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But within hours of trading, the share price fell to £3.28, cutting the market cap by more than £500 million. Shares recovered slightly and were trading at £3.33 by 9 a.m. London time.
The IPO comes as stock markets worldwide take a hit, with the pan-European Stoxx 600 falling over 1.3% in early trade Thursday. European markets are following the negative trend seen in Asia-Pacific overnight and the U.S. on Wednesday after the latest U.S. inflation data for April showed higher-than-expected price pressures.
Founded in Toronto, Alphawave announced it intended to list on the London Stock Exchange last month, shunning New York s tech-focused Nasdaq in the process.
DUBAI: Iraqi Kurdistan-based independent oil producer Gulf Keystone announced a special dividend of $25 million, citing strong oil prices and an improving economy.
The special dividend is in addition to an annual dividend of $25 million, both of which will be voted on at the company’s AGM on June 18, Gulf Keystone said in a filing to the London Stock Exchange on Thursday.
“We will continue to balance investment in growth and returns to shareholders as we develop and realise value from the Shaikan Field for the benefit of all stakeholders,” the company said in the filing.
Separately, Gulf Keystone said it had received a letter from the Kurdistan Regional Government (KRG) proposing amended terms for the payment of arrears because of the COVID-19 pandemic.
How a cash-and-carry in North Shields grew to become a £100m business
Kitwave Group has been valued at £105m after announcing plans to float on the Stock Exchange
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A business that started with one cash-and-carry on Tyneside has been valued at more than £100m after announcing plans to list on the Stock Exchange.
AfricaAnglo American investors approve spin-off of S. African thermal coal
Reuters
1 minute read
The logo of Anglo American is seen on a jacket of an employee at the Los Bronces copper mine, in the outskirts of Santiago, Chile March 14, 2019 REUTERS/Rodrigo Garrido/File Photo
Anglo American plc (AAL.L) said on Thursday shareholders had approved the spin-off of its South African thermal coal business into a new company, paving the way for its listing in Johannesburg and London next month.
If the transaction meets all other approvals, Thungela Resources Limited is expected to be listed on the Johannesburg Stock Exchange and on the London Stock Exchange on June, 7.