Share Name Share Symbol Market Type Share ISIN Share Description
Jtc LSE:JTC London Ordinary Share JE00BF4X3P53 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -8.00p -2.60% 300.00p 919,436 16:35:14
Bid Price Offer Price High Price Low Price Open Price
300.00p 309.00p 305.00p 305.00p 305.00p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial - - - - 320.69

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Date Time Title Posts
23/3/201823:33JTCod's Blog66,596
20/3/201812:01JTC Group IPO March 18 1
19/2/200122:18JTC - up 20% wow . nm3

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2018-03-23 16:35:14300.002678.00UT
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Jtc Daily Update: Jtc is listed in the General Financial sector of the London Stock Exchange with ticker JTC. The last closing price for Jtc was 308p.
Jtc has a 4 week average price of 305p and a 12 week average price of 305p.
The 1 year high share price is 320p while the 1 year low share price is currently 305p.
There are currently 106,896,552 shares in issue and the average daily traded volume is 463,082 shares. The market capitalisation of Jtc is £320,689,656.
mount teide: Thanks JT. Interesting to see the impact (speed and scale) that rising base metal prices is already having in turning around the fortunes of the industry. Glencore's straight talking CEO Ivan Glasenberg said recently; "what a difference a year of rising prices makes" - his results announced today certainly confirm that with pre-tax profits propelled to $6.9bn in 2017 from a loss in 2016. Debt fell by a third as, like other major base metal producers, Glencore continues to focus like a laser on lowering borrowings and rewarding with large dividend payments, shareholders who kept the faith during the long downturn. 'Glencore rewards investors with £2bn in dividends after ‘strongest’ year hTTp:// Mining group and commodity trader Glencore has hailed its “strongest” year on record and announced it would pay shareholders $2.9bn (£2.07bn) in dividends. The company will pay out $0.20 a share in two equal payments in 2018. It came as it reported that pre-tax profits in 2017 surged to $6.9bn from a loss of $549m the year before. Revenue jumped 25pc to $205bn on the back of higher prices for its key products, such as copper, coal, zinc and cobalt. Glencore’s earnings before interest, tax, depreciation and amortisation – a figure closely watched by the City – jumped 44pc to $14.7bn. It was helped by a strong performance in its “marketing” arm, which ships commodities around the globe. Earnings in this division hit $3bn, ahead of guidance, its best performance since 2008. The miner’s debt pile fell by almost a third in 2017 to $10.67bn, the bottom end of its guidance, as it stuck religiously to a commitment to lower its borrowings. Net debt had stood as high as $37bn in 2014 after its merger with Xstrata, and threatened to collapse on top of it in 2015, when investors took fright at Glencore’s balance sheet and the share price plunged. Ivan Glasenberg, the FTSE 100 giant’s billionaire chief executive and second largest shareholder, said that higher commodity prices and a tight control on costs had “enhanced mining margins”. “We look to the future with confidence. We believe our unrivalled positioning in ‘Tier 1’ commodities and ‘Tier 1’ assets will continue to create compelling value for all stakeholders,” he said. Glencore is one of the world’s biggest producers of copper and cobalt, both of which are expected to be in high demand for electric vehicles and batteries.'
jtcod: Falling share prices are a given whenever the point of probability becomes more pronounced in affairs related to nationalisation. Railtrack was a prime example. It's not the share price that matters it's the balance sheet. Because the government would face strong legal opposition should they try to pay less than net assets. Nobody is looking at the balance sheets yet except those with the power to manipulate them. This is why I was looking at National Grid. The time to nationalise NG. was 9 years ago when the assets were £4bn not now that they have been trumped up to £20bn. The part-sale of the Gas Transit network last year which added £7bn to the balance sheet is no coincidence imo. If we strip that out NG. Has been free cash flow negative ever since the financial crises. This was ignored by the management as debt (£27bn) was also ignored. If NG. is nationalised any idea that it will deliver improved service without greater cash injection from the tax payer is living in a dream world. I'd like to see the faces on treasury officials when they realise what they have inherited.
