Stocks of the Hour: Mesoblast, Allegiance Coal & TNG

Mesoblast (ASX:MSB)  announced this morning results from three randomised controlled trials that show single intervention with REXLE MESTR OCEL-L improves left ventricular ejection friction at 12 months, preceding long-term reduction in major adverse cardiovascular events. Shares in MSB are currently trading 11.1 per cent higher at 95 cents.

The market cap of Allegiance Coal (ASX:AHQ) has fallen by over $200m following today’s announcement of a strategic review and equity facility arrangement with Regal Funds Management. The Regal placement will provide the company with necessary liquidity for the Board to complete a strategic review of its portfolio. Legacy coal sales contracts at New Elk, coupled with production constraints, staffing issues and poor logistics performance in transporting coal to port, have meant that the mine is running at an operating cash flow loss which has significantly constrained cash flows. Shares are currently trading almost 70 per cent lower at 17 cents.

TNG (ASX:TNG) announced this morning that it has achieved further significant milestones in its funding strategy for the 100 per cent owned Mount Peak Vanadium. Titanium iron project in the NT following the receipt of letters of interest from Euler Hermes and seven lenders active in Mining & metals and eco Finance. TNG CEO Paul Burton commented “This marks another significant and exciting milestone in our multi- source funding strategy for Mount Peak. The receipt of a letter of interest for A$300 million in funding from Euler Hermes represents a significant achievement for TNG and represents the culmination of many years of hard work at TNG”. Shares are currently trading 2.9 per cent higher at 7 cents.