The Tasmanian distiller will step up its export program from 2023, following the acquisition of Kernke Family Shene Estate for $ 40 million. The acquisition will be accompanied by a capital increase best debt consolidation company of $ 53 million. The company is on trading halt before the $ 5 per share increase at a very low price from the closing price of $ 5.06 on Friday.
Australian stocks were higher in morning trading, led by the materials sector which offset weakness in gold mining companies and healthcare stocks best debt consolidation company
The S & P / ASX200 is up today, gaining 17.80 points or 0.24% to 7,379.80. Over the past five days, the index has gained 1.10% and currently sits at 3.31% of its 52 week high.
The best performing stocks in the S & P / ASX200 are Nickel Mines Ltd up 4.31% and () up 3.93%.
At the time of writing, () also performed well, up 3.6% to $ 25.92, Virgin Money UK up 3% to $ 3.82 and IGO Ltd up 2.7% to $ 9.34.
Beach Energy Ltd climbed 2.4% to $ 1.48, Lynas Rare Earths Ltd gained 2.3% to $ 7.11 and Tyro Payments strengthened 2.3% to $ 4.06.
On the downside this morning, Silver Lake Resources Limited fell 3.3% to $ 1.61, () 3.2% to $ 1.50 and () 2.8% to $ 3.79.
S&P ASX 200 the best and the worst
To note this week
Last week it was wine, this week it was whiskey
Lark Distilling wants to be the Penfolds of Australian whiskey.
The Tasmanian distiller will step up its export program from 2023, following the acquisition of Kernke Family Shene Estate for $ 40 million.
The acquisition will be accompanied by a capital increase of $ 53 million. The company is currently on a trading halt ahead of the $ 5 per share increase at a very low price from the closing price of $ 5.06 on Friday.
Directors will shell out $ 6.4 million, while retail shareholders will be able to purchase up to $ 30,000 in shares.
The acquisition gives Lark the opportunity to launch an aggressive export program based on the principle of high quality, clean and green provenance of Tasmanian whiskey.
Lark will spend $ 13 million of his raise on a new distillery at Kernke’s Pontville distillery site. It will have a capacity of 1 million liters and should be operational by June 2023.
The new distillery is a panacea to Lark’s potential whiskey shortage, which had threatened his export plans. The acquisition will bring an additional 483,000 liters of maturing whiskey worth $ 24 million.
âWe are following a very well-known playbook in Australian alcohol, and in particular Australian wine,â said Lark Managing Director Geoff Bainbridge.
âWe believe there is a great opportunity for a company like ours,â he said.
Bainbridge called Lark the Penfolds of the whiskey.
âIt’s definitely the way we articulate our position in the elevator pitch.
âLark is the Penfolds of Australian whiskey,â he said.
Lark’s share price has more than tripled since January, when it stood at $ 1.50.
It’s quarterly season again.
It looks like we just finished reporting on the last batch, followed by annual reports and the next batch is now running out.
The same is happening in the United States, where analysts look at results and determine what key information is likely to impact the markets.
Expect to see several quarterly articles in the coming weeks.
Chinese GDP figures are expected this afternoon.
According to Joseph Palmer & Sons director Alex Moffatt, âEconomists circled 5.2% per year for economic growth for the third quarter, compared to 7.9% per year recorded for the second quarter. China is also reporting industrial production today and, again, a decline is expected. ”
We’ll see what this does to the short-term markets.
Turkey’s central bank shakes
“Turkey continues to struggle with high inflation, which has led the president to dismiss three members of the central bank’s monetary policy committee,” Moffatt said.
The pound set new records against the dollar and the euro last week as traders positioned themselves for more interest rate cuts despite high inflation. Turkey’s central bank has cut its key rate by 100 basis points last month to 18% and the market expects further cuts.Inflation in Turkey is 19.6%.
On the front of the small cap
() Ltd is up 13.33% after identifying several potential tin and tungsten targets on its wholly-owned Cameron Tin project in northeast Tasmania.
Shree Minerals Limited is up 10% after identifying the potential for lithium-containing pegmatites in addition to gold mineralization initially targeted at the Dundas project in Western Australia.
(,) is up 5.41% after the launch of its first exploration drilling.
Patrys Limited is up 4.65%. PAB has welcomed data from a completed preclinical study that demonstrates that its full-size deoxymab antibody, PAT-DX3, increases survival in an animal model of breast cancer.
(,) is up 3.81% following confirmation that it was accepted into the innovation session of the prestigious Transcatheter Cardiovascular Therapeutics (TCT) conference, validating the clinical relevance of the company’s technology.
() is up 2.78% after consolidating its base metals portfolio by entering into a binding agreement to acquire a 75% stake in the Geoff well project.
() is up 2.44%. The first pass reverse circulation (RC) reconnaissance drill program confirmed a mineralized system on its Meridian prospect over a strike length of 700 meters.
(,) is up 2.19%. AX will close its Share Purchase Plan (SPP) early after receiving strong support from eligible shareholders to raise AU $ 10 million, double the original target.