Resource round-up: SeaEnergy, Strategic Natural Res., Forte Energy, Baobab

SeaEnergy, the offshore wind power firm has seen its stock rise sharply after announcing a tender offer for nearly 28 per cent of its stock. Shareholders could receive up to 6.9m pounds if they take up the company's offer of selling their holdings at 36p per share, a premium of 32.7 per cent over the closing price on July 5th. At 09:58 the stock was up 13.9 per cent.

By MoneyWeek

published 6 July 2012

in Features

South African coal miner Strategic Natural Resources has signed coal off-take agreements and raised £1.9m to fund production at its Elitheni mine, which is expected to begin by the end of this year. The firm also reported a loss before tax of £2m, better than the previous year's figure of £2.74m but still enough to send the stock down 1.9%.

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Baobab Resources the Mozambique-focused iron ore explorer has ended its joint venture with another firm called Ferrex. The joint venture was established in 2010 to explore the manganese and base metal potential of Baobab's Changara project. Now Ferrex wants to concentrate on another site in Togo, leaving Baobab in 100% control at Changara . Baobab's stock rose 4% on the news.

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