Share Name Share Symbol Market Type Share ISIN Share Description
Jtc Plc LSE:JTC London Ordinary Share JE00BF4X3P53 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  2.00 0.57% 352.00 46,759 16:35:26
Bid Price Offer Price High Price Low Price Open Price
350.00 370.00 370.00 350.00 350.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 77.25 -2.13 -3.87 390.0
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:26 UT 281 352.00 GBX

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15:35:26352.00281989.12UT
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DateSubject
16/7/2019
09:20
Jtc Daily Update: Jtc Plc is listed in the General Financial sector of the London Stock Exchange with ticker JTC. The last closing price for Jtc was 350p.
Jtc Plc has a 4 week average price of 350p and a 12 week average price of 350p.
The 1 year high share price is 440p while the 1 year low share price is currently 272p.
There are currently 110,895,327 shares in issue and the average daily traded volume is 9,738 shares. The market capitalisation of Jtc Plc is £390,351,551.04.
24/5/2019
12:24
mount teide: Some recent research by S&P Global Market Intelligence vividly highlights how difficult and expensive it has been for the Copper Sector Heavyweights to find new copper reserves through exploration. And why copper Juniors with global scale reserves/resources are currently exceptional value by comparison. The Copper Sector Fundamentals that will drive the market over the decade ahead: Copper Market Exploration spend: 1990 - 2008 - $15.4 billion - $0.85 billion/year 2008 - 2018 - $25.8 billion - $2.58 billion/year Exploration Yield: 1990 - 2008 - 992.5 Mt in 199 major discoveries - 55.11 Mt/yr - ave 11 discoveries/yr 2008 - 2018 - 102.4 Mt in 21 major discoveries - 10.20 Mt/yr - ave 2 discoveries/yr Source: S&P Global Market Intelligence Mentioned it previously but the above research is the primary reason why Nat Research Analyst Joshua Hall late last year carried out an examination of the World's copper juniors to identify those with reserves/resources of sufficient size/potential to be of acquisition interest to the majors(he identified just circa 15 - which included Asia Met and Solgold). As during the last copper market recovery stage(2000 -2008) the overwhelming majority of juniors with similar size assets were taken out by the sector's heavyweights at very decent premiums before commencing developing of, never mind producing from, the assets. Serratia over on the Asia Met thread responded to the above post/data by having a look at a comparison of the valuation of Asia Met and Solgold's reserves relative to the recent cost experienced by the mining sector heavyweights to find similar quantities through exploration. 'This implies it's costing $253m to find 1 mt of copper in the ground. Looking at explorers that have found copper. If majors were to pay the equivalent price they spend on exploration I related that to the quantity discovered to give a value of a couple of companies - ARS - 2.47 MT in ground equates to a share price of 48p a 7.9* increase from the present price. SOLG - 9.265 MT in ground equates to a share price of 98p a 2.66* increase from the present price.' Declaration: I hold large holdings in both the above companies and like Joshua Hall would be surprised if they managed to develop the assets before becoming the subject of M&A interest. AIMHO/DYOR
18/5/2019
08:26
mount teide: Jadestone Energy Update - up 56% since its London market IPO last Autumn the share-price closed at a new all-time high on Friday and yet is still trading at barely the value of its P1 reserves - or circa 1.1 times estimated 2019 cash flow at an average of $70 Brent and mid range production guidance of 14,500 bopd(up circa 350% on 2018). Two shipping industry friends and I expect to hold our recently increased 2.6 million combined holding for at least 5 years, as we believe the tail wind of the recovery stage of this latest oil market cycle, combined with SE Asia's and the Pacific Rim's outstanding regional fundamentals for second phase operators, together with the highly talented management and, huge cash flow generating potential of the recent NW Australian Montara Oil Field acquisition driving the business over the next decade(current cash-flow is circa $55/bbl); make the investment case highly compelling/almost unique. As Wood Mac recently confirmed, there is a growing number of M&A opportunities for second phase operators emerging within the maturing O&G basins of SE Asia, Australia and the Pacific Rim as the majors and NOC's start to exit - with limited competition for the assets. Opportunities are often sold at distressed prices by North Sea standards. The fundamental value proposition however, is the reinvestment post acquisition, where Jadestone looks for greater potential than the acquisition price. The difference between Jadestone and the second phase North Sea players is that the company is focused on the Asia Pacific region where the returns are on average much higher, where the competition is very limited and asset purchase prices relatively modest (high quality assets are often sold on bilateral deals – no competition). What’s more, product pricing is highly favourable in SE Asia. Low sulphur crude oil is sold at a premium to Brent and natural gas is contracted in the range $8.00 – $9.00/mcf (an average of more than three times the US Spot market price over many years). In common with high performing Hedge Fund Manager, Jadestone NED and major shareholder David Neuhauser we believe Jadestone can be worth £1.50 - £1.75 a share by 2021 assuming management successfully execute the fully funded organic growth development programme. And perhaps much more if they add another Montara scale acquisition or two in the interim - certainly over a 5 year view). With the Montara