mount teide: Shipping / Industrial Metals Sectors In H1/2016 after waiting nearly 8 years for the Baltic Dry Index(-98%) to finally make a bottom, Copper(-56%), Zinc(-66%) and oil(-76%) as expected, also made a bottom within a few months of the BDI - not altogether unsurprising since 95% of all commodity production sees the bottom of a ships cargo hold at some stage between the mine/oil field and refiner/manufacturer. This was the signal I had been waiting for to go in extremely heavily in the copper/zinc/oil/shipping sectors - and continued to average up aggressively in 2017 by reversing out of long term positions in other sectors as the commodity sector cyclical recovery continues to gather pace. This early stage industrial metals cyclical recovery is different from almost all previously - since a decade low Warehouse Inventory situation and supply/demand deficit situation has developed within the first two years of recovery - something that took much longer in previous recovery phases. This occurred mainly as a consequence of a waterfall drop off in production development over the previous decade to preserve cash, almost complete cessation of exploration, industrial action at the major mines in Chile and Peru and a material drop off in ore grades/increase in operating costs at the principal global scale mines. Since the industrial metals/shipping sectors are highly cyclical over very long time periods - once the tide turns they are as close to a one way bet for years as the equity market throws up. Baltic Dry Index 1985-1994 - Recovery/Boom 1994-1999 - Recession 1999-2008 - Recovery/Boom 2008-2016 - Recession 2016-2024/5?- Recovery/Boom Predictably, the Copper chart has followed an almost identical pattern. The good news is that we are still in the foothills regarding recovery of the BDI and Copper prices - they are still 90% and 42% respectively below their previous cyclical highs. In the last recovery phase 1999-2008 Clarksons (CKN) share-price went from £0.90 to nearly £10.00 - those who sold in 2001/2 after doubling their money missed out on a further 800% of their original investment. Lloyd's List Intelligence in a special report published today described the global economic outlook as ‘best for shipping in a decade’ My main LTBH selections to play the industrial metals and shipping markets recovery phase over the next 3-5 years are Clarksons (CKN), Central Asian Metals (CAML) and Asia Met (ARS). Shipping - Clarksons CKN I'm expecting the BDI to be at circa 3,500 by the end of 2019/early 2020, that's nearly 250% higher than today but still just 29.6% of the 2008 all-time high of the last shipping cycle. If someone said to me that you could either have £30k of Clarkson's shares today(with a 2024 lock up period) or £100k cash in 2024 the likely peak of the new shipping sector recovery/boom phase - it would not be a difficult decision - i'd take the £30k of Clarkson's shares in a heartbeat! Why?, because Clarkson's ship-broking revenue is generated from a fixed percentage of a ship's charter contract. Most of the world's dry bulk/oil tanker/product tanker shipping fleet today is operating in the short term spot market - so as charter rates rise Clarkson's commission/revenue earned from each new ship charter rises in direct proportion. The scale of the last shipping recession was totally without precedent since the global shipping market is one of the few traded markets left that is not to a significant extent manipulated/controlled for political/financial/commercial purposes by major Nations. In UK property market terms the waterfall drop of the BDI between 2008 and 2016 was equivalent to a house falling in price from £200,000 to under £5,000! Its the reason why the valuations of ALL the main market US quoted shipping companies were decimated - with valuation losses averaging 95%-99% for those that avoided filing for Chapter 11 Protection or went bankrupt. The German KG Pension Fund Industry and shipping banks were also similarly destroyed by going into shipping at/close to the top of the markets - their combined losses were recently estimated by Lloyds List in excess of 100 billion Euros. Industrial Metals - Copper/Zinc Central Asian Metals CAML CAML is a very rare bird in the mining sector - an incredibly well managed, low operating cost, high cash generating, high dividend paying mining sector company which has demonstrated to the market it can make serious money and grow the dividend even in the depths of the worst recession to hit the sector for decades - a recession so brutal it brought most main market mining sector titans like Glencore and Anglo American to their knees - Glencore lost 85%+ of its valuation, and were forced to suspend the dividend and heavily dilute its shareholders