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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Carnegie | CME | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 0.375 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.375 |
| Top Posts |
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Posted at 11/11/2008 03:16 by energyi See also (COMX): CME suffers from pullback in derivatives trading By Hal Weitzman in Chicago Published: October 30 2008 02:00 | Last updated: October 30 2008 02:00 The CME Group, the world's biggest futures exchange, said yesterday that its third-quarter profits were up slightly from the same period last year as growth in the derivatives trade was hit by falling volumes from financial institutions damaged by the crisis. Excluding extraordinary items, the CME's net income was $278m or $4.13 per share, up 3 per cent from $269m or $4 per share a year ago, on revenues of $787m, up 6 per cent from last year's figure of $744m. The company has enjoyed extraordinary growth in recent years, fuelled by a secular increase in trading volumes and high-profile acquisitions such as the Chicago Board of Trade and Nymex. However, that strategy may have run its course for the time being: most of the profit for the third quarter was accounted for by a $7m decrease in expenses. The CME, which controls 98 per cent of listed futures in the US, has suffered from a pullback in derivatives trading by hedge funds and other big financial institutions. Morgan Stanley said yesterday as a result of economic turbulence, financial exchanges should brace themselves for a continuing fall in trading volumes next year. "We believe post-crisis landscape will exert significant pressure on growth and forecast a decline in most key products in 2009, the broadest decline since 1988," said Patrick Pinschmidt, an analyst at Morgan Stanley. "CME enjoys dominant market shares across its core products, but we worry this will be insufficient to overcome weaker volume trends." Craig Donohue, chief executive, confirmed hedge fund volumes had decreased, but said that had been offset by increased proprietary trading by other financial institutions, which have beefed up their use of algorithmic trading to take advantage of highly volatile markets. As it seeks new revenue streams, the CME is attempting to position itself to benefit from the turmoil, in particular, regulators' wish to reduce risk in the overthe-counter credit derivatives market. Mr Donohue said the turmoil in the financial world presented "tremendous strategic opportunities" for the exchange. US regulators are keen to see a clearing house established for the OTC contracts as soon as possible. "As customers in the over-the-counter derivative markets move increasingly toward more regulated, transparent and centrally cleared markets, CME Group is extremely well positioned to benefit," said Mr Donohue. /see: |
Posted at 01/2/2008 12:33 by smiler 0 Carnegie Minerals plc01 February 2008 CARNEGIE MINERALS PLC ('Carnegie' or the 'Company') Issue of Equity and Notice of Extraordinary General Meeting The Board of Carnegie Minerals Plc (AIM - CME), the mineral sands resource company with production interests in The Gambia and advanced exploration in adjoining Senegal, is pleased to announce that it has raised £1,130,000 (before expenses) through a placing to institutional and other investors at 4p a share. A Circular has been sent to Shareholders to convene an Extraordinary General Meeting for the purposes of passing resolutions to enable the proposed Capital Raising to be effected. Background to and reasons for the Capital Raising Since Carnegie's admission to AIM in August 2006, Carnegie's mineral sands business has continued to grow in West Africa. At the same time, the Company has progressed new synergistic opportunities that we believe hold great potential for the Company going forward. In Senegal, Carnegie's exploration identified a high grade ore reserve at the Niafarang deposit. The Company therefore plans to develop Niafarang, which is 50% funded by our joint venture partner Astron Ltd ('Astron') and 50% funded by the Company, with the aim of bringing the project into production in early 2009. The Company also recently undertook a significant exploration drilling programme in the northern and southern parts of the licence area. Based on the assay results available to date, which highlighted mineralisation intersections in these previously untested areas, the Company plans to follow-up exploration as well as drill testing in the eastern part of the licence area where identified geophysical targets were not drilled during this programme due to the onset of the rainy season. With the positive exploration results received so far, the Company has also been investigating further mineral sands potential in the region. Additionally, the Company has been actively assessing a number of opportunities in other geographical regions; both in industrial minerals and other commodities that it believes will complement the existing projects and contribute to the future success of the Company. With the positive exploration results in Senegal, the Company wishes to raise further funds to enable the Company to maintain its contributing interest in that country and to follow up the other high potential initiatives. Additionally, to allow the Company to issue Ordinary Shares in consideration for existing warrants and options and to provide the Board with flexibility for further fundraisings in the future, authority is being sought at the EGM to issue a number of Ordinary Shares other than on a pre-emptive basis. By passing the resolution to provide the Board with such authority, the Company will be able to rapidly exploit investment and financing opportunities that present themselves to the Company, in a cost-effective manner. Gambia update In The Gambia, all development and operating expenditure is funded by the Company's 50% joint venture partner, Astron. Four production units have been commissioned and an official mine site opening held in July 2007. Production rates were increasing in line with expectations and a second stage concentrator was scheduled to be commissioned this year with a resulting increase in revenues expected. On 16 January 2008, the joint venture company received an instruction from the Government of The Gambia directing it to cease all operations and to provide certain information in relation to production, grades and prices. An additional letter with a request of further information was received by the company on 18 January 2008. Both letters received from The Gambian Government required the information requested to be supplied within 24 business hours in default of which there would be a risk of the cancellation of the Gambian joint venture company's licence and other potential action. The Company responded to each of the letters within the prescribed time limits. The Company has not received any notice from The Gambian Government that the licence has been cancelled. The Company believes it has supplied all the required information including independent SGS laboratory assays and offered to fund an