oil price hedge providing huge downside cash flow protection over the next 18 months we see fair value today as somewhere in the 80-90p range. We consider Jadestone to be an extremely compelling investment opportunity with enormous cash flow generating potential at $70 Brent and with outstanding growth prospects, that has relatively limited downside risk, as a result of having an early life $108 million converted cost FPSO servicing the Montara field, generating circa $20/bbl op expenses for the field, its satellites and FPSO on production of just 11,000 bopd - Premier Oil's North Sea Catcher Field FPSO op expenses on a similar production volume would be circa 5-6 times/bbl higher! The Jadestone management are highly experienced at operating in the industry within the Asia Pacific region and have a longstanding relationship with the principal stakeholders, and deep insight into many regional M&A opportunities. They’re credited with already creating two highly successful independent E&P businesses - one in the North Sea and the other in Asia Pacific and like Jadestone's two high performing hedge fund shareholders who jointly now own 33% following further heavy buying, we believe the management can replicate this success again with Jadestone; not least since they're now operating with the advantage of the recovery stage of a new oil market cycle rather than the head winds of the much more demanding decline stage of the investment cycle they mostly experienced when running Talisman Asia. The management of Talisman Energy (North Sea) developed the business to become one of the leading second phase operators in the North Sea during the recovery/boom stage (2000-2008) of the last oil market cycle and then proceeded to demonstrate this was no fluke by starting Talisman Energy (SE Asia) and, remarkably building that company from scratch into a $6bn turnover second phase oil field specialist operating in the SE Asia region during the far more challenging oil market decline/recession stage(2009-2016), until Repsol bought them out in 2016. The astonishing progress made developing the Jadestone business since the London IPO last autumn is such, that despite the 56% rise in the value of the shares, Jadestone is still trading at a deep discount to the value of the company’s assets and cash flow generation compared to their peers - as a consequence we consider there is still a very wide margin of safety here. We believe an investment in Jadestone is not a direct play on oil and gas but a play on the management’s ability to successfully execute high quality organic growth projects and, identify and buy distressed and mature assets at attractive prices and develop these through reinvestment. If the astonishing Montara acquisition deal(forecast by management to generate $230 million of cash flow in 2019 at an average of just $65 Brent - for an asset that had a net purchase price of just $82 million barely 6 months ago; with a young age $108 million converted cost near million barrel FPSO ship thrown in for free!), and their incredible track record at Talisman Energy in the North Sea and SE Asia over the last two decades is a reliable guide, our investments here are probably in as safe a pair of hands as the industry can offer. AIMHO/DYOR ps: the cherry on the well iced Montara Acquisition Cake is the $3 billion of tax credits to offset against petroleum resource rent tax (PRRT), a profits-based tax used to tax oil and gas companies in Australia.
13/5/2019
10:32
mount teide: Alp - seems to be a long history of UK and US Nationals failing to have much success going up against Foreign State Organisations - Bill Browder of the Magnitsky Act fame found this to their appalling cost in Russia with his hugely successful Hermitage Capital investment fund. Hermitage CEO Browder: Don't Invest in Russia Today hTTps://www.youtube.com/watch?v=84MsRuC-1l8 Mercantile Ports and Logistics - Pleasing to see that India has an extradition Treaty with the US - preventing the former CEO and now its high paid 'consultant' from doing a runner to avoid joining his fellow accomplices in the dock, charged by US Law Enforcement with carrying out a $200 million securities fraud. However, what is totally unacceptable is that MPL shareholders should be picking up the tab for his 'consultancy' fees while he's in the Dock! Many shareholders will also be interested in how much these consultancy fees are and by how much they differ from what he was PAID(Not Earned) for 9 years while he was masquerading as the self serving CEO responsible for delivering a catastrophic 99% share price fall since IPO. Indeed, as one irate shareholder so eloquently put it - US Law Enforcement might be interested in the former CEO(in name only) obnoxious boast's to him about "earning £millions" from his other 'jobs' around the time the alleged $200 million securities fraud was carried out. It is great to know the shyster i talked to on the phone for over an hour on a number of occasions during 2016, following which i along with my two friends sold 99% of our holdings - was subsequently arrested and charged by US Law Enforcement for allegedly carrying out a $200 million securities fraud. What a management Mercantile has: Executive Chairman arrested, charged and convicted of industrial scale securities Fraud at three companies but incredibly, manages to cut a deal with Indian Law Enforcement/Stock Market Regulator to just pay a fine to keep himself out of prison - and now fighting a writ alleging the siphoning of tens of $millions of cash from another company he had executive responsibility for into companies owned by him and his family! Former CEO and now Consultant to the company, arrested and charged with carrying out a $200 million securities fraud on US soil. Considering the colourful history of the Mercantile Ports and Logistics