with a huge placing to strengthen its balance sheet. While all this was going on CAML sailed serenely on and acted more like a dividend paying, safe haven, heavyweight FTSE company should act during a recession than ANY of the so called dividend paying, 'safe' haven FTSE heavyweights actually did! Unlike previous mining sector recessions, by the second year of recovery in the sector, Zinc, Lead and Copper are already at/close to deficit with warehouse stocks at/or close to decade lows due to mine closures, bankruptcies, smart use of mine shut-ins and a near 70% drop since 2013 in capital expenditure developing new production. Exploration dropped by over 90% during the last half decade. hTTp:// - decade low LME Warehouse stocks Add into this mix IMF Global GDP forecast uplifts to nearly 4% for 2018 and 2019, together with the US announcing a record programme of tax cuts and the opening of the capital expenditure floodgates on an unprecedented scale to rebuild their crumbling infrastructure. Add in the rapidly growing demand for industrial metals from the electric car and renewable energy sectors and India with a population almost identical to China (1.4 billion) commencing a huge countrywide infrastructure modernisation programme. Collectively, that lot is the perfect storm brewing for many years of strong demand and high prices. CAML as a low cost operator is incredibly well placed to do well during the recovery stage of the commodity cycle - The previous owner of recent acquisition the Zinc/Lead SASA mine made 100% profit in just over a year of ownership - and the price CAML paid in October 2017 is already looking a bargain since it was based largely on the 2016 accounts - Zinc and Lead pricing has gone up over 150% and 50% respectively following the recession lows in 2016. Peel Hunt(issued 10 Jan 2018) currently has EPS for 2018 of 38.3p and dividend of 19.31p(6.4%) giving a PE ratio of 7.9. If current metal pricing is maintained throughout 2018 the PE ratio drops to 6.2 The recovery of the global mining industry has seen valuations of most mining companies surge off the lows during 2017 - the 102 US quoted mining companies currently have the following combined PE Ratio's: 18.83/Forward - 52.11/Trailing London quoted Copper sector heavyweight Antofagasta currently has a trailing PE ratio of 58.19. All of which probably explains why CAML management had to run their slide rule over 150 companies during the last three years before finding one priced to their taste. And makes CAML's 2018 earnings with a forward PE ratio of 6.2 to 7.9 and trailing of 12.5 look mis-priced by comparison. The CAML valuation is difficult to ignore on a pure value level - and should a decent chunk of the valuation gap fail to close over the next 12 months, will leave the company a prime target for a market that is now experiencing a rising trend of M&A activity Asia Met ARS There is probably no better example in the mining sector than Asia Met of how the brutal 8 year recession in the industrial metal markets through to early 2016, decimated global production development and effectively brought exploration by the majors to a complete standstill for nearly half a decade. Posts 11248 and 10725 on the ARS thread gives a little background - so impressed with the potential of the world class ARS assets and discoveries found by exploration entirely funded by sector major Freeport, were the new Australian management who took over ARS in 2015: ALL the Board (Execs and Non Execs) have collectively elected to take their entire 'remuneration/fees' since as share-price incentivised stock options, thereby fully aligning themselves with shareholders to an extent I have never seen before in any company - three years of paying their own and families living expenses out of their own pockets is making a huge statement. How were they able to do this? Some like ARS CEO Tony Manini were instrumental in taking Oxiana Metals an Australian junior miner from a company worth $3m to $6bn during the previous 2000-2008 sector recovery/boom phase. Tony recently said, he managed to take Oxiana to a $6bn valuation by doing what he’s doing with Asiamet right now. No investment advice offered, intended or inferred. AIMHO/DYOR Note: After being way behind the curve for over 18 months a number of major US investment banks turned full circle and issued very significant upgrades last week to their 2018 Industrial metal price forecasts: Copper $8,000/t - $3.60/lb - Goldman Sachs - by year end $7,750/t - $3.52/lb - Bank of America - by mid year £7,175/t - $3.26/lb - Citigroup - Average for year $6,788/t - $3.08/lb - Current price $6,193/t - $2.81/lb - 2017 Average Price $4,848/t - $2.21/lb - 2016 Average price(copper made a bottom/8 year low in March).
