Share Name Share Symbol Market Type Share ISIN Share Description
Upstream LSE:UPS London Ordinary Share KYG7393S1012 ORD 0.25P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.625p 0.00p 0.00p - - - 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
6.3 0.4 21.9 0.1 2.23

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19/4/2017
22:36
master rsi: Excitement brewing at AIM star Thalassa - By Lee Wild | Wed, 19th April 2017 - 17:13 Just before Christmas we covered a small AIM-listed company providing marine services to big oil companies. Its share price had just shot up to a five-month high, but there was confidence another 38% was there for the taking. Less than six weeks later, target was achieved, but things are happening again and the shares are on the move. Shares in Thalassa (THAL) suffered harsh treatment last week, despite beating house broker full-year results estimates at the pre-tax level. Better gross margin performance helped generate adjusted pre-tax profit of $3.6 million, but the shares still fell to a three-month low. However, having upgraded from 80p in January and 65p the month before, John Cummins, an analyst at house broker WH Ireland, thought they were worth at least 100p, implying upside of well over 50%. Latest activity is justifying that optimism. "The long-term nature of our current book of business (five-year plus contracts), asset light model and flexible management structure gives us a remarkable competitive advantage, which thankfully our competitors do not share," said chairman Duncan Soukup on 12 April - results day. "It is, therefore with a certain amount of confidence that we are able to look out thee-to-five-years into the future in the knowledge that we should continue to perform in line or above expectations, as long as we perform to our clients' satisfaction and the price of oil does not collapse for any extended period of time." And regular Interactive Investor contributor, oil industry analyst Malcolm Graham-Wood, was perplexed by the market's grim reaction to the figures. "The shares should be up, not down as the operating side of the company has performed very creditably and continues to do so. Top stuff Duncan." And finally the market has woken up Wednesday, with Thalassa shares up as much as 19% to their highest since the end of February, after Soukup confirmed he's in early-stage talks with a potential buyer of one or both of the firm's subsidiaries - WGP Group and Autonomous Robotics Limited (ARL). This is all part of Thalassa's strategy to "bridge the gap between [its] current share price and the board's assessment of the intrinsic value of the company's assets", following a 10% drop in the share price since the annual results. "With WGP holding two long-term [permanent reservoir monitoring (PRM)] contracts over four fields providing good visibility, and positive progress in development continuing at ARL, we believe that there is substantial value in these two businesses," writes Cummins. "Value also exists in the group's 23.3% stake in [The Local Shopping REIT (LSR)], as illustrated by the most recently reported 43p/share at LSR's full year results in December, in addition to Thalassa's latest reported net cash position of $7.7 million. "On the back of this announcement, we maintain our 'buy' recommendation and 100p net asset value-based share price target, whilst we estimate the underlying intrinsic individual value of the group's interests combines to generate more than double this valuation." This is a convincing argument, but investors should understand the risks here. The sale won't happen if the two sides can't agree a price. Thalassa shares are fairly illiquid, too, which means they could move down as quickly as they went as up. That area just either side of 70p is also hugely significant. Thalassa shares were worth over 300p only three years ago. There could still be plenty of shareholders who bought at around that level and who regret not selling during the good times. It proved stiff resistance in 2015 and has again on a handful of occasions in 2017. It will require some special news to make a break above that stick. Watch this space.
06/4/2017
23:57
master rsi: Why I’d buy fast-growing Hurricane Energy over turnaround candidate Imagination Technologies - Kevin Godbold | Thursday, 6th April, 2017 The fortunes of Imagination Technologies Group (LSE: IMG) and Hurricane Energy (LSE: HUR) couldn’t be more different right now and that reflects in their share prices. Ups and downs Those invested in tech firm Imagination Technologies have suffered a calamitous plunge of 62% or so since the end of March. The firm’s largest customer, Apple declared its intention to abandon Imagination’s intellectual property offering around 15 months or two years from now, so that will pull the rug from under around half the firm’s current revenues. Meanwhile, oil exploration company Hurricane Energy has delighted its shareholders with a more-than-450% uplift in its shares since April 2016 on the back of a successful oil exploration programme in the North Sea. The firm now thinks it could be sitting on “the largest undeveloped discovery on the UK Continental Shelf.” What now? Whether you hold these firms’ shares already, or if you are considering a new purchase, at every point in a stock’s journey there is a decision to be made. At frequent periods, I reckon we should ask ourselves whether to ‘buy’, ‘sell’ or ‘hold’. However, one school of thought has it that if you don’t rate a stock as a ‘buy’, it is by default a ‘sell’, and that’s an opinion I’m increasingly drawn to in my own investing. Unpleasant things can happen to those that hold for too long, perhaps the most common of which is the dreaded share price reversal, which can cause once perky portfolio profits to evaporate. Warren Buffett, Peter Lynch and other well-known successful investors built their fortunes by nailing down profits when they had them, not by holding on and on and on, despite what we often hear in the media. So if I was sitting on big profits with Hurricane Energy now I would probably take at least some of them by selling some of my shares. When it comes to a decision to buy these firms now, the choice offers opposing characteristics. Is the most interesting company the one that has run into operational problems and needs to turn around its fortunes, perhaps with a new strategy? Or is the tempting candidate the firm demonstrating operational success and a bright outlook? To be, or not to be contrarian It’s well known that many investors seem to gravitate to shares making new lows. When a company such as Imagination Technologies runs into operational trouble, the valuation can shrink and the shares can look like a bargain. However, Imagination has been relying on Apple for a long time and has been slow to build a more diverse revenue base. Now it looks like the firm may become embroiled in a legal dispute with its hitherto main customer. The situation looks messy and I think there may be risks ahead for shareholders. The clear choice for me is to focus further research on the company that is performing well and on the share price that is breaking new highs to reflect that good operational performance, so Hurricane Energy tempts me the most. However, if I did decide to plunge in now and buy some of the firm’s shares I’d remain vigilant and be prepared to sell at the first sign of things not turning out as expected.