independent industry expert to assist them in interpreting these results. As at the date of this circular, we await the Gambian Government's response. Given the uncertainty over the Gambian licence that this action has produced, the Board has decided to take the most prudent approach available to it and provide fully against the carrying value of the Gambian assets on its balance sheet. Given this new development in The Gambia's risk profile, a full provision against the Company's Gambian assets will remain, even in the event the Government of The Gambia allows the joint venture company to fully resume its operations. Following the supply of the necessary information to the Gambian Government, the Company awaits a response. Whilst the Company is making arrangements to meet with the Gambian Government in order to resolve any concerns, the Board currently has no indication or visibility on the timing of the response from the Gambian Government on this issue. The Company will make further announcements as appropriate when responses from the Gambian Government are received. Details of the proposed Capital Raising Blue Oar has, on behalf of the Company, conditionally placed a total of 28,250,000 Placing Shares at the Placing Price, to an existing substantial shareholder, RAB, and additional institutional and other investors, to raise £1,130,000. In addition, 28,250,000 New Warrants will be issued to Placees on the basis of one New Warrant for every Placing Share subscribed. The Capital Raising is conditional, inter alia, upon: the passing of the Resolutions at the EGM; the Placing Agreement becoming unconditional; and Admission having become effective on or before 26 February 2008 (or such later date as Blue Oar and the Company may agree, not being later than 29 February 2008). The Placing is not being underwritten, in whole or in part, by Blue Oar or any other party. The Placing Shares The Placing Shares will, when issued, rank equally in all respects with the other Ordinary Shares then in issue, including all rights to all dividends and other distributions declared, made or paid following Admission. Application will be made for the Placing Shares to be admitted to trading on AIM. It is expected that trading in the Placing Shares will commence on 26 February 2008. The New Warrants The Company has created 28,250,000 New Warrants on the terms of the New Warrant Instrument, which will be issued to Placees on Admission on the basis of one New Warrant for every Placing Share subscribed for. Each New Warrant entitles the holder to subscribe for one Ordinary Share. Subject to their terms, the New Warrants are exercisable at any time prior to the fifth anniversary of the date of Admission at a price of 6p per Ordinary Share. The New Warrants will not be admitted to trading on AIM but are freely transferable. Use of Proceeds Proceeds from the proposed Capital Raising are planned to be used to fund: Carnegie's 50% share of an environmental impact study at the Niafarang deposit in Senegal and other statutory procedures to convert the deposit area into a mining title; Carnegie's 50% share of further exploration including drilling in Southern Senegal; Continued regional investigations; and Investigation of new projects in other geographical regions identified as highly prospective with low sovereign risk. In the event that the joint venture company is able to convert the Niafarang portion of the title in Senegal to a mining title in a timely manner, then additional funding would be sought to facilitate the development of this deposit at that time. Extraordinary General Meeting The EGM will be held at 10.00 a.m. on 25 February 2008 at the offices of Memery Crystal LLP, 44 Southampton Buildings, London SC2A 1AP. Recommendation RAB is a substantial shareholder (as defined) under the AIM Rules. The Placing therefore constitutes a related party transaction for the purposes of the AIM Rules. The Directors, having been so advised by Blue Oar, the Company's nominated adviser, consider that the terms of the Placing are fair and reasonable insofar as the Shareholders are concerned. In providing advice to the Board, Blue Oar has taken into account the Directors' commercial assessments. The Directors consider that the Capital Raising is in the best interests of the Company and its Shareholders as a whole and accordingly recommend that Shareholders vote in favour of the Resolutions, as they intend to do in respect of their own shareholdings, amounting in aggregate to 250,000 Ordinary Shares (representing approximately 0.45 per cent. of the current issued share capital of the Company). |
Posted at 16/1/2008 10:55 by mikehardman Gambian Operations Suspended - govt order - pending CME sending info on minerals mined and lab results;had been on a slide anyway, but today down 22% to further all-time low at 3.875p no pos, but in princinple it has some good assets; current weakness could prove to be a good buying opp., but I confess to not being in any rush |
Posted at 20/2/2007 10:44 by mjcrockett Mike, Thanks. Carnegie Corp itself looks quite interesting. Their market cap is not a lot higher than the value of their shares in CME.MJ |
Posted at 24/4/2002 00:38 by clocktower todays statement seems to have created a little activity at least.Growth from internet sales, noe 6.6% of total sales and increasing on a month by month basis. Company chairman also said at AGM in reply to a question that they were looking into paying a dividend. Company ahead of budget and profitable on every month thhis year to date. Company may well buy more shares at this level having had confirmation of continuing shareholder approval. |
Posted at 26/2/2002 15:17 by clocktower Another large chunk changing hands today, with the price slipping a bit also cannot be a good sign.As regards Benham, what do you see as the real benift to CME? If things are going well then the growth could fuel itself on through the net business with no need to increase overheads. Sales between Flying Brands are concerning as this is horse trading between themselves. |
Posted at 22/6/2001 16:15 by justjim37 can anyone answer my question on other CME thread please. |
Posted at 29/3/2001 11:18 by clocktower Finial results announced today are worth reading. While company has made a small loss trading is cash positive and growth is envisaged. With the Chairman having added to his already large stake just a couple of months ago the outlook must be positive for this unusal .com business. It appears to be one type of business that is well placed to the internet trading performers. IMHO as the Chairmans statement pointed out entry levels are rising for on-line traders and CME are well positioned have developed in house systems and 6 e-commerce sites. With net asset value of 22p per share this will no doubt be picked up by the papers/mags and will no doubt be highlighted as one to watch or worth a punt. Today we are already seeing a small amount of what appears t be buying on the release of this trading statement. I am a holder for the record have purchased quantities at prices from 16 -16.5p |
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