foods' new distribution deal

Pure Foods advised its subsidiary Woodbridge Smokehouse has just signed a new distribution deal with international food distribution company Monde Nissin Australia. 

The distribution deal makes Woodbridge the sole supplier of trout and salmon products for Monde Nissin, which sells its foodstuffs to independent grocers in 45 countries.

Pure Foods reports that the deal is expected to increase Woodbridge's total revenue by 50% in FY22 against the previous year, and increase Pure Foods' total group revenue by 15%. 

The deal will include four new Woodbridge products the company recently brought to market. Monde Nissin is currently also in the process of expanding its market into Queensland, which has the potential to further increase revenue from the deal.

Management comments

Pure Foods managing director Michael Cooper said:

We are very excited to be further strengthening our relationship with Monde Nissin Australia. MNA has strong customer relationships covering the Australian FMCG network. The position of PFT as the sole supplier of Atlantic Salmon and Trout products to the Monde Nissan distribution network will provide significant growth opportunities for our Woodbridge Smokehouse brand.

The agreement with MNA further supports the large growth that WBSH has been able to deliver over recent quarters. With forecasted growth for WBSH of over 50% versus last year, it is great to see continued demand and increased availability of our premium brands nationally.

Pure Foods share price snapshot

The Pure Foods share price rose significantly in 2020 – up 220% for the past 12 months – but hasn't performed nearly as well this year-to-date, down 32%.

It has, however, been bolstered with its diversifying news of plant-based food brand acquisitions, such as its buyout of Cashew Creamery in March.

The post Pure Foods (ASX:PFT) share price surges on major revenue deal appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Redcape Hotel Group Pty Ltd (ASX: RDC) share price is surging today after the company announced an upgrade to its FY21 guidance.

Redcape shares are up 5.6% at the time of writing, trading at $1.03.

Redcape owns and operates pubs and hotels across New South Wales and Queensland, offering gaming, food and beverage, and also liquor through retail bottle shops.

Redcape's increased dividends

Redcape upgraded its dividend guidance after it reported continued strong trading in its third quarter of FY21.

The company now expects its underlying earnings to rise to 10.2 cost-per-share (cps), after initially projecting 9.7 cps. It's lifted its fourth-quarter dividend distribution to 2.67 cps, from 1.83 cps in the previous guidance.

Redcape has also increased its full-year distribution, for the financial year ended 30 June 2021, to 8.16 cps. This represents an  11.5% uplift against the company's previous guidance.

The lift in the company's fourth-quarter dividend distributions represents an annualised yield for this financial year of 8.3%.

The company attributed its ability to raise its distribution to "strong liquidity" and "earnings resilience". Its distribution payment date is 30 August this year.

Redcape is also currently acquiring more hotel properties for its portfolio.

It recently settled two additional Sydney properties, O'Donoghue's Hotel at Emu Plains and The Gladstone Hotel at Dulwich Hill. Meanwhile, it expects to settle its two recent Brisbane hotel acquisitions, the Aspley and Shafston hotels, on 17 May 21.

Management comments

Redcape CEO Dan Brady said the new guidance highlighted the company's strong performance.

This is a clear demonstration that our dedicated focus to enhance our local communities through the Public Communities program is resonating with our customers. Our continued attention on improving staff and customer engagement highlights the overall resilience of our portfolio as we return to growth.

Redcape share price snapshot

The Redcape share price has lifted almost 9% over the past month and is up 10% since the start of 2021.

Shares in the company are also up over the past 12 months, lifting by more than 43% despite enduring shutdowns due to the coronavirus pandemic.

The post The Redcape (ASX:RDC) share price is flying 5% higher today. Here's why appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Alicanto Minerals Ltd (ASX: AQI) shares are rocketing today after the company revealed new high-grade copper assays. At the time of writing, the Alicanto share price is up 7.69% to 14 cents, sneaking ever closer to a 100% yearly return.

Alicanto is a mineral exploration company, focused on the exploration and development of a portfolio of gold projects in the prospective geological provinces of Guyana. Its geographical segments are spread across the most unlikely of bedfellows: Guyana, Australia and Sweden.

Let's take a look at what's behind the booming Alicanto share price today.

Alicanto's copper discoveries

Alicanto's recent high-grade copper assays are from its first holes at Stone Lake, in the Greater Falun Project in Sweden. All of the company's exploration activities have historically been located in Scandanavia, but now it's also operating a little further afield.

Its Falun assays report results of up to 5.92% copper and the mineralogy suggests drilling is close to the source.