management - i am considering putting forward a proposal at the next AGM to rename the company: Mercantile £200 million Never Built Port and Securities Fraudsters Ltd Since it is obvious that with the recent company announcement that they have decided to stop any further Land Reclamation - did it ever re-start? other than to complete a further 15 acres in 3 YEARS to facilitate scamming another £70 million from totally clueless Institutional Investors in London - the land reclamation for the 100 acre Logistics Park of the 200 acre port development, as detailed in the AIM Admission Document nearly 10 years ago and for which the NOMAD representative said the November 2016 £37 million cash raising was specifically for - in fact, as we predicted at the time, posted here and told him directly via a long and heated telephone discussion which ended in a shouting match, would prove to be nothing more than a crudely crafted fraud. How right we were! AIOHO/DYOR What a difference two years years makes: JNPT Mega Container Terminal 4 v Karanja Barge Terminal (a scam now in its 6th year of construction - with a 2 year contractual/licensed build duration - and still yet to complete 50% of the Land Reclamation on which to develop the terminal!) Between June 2016 and March 2018 - just 5 miles away the same contractor reclaimed 225 acres of land for port group JNPT in a 20 metre deep fast flowing harbour channel, and built a deep sea container terminal with a 1,000 metre heavy duty quay quay capable of handling the world's largest container ships and a 1 mile long container freight train handling facility. While at Mercantile's Karanja site, virtually no further progress has occurred despite management telling the market in November 2016 - using AIM's greatest ever work of fiction (AGEWOF 1) to scam another £37m from Institutional Investors(since increased to £70m by way of AGEWOF 2 ) - that the land reclamation work for the 200 acre project would be complete by Q2/2017 and the terminal operational! Two and half years later furious shareholders find out they had been fed a complete pack of lies, as just 15 more acres of land had been reclaimed, and that the total land reclamation, never mind the above ground port development, is still not even half complete! hTTps://ibb.co/dBG2En - JNPT Terminal 4 - June 2016 hTTps://ibb.co/cYMzS7 - JNPT Terminal 4 - Dec 2016 hTTps://ibb.co/mcXv0S - JNPT Terminal 4 - March 2018 hTTps://ibb.co/iCaUun - Karanda - Dec 2016 hTTps://ibb.co/czz00S - Karanja - June 2016 hTTps://ibb.co/juFCEn - Karanja - March 2018 hTTps://ibb.co/n2n9un - MPL Site Carpenters as Work
27/4/2019
09:58
mount teide: Mercantile Ports and Logistics - Good to see that India has an extradition Treaty with the US - preventing the former CEO and now its high paid 'consultant' from doing a runner to avoid joining his fellow accomplices in the dock, charged by US Law Enforcement with carrying out a $200 million securities fraud. However, what is totally unacceptable is that MPL shareholders should be picking up the tab for his 'consultancy' fees while he's in the Dock! Many shareholders will also be interested in how much these consultancy fees are and by how much they differ from what he was PAID(Not Earned) for 9 years while he was masquerading as the self serving CEO responsible for delivering a catastrophic 99% share price fall since IPO. Indeed, as one irate shareholder so eloquently put it - US Law Enforcement might be interested in the former CEO(in name only) obnoxious boast's to him about "earning £millions" from his other 'jobs' around the time the alleged $200 million securities fraud was carried out. It is great to know the shyster i talked to on the phone for over an hour on a number of occasions during 2016, following which i along with my two friends sold 99% of our holdings - was subsequently arrested and charged by US Law Enforcement for allegedly carrying out a $200 million securities fraud. What a management Mercantile has: Executive Chairman arrested, charged and convicted of industrial scale securities Fraud at three companies but incredibly, manages to cut a deal with Indian Law Enforcement/Stock Market Regulator to just pay a fine to keep himself out of prison - and now fighting a writ alleging the siphoning of tens of $millions of cash from another company he had executive responsibility for into companies owned by him and his family! Former CEO and now Consultant to the company, arrested and charged with carrying out a $200 million securities fraud on US soil. Considering the colourful history of the Mercantile Ports and Logistics management - i am considering putting forward a proposal at the next AGM to rename the company: Mercantile £200 million Never Built Port and Securities Fraudsters Since it is obvious that with the recent company announcement that they have decided to stop any further Land Reclamation - did it ever re-start? other than to complete a further 15 acres in 3 YEARS to facilitate scamming another £70 million from totally clueless Institutional Investors in London - the land reclamation for the 100 acre Logistics Park of the 200 acre port development, as detailed in the AIM Admission Document nearly 10 years ago and for which the NOMAD representative said the November 2016 £37 million cash raising was specifically for - in fact, as we predicted at the time, posted here and told him directly via a long and heated telephone discussion which ended in a shouting match, would prove to be nothing more than a crudely crafted fraud. How right we were! AIOHO/DYOR
29/3/2019
10:13