06/4/2017
15:45
master rsi: KIBO 6.675p +0.875 (+15.22%) I mention the stock a couple days ago and has never turn back since, as volume reaches record highs again UKIS 2017 KIBO Notes - 2 Apr '17 Policy Changes - Can you explain the difference between the Tanzanian Energy and Policy Procurement Review that is underway, as per the recent presentation and the MEM Policy Review that is completed as per 23/3/17 RNS? These are two completely different reviews. It's hard to put a linear %, in terms of how much of the TEPPR is completed but it's believed the main components have been completed and these aren't really a dealing factor to the ultimate delivery of the project. There is a gazetting process to ensure any changes don't conflict with any other laws etc before being made official. In your assessment how long will the Tanzanian Energy And Policy Procurement Review take to complete? Unable to accurately say but see above that the main bulk of the work has been completed already. So we should be on the home straight. As discussed last year, can you tell me of which, if either, KIBO have had direct input too? Yes they have had input into both of these. Therefore, I read they must have reasonable knowledge of the processes and there shaping of the future. Overall how do you expect all policy changes to benefit the MCPP? Kibo will be benefit for a more robust, solid and sustainable set of rules within the overall framework of reliability within Tanzania. I.e it will ensure all payments etc will be made as agreed which is important for a project like the MCPP which is going to, run for over 25 years. ESIA - What does the ESIA Certification process involve? Literally just a final check and a signing off process. There could be the odd question that may come back to KIBO or a confirmation of certain elements but basically it is what it is, a signing up process. Given the timelines for ESIA certification acquired by other companies, the ESIA certification for KIBO should be imminent. Is there anything else that is holding this up i.e hanging on outstanding policy changes and should we expect this any day now, by that reasoning? Yes KIBO are awaiting this to drop anytime now with nothing else holding this up. SML - Given the timelines for SML approval acquired by other companies, the SML approval for KIBO should be imminent. Is there anything else that is holding this up i.e hanging on outstanding policy changes and should we expect this any day now, by that reasoning? Again, yes KIBO are awaiting this to drop anytime now with nothing else holding this up. PPA - Given the phrases used in the RNS of the 23/3/17 of 'ensuring that a final PPA can be concluded ASAP'. Can we verify that preliminary PPA tariffs were applied to the facilitate the production of the IBFS and Financial Model? The conversation quickly negated this section of questions. LC explained that we have no figures to plug in anywhere and this method of thought is the direct opposite to what is actually happening in reality in this process. We are working this completely the other way around. We are saying what the tariff figures should be, driven from the independently produced figures via the feasibility studies completed. We have control and push negotiations to where we want them to be not the other way around. To me, this means we guarantee a profitable outcome for the project. If so, we're these preliminary PPA tariffs agreed with Tanesco? N/A Again, and if so, are the accuracy of these tariffs still withstanding given the policy reviews? N/A FC - Can we assume once we have an ESIA, SML and PPA we can advance straight to FC or are there any other work streams that need completing that will hold up going to FC? Yes, although some parallel work means part of FC can already be in progress. It is possible to call a scenario of being in a Preliminary FC. Are SEPCO bound to pay you the $3.6m on entering FC or at the completion of FC? This will be on competition of FC but this is not seen to cause any problems in anyway. Will there be a news blackout during FC due to its sensitive nature? Once we reach FC, or more accurately on signing the PPA, that is when the real figures and detail can be released. LC seemed to allude on more than one occasion to look at the figures for the coal that you can workout to give a good pointer to the value that lies ahead. Therefore I don't see FC as requiring a suspension or news blackout. MCPP General - How our partners feel about the delays induced by the Government? They seem pretty understanding of the region and it's development. Obviously they have huge budgets and can outside these types of delays, so no issue here. Did Sandersons acquisition of part of the MCPP surprise you, especially vs their usual MO? LC agreed that obviously it isn't there normal line of business and that it probsbly surprised Sandersons themselves more than it did himself when they got so deeply involved. They have made a huge commitment that the believe they will benefit from. Are you any closer to knowing whether the project will be separated or integrated? No comment. What is your gut feel on which route you prefer to go down? No comment. Do you feel a 30% retention as previously alluded to is realistic or had that changed +/-? Yes this is entirely still possible and and therefore valid figure to base any calculations on. When Sandersons took their 2.5% valuing the MCPP at a discounted $100m, what was the agreed discount valued at? Although he couldn't recall the discounted figure he interesting said this value was based only on the figures from the mine. This took me back a touch as it was the complete opposite to what I expected. In fact, it may well, give rise to the fact my recent 25p a share figure for u the mine for each 300MW is too low. It puts it back to being more 35p and discounted at that !!! He must be expecting a much better price than $32.7mt for the coal being sold into the plant, imo. Can you confirm this 2.5% of the MCPP includes the mine. N/A How does the MEN's statement that 30% of Tanzanian Mining Companies Share holding must be floated on the DSE affect all of our projects especially the MCPP? This would only affect projects that require an SML. Therfore only affect the MCPP. That said, LC was of the opinion that this would in all likelyhood NOT apply to us due to the National Strategic Importance of the project. Make of that, what you will. Can we still expect the MCPP to be spun out ala Katoro? It will either be spun out or in all likely hood, Hanetti will be spun out leaving the MCPP on its own with KIBO. If so at what point would you need to initiate this? N/A. As an aside Noel seemed very excited about Hanetti. I had the feeling more work had been going on there than they have let on possibly. Sandersons - Can you give the exact repayment date of the current 2.9m loan facility? There is no set date and this is a very fluid arrangement. The distinct impressions I got was that there is alot more commitment between all these parties towards eachother than we give them credit for. Sandersons are not there to screw KIBO over for missed dates etc. From what LC said it seems very fluid and flexible. He seemed relaxed to the point of dismissing this as any issue whatsoever. How much currently of the facility has been drawn? I found it hard to believe they didn't know the answer to this but felt it was more a point of not wanting to give any shareholders privileged information, therefore, as it stands we received no figure on this. Given the slippage in timelines for FC what contingencies have you in place for settlement of monies drawn under the current Sandersons agreement and how can we best expect you to negotiate a solution to this? See above. Totally unworried, I suspect an alternative cash injection possibly from selling part of this his he MCPP down, potentially GE appeared the favourites imo. Do you conceed that where Sandersons has the right to convert up to £1.5m of amount drawn down on the Facility into Kibo Shares at the 30 day VWAP prior to the repayment date of the total Facility amount that there is an interest