the stigologist: So the basics on this are that they developed this Elast-eon technology about 17 years ago. Failed to become a device manufacturer themselves. Licensed the materials tech unsuccessfully initially and on bad terms to much bigger players. Got into loads of litigation to try to protect their Intellectual Property etc. Finally seem to have drawn a line under previous litigation and found a licensing partner Biomerics who is delivering. Reckon that having learnt from previous experiences they can licence their tech successfully for some other devices e.g. Breast implants and Heart Valves. Their current valuation is totally out of sync with what even Private Start-ups are valued at (e.g. Edwards buying Harpoon a couple of weeks ago for $100-250m) which don't have the track record of successful in-human clinical use or FDA approvals. AOR AorTech Share Price : 50p Market Cap : £2.8m AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™ the world's leading long-term implantable co-polymers, now manufactured on their behalf by Biomerics LLC in Utah, USA. With several million implants and seven years of successful clinical use, AorTech polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. Devices manufactured from AorTech polymers have numerous US FDA PMA approvals, 510k's, CE Marks, Australian TGA and Japanese Ministry of Health approvals. Elast-Eon™ and ECSil™'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. A range of materials in a variety of application-specific formulations for use in medical devices and components are available. Valuation comparitors :- Major licensee is Biomerics. Private Company. Recently spent $38m on a HQ building alone. hTtp:// Edwards Lifesciences bought Harpoon Medical for $100-250m (December 6th 2017) htTp:// "The HARPOON system is designed to facilitate echo-guided repair of mitral valve regurgitation, by stabilizing the prolapsed mitral valve leaflet to restore proper coaptation and valve function" Xeltis achieved largest private equity funding round for a medical device in Europe of $52m in 2017 (November 15th 2017) htTp:// AorTech comments :- General licenses :- "Significant funding has been achieved by AorTech licencees in developing and commercialising their products with AorTech's Elast-Eon™ seen as critical to their success. In one instance, funds in excess of $100 million have been raised to achieve successful commercialisation." On their Heart Valve Project :- "We have previously announced a potential transaction with a new business established to commercialise the AorTech heart valve technology. Fund raising for the new project is continuing but is not yet finalised and any license will be dependent upon the new business being fully funded. The package of data and information that AorTech is able to deliver to the project is substantial. This ranges from specific manufacturing know how and trade secrets for the precise polymer best suited to a heart valve, detailed design files for a polymer valve with a stress/strain profile substantially less than the material mechanical properties, together with a fully documented manufacturing process that allows a clinical quality valve to be made on a repeatable basis. All of these processes have been developed over a number of years of trial and error and experimentation at considerable investment by AorTech."
jtcod: I see that Dignity put out a profit warning today and slashed their Funeral prices across the board by 25%.The share price has dropped by 50% today with a forward PE of 7 which would seem cheap but for Net Debt of 500-600m and grossly reduced profit. Maybe that 7 is a tad misleading?For those interested in the story, this report was released by a price comparison site in Sept 2017. It happens to cover funeral cost comparisons. Imo it is a brilliant piece of analysis and put the 5 traditional analysts covering Dignity with price targets close to £30 to shame.
the stigologist: #PYC Physiomics Share Price : 8p Shares O/S : 57m Mkt Cap : £4.8m Physiomics plc combines systems biology with cutting edge mathematics to develop models that streamline the drug discovery and development process. Virtual Tumour, the company’s lead service, is used to optimise the dosing and scheduling of oncology drugs in pre-clinical trials. This optimisation improves the efficacy of combinations in pre-clinical xenografts. The company is also developing: Virtual Tumour Clinical, to directly predict optimal regimens for human clinical trials. Cardiac toxicity prediction service, to predict unwanted toxic side effects of drug candidates early on in the drug discovery process. Drug combinations database, for researchers and clinicians to rapidly access literature data on pre-clinical and clinical regimens and their effects. Physiomics plc works with partners from both small and large pharmaceutical and biotechnology companies since 2002. These include Merck Sharpe & Dohme Corp., Eli Lilly, Merck Serono, Sareum, Institute of Cancer Research, Cancer Research Technology, Cyclacel Pharmaceutical and ValiRx. Fee-for-service, licensing and revenue sharing options are available. On November 28th PYC issued an RNS announcing a €0.5m multi-year deal with Global Pharma company Merck (NYSE:MRK) Mkt Cap $152bn htTps:// "Physiomics believes that the Agreement represents a significant external validation of its Virtual Tumour