mount teide: Just 12% of Britain's entire economy is made up of exports to the European Union - with whom we have a £100 bn and rapidly rising trade deficit. For this privilege we currently pay a net £10bn a year (£500bn over the last 44 years) to remain shackled to the worst performing economy in the World over every timeframe from 1 to 50 years; have 65% and rising of our Laws made by 27 unelected, corrupt, bureaucrats in another country who are mostly former communists; have an open border to 500 million people; pay 20% more for food and clothing as a result of the CAP which forces us to subsidise hopelessly inefficient and uncompetitive French farmers; have a fishing industry decimated as a result of a CFP that sees 90% of the catch in our waters 'legally' plundered by foreign fishing fleets; have our trade deals brokered by socialist bureaucrats in another country with no private sector business/contract negotiation experience; watch helplessly as our supreme court is routinely over-ruled by a political Court in another country with the sole remit to facilitate the creation of a European Federal Superstate, run by Commission which is entirely unelected and, a Council and rubber stamp Parliament in name only where the voting rights of the member Nations has been gerrymandered to achieve the federal superstate political objectives of the EU bureaucracy. Even strong supporters of the European Project like George Soros are saying that the EU now looks like the Soviet Union in 1991 on the verge of collapse – on account of the ‘practical impossibility of treaty change and the lack of legal tools for disciplining member states that violate the principles on which the EU was founded’. One of the key reasons for the yellow vest protestors is the poor state of the French economy. It has grown at less than 1% pa since 1980 and unemployment is currently at 9%. One explanation for this is an unreformed labour market – well illustrated by the 35-hour week(hardly worked by anyone in the public sector) and a retirement age of 60. Yet a 1% annual growth rate is a luxury compared with Italy, where the economy has not grown at all since it joined the euro two decades ago. Italy’s unemployment rate is 10%, while its youth unemployment rate is 35% (58% in Sicily) and has averaged above 30% since 1983. The corresponding figures in Spain are 15% and 34%. Germany’s unemployment rate is only 3.5%. There’s a very simple reason for all this and that’s the euro which has been a disaster. When the euro started in 1999, Germany joined at too low an exchange rate, while the Mediterranean states joined at too high exchange rates, for the long-term sustainability of the euro. This gave Germany a huge competitive advantage when it came to intra-EU trading. Initially this was not thought to matter, since competitive pressures in the different member states labour and capital markets would eventually pull the rest of the EU up to German levels of productivity. But it is clear from these unemployment figures that this did not happen. Macron’s capitulation to the yellow vest protestors using budget handouts has not only shattered his credibility with Germany, it has put him in the same camp as Italy in terms of breaching EU rules: France’s budget deficit and national debt will increase to 3.5% and 100%, respectively.Luigi Di Maio, leader of Five Star and Deputy Premier, said: "If the deficit-to-GDP rules are valid for Italy, then I expect them to be valid for Macron" to French yellow vest protestors near Paris, saying he intended to join forces with them in the European Parliament elections in May. It is clear that there are serious structural imbalances in the EU economy which are impossible to correct as a result of the EU’s ludicrous obsession with unachievable rules and processes that few member states take any notice of, rather than outcomes. The result is a permanent deflationary bias across the region. Despite introducing €2.7 trillion of liquidity into those economies, equal to 25% of eurozone GDP (€2.7 trillion/€11 trillion) since 2015 – and in the process driving up bond prices and driving down their yields - Eurozone growth has averaged just 2.2%, and according to UBS investment bank, 0.75% of this is due to QE. The ECB’s four-year QE programme was considerably larger relative to GDP than the $3.6 trillion US equivalent which lasted six years from 2008 to 2014, only added liquidity equal to 19% of US GDP ($3.6 trillion/$19.4 trillion) and resulted in a stable growth rate of 2% since 2008. The UK’s seven-year QE programme between 2009 and 2016 added liquidity equal to 22% of GDP (£435bn/£;2 trillion) which helped to grow the economy by 2% pa since 2010. As the Italians are discovering to their economic cost, recession is preferred to inflation in the German-dominated eurozone. The ECB was the only non-Italian institution buying Italian government bonds – as part of the QE programme – and that has recently stopped. But these problems are as nothing compared with the financial crisis that is developing in the eurozone banking system. The zone’s main ‘globally systemically important banks’ are pretty close to being insolvent. One reason is the low returns on assets following QE which has reduced bank profits, despite even lower returns on deposits. While all banks globally face this problem, what makes banks in the eurozone different is the myth perpetuated that their countries’ sovereign debt is risk free. The risk is greatest in Italy where the banks are the most exposed in Europe, holding €387bn of Italian government bonds, equal to 10% of their total assets. The two largest banks, Intesa Sanpaolo and UniCredit, have bigger exposures than their balance sheet capital is able to absorb in the event of default. Given the size of Italy’s national debt, there is the danger of a ‘doom loop’ developing if the Italian economy fails to grow sufficiently to pay back the debt when it is due. Equally serious, Italian banks have a significant exposure to non-performing loans (NPLs) made to private-sector companies – a euphemism for interest and loan repayments not