in the KIBO share price being low going through this period for them? LC seemed to be of the opinion this wasn't in Sandersons interest to have a low share price. I asked him if maybe it was in their favour for a short time i.e the 30 day VWAP period at least to get the max shares for the upto 1.5m but LC seemed to say the it was at our discretion whether upto max 1.5m of the facility was repayable as shares. I assume that as the deal and a repayment date seem flexible this maybe isn't a problem as previously explained but also I feel he has access to an alternate funding to eliminate this problem. I.e selling down a small stake in the MCPP possibly. How you you feel about this, as lot of investors feel uncomfortable with it and suspect some share price manipulation? They have and our investigating but so far have not found how or who is//could be causing any manipulation. Beaufort - Given the significant progress made with the MCPP, how do you feel when your house broker cannot upgrade their stock recommendation, despite your best efforts? Also how do you feel this looks to new or potential investors from the outside? Very small potatoes in the grand scheme of things. Government of Tanzania What actually tangible evidence can you show investors as to the government being completely behind this project at this point? Look there isn't a letter or anything assigning KIBO any such special privileges. It's something that needs to happen and KIBO have got themselves to the front of the queue in terms of project development They have great relationships in terms of being completely transparent and honest with the Government and this extends both ways. Can we have some insight as to how KIBO benefits from a supposedly 'special' relationship with the Government? See above Have you any agreement with the government in any form that the MCPP will provide Stage 2 and 400MW for export via the ZTK? Yes this seems obviously where this second stage is going to go, however LC also and passionately pointed out this was not the only option. Only 300MW or Stage 1 can be evacuated into the grid as it stands now. However as an IPP’S he can sell Power to whomever he likes. It need not only be to Tanesco or into the ZTK. He can deal directly with the EAPP too for example or sell as to cement factories etc etc. Sepco III - :-) Can you confirm that KIBO initiated the revision to the original JDA agreement with SEPCO III for their best interests and not that Sepco the JDA was revised as they were not prepared to commit funds due to low IRRS of the Power side of the project. Emphatically and rightly pointed out by LC. Why would SEPCO enter into a deal for 1.8m plus 3.6m just for backcosts and nothing else when the original deal was $3m for 15%. There was no need for further discussion. NPV - Who verified or confirmed the RNS'D NPV figures? Tractebel, MINXCOM etc plus these were again independently assessed, produced and verified. Can you 100% confirm the NPV figures quoted of just shy of $500m per 300MW configuration are figures post debt interest, as I expect them to be. See above, do you really think these companies don't know how to calculate NPV that relates to the rest of the business world? Institutional Investors - You been on record as saying approx 50% of calls into you were from Investors wanting to get in on the MCPP. How come - barring Sandersons, we have no institutional investors notifiable in Kibo? LC was of the opinion that we are under the radar of serious II's. At a 30m cap they will become inerested and can invest. He has had alot of interest, so imo, on the back of significant news we won't possibly retrace next time we go past 10p, we might have bigger buyers buying into the price at the level for the reasons stated. Do you see this as an issue and are you attempting to address it? See above. Diversified Mining - What is the minimum mining permission needed for Kibo to start selling coal locally or will we be waiting for an all encompassing SML? It will be covered under the SML, already applied for. If less than an SML what is the minimum period to get it and can it be converted to an SML later? It will be covered under the SML already applied for. We know the Capex of the mine with regards the MCPP is $17m, what is the CAPEX for getting the mine into early production and how do you intend to raise this amount? The mine is the mine, it will take $17m What ia the current sell price per tonne of Tanzanian coal in local market? Amazingly $60/ $70 per mt What is the profit margin per tonne? No comment What is the nitial and potential sales potential for local domestic market? A lot of interest has been shown so far and still feeling out its full potential. Is there much competition in local market? Not much only one company he mentioned, he didn't seemed to know quite who Edenville would have as customers. Most other mines will have high transportation costs where as at Mbeya they are right on the train track therefore will be able to keep their costs down and provide coal still a lower price than other companies. LC was adamant no one would beat them for price. Is exporting of this coal feasible and being explored? Not impossible but for internal use only for now. CSR Program - What else will this entail and under what conditions were you required to run this? This was triggered via the ESIA but nothing else significant is planned for now. RNS - General feedback is that RNS' need more proof reading, could include more numbers for the market to correctly value us on, along with maybe a little shine when we do things well, although I do think we attempt to hide not so good news well. It was noted but felt most issues were not related to the real material news. Q & A - Given the amount of mails sent into you that must take up valuable time, can we schedule a monthly Q & A through Vox Markets, as this seemed to be a great way of investors being able to interact with you on current issues and may not only cut down on your email inbox but act as great PR. Dedicated email address to be set up with a monthly Q and A sessions as previously conducted via Vox. SP Value - As much as we can see progressions on all project fronts and especially the MCPP, do you conceed that there is only a material increase in share price value when the share is consistently worth more this year than it was last year? Although I didn't ask this the general conversation regarding the share price led to the opinion there will be several significant catalysts for share price improvement coming over the next 2/3 months. To that end, what do you think will be the trigger for realising solid share price value with regard the MCPP, bar an offer being made for the project. See above. I have a value of approx $150-175m for selling a 300MW config with the coal, if retained being worth 25p at the 32.7mt price. Do you feel this is accurate? Approached the his in a slightly more round about way. They certainly didn't argue and I felt this wasn't far off of what they were thinking either. If sold, how do you I tend to make sure we don't end up selling a 1000MW plant for the price of a discounted 300MW plant. This was probably the most significant part of the his home day for me. Each 300MW will be sold as as separate company. Different level of ownership could be assigned over each stage. Therefore KIBO can benefit and realise from the full 1000MW. This IMO, significantly raises the value of the total investment we could realise given a longer term view. Assuming this does reach FC then alot more is at stake than a 300MW value. This alone as the most revealing part of the day. There is an absolutely massive value waiting to be unlocked. I also asked if now relationships between all parties had been established if a rinse and repeat of the whole project could be on the cards? LC just smiled and said, "Yes, of course it could". How do you best expect to materially realise value back to all share holders, would a special dividend vs income be your preferred method of distribution? A special dividend would always be a way to go, when realising share holder value.
