Stocks of the Hour: Namoi Cotton, Imugene, Beston Global Food

Company News

by Abbey Phillipps

Namoi Cotton (ASX:NAM) has received a non-binding, indicative and conditional offer (NBIO) from Louis Dreyfus Company Asia to acquire the remaining 83% of issued shares in Namoi that it does not currently own, by way of a scheme of arrangement, for a total cash consideration of $0.51 per share. The NBIO permits Namoi to pay a dividend of $0.01 per share to Namoi shareholders, which is not conditional on the Scheme proceeding and which would reduce the cash consideration to $0.50 per share. Shares are trading 33.8 per cent higher at 47.5 cents.

Imugene Limited (ASX:IMU), a clinical stage immuno-oncology company, announced its Metastatic Advanced Solid Tumours (MAST) clinical program evaluating the safety and efficacy of novel cancer-killing, VAXINIA, has been granted Fast Track designation from the FDA. In response, Imugene CEO and MD Ms Leslie Chong said, “The Fast Track process of drug development is designed to facilitate the development, and the review of drugs to treat serious conditions and fill an unmet medical need, with Fast Track status often leading to earlier drug approval and access by patients.” Shares are trading 15.38 per cent higher at 10.5 cents.

Beston Global Food (ASX:BFC) has provided a further update on its operations following its AGM. The Company successfully expanded its Lactoferrin capacity, divested non-core assets, and faces short-term challenges in the Australian Dairy Sector. Shares are trading 7.69 per cent higher at 0.7 cents.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?