being made. The total value of NPLs is €264bn, around 17% of total loans made by Italian banks. About half of these loans are secured against collateral, but they are still only worth 25-30% of face value. Across the whole of the EU, the total value of NPLs is a staggering €780bn. So, a vicious downward spiral develops in which the economy is not strong enough to rescue either the government or the banking system. And the banking system is not strong enough to provide the corporate loans needed to grow the economy. In January 2019, the European Central Bank was forced to rescue Banca Carige, Italy’s tenth largest bank with 482 branches. Matters are made worse by Target2, the eurozone payments system. Target2 converts private-sector loans between eurozone members into sovereign loans – which are again treated as risk free. In short, Target2 has become a giant credit card for eurozone members that import more than they export to other members. But there are two differences compared with a normal credit card: the interest rate is zero and the loan never needs to be repaid. At the end of 2018, Italy and Spain owed around €500bn and €400bn, respectively, which they can never pay back and Germany was owed more than €900bn. The Italian government wants €250bn of its Target2 debits cancelled, but Germany has refused – yet it will never recover a cent of this. Target2 is also being used to facilitate capital flight, because residents in Italy and Spain have lost confidence in their banking system. Those with bank deposits above €100,000 are liable for an 8% haircut if their bank becomes insolvent. The funds are being deposited in German banks. This is causing enormous distortions in Europe’s financial markets as Germany becomes flooded with money that it cannot use productively and there is a corresponding dearth of funds for investment in the Mediterranean states. German interest rates have been negative since 2014. A study by Germany’s Postbank estimates that German savers lost interest income worth €250bn between 2011 and 2018 as a result. Even worse is the risk of contagion with the problems in the Italian banking system spreading to other member states, since banks and insurance companies in these countries have significant holdings of Italian debt. France is particularly badly affected. French banks have an exposure to Italian debt equal to 11% of French GDP. Many of these loans are non-performing, as a result, many French banks are, like their Italian equivalents, technically insolvent. German banks are also exposed to Italy, although to a lesser extent than France. However, they face different problems, in particular, the consequences of investing in complex derivative contracts where the risks were poorly understood. The key culprit is the once mighty Deutsche Bank, although Commerzbank is also in difficulty. In 2016, the IMF declared that Deutsche Bank was the greatest global contributor to systemic banking risk. The bank’s shares halved in value and the most talented staff, whose bonuses were linked to the share price, left. In 2018, it slipped to a 10-year low in the dealmaking league table. In February 2019, the bank announced it lost $1.6bn on a municipal-bond investment bought prior to the GFC. Another doom loop. The EU is incapable of agreeing, never mind implementing solutions to these crises – and instead sticks it mean in the sand and focuses on creating a European Empire. All this affects banks in the UK too. While they have low exposure to Italian banks, they have considerable exposure to French banks, so a domino effect is possible. Even the europhile Bank of England has warned that a bank crisis in Italy could spark a doom loop in the UK: ‘if financial strains were to spread across the euro area, there could be a material risk to UK financial stability’. However, dealing with the financial crisis won’t help in the long run if measures are not also taken to deal with the economic crisis which, in turn, means dealing with the political crisis. Bruno Le Maire, the French finance minister, has made it very clear what the implications are. He says that it means fiscal union in the EU: ‘Either we get a eurozone budget or there will eventually be no euro at all. If there was a new financial and economic crisis tomorrow, the eurozone could not respond’. This, of course, will only work if there is also full political union, but M. Le Maire went beyond this and called for Europe to become an ‘empire, like China, and the US [willing to deploy its full economic, monetary, technological, and cultural power on the world stage to confront the two great superpowers]. I am talking about a peaceful empire, based on the rule of law. I use the term to sharpen awareness that we are going into a world where power matters. Europe should no longer shrink from deploying its power’. With the UK as a non-voting colony under May's BRINO surrender Treaty. Now you can begin to see why the EU has been so keen to take control of our financial system in the Brexit negotiations. This includes the capital markets in the City of London, our banks, building societies and pension funds. Collectively, these are three times the size of the other countries in Europe – Canary Wharf alone does more financial services business than the rest of the EU combined. This is because traditionally the continent has used banks and assurance companies rather than capital markets to provide loans to customers (the so-called bancassurance model), but as we have seen, many of these are insolvent. Powerful voices in the EU would like to rescue their banking system by imposing a ‘financial transactions tax’ every time a transaction takes place – this would be collected by the EC in Brussels. Three times more would be raised from us than from customers on the whole European continent. The tax per transaction