04/4/2017
11:34
master rsi: BROKERS TIPS Broker tips: BP, Rotork, Mediclinic, housebuilders Deutsche Bank has upgraded its stance on oil giant BP to 'buy' from 'hold' with an unchanged price target of 505p. The bank said it was upgrading the stock that after a challenging six months which saw the shares lag the European peer group by 7%. "In doing so we position for anticipated newsflow on project starts (Egypt, Oman, UK, T&T) and external indications that Macondo cash outflows are now moderating. "Following two disappointing quarters for operating cash flow which have served to undermine confidence in the group's ability to rebalance its cash cycle at current Brent prices we believe the risk/reward balance in the equity is notably improved and that impending volume adds will aid conviction that BP's dividend is not only sustainable but will be augmented by late 2018 buy-backs." When DB downgraded the stock to 'hold' back in October 2016, it had argued that following the largely sterling-induced run in the nominal share price the valuation placed upon the shares was no longer competitive on a sector basis. In addition, with the cash outflows on Macondo rising sharply following BP's decision to accelerate the pay down of claims for business and economic losses, DB expected to see a period of added cash flow uncertainty and with it potential investor concern about the group's ability to rebalance its cash cycle at a 'realistic oil price', at least in the near term.. Six months later and the bank said these risks have in essence come to pass with the company's relative share price performance undermined in the process. Rotork Rotork rallied as JP Morgan Cazenove upgraded the stock to 'overweight' from 'neutral' and lifted the price target to 265p from 230p, saying the company was positioned to return to growth. The bank said it reckons the group's earnings power has increased and earnings can significantly exceed previous peaks. "Our analysis increases our confidence that end-market headwinds are easing, the group remains well positioned to benefit from the recovery and growth opportunities exist outside of just oil & gas capex." JPM said that incorporating its analysis into its model drives double-digit upgrades and its forecasts are now above consensus. The bank upped its estimate for 2017 adjusted earnings per share to 11p from 10.1p and for 2018 EPS to 12.8p from 10.8p. It increased its forecasts for full-year revenue in 2017 to £637m from £609m and for 2018 to £670m from £620m. JPM said it builds only a modest recovery in end-market demand over 20172017 into its forecasts, but this represents a reversal on the downturn pressures. Mediclinic International Macquarie downgraded South African private hospital group Mediclinic International to 'neutral' from 'outperform' and reduced the price target to 770p from 860p. The bank said it expects the business environment in the UAE health space to remain tough and that a recovery to the previous margin levels is highly unlikely in the near term. "Furthermore, we also expect Mediclinic's SA business to be under pressure on the back of the tougher trading environment while the Swiss business will continue to chug along with potential regulatory risks in the near to medium term." Macquarie expects it will take some time for the company's Abu Dhabi operation to start turning around, having been hit by a meaningful loss of doctors since the reverse merger took place. In addition, the bank said it is concerned about the potential oversupply of beds in the medium term in the region, which may lead to pricing pressure. It also said that pre-opening costs for Parkview hospital, which is due to begin trading in the fourth quarter of 2018, will be negative for margins during that period. At 1020 BST, the shares were down 2.4% to 693.50p, also weighed down by the weaker rand, which slumped overnight after Standard & Poor's cut South Africa's sovereign credit rating to 'junk'. Housebuilders Analysts at Liberum have raised their forecasts for housebuilders, preferring growers rather than returners, but they remain cautious about the housing sector due to share price gains. The broker raised its earnings per share forecasts by about 10% for 2017 and 15% for 2018 as house price inflation expectations increase to 3% in 2017 and slow materially to 1% the following year, while economic forecasts improve. But it is cautious on the housing sector, despite higher target prices due to recent share price gains. It prefers growers who can offset expected margin pressure from house price inflation with volume growth to returners, such as Bellway, MJ Gleeson and Redrow. Liberum upgraded Redrow to 'buy' from hold' and raised its target price to 561p from 415p, while Bellway and MJ Gleeson were maintained at 'buy' with target prices of 700p and 3,032p, up from 662p and 2,780p, respectively. However, Persimmon and Berkeley were downgraded to 'hold' from 'buy', although their target prices were raised to 2,161p and 3,169p, from 1,900p and 3,150p respectively, on valuation. Barratt Developments remains Liberum's least preferred stock with its rating maintained at 'sell' with a target price of 492p, up from 425p, as its short landbank makes its dividend less sustainable under stress than for the other returners. The outlook of the British economy has shifted and Liberum claimed that economists are now more optimistic about 2017 and expect only a mild slowdown in 2018/19 with the rate of unemployment now anticipated to rise to only 5.3% in 2018. Liberum also said that the macroeconomic environment remains uncertain, housing affordability "looks stretched", and looks that way to the regulator too. It expects the government's Help to Buy scheme to face tests in 2018, but said it is likely to come through unscathed. It also forecasts that any interest rate hikes would likely impact sentiment rather than the housing market, the build cost inflation is likely to persist and that the land market may become more competitive.