technology by Merck." Physiomics are also talking to 58 other potential clients. Several deals are believed to be 'imminent' Further to this Physiomics in January 2017 were awarded a £200k Government grant to work on a Project with Oxford University Cancer specialists to develop a Cancer DSS (Decision Support System) tool. htTps:// "The project is titled "Decision Support Systems For Stratified Cancer Treatment". In line with the Company's strategic objective to explore the personalised medicine market set out in its full year results (published on the 27th October 2016), the objective of the project is to create a prototype decision support system to improve cancer care by helping medical professionals make treatment decisions based on patient specific data." This 12 month project is set to complete in January 2018. Feedback has been promising and the Company believe they can access 'SUBSTANTIAL NON-DILUTIVE FUNDING' from the Government to continue this project. The ex-Founder of Physiomics has been active on the PYC BB this week and stated that he believes the Company could be valued at north of £1 per share. For valuation comparison :- Oncimmune (ONC) Mkt Cap £65m Revenue £0.1m Physiomics (PYC) Mkt Cap £4m Revenue £0.7m
top tips: IMMUPHARMA (IMM) Potential blockbuster Lupuzor Phase III results due Q1 2018. Only other similar drug Benlysta was bought out from HGSi by GSK in 2012 for $3.6 billion for 50% stake valuing Benlysta around $7 billion (and IMM's Lupuzor appears to be safer and more efficaceous than Benlysta). $7 billion buyout of IMM gives £39.70 share price against current 97p, or 40+ bagger !!! Actual return could be even higher (£100+) because Lupuzor likely to be used in multiple block buster indications. IMM suggest - autoimmune diseases (e.g. rheumatoid arthritis, Sjogren's Syndrome, Crohn's Disease + Ulcerative Colitis, and Chronic Inflammatory Demyelinating Polyneuropathy [CIDP]), plus non-autoimmune diseases. It could therefore be several blockbusters in one. (An analyst note states they, "understand that a majority of Phase IIb patients showed resolution of the arthritis measure (four point score...)". Potential blockbuster Lupuzor has 'Fast Track' (guaranteed approval within 6 months) and 'SPA' status from US FDA, so could market launched in 2018. Tim McCarthy (IMM's Chairman) 14/3/2017: "There's going to be a fantastic return on investment for anybody who invests in ImmuPharma...This (Lupuzor) is going to be a multi-billion dollar drug, its as simple as that...This will absolutely be a multi-billion dollar drug." 4 min 40 sec. hTTps://
top tips: IMMUPHARMA (IMM) Potential blockbuster Lupuzor Phase III results due Q1 2018. Only other similar drug Benlysta was bought out from HGSi by GSK in 2012 for $3.6 billion for 50% stake valuing Benlysta around $7 billion (and IMM's Lupuzor appears to be safer and more efficaceous than Benlysta). $7 billion buyout of IMM gives £39.70 share price against current 92p, or 43+ bagger !!! Actual return could be even higher (£100+) because likely to be used in multiple block buster indications. IMM suggest - autoimmune diseases (e.g. rheumatoid arthritis, Sjogren's Syndrome, Crohn's Disease + Ulcerative Colitis, and Chronic Inflammatory Demyelinating Polyneuropathy [CIDP]), plus non-autoimmune diseases. It could therefore be several blockbusters in one. (An analyst note states they, "understand that a majority of Phase IIb patients showed resolution of the arthritis measure (four point score...)". Potential blockbuster Lupuzor has 'Fast Track' (guaranteed approval within 6 months) and 'SPA' status from US FDA, so could market launched in 2018. Tim McCarthy (IMM's Chairman) 14/3/2017: "There's going to be a fantastic return on investment for anybody who invests in ImmuPharma...This (Lupuzor) is going to be a multi-billion dollar drug, its as simple as that...This will absolutely be a multi-billion dollar drug." 4 min 40 sec. hTTps://
mcfly79: There have been a number of posts recently on the disruptive technology of EVs and Solar. These technologies could have a profound global impact. I’m also keen on trying to find disruptive technologies in more niche markets that could transform the fortunes of a single company. A few months ago I bought shares in Zoo Digital (Zoo). Current share price 27p and current market cap £20m. The company has a software development background and some years back developed software that streamlines the process for localising films and TV context (the main work stream being subtitling into local languages). Their system is cloud based and allows a central co-ordinator to work with a large pool of freelance translators across the world to subtitle the work into many languages. Background When they were trying to sell this technology to TV/Film content providers they were met with resistance since it would have meant abandoning their own infrastructure. Zoo therefore entered the localisation market themselves. The company has gone sideways for a number of years, with a large chunk of their work historically being on DVDs/Blu-rays. Last year (year ended 31 March 2017) their fortunes began to change due to the change in the landscape for localisation work. With the move from physical distribution channels (DVD/Blu-ray) to digital distribution channels (Netflix, iTunes etc) it is now very easy to make content available throughout