would be small, so it would not be immediately obvious what is happening. But these small taxes add up and they would be used to bail out Italian, Spanish, French and German banks – with our hard-earned savings. As a warning sign about how we might expect to be treated in future, the European Commission began proceedings in January 2019 in the European Court of Justice against the UK over tax breaks given to commodity traders in markets such as the London Metal Exchange. This would damage the competitiveness of the City of London after Brexit and the UK government said it was vital to ensure the City remained a world-leading hub for commodities trading. So there you have it. The EU and the house of cards it has built is slowly collapsing before our very eyes, and yet Europe’s leaders want to create a new European Empire to take on China and the US. They have already shown what paper tigers they are when it came to Russia’s annexation of the Crimea – which was a direct consequence of EU negotiations to bring Ukraine into the EU. This is an empire that will inevitably disintegrate – with Bruno Le Maire as the new Nero fiddling while Rome (and Paris) burns. In the meantime, the Withdrawal Agreement makes the UK a non-voting colony that will be drained of its assets to save our new colonial masters’ financial system and then to finance their imperial ambitions. No wonder all the EU27 leaders were tripping over each other in a panic to sign up to it on 25 November 2018. Leaving the EU involves nothing more than a minor change in our terms of trade on 12% of our GDP, yet Theresa May’s negotiating incompetence has created the biggest political crisis in this country since 1940. Our country and our continent are governed by complete fools. And we would be the biggest dummies in our history if we allowed them to get away with this. We need to leave the EU now! There is no time left for more dithering. Data/Research Source: mostly from Professor David Blake at Cass Business School and FT
25/3/2019
19:58
tewkesbury: Toop customer numbers growing rapidly. Toop share price 0.29p, target price 50p or 150x bagger. Toop a BUY. 22/3/2019 - (14 min 20 sec onward) - hTTps://www.voxmarkets.co.uk/articles/reabold-resources-versarien-toople-nuformix-and-russ-mould-920f3bc 18/12/2018 - hTTps://www.directorstalkinterviews.com/interview-why-toople-com-are-seeing-phenomenal-results/412763280 12/2/2019 - TOOP - Investment of the Year? (5 min 10 sec) - hTTps://www.youtube.com/watch?v=LdHzcls1RaE&feature=youtu.be
18/3/2019
19:40
mount teide: Waterfield Consulting Group - Had two calls from people based in the M&A dept of their New York office last Friday who said they had a large cap client that would be interested in buying my shareholding in a London listed company at a substantial share price premium in order to mount a hostile takeover. Received a Purchase Contract by email today from their lawyers saying the purchaser will pay £641,381 for the shareholding(current value around £350k) and all that I need to do to proceed is deposit a 3% refundable bond of £19,241, that Waterfield Consulting Group and their insurers will guarantee - The Vendor’s Indemnity bond is fully refundable upon completion of all aspects of the trade. The people behind this scam are market experienced - Played along with them throughout and after receiving the 5 page Share Purchase Contract suggested they read the following link: hTTp://www.tradersdaytrading.com/company-takeover-scam-comments.html
12/3/2019
22:02
mount teide: Jadestone Energy Update - share price is on the cusp of breaking out to a new all-time high buoyed by management guidance of a near doubling of output for 2019, as production from its two offshore Australia oil fields ramp up. The longer term production forecast is for a further doubling of the 2019 guidance figure to circa 30,000 boepd by 2023 - expected to be achieved through a self financing program of organic growth. Significant downside protection is built into the long term forecast imo by: * An expected long term(10 year) Nat Gas supply agreement with Vietnam Government based on a fixed price(very high regional rate with yearly uplifts), together with a modest field development cost and potentially very low field operating expenses. * The self financing production development plan through to 30,000 boepd is based on $50 Brent * Production could be circa 20,000 bopd as early as H1/2020 from Capital spending of US$116-131m scheduled for 2019. * High potential for the operating expenses per barrel at both recent acquisitions - the Montara and Stag Oil Fields - to fall to the $15-$20/bbl range over the next 15 months from the current $21-$30/bbl range(both down from a $50-$75/bbl range on takeover), from the respective production development plans alone, before any further contribution from improving field operating efficiencies/costs etc Should the management deliver a production growth performance remotely close to the 2023 target, a valuation of many multiples of the current share-price should potentially be achievable - with the added prospect of an accelerated timeline to 30,000 boepd from the acquisition of further high quality, competitively priced but poorly managed Australian oilfield assets similar to Montara and Stag. At Stag and Montara, that Jadestone were able to dramatically slash operating expenses while simultaneously increasing field uptime and production and raise safety standards, strongly suggests that while operating offshore Australia may be relatively expensive, a material element of the higher operating expenses of some producing assets is being generated as a result of low productivity/poor management. For Jadestone to reduce so quickly operating expenses at Stag and Montara from $75/bbl and $50/bbl to circa $30 and circa $20 respectively, strongly suggests both