21/3/2017
23:00
master rsi: The 'critical' price for Royal Bank of Scotland shares - By Alistair Strang | Tue, 21st March 2017 It's easy to dislike banking shares at present. Everything is in hiatus, feeling like there's a major news event about to happen. We last viewed Royal Bank of Scotland (RBS) at the end of last month and, frankly, very little has changed. The situation remains of a glass ceiling just below the 260p level and the need for the share price to actually close above this point (according to recent behaviour, 258.9p is critical) for the price to "prove" some growth is coming to 277p, maybe even 321p. In fact, if we're generous, we should admit a rather more distant 354p would be on the radar if the share price would just close above the downtrend since 2008. But for now, the share price is trapped in an imaginary circus ring with the rest of the clown acts. Circled on the chart is one of our hated "GaGa" movements, this particular one feeding the price with sufficient force to bottom at 222p. Oddly, despite numerous opportunities, the share price has not yet hit the 222p level, and now it appears such a movement would not be the worst thing in the world. Essentially, trades near-term below 231p look capable of driving the share down to 222p and a bonk against the downtrend since 2015. In itself, not awfully alarming as the share is required to slither below this trend to promote alarms, along with trouble in the direction of 205p For now though, it's boring...
13/3/2017
10:15
cpap man: KOD MrKeysersoze13 Mar '17 - 09:42 - 1595 of 1598 3 0 KOD & Birimian Mining Chinese Interest in Mali Lithium assets timeline 3rd January 2017 Shandong Mingrui Group make an offer to acquire a 100% interest in ASX listed Birimian Mining (BGS) Bougouni Lithium Project in Mali for a total cash consideration of $107m AUD (£65m) hxxp://www.birimiangold.com/pdfs/LetterOfIntentForSaleOfTheBougouniLithiumProject03Jan17.pdf One of the conditions that the LOI (Letter of intent) required was that Mingrui paid a non-refundable deposit of $10.75m AUD to BGS. The deposit of $10.75m AUD was required to be paid by 20th January 2017, this transaction did not complete, and on the 23rd January 2017 a termination of the LOI was announced citing the following reason; {Due to increasing regulatory protocols on the transfer of funds from China, the deposit was not received when due, and the LOI agreement has been terminated.} hxxp://www.birimiangold.com/pdfs/TerminationOfLetterOfIntentForTheSaleOfTheBougouniProject23Jan17.pdf The Mingrui deal would have needed to seek Birimian shareholder approval and having followed the Hot Copper Bulletin Board in Australia the consensus gained was that shareholders would not vote in favour of the deal as it was deemed to be at a heavily discounted value. 19th January 2017 a new company named SUAY CHIN INTERNATIONAL PTE. LTD. Was formed in Singapore. The formation of SUAY CHIN was to allow a way in which to circumnavigate around the Chinese restrictions & regulatory protocols of transferring money out of China. The initial incorporation of SUAY CHIN on the 19th January 2017 was 4 days prior to the Birimian announcement on the 23rd January 2017, therefore one can conclude that Mingrui at this juncture had realized that in order to secure early stage lithium assets out of China a special vehicle i.e. SUAY CHIN was required. 1st March 2017 SUAY CHIN becomes a live company hxxps://www.sgpbusiness.com/company/Suay-Chin-International-Pte-Ltd 10th March 2017 SUAY CHIN [ultimately Mingrui] who are closely related and offer strong support to SUAY CHIN take part in a placing of £500,000 @ a price of 0.0030p a premium of 30% to the prevailing KOD share price. This transaction assigned 166,666,667 shares to SUAY CHIN and a place on the major shareholder list with 3.09% of the issued share capital. Following on, SUAY CHIN have further agreed upon completion of due diligence, to invest another £4.3m at a subscription price of 0.0038p a 65% premium to the prevailing share price prior to announcement. {The Company and Suay Chin have agreed to commence negotiations immediately for an off-take agreement over 20% of the spodumene concentrate to be produced from the Project, with potential for this to increase to 100% at a later date.} If SUAY CHIN complete the second stage of the Off Take & £4.3m Strategic Investment, KOD will find itself in such a position that all future expenditure moving forward to reach primarily the Maiden JORC resource followed by the Feasibility reports will be fully funded. Once the feasibility reports have been released the funding for the commencement of mining and funding of the mining operations will be a done deal as Mingrui will have secured a minimum of 20% of all production to a maximum of 100% production assuming no further off take agreements or offers materialise in the near future, or KOD accept an offer and sell outright. hxxp://www.kodalminerals.com/sites/default/files/news_files/Placement%20and%20Off-Take%20agreement%2009.03.17%20Final.pdf Both SUAY CHIN & KOD must be eagerly awaiting the imminent trench sampling & drilling results in order to progress the negotiations towards concluding the deal with a minimum off take agreement of 20% of future production. A floor in the KOD share price has been cemented at the most recent placing price of the 0.0030p whilst we await news on all KOD’s assets primarily from Bougouni and not discounting the gold JV’s. The major benefit of the completion of the negotiations and securing of the Off Take agreements and securing a further £4.3m is that in doing so Mingrui wish to be a long term partner and shareholder in KOD at this juncture they would be holding 20% of the total share capital, assuming they had not been purchasing any further stock in the open market. It would not take much for Mingrui to reach a 30% holding in Kod and therefore cause the triggering of an offer for the entire share capital ( think Pelamis currently 9% or either of the Tetra entities) as potential fastrack options to secure sufficient stock for a takeover. If Mingrui simply retain their 20% interest in KOD as a long term Off Take player. I think it is more than fair to assume they will not be selling any of their stock which would total 1,298,245,614 shares. Whichever way you look at recent developments it's fair to assume KOD is in a very strong position even before Bernard Aylward releases any further drilling upgrades, all in all a very bright future in a fast growing Lithium market and one with which I intend to hold for some considerable time {assuming none of the above} takeover scenarios transpire. Mr K.