Assays from drilling at Stone Lake have returned 5.92% copper grades and 4.6 parts-per-million (ppm) of silver from 124 metres to 124.4 metres. The hole also revealed the presence of native copper.

With copper prices currently at all-time highs, it's not surprising to see the Alicanto share price surging on the results.

Both holes drilled to date at Stone Lake intersected an intensely skarn-altered sequence of volcano-sedimentary rocks (hornfels) and interbedded limestones (marble-massive skarn) in contact with a strongly deformed granitoid.

For any geology nuts out there, skarn is very interesting as it's a volcanically affected rock that forms out of magma from volcanic explosions. Alicanto says that the "combination of high-grade mineralisation and the significant alteration footprint" underlines the area's prospectivity for copper-gold skarn mineralised bodies.

Follow-up geophysics, including ground magnetic surveys and down-hole electromagnetic surveys, are now underway in a bid to identify nearby copper-gold and polymetallic skarn mineralisation.

Management comments

Alicanto managing director Peter George said:

This is a highly promising result. The intersected mineralisation, together with its textbook skarn alteration, strongly indicates that we have identified another intrusion-related copper skarn system, less than 10km away from the world-class Falun deposit.

The semi-massive character of the intersected copper-skarn system, some 80m beneath historic workings with similar mineralisation, in combination with the most intense, proximal and prograde skarn alteration so far encountered at Greater Falun, highlights the potential for significant mineralisation nearby.

Alicanto share price snapshot

As a small-cap share, the Alicanto share price has shown a huge degree of volatility on the ASX. In the past two months alone, it's dropped by as much as 30%. In the past 12 months, however, it has gained around 94%. 

The post Alicanto (ASX:AQI) share price surges 8% on high-grade copper appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Astron Ltd (ASX: ATR) share price is rocketing today after the company revealed new metallurgical test work on its Donald mine and a series of zircon test results.

Astron shares are up 8% to 54 cents per share at the time of writing. 

Astron is a Hong Kong-based mineral sand mining company that evaluates and advances downstream applications for zircon and titanium. It's also heavily involved in titanium-based materials trading. The company's segments include the Donald Mineral Sands in rural Victoria, and in Senegal and China.

Let's take a look at what's driving the Astron share price today.

Astron's Zircon tests

Astron has been testing zircon from its Donald mineral sands mine against competitor products. Zircon is a popular gemstone that people have been using for more than 2000 years. It's even a birthstone for the month of December. 

Astron said testing of its "premium zircon" from Donald has determined that it "rates favourably in terms of whiteness – a highly desirable characteristic for the main ceramics end-use market – compared to three competitor products". 

The company calls the extra-white zircon from the Donald mine 'Donald Premium Zircon' and expects this grade of gemstone will constitute 80% or approximately 95,000 tonnes per annum of its total 1 zircon production.

It may prove cheaper to mine in the long-term, as this zircon will not require acid leaching to meet customer specifications. In the next stage of its Donald project zircon mining operations, Astron says it has the ability to double total production.

Astron's rare earth results

In other metallurgical test work from the Donald mine, Astron advised it has also found significant rare earth deposits. Today, the company confirmed its ability to produce a high-quality rare earth elements concentrate from a froth flotation technique.

Using this specific extraction technique, Astron can find a total rare earth element percentage of 51.2% with low impurity levels from its mineral sands in the region. The Donald mineral sands project is located in the Wimmera region of Victoria, 60km from Horsham and near the township of Minyip.

According to the company, Donald represents "one of the largest known zircon and titanium ore bodies in the world and a potentially significant new source of global supply".

Astron share price snapshot

The Astron share price has shot up this month, up more than 50%, and is also up considerably over the past 12 months at 208%. The company can only be bought on the ASX as chess depositary interests (CDI). CDI's act as a 'right to buy' share at a certain price on another exchange.

The post Why the Astron (ASX:ATR) share price is up 8% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The Aeris Resources Ltd (ASX: AIS) share price is rocketing today after the company revealed it has found "massive" copper sulphides.

Aeris shares are surging 20% to 13.2 cents per share at the time of writing, bringing its yearly return to 297%. 

Aeris is a mineral exploration and production company, with businesses including Tritton Copper Operations, Tritton Regional Exploration, Advanced Mining Projects, Torrens Projects, Yandan Project, Canbelego Project, and others.

It engages in mineral production and sale of copper, gold and silver, but only the exploration for copper.

