Hot Stocks: Mayne Pharma, Provaris, Lucapa, James Hardie, Adriatic Metals

Here’s some of the companies that made the news this week.

Mayne Pharma (ASX:MYX) has rejected claims by Cosette Pharmaceuticals that a ”°Mayne Material Adverse Change”± has occurred, potentially threatening their proposed acquisition under a scheme of arrangement. Cosette’s concerns include Mayne’s recent trading performance, litigation with TherapeuticsMD, and an FDA untitled letter relating to promotional claims for NEXTSTELLIS¢ē. While Cosette has not yet terminated the deal, it has triggered a 10-business-day consultation process, indicating it may walk away if not satisfied. Mayne contends that no adverse change as defined in the agreement has occurred and that all relevant information had already been disclosed, including the FDA letter which it viewed as non-material and thus not market-sensitive. Mayne says it remains committed to the deal and will enforce its rights under the Scheme Implementation Deed if necessary.

Lucapa Diamond Company (ASX:LOM) has formally entered voluntary administration, appointing Cor Cordis as administrators on 23 May 2025. This follows the companyӮs earlier request for a trading suspension while exploring options to recapitalise or restructure its operations. The ASX has confirmed that Lucapa is in breach of Listing Rule 12.2 due to its inadequate financial condition and has extended the trading suspension under Listing Rule 17.3. The administrators will assess options to preserve the value of the companyӮs assets, which include stakes in the Mothae mine in Lesotho and the Lulo mine in Angola, and are expected to engage with shareholders and creditors in the coming weeks.

Adriatic Metals (ASX:ADT) has confirmed it is in preliminary discussions with Toronto-listed Dundee Precious Metals regarding a potential change of control transaction. The announcement, made on 22 May 2025, follows media speculation and a sharp surge in the company’s share price. Adriatic has stressed that discussions are ongoing and incomplete, and that there is no certainty a transaction will proceed. The company, which owns the Vares silver project in Bosnia and Herzegovina, is not required to disclose further information at this stage but has committed to updating the market in accordance with ASX Listing Rules.

Building materials giant James Hardie Industries (ASX:JHX) has reported a 17% year-on-year fall in net profit for the fourth quarter, citing macroeconomic challenges and weaker volume growth in the North American market. Net income dropped to US$129.6 million, down from US$156 million a year prior. The company also announced a new share buyback program of up to US$250 million, to be executed over the next 12 months, but gave little detail on its controversial acquisition of AZEK. CEO Aaron Erter reiterated the companyӮs focus on profitable growth and cost discipline, but investors responded negatively to the results, pushing shares down over 6%.

Provaris Energy (ASX:PV1), known for its hydrogen shipping technology, is expanding into the carbon capture and storage (CCS) sector through a partnership with energy infrastructure operator Yinson. The joint development agreement will focus on designing and commercialising large-scale liquid CO©ü (LCO©ü) tanks for marine and onshore applications. Provaris sees growing demand for such infrastructure due to rising global emissions and stricter carbon policies, particularly in Europe. The company expects to generate license fees from its proprietary designs and benefit from a first-mover advantage in what it describes as a rapidly growing segment of the global shipping industry.