12/3/2017
21:49
master rsi: BBC - Bovis Homes rejects offers from Redrow and Galliford Try House builder Bovis Homes has rejected two potential offers for the firm from rivals in the sector. The company said it had turned down the separate approaches from Redrow and Galliford Try, but that talks with the latter continue. Redrow suggested a share and cash deal, and Galliford Try an all-share offer. But Kent-based Bovis rejected both of the approaches on the grounds that they did not reflect the "underlying value of the Bovis business". It said: "The board also concluded that the Redrow proposal was not in the interests of Bovis shareholders as the cash element of the offer would require shareholders to crystallise value at the current Bovis valuation." # The company added: "Redrow subsequently indicated that it was not willing to improve the terms of its proposal and discussions were terminated. Discussions with Galliford Try are ongoing." Galliford Try said it had offered a 7% premium on Bovis' share price at close on Friday, offering £8.86 per share. and that - under Takeover Panel rules - they now had a month to submit a full takeover offer or walk away. Meanwhile Redrow confirmed it made an initial approach to the Bovis board on 27 February 2017, when Bovis' share price was at £7.74. Redrow said it subsequently made a merger proposal "which consisted of £1.25 per Bovis share in cash, and 1.32 new Redrow shares in exchange for each Bovis share, representing a value of £6.59 per Bovis share based on the Redrow share price of £4.99 as at 10 March 2017". Profit warning Shares in FTSE-250 firm Bovis were at 828p at the close of last week, valuing the firm at about £1.1bn. Fellow FTSE-250 member Galliford Try is worth roughly £1.3bn. Last month Bovis said it had set aside £7m to compensate customers who were sold houses that were unfinished and had electrical and plumbing faults. The house builder said then that the experiences of a significant number of customers "fell below the high standards they rightly expected". Bovis saw pre-tax profits for last year fall 3% to £154.7m. The FTSE 250 firm is without a chief executive at present and is led by chairman Ian Tyler. In January David Ritchie stepped down as chief executive after eight years in the role, weeks after a warning over profits.
28/2/2017
16:26
master rsi: Broker views: M&S, Avingtrans and Greggs Jefferies International has double-upgraded its recommendation on Marks & Spencer (LON:MKS) - moving to buy from underperform - as part of its wider look at the UK general retailing sector. It said: "Jefferies' latest February 2017 UK consumer survey results indicate consumer confidence is unsustainable as inflation bites and technology advancements threaten job security. "Meanwhile consumer perceptions show M&S is consolidating its omni-channel improvements whilst Next continues to lose its historic advantage." Next (LON:NXT) and Debenhams (LON:DEB) were kept at hold. Analysts at finnCap have downgraded their investment rating on Avingtrans (LON:AVG) to hold (from buy) following the engineering group's in line interims, which it says is due to the recent share price outperformance. Nevertheless, the broker commented: "We make no change to our trading forecasts. There is a strong order book and we look for a production ramp up on the Sellafield, Bruker and Wuhan contracts." finnCap raised its target price to 240p from 215p. Deutsche Bank raised its target price on housebuilder Persimmon (LONLPSN) to 2,313p (from 2,069p) after the company reported expectation beating pre-tax profits. Nevertheless, the broker stuck with its hold call, stating that it sees better risk/reward elsewhere, especially as the shares are trading well ahead of sector averages. Greggs results were "flat as a pancake" according to Jonathan Pritchard at Peel Hunt. He said: "Greggs' strategy and tactics are spot on in the tough food-on-the-go sector, but we suspect that positive surprises are unlikely in the near future and forecast momentum is flat." He also highlighted that the shares are on a PE premium to the sector and it is unlikely they will rerate in the absence of a return of upgrades. Meanwhile, Investec said: "Well documented headwinds are expected to hold back growth in FY17, but we believe an attractive store roll-out and operating efficiency story over the medium term continues to be undervalued." The broker repeated its buy rating and 1,225p target. Shore Capital said that the results were very much as expected and anticipated that the stock was going to do little today. "We remain of the view that such valuations fairly reflect the short to medium term potential within Greggs, noting management has reiterated it expects rising commodity and labour costs to have a modest impact on margins in the short term," analyst Darren Shirley commented. Shore maintained its hold stance on the shares. At 3:36pm: (LON:GRG) Greggs PLC share price was -34p at 977p (LON:MKS) Marks Spencer Group PLC share price was +6.05p at 335.05p (LON:NXT) Next PLC share price was +22.5p at 3832.5p (LON:PSN) Persimmon PLC share price was +30p at 2060p
20/2/2017
10:00
master rsi: VAST 0.56p +0.12 +27.27% Letter to Shareholders Vast Resources plc, the AIM listed mining company with operations in Romania and Zimbabwe, is pleased to announce that a letter to shareholders has been posted on the Company's website at www.vastresourcesplc.com. The purpose of the letter to shareholders is to introduce a new programme of shareholder communication and to highlight the benefit of recent developments to new and existing investors. OVERVIEW The recent strategic investment by the SSCG Africa Holdings Ltd group ("SSA"), providing gross proceeds of US$8 million to Vast as announced on 30 January 2017, has fundamentally changed the Company The Board foresee that Vast is now fully-funded through to positive cash flow* at the Manaila Polymetallic Mine ("Manaila") and the Baita Plai Polymetallic Mine ("Baita Plai"), once the relevant licence is granted The Board see that there is no current need to issue new equity during 2017 2017 to be punctuated with regular operational developments charting progress across the Company's portfolio of interests To reflect the evolving investment proposition of Vast, and to ensure all shareholders are communicated with in a professional manner, the Board are launching a new Vast communications programme