Alstom (OTCPNK: ALSMY) stock volume soared Apr. 22, with 454,486 shares changing hands, significantly higher than its three-month average volume of 331,677 shares.
France-based Alstom SA serves the power generation market through its power sectors. It designs, manufactures, supplies, and services products and systems for power generation and transmission, and transport infrastructure markets.
On Apr. 14 Alstom announced that it had been awarded a contract worth approximately $310 million to provide power generation equipment for the Al-Anbar gas-fired combined-cycle power plant being built in the Anbar province in Iraq. A consortium of Metka SA and Metka Overseas Ltd is building the power plant for the Ministry of Electricity of Iraq.
The 1,642 MW power plant, due to be commissioned in 2016, will add much needed electricity to the Iraqi grid. Once in operation, it will be one of the largest and most efficient combined-cycle power plants in Iraq.
Under the scope of the contract, Alstom will supply four highly efficient GT26 gas turbines, four Heat Recovery Steam Generators (HRSG’s), two steam turbines and six air-cooled turbogenerators.
On Apr. 22, ALSMY’s share price closed at $3.16, up 10 cents from the previous day’s close of $3.06 a share.
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Sandstorm Metals & Energy Announces Plan of Arrangement with Sandstorm Gold
Sandstorm Metals & Energy Ltd. (OTCPINK: STTYF) share volume skyrocketed Apr. 22, with 835,361shares changing hands, more than 20 times its three-month average stock volume of 40,915 shares.
The tremendous surge in volume is being fueled in part by the Canadian streaming company’s Apr. 21 announcement that it has entered into a definitive arrangement agreement with Sandstorm Gold Ltd. (“Sandstorm Gold”) (NYSE MKT: SAND, TSX: SSL) (pursuant to which Sandstorm Gold will acquire all of the issued and outstanding shares (of Sandstorm Metals other than the Sandstorm Metals Shares currently owned by Sandstorm Gold. The transaction will be implemented by way of a statutory plan of arrangement under the Business Corporations Act.
Upon completion of the Arrangement, Sandstorm Gold will issue to each holder of a Sandstorm Metals Share 0.178 of a common share of Sandstorm Gold (each whole common share, a "Sandstorm Gold Share") and CAD$0.35 to be paid in cash (together, with the fractional Sandstorm Gold Share, the ("Consideration"). The value of the Consideration represents a 43% premium over the closing price of the Sandstorm Metals Shares on the TSX Venture Exchange (the "TSXV") on April 21, 2014, the last day of trading prior to the announcement of the Arrangement, and based on the closing price of the Sandstorm Gold Shares on the Toronto Stock Exchange (the "TSX") of CAD$5.99 on April 21, 2014. The terms of the Arrangement value Sandstorm Metals at $1.42 per share or approximately CAD$49 million.
On Apr. 22, STTYF’s share price closed at $1.22, up 34 cents from the previous day’s close of 88 cents a share.
L&L Energy Inc. Submits to Voluntary Delisting from NASDAQ
L&L Energy Inc. (OTCQB: LLEN), a Seattle-based company with coal operations in China, on Apr. 8 announced that it has notified NASDAQ of its intention to voluntarily delist its common stock from the NASDAQ.
Charges against Former CEO
On Nov. 18, 2013, NASDAQ placed a T-12 trading halt on L&L's common stock. On Mar. 27, 2014, the Department of Justice and the Securities Exchange Commission announced charges against Mr. Dickson Lee, L&L's former Chairman and CEO. Mr. Lee pleaded not guilty to all charges. Counsel for Mr. Lee commented, “We deny these allegations completely. These charges stem from very old claims that occurred in 2008 and early 2009. At that time, this was a very small company that was just starting to experience substantial growth.” Due to the pending charges, Mr. Lee has resigned from his positions as L&L's Chairman and CEO, effective April 1, 2014.
The Company's Board of Directors has voted to submit an advanced notification to NASDAQ of the Company's decision to voluntarily delist its common stock from the NASDAQ. The Company intends to file a Form 25 with the Securities and Exchange Commission ("SEC") on or about April 18, 2014 to effect the voluntary delisting of its common stock from NASDAQ. The official delisting of the Company's common stock will become effective approximately ten days thereafter. The Company anticipates that the Company's common stock will trade on the OTC Markets, although there can be no assurances that any trading market for the Company's common stock will exist, and the liquidity of such trading market may be limited.
The Company will continue to file periodic reports with the SEC pursuant to the requirements of Section 12(g) of the Securities Exchange Act of 1934, as amended.
Independent Directors, Mr. Jingcai Yang and Dr. Syd Peng, along with members of the Company's Executive Management team, will visit multiple L&L offices in China this coming week to meet with joint venture partners and staff to discuss both the short term and long term transition of the CEO position and future strategic plans. The Board will continue to update the Company's shareholders as more material information becomes available.
On Apr. 22, LLEN’s share price closed at 41 cents, up 20 cents, or 95.24% from the previous day’s close of 21 cents a share.
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