the world on already established digital channels. Whereas previously content providers would want their DVDs translated into a handful of languages, there is now the demand to translate content into 50 or more languages (including large back catalogues). Zoo is well placed to benefit from this demand. Apple selected Zoo in February 2016 as an iTunes aggregation service provider for TV series and, in May 2016, Zoo was awarded approved vendor status by Netflix. The company recently had a placing to raise funds to allow it to meet the increased demand (at the expense of large dilution for holders). I’ve set out below turnover for the last few years to highlight the increase in 2017 (which was mainly attributable to an increase in H2 2017): 2012: 11.2m 2013: 10.4m 2014: 9.6m 2015: 11.5m 2016: 11.6m 2017: 16.5m (results are in USD) The use of cloud based software means Zoo’s offering is very scalable. The largest additional cost from increased subtitling work is translators’ time. Zoo uses a pool of thousands of freelance translators. These translators are not employed and represent a pure variable cost. Due to operational leverage the $4.9m increase in turnover in 2017 (41% increase) led to a more marked percentage increase in profits with EBITDA increasing from $156k to $1,769k and profit after tax increasing from a loss of $787k to a profit of $791k which gave eps of 2.42c. Current trading The current year to 31 March 2018 has started strongly. The final results for last year released on 27 June contained the following statement: ‘The improvement experienced through the second half of the year has carried on into the new financial year and the current pipeline of work is considerably stronger than at the corresponding prior period.’ The company also has a ticker on its website that counts the cumulative number of subtitles created and stored for customers: hxxps:// (scroll down) In the last year to 31 March 2017 Zoo added 55-60m subtitles. The increase in the ticker figure has accelerated markedly in recent months and will have increased by over 60m in the first half of the current year. Quite how this translates into extra revenue and profit is unknown at this stage but I’m hopeful that profit after tax will increase substantially from last year. Dubbing There are other companies that offer similar subtitling services but I don't believe there is anything similar for dubbing. Zoo has been working on a cloud based dubbing system and will launch it at the IBC 2017 conference later this month. It is this technology (which the company calls Zoodubs) that could disrupt the dubbing industry if successful. Some more details: hxxps:// According to research in June 2017 from the Media & Entertainment Services Alliance (MESA) Europe, the total Europe, the Middle East and Africa market in 2016 for entertainment localisation (subtitling, captioning and dubbing) was estimated at around $2 billion, with 70% of that attributable to dubbing services. The market value is forecast to grow by 8–10% per annum. The dubbing market is very fragmented and I’ve been told the top 4 providers only account for 20% of the work. Zoo is a very small company (£20m market cap) and Zoodubs is very ambitious for a company of this size. I’ve been told Zoodubs has been well received by Zoo’s clients and will be progressed slowly so that Zoo can ensure quality control (but some revenue is expected this financial year to 31 March 2018). Zoo has spent some time building up a network of voice talent and dubbing directors (again all freelance). This is a work in progress initially focusing on core languages and will be built up over time. Zoodubs won best in show at NAB 2017 and ZOO was also named as one of the top ten innovators of 2016 in a report that surveyed international entertainment industry professionals. (Not being an industry expert I don’t know how prestigious these awards are): hxxps:// Summary The share price has had a great run over the last few months and the company is now valued at £20m. I think Zoo is in the right place at the right time for localisation work and has a potential company maker in Zoodubs. That said, I am far from being an industry expert for localisation work and know that a little knowledge can be a dangerous thing. I’d appreciate any comments or criticism people have on the company and thoughts on the current valuation. The company has its AGM on 25th Sep and there is normally a trading update. This year ‘following the formal business of the AGM the management team plans to give a detailed review of the business and the environment in which it operates, including demonstrations of its cloud computing platforms.  The meeting is open to shareholders and non-shareholders alike.’ Unfortunately the AGM is in Sheffield but I am still attending and look forward to seeing the technology in action. I’d also be keen to hear of any other company that have a disruptive technology that will transform their fortunes. A few other points: *Existing shareholders saw large dilution in the fundraising (number of shares more than doubled) and some shareholders sold. I bought after the fundraising. *Whilst Zoo’s software seems well liked by local translators there are some reviews online (glassdoor etc) by local translators that complain of slow or non payment. *The recent award of share options to directors was excessive imo.