Aeris' big copper discoveries

Copper is currently at record high prices as part of surging commodities markets, as infrastructure and technology projects spearhead the global economic recovery.

As a result, the Aeris share price has been rising for some time, but today's report out of its Canbelego mine in New South Wales is one of the company's biggest single-day movements in the past year.

Aeris' second diamond drill hole of its 2021 program has intersected 29.5 metres of copper sulphide mineralisation at Canbelego. This second drill hole has extended the company's copper mineralisation ~90 metres down-dip from the current existing Canbelego mineralisation.

It's also extended Aeris' copper discoveries a further 80 metres below the 24 metres of copper sulphide intersected in Aeris' first diamond drill hole in Canbelego, which was found on 3 May but not subject to a market update.

For any geology nuts reading, the second drill hole's copper mineralisation comprises discrete massive, breccia fill, veins and disseminated chalcopyrite. A third drillhole is already underway 200 metres to the north.

Canbelego management comments

Unfortunately for sole Aeris investors, the company only owns 30% of the Canbelego project, with the other 70% owned by Helix Resources Ltd (ASX: HLX). Helix shares have risen a whopping 135% today at the time of writing.

In today's release, Aeris included comments from Helix's managing director Mike Rosenstreich, who said:

This is an exciting hit – notably there is more massive copper mineralisation in this drill hole which is very encouraging for a high-grade copper zone when the assays come in. As a bonus, there is the possibility of a second copper position emerging after we intersected chalcopyrite veins much higher in this hole.

Canbelego is one of Helix's two advanced copper projects and a key objective of this drilling program and the EM surveys is to demonstrate the growth potential of the defined mineralisation at each of them. Clearly, these two recent drill holes at Canbelego have extended the copper mineralisation nearly 100 metres below the previous base of the mineralisation envelope, which I am sure will be confirmed by the assays expected in June.

Aeris share price snapshot

The Aeris share price has been a strong performer in 2021, rising by a similar margin today as it did in February on similar copper discoveries. It's beaten its basic materials sector by more than 250% over the past year.

The post The Aeris (ASX:AIS) share price is flying 20% on 'massive' copper find appeared first on The Motley Fool Australia.

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Vitalharvest Freehold Trust (ASX: VTH) shares were on the rise today. By the market's close, the Vitalharvest share price was trading 2.38% higher at $1.29. This came after the company announced it has accepted the latest buyout offer from Macquarie Group Ltd (ASX: MQG) subsidiary Macquarie Agricultural Funds Management. 

Vitalharvest is an investment trust. The company's objective is to provide unitholders with exposure to real agricultural property assets with earnings profiles exposed to the growing global demand for nutritious, healthy food.

Takeover background

Macquarie Agricultural Funds Management (MAFM) has been in a tug-of-war over Vitalharvest shares with private equity firm Roc since earlier this year. 

The tussle has now reached its eighth offer, with Vitalharvest accepting Macquarie's revised offer of $1.28 per Vitalharvest share. It's still possible, however, that Roc may submit yet another offer, further impacting the Vitalharvest share price.

For what it's worth, the Vitalharvest board has once again determined that it is in the best interests of its shareholders to accept the Macquarie proposal. Vitalharvest has already agreed to amend the scheme implementation deed – the original of which is now more than a month old – to reflect the terms of the eighth Macquarie proposal.

Other than price, this latest deal is on substantially the same terms as the existing scheme implementation. 

Vitalharvest wants to wrap this up

While some long-term investors may be enjoying this unfolding story, and the rising Vitalharvest share price, the company appears to be anxious to end the stalemate, according to its release:

Consistent with maximising unitholder value and unitholders receiving any consideration on a timely basis, Vitalharvest is seeking to bring this process to a conclusion as quickly as possible in the best interests of unitholders and is conscious that any further meeting deferrals could cause implementation to be delayed past the end of the financial year.

Vitalharvest will update unitholders on the new meeting date which Vitalharvest is looking to hold as soon as possible and is anticipated to be held by early June. Vitalharvest will provide a revised date for the meeting and any further supplementary disclosure as soon as possible.

Vitalharvest share price snapshot

The Vitalharvest share price has been riding the wave of increasing takeover offers this past month, rising by almost 8%. More broadly, the company's share price has risen by around 75% over the past 12 months. 

Based on its current valuation, the company has a market capitalisation of around $233 million.

The post Vitalharvest (ASX:VTH) share price rises on Macquarie acceptance appeared first on The Motley Fool Australia.

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.