The communications programme is intended to deliver regular and reliable news flow, in addition to providing shareholders with established channels through which to ask questions, raise concerns and provide feedback * when all conditions precedent have been fulfilled and all the cash is received from SSA A text only version of the letter to shareholders is copied below for shareholders' reference: Dear Vast Shareholder, Although only in our second month of the year, 2017 has already been an active and exciting year for Vast. The strategic investment by the SSCG Africa Holdings Ltd group has fundamentally reshaped the near-term outlook for the Company, and for this reason I wanted to provide shareholders with a better sense of where I believe Vast is headed over the course of the year. A New Phase of Growth. In my statement on 30 January, I advised you that the SSA transaction "heralds a new phase of growth for Vast" - I strongly believe this to be true and in this letter I want to provide context and colour around this statement. In addition to removing the concerns of shareholders regarding emergency equity raisings, the capital derived from the SSA transaction provides shareholders with comfort that Vast is now positioned to achieve positive cash flow at Manaila and Baita Plai (once the necessary licence is granted) without further equity raises. Any future fund raising activities will need to be demonstrably beneficial to shareholders and the growth of the Company, therefore shielding investors to unnecessary or value destructive dilution. I know that further dilution has been a primary concern for many long-term holders, so I want to be clear when I say that the Board's primary focus is on building a business which offers shareholders material value increases in the long-term through sustainable and organic growth. As longer term shareholders will be aware, Vast has not always had this level of security over finance, and the Company agreed to two equity draw down facilities in 2016. Not only did these facilities create significant dilution in the year, but it is my belief that the market perceives that an overhang, derived from these two facilities, persists which is curbing the progression of the share price. After detailed shareholder analysis by our registrar, I can confirm that these two entities hold no residual holdings in Vast stock and I am therefore confident that neither party represents a threat to the progress of the share price henceforth. One of these parties does have 50,000,000 warrants exercisable at 0.4p which expire in October 2019, which only represent just over 1% of the currently issued share capital of the Company. Professional & Reliable Communication. The appointment of our new nominated adviser last month, together with our reinvigorated investment case post-SSA transaction, has prompted us and our advisory group to introduce a new investor communication programme, which is aimed at giving shareholders frequent and reliable news flow combined with regular access to the Board and management. In addition to our regulatory announcement responsibilities, Vast will continue to report quarterly operational activity by way of a quarterly production report. In the past, Vast has reported on various financial aspects relating to each operation, and the complexity of this has made subscribing to a strict reporting calendar difficult. In order to resolve this, Vast will publish production figures only and these will be issued to the market within four weeks of the end of the period. The Board and its advisers believe that this will be a more useful tool in keeping investors abreast of developments - rather than waiting up to ten weeks for all the relevant information to be approved by the appropriate parties. The Company will of course continue to issue all financial results, including production and financial operating data for each mine, in its half-yearly report and annual audited accounts. The financial details will however be disclosed in the next quarterly report, due to be announced on Tuesday 21 February, as adequate time has elapsed for these to be accurately calculated. The Board would also like to introduce a rationalised structure for ad hoc communication between the directors, management and shareholders. This investor relations policy will include the following: Quarterly shareholder conference calls: details of which will be found in the Quarterly Production Reports announced to the market - during the call, shareholders will have the opportunity to ask questions via an online chat function. Shareholders can also submit questions to the Board via email in advance of the call to St Brides Partners at shareholderenquiries@stbridespartners.co.uk. The first shareholder call will be held in conjunction with the release of the next quarterly production report scheduled on Tuesday 21 February. Q & A documents: shareholders will be invited to email questions to the Board which will be accumulated into Q & A documents and regularly posted on the Vast website and announced to the market - please send any questions through to St Brides Partners who will be compiling this on behalf of the Company (shareholderenquiries@stbridespartners.co.uk). Private Investor Events: new and existing shareholders will be invited to exclusive Vast Investor Evenings where members of the Board will provide a presentation and be available to answer questions. The first of these evenings will be announced to the market shortly. A Final Word. After 18 months of challenging times for Vast shareholders, we intend to rebuild credibility, trust and excitement in the Vast investment proposition for the benefit of all stakeholders. I am confident that over the course of 2017, when combined with the continued operational turnaround in Romania, this will be achieved. Whilst the Board and its advisers continue to monitor the share price constantly, it is the Board's responsibility to build the business, which ultimately should be reflected in the share price moving forward. The Company's advisers will be active in communicating the progress on the ground within the investment community. All parties concerned, be they directors, managers or advisers, are fully committed and aligned with the success of Vast and we are focussed on establishing a significant, profitable and sustainable mining company with a robust communications strategy moving forward. Brian Moritz Chairman