mount teide: Mcfly79 Hope you're well! Cast your mind back to David Robson's TPL presentation at the Investors Event in London, where we last met. Immediately preceding David '10 bagger' Robson, you may recall was a presentation by Nick Clarke CEO of a company i had never heard of called Central Asian Metals(CAML) a pure copper play, but following Nick's highly impressive presentation decided to undertake some serious research on, which led to an investment in the company. The passage of time suggests Central Asian Metals (CAML) is probably one of AIM's greatest success stories and certainly one of its best kept secrets - CAML raised $60m at IPO in September 2010; after paying the 2016 dividend CAML will have returned $96m to shareholders in dividends and share buy-backs since the listing. Recent share-price weakness, the result of Fidelity, a major shareholder lightening 40% of their original investment(which had returned 60% in dividends and 120% capital growth during a severe mining sector recession), created an opportunity to increase my total investment three-fold, in order to get further exposure to a sector likely to benefit hugely from the fast developing EV, Battery and Solar industries. CAML - a few stats: 2016 $69m revenue and $39m EBITDA @$2.21/lb Copper, 7.5% dividend(14,000t production) 2017 13,000t - 14,000t forecast production(they like to under forecast and over deliver) 7% dividend forecast at current share price 247p, with prospect of annual special dividend Current C1 cash cost of $0.46/lb($1.06 fully inclusive), Circa $41m of cash, no debt, Life of mine recently extended beyond 2030 for an asset that has an expected sustaining annual capital expenditure cost of just $2m Currently drilling Shauk, a high potential, very cheaply acquired ex Russian copper-gold exploration asset in Kaz. CAML realised an average copper sales price of £3,417/tonne in H1/2016 Copper averaged £4,760/t in H1/2017 (39.3% higher) Copper is averaging circa £5,002/t to date in H2/2017 (46.3% higher) Copper is currently trading at £5,405/t (58.3% higher) S/P - although currently re-rating, its is still below where it was earlier in the year when the copper price was some $0.50 cheaper - a result of Fidelity taking some profits. Each US Cent the copper price increases above $2.21/lb the average price CAML realised in 2016, generates $315,000 additional profit for CAML at forecast production. Copper is currently trading at $3.07/lb, still nearly 50% below its 2011 market highs. CAML Annual Report - 'The team has assessed over 100 opportunities in the past two years in the continued search for profitable growth. CAML’s objective remains to grow through acquisition with the fundamental rationale being shareholder accretion over several financial metrics at a range of copper prices. Market sentiment has varied greatly throughout the year as the copper price appreciated in Q4 2016 and this has impacted on valuation perceptions. In spite of near to medium term copper price uncertainty, many other market participants are proposing asset valuations that assume copper prices in excess of consensus expectations. Consequently it has been challenging to source accretive transactions of a transformational nature.' CAML management clearly found valuation perceptions across the sector a little too rich for their and probably shareholders taste! Sensibly decided to concentrate on the huge exploration potential of Shuak(currently drilling) and, returning the cash to shareholders through industry leading dividend payments and special dividends, as they continue the search for an accretive acquisition. Also, have recently built significant portfolio positions in ATYM(a currently re-rating lowly valued European copper play) and ARS - Indonesian Copper/Zinc exploration play with huge upside potential, that expects to bring its first copper mine, a low capital and operating cost development into production in 2019. Its ran by a highly experienced Australian management team with a long and very impressive track record of success in the sector developing copper exploration assets into highly valuable production businesses - oh, and their shareholder communications is second to none(think the exact opposite of TPL under Robson's management - JPM has just taken 8% of the company by way of a placing). As ever AIMHO/DYOR
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