News

Argonaut congratulates Strandline on successful placement

Argonaut acted as Lead Manager to successfully raise A$5.2 million for Strandline Resources Limited (ASX:STA) (“Strandline”). The Company raised funds from Australian and international institutional and professional investors by way of a placement at an issue price of A$0.008 per share, a 23.08% premium to the last close price (as at 11 May 2017) of $0.0065. The raise was cornerstoned by Strandline’s long term shareholder and successful resources investor, Tembo Capital, as well as experienced mining & minerals investment company, C&H International Investment Limited.

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Morning Notes

Gains in industrial shares helped push the Dow Jones Industrial Average higher on Monday. Major indexes started the day little changed, then extended gains throughout the afternoon. With the U.S. stock market closed Thursday in observance of Thanksgiving and few major economic reports on the docket this week, some analysts and investors say trading is likely to be relatively quiet over the next couple of days. The Dow industrials climbed 0.4%. The S&P 500 added 0.2% and the Nasdaq Composite rose 0.1%.

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Latest Research

After acquiring East Coast-based Heyday in FY17 SCEE transformed its business by diversifying revenue streams across sectors and geographies. The Company now has strong growth prospects through exposure to the NSW commercial market. The recent placement ($33.2m at an issue price of $0.75) will provide necessary working capital to support this strong growth. However, despite our positive view, recent share price gains leave little upside to our revised $0.80 valuation causing us to downgrade to a HOLD.

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