assets had serious management issues that were not being addressed under the former owners. Aussie Rupert Murdoch hated corporate bureaucracy, loathed committees, consultants and strategy. His greatest strengths were decision making and re-engineering businesses – intuiting that a bad decision was better than none at all. When he took over The Sun it was losing £200k a year, within 6 months it was making that a week. Consequently, if Jadestone has been able to halve the head count at Stag and still raise production and operating standards, why change a highly successful acquisition strategy that is bearing such a rich bounty of fruit? - Jadestone's plan to use Aussie oil field owners data rooms to identify more mid/late life shallow water Aussie oil fields with re-investment potential, that in the current oil price environment are producing poor results largely from being very inefficiently operated with highly expensive staff is proving very sound. Jadestone currently produces circa 5% of Australia's oil production. Interview late last week with the CEO Paul Blakeley, where he explains the plans for the recent Montara asset off the coast of Australia, which he believes is one of the best opportunities he has seen in the last 25 years. hTTps://www.youtube.com/watch?v=Yd0ua90glU8 AIMHO/DYOR
22/9/2018
15:02
mount teide: Remember watching a Channel 4 TV interview Morgan Kelly gave at the height of the Irish property market lunacy - he said it was a major accident waiting to happen as 75% of Irish Bank lending was tied up in property and land speculation and totalled more than 2.5 times the size of the Irish Economy. Irish banks were almost entirely funded by deposits until 2000. In the next decade their business model was to borrow in the international wholesale markets and lend to property developers and house-buyers – it was Northern Rock on steroids until an international credit crunch came along and brought the whole thing crashing down. Politics and regulation instead of acting as a preventer acted as a catalyst as a result of the reckless behaviour of self serving politicians and banking sector management. Yet another huge financial disaster aided and abetted throughout by the big audit groups. The shenanigans at Anglo Irish 'Bank' probably best demonstrated the astonishing scale of the folly and breathtaking arrogance and corruption of its CEO - well reported on at the time by the FT: 'At the heart of the crisis was Anglo Irish Bank, the domain of Sean FitzPatrick, its chief executive for 18 years and chairman from 2005. FitzPatrick and Anglo streaked across the dull firmament of Irish banking like meteors, igniting a frenzied battle for size and market share. Between 1998 and 2008, Anglo’s loan book swelled from €3bn to €73bn. Almost all of this was to builders and property developers. Bertie Ahern, the Taoiseach who presided over the alchemical prolongation of the boom and hides his shrewdnesss behind a blokeish bonhomie and mangled syntax, saw it differently in 2006 when, as he put it, “the boom was getting more boomier”. Sean FitzPatrick, it would later transpire, used Irish Nationwide, the building society, to warehouse an undeclared personal loan from his own bank of €87m during the end-of-year reporting season – every year for eight years until it was detected in 2008. As the Anglo share price started to crumble and it and other banks started to haemorrhage deposits, another building society, Irish Life & Permanent, lent the bank €7.5bn to tide it over another sticky reporting season. This was presented in the accounts as part of Anglo’s customer deposit base. Anglo also lent money to a select group of 10, mainly builders, clients to buy stock in the bank and prop up its share price. This is a bank into which the government has already had to inject €14bn. Even after the nationalisation of Anglo Irish and the state’s rescue of its rivals through the establishment of a “ bad bank”, the National Asset Management Agency (Nama), to manage nearly €80bn in toxic property assets, some bankers’ purchase on reality was negligible. FitzPatrick, less than a week after Anglo was bailed out by the taxpayer, called for cuts in child and pensioner benefits. He and his peers were not operating in the penumbra, they were hiding in plain sight, protected by what Fintan O’Toole, The Irish Times columnist, has called “the Celtic informational twilight of things that are known but not known”. They have helped turn Ireland upside down. Twenty years ago, any Irish man or woman would be fluent in EU lore, from the number of scholarships available to the precise value of Brussels regional aid. Ten years ago they became encyclopaedic on property prices, and a storehouse of tips for buzzy holidays from Barcelona to Bangkok. Now, they enumerate toxic assets like a loss adjuster. “That building there, it’s just been Nama-ed,” said one resident, pointing to one of Dublin’s best-known hotels. As a barman in that same hotel had it: “We’re all economists now.” And as Yeats put it in a different context: “all changed, changed utterly”. '
17/7/2018
16:04