17/1/2017
22:30
master rsi: 25 momentum stocks for 2017 - By Lee Wild | Tue, 17th January 2017 - 12:43 25 momentum stocks for 2017 stock screen average prices small-cap growth Designing a stock screening tool is rarely straightforward, and most require regular tweaks. It is a lack of fine-tuning that broker N+1 Singer admits is partly to blame for the underperformance of its momentum style screen, launched last summer. But changes have now been made, and not one of the 25 stocks in the original basket of shares has made it into the new portfolio. Set up in July last year, the momentum portfolio underperformed the main small-cap and micro-cap indices by 2.5 percentage points and 9 percentage points respectively, on a weighted basis. On an unweighted basis, the average price fell 0.9%, when small-cap and micro-cap indices jumped by 12% and 18%. "Possible reasons for this could include that the holding period coincided with a general increase in momentum in the market, coupled with perhaps a longer-than-ideal period before refreshing the screen," says Singer. The new screen widens the lower end of the market cap range from £24 million to £21 million. Now, the broker has picked another 25 stocks displaying most technical momentum from a screen of just over 500, excluding mining, oil, property and investment companies. Momentum is defined by the amounts by which the 20-day average share price exceeds the 50-day average price, and the 50-day average exceeds the 100-day average. Among the changes made this time round, Singer has increased the percentages by which the shorter day average exceeds the higher average from 3.5% to 7.5%. The old threshold would have selected about 75 stocks, implying much more technical momentum in the small-cap area than five months ago. Singer has also widened the market capitalisation range at the lower end from £24 million to £21 million, to enlarge the pot of stocks to pick from. The upper end is £390 million. "Unsurprisingly, there are no stocks carried over from the previous screen," says Singer, which has chosen to focus on 10 of the 25 stocks thrown up by the screen and listed below. Company Ticker Mkt Cap as at 10 Jan 2017 (£m) Price at 10 Jan 2017 (p) IQE ...... IQE 275 41 Focusrite TUNE 128 221 Frontier Devel. FDEV 105 309 Games Workshop GAW 245 764 Anglo Eastern Plant. AEP 282 711 Ergomed ERGO 66 162 Surgical Innovat. SUN 21 4 Lamprell LAM 338 99 CPP Group CPP 139 16 Brammer BRAM 213 165 Blue Prism PRSM 317 510 D4t4 Solutions D4T4 63 170 NetDimensions NETD 39 77 On The Beach Group OTB 345 265 ULS Technology ULS 59 90 Future FUTR 73 13 Revolution Bars RBG 112 225 Veltyco VLTY 21 32 Dolphin Capital Investors DCI 84 9 Northacre NTA 41 98 Northbridge Industrial Services NBI 37 144 record REC 79 36 Speedy Hire SDY 272 52 Gear4music G4M 110 546 Gfinity GFIN 26 16 For the record, here are Singer's comments on the 10 "focus" stocks. Ergomed "We believe the co-development business could drive significant upside potential as [drug developer] Ergomed (ERGO) co-invests a proportion of revenue in return for equity or royalty payments," says Singer analyst Sheena Berry. "Positive clinical data provides upside potential to our 293p target price." Future "Future (FUTR) is setting the tone for how a strong and dynamic consumer publisher should operate and can achieve. We expect further significant progress," writes Johnathan Barrett of the magazine publisher. Gear4music After such a strong rally, the shares in the largest online retailer of musical instruments and equipment in the UK may be discounting a lot of good news to come," admits Singer of Gear4music (G4M). "Whilst there was value in the stock last year, a 450% rally in the last six months and trading on 27 times calendar year 2017 enterprise value/earnings before interest, tax, depreciation and amortisation (EV/EBITDA), means a lot is now in the price," writes the broker. Gfinity "With momentum in the wider eSports industry continuing to grow and the company releasing a steady stream of positive newsflow, the shares have benefitted in recent months as there are a limited number of ways to play this attractive theme," says Oliver Knott of Gfinity (GFIN). IQE "We expect further positive newsflow throughout 2017 and IQE (IQE) is one of our key picks for the year. 'Buy'," says Knott of the supplier of compound semiconductor wafers. NetDimensions NetDimensions (NETD) provides learning, knowledge and performance management solutions to highly regulated industries. "Strong regulatory drivers in underlying markets, an attractive solution set, a healthy (normalised) growth profile and a cash generative business model are the key attractions of the business," argues Adam Lawson. Revolution Bars "Fundamentally, the shares were oversold for something which is seemingly delivering," says analyst Sahill Shan of Revolution (RBG). "The shares now trade on a more appropriate YR1 price/earnings (PE) multiple of 13.5 times and 6.3 times EV/EBITDA." Speedy Hire "The recent uptick in Speedy's (SDY) share price is the result of its new management team successfully stabilising trading in the business," explains Greg Poulton. "Speedy still has a long way to go in terms of driving sector-leading returns. The shares are optically expensive on a PE basis and in line with the peer group on an EV/EBITDA basis." Surgical Innovations "Under new management, minimally invasive surgery specialist Surgical Innovations (SUN) has recently completed a rehabilitation exercise, restoring the group to profitability and strengthening the balance sheet," Chris Glasper tells us. "As investors' faith in the recovery has increased, the share price has begun to move. The next stage will be to capitalise on this goodwill, growing the top line organically and adding new products to the portfolio, either from the development pipeline, or via acquisition." ULS Technology "ULS (ULS) [comparison platforms provider] announced in December the acquisition of Conveyancing Alliance, which is expected to be significantly earnings accretive in the first full year of ownership," says Tintin Stormont. "Conveyancing Alliance has a strong track record of revenue and profit growth and will significantly increase ULS's share of the conveyancing market and further diversifies its conveyancing revenue sources."
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