Stocks of the Hour: LBT Innovations, Selfwealth, Lucapa Diamond Co

LBT Innovations (ASX:LBT) announced a $4.5m partially underwritten renounceable Entitlement Offer on a 4 for 1 basis. In response, LBT Chair, Ms Rebecca Wilson said, “Pleasingly we have secured underwriting commitments, including participation from eligible Board members, that demonstrates confidence in our commercial strategy and provides comfort to shareholders about the rights issue outcome.” Shares are trading 18.18 per cent lower at 0.9 cents.

Selfwealth (ASX:SWF) notes media speculation regarding a potential transaction with Stake. In recent weeks Selfwealth received a confidential, non-binding, indicative proposal from Stake to acquire the Company by way of scheme of arrangement at a cash price of 17.5c a share. After careful assessment, the Board of Selfwealth formed the view that Stake’s incomplete and conditional proposal did not offer appropriate value to Selfwealth shareholders. Shares are trading 25 per cent higher at 17.5 cents.

Lucapa Diamond Co (ASX:LOM) announced the results of the recent exceptional stone tender which attracted US$15.7 million (A$24.5 million) for seven Lulo diamonds. Lucapa CEO and Managing Director Nick Selby commented, “this tender demonstrates that the weakness being experienced currently in the smaller goods which go into the mainstream diamond jewellery market doesn’t seem to have translated into the large, high-quality stones, where demand and prices remain robust.”Shares are trading 9.09 per cent higher at 3.6 cents.
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Source: Finance News Network