henryatkin: Aleman...US stock buy backs are now at levels not seen since 2000 & 2007, yet the buy back companies index is lagging the S&P 500 year to date. At the same time ROI on buybacks has steadily diminished over the past five years. To my mind we eventually reach a point in market timing where buybacks are the only buyers in town. edited. I didn't realise it was a subscription page> Full text U.S. companies are buying back record amounts of stock this year, but their shares aren't getting the boost they bargained for. S&P 500 companies are on track to repurchase as much as $800 billion in stock this year, a record that would eclipse 2007's buyback bonanza. Among the biggest buyers are companies like Oracle Corp. , Bank of America Corp. and JPMorgan Chase & Co. But 57% of the more than 350 companies in the S&P 500 that bought back shares so far this year are trailing the index's 3.2% increase. That is the highest percentage of companies to fall short of the benchmark's gain since the onset of the financial crisis in 2008, according to a Wall Street Journal analysis of share buyback and performance data from FactSet. And the historic spending spree on share buybacks has some analysts worried companies are buying their shares at excessive valuations during the peak of the economic cycle and at a time when the market rally is nine years old. Others warn the billions of dollars spent to buy back shares could have gone toward capital improvements like new factories or technology that could lead to stronger long-term growth. "There has been less of a reward for companies engaging in new buybacks over the last 18 months," said Kate Moore , chief equity strategist and a managing director at asset-management firm BlackRock Inc. "It's fair for investors to ask whether companies are buying at the right point." The S&P 500 Buyback index, which tracks the share performance of the 100 biggest stock repurchasers, has gained just 1.3% this year, well underperforming the S&P 500. Share buybacks have become corporate America's go-to strategy for boosting stock prices and earnings over the past 30 years. The point of buybacks is to try to make a company's stock more valuable. By mopping up shares, a company shrinks the stock pie, which boosts earnings per share. That, in turn, should push the share price higher. The potential problem: Executives directing buybacks are essentially timing the market, and often they end up buying high. Buyback activity reached a frenzy in the early 2000s; the previous record for share repurchases was $589.1 billion in 2007. But that was just a year before the stock market tumbled into the worst financial crisis since the Great Depression. The result: companies like Exxon Mobil Corp. , Microsoft Corp. and International Business Machine Corp. each paid more than $18 billion to repurchase stock at a peak, only to see their share prices slump a year later. Stock buybacks appear just as ill-timed now, some analysts and investors say, especially as companies ramp up spending after last year's $1.5 trillion tax overhaul put extra cash in their coffers. Oracle has been one of the biggest buyers of its own stock in recent years and spent $11.8 billion on stock repurchases last year, when shares gained nearly 23%. But that gamble hasn't looked smart this year as the networking- device maker has struggled alongside the broader market, pulling its shares down 6%. Still, Oracle's board approved a fresh round of share buybacks totaling $12 billion in February, and executives appear to have spent nearly half that sum already. A representative from Oracle declined to comment on its share buyback program, but the company said in a recent Securities and Exchange Commission filing that it "cannot guarantee" its share repurchase "will enhance long-term stockholder value." Others like McDonald's Corp. , Bank of America and JPMorgan Chase have spent billions on share repurchases this year, but haven't seen a short-term bounce in share prices. McDonald's bought back $1.6 billion of shares in the first quarter, but the fast-food chain's stock is down 7.4% this year. Bank of America and JPMorgan Chase have both spent more than $4.5 billion to buy back their shares, which are down 5% and 2.7%, respectively. All three companies also spent multibillion-dollar sums on buybacks in 2017 as the stock market hit repeated highs. Companies in the S&P 500 that have repurchased shares are expected to see a return on investment of about 6.4% this year, a percentage that falls below the past six rolling five-year periods as measured by Fortuna Advisors , a financial consulting firm that has examined buyback trends going back to 2007. Returns on investment for buybacks peaked in 2013, according to Fortuna's analysis, as companies used share repurchases to boost earnings and dig themselves out of the depths of the financial crisis. With stock prices relatively low at the time and economic activity tepid, share buybacks were one of companies' key sources of earnings growth. But even as the stock market steadied in the subsequent years and economic growth around the world picked up to help boost profits, corporate executives continued to spend wildly on share repurchases -- often at the expense of other types of spending, including dividends and capital improvements. Spending on capital expenditures rose to $166 billion in the first quarter, up 24% from a year earlier, according to Credit Suisse , but still well below the $189 billion spent on buybacks. "The majority of capital deployed is going right back to shareholders and not reinvestment in businesses," said Gregory Milano , chief executive at Fortuna. "If that's the only thing you're relying on, it's going to end badly." Some share buybacks do pay off, but that tends to be among companies that show a high level of sales and earnings growth on their own, analysts say. Apple Inc. , for example, has bought back $22.8 billion worth of stock so far this year. Its shares have risen 11%, with much of the boost coming after it reported strong gains in second-fiscal-quarter revenue and profit -- as well as a record $100 billion plan to buy back more stock. "Corporate America has such an obsession with bottom-line growth," said Jay Bowen , president of Bowen Hanes & Co. , manager of the $2 billion Tampa Firefighters and Police Officers Pension Fund . "Long term, I don't like it." Write to Michael Wursthorn at Michael.Wursthorn@wsj.com (END) Dow Jones Newswires 07-08-18 0900ET Copyright (c) 2018 Dow Jones & Company, Inc.
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