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
  0.00 0.0% 617.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
620.00 621.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 115.09 11.24 9.02 68.4 822
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 617.00 GBX

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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 617p.
Jtc Plc has a 4 week average price of 616p and a 12 week average price of 614p.
The 1 year high share price is 690p while the 1 year low share price is currently 434p.
There are currently 133,148,052 shares in issue and the average daily traded volume is 328,385 shares. The market capitalisation of Jtc Plc is £821,523,480.84.
mad dog7: Please, Britain, keep James O’Brien away from us We in Ireland have enough sanctimonious spivs of our own without importing any of yours. Https:// Those of us on this side of the Irish Sea who pay attention to the British media are all too aware of O’Brien’s weird brand of dismissive smuggery, but he elevated that to a masterclass during his appearance as he sneered and whined his way through a rather untypically obsequious interview with Cuddihy. Apparently, opposition to the restrictive rules of the lockdown is down to the beasts unleashed by Brexit which ‘defied trust in science, trust in evidence, trust in expertise, trust in economics, trust in anything that could be loosely described as knowledge or intelligence… invigorated and inflated by that success they have moved on to their next attempt to deny reality’. Warming to his theme, O’Brien fulminated against people who, according to the great sage, ‘aren’t quite bright enough to realise how unintelligent they’ and so ‘come up with ideas like libertarianism or they buy into notions like classical liberalism’. Indeed, the only reason why people are opposed to lockdown is to ‘protect wealth and capital’, property portfolios and share prices. Well, I know many people who work in bars, clubs and restaurants who have been out of work for the past year. But I doubt any of them have share portfolios. They’re just working stiffs who want to get back to earning a decent wage rather than relying on paltry government handouts.
7kiwi: A bit of gold research. It is often said that the gold price is highly correlated to real interest rates. Real interest rates are defined as the nominal interest rate less the rate of inflation. Most commonly the US 10-year treasury inflation protected security (US10YTIP) is used as the benchmark. In this case the inflation rate used is the 10-year breakeven inflation rate. 3-year Time Horizon Since the beginning of 2018, the correlation to the gold price is remarkably strong. Using this relationship, the gold price and the "fair value" based on real interest rates can be plotted. We can see that gold got ahead of itself in the summer of 2020, but now has over-corrected to the downside. 18-year Time Horizon Over the longer term back to the start of 10YTIP data in 2003, the correlation to the 10YTIP is not quite as strong, but R2 is still above 0.8. Note that the peak in 2011 was a particularly significant move above fair value that was not quite matched by the 2020 peak in terms of deviation from fair value. 50-year Time Horizon If we want to go back longer than 2003, we have to create a different measure of the real interest rate. I have used the Fed Fund Rate (FFR) minus the annual change in CPI. I have called this the short-term real interest rate (STRIR). The relationship between the gold price and this measure of real interest rates is not particularly strong. This is mostly because the level of real interest rates is overwhelmed by what has happened to the monetary base. A multi-variate analysis of gold versus the monetary base and STRIR shows a reasonable correlation (R2=0.83), however the gold price can spend years under or over fair value. Note that gold usually rises when the monetary base is rapidly expanding. It is also worth noting the times when STRIR is below -2.75% that are shown in pink on the chart. Most of these periods coincide with periods when gold explodes to prices well above fair value. Note that in the current bull market, we have not yet seen quite such an explosive move to the upside. Perhaps this is because the STRIR has not yet fallen below -2.75%. At 2011 peak, the 10YTIP was hovering around zero and the STRIR was around -3.7% with the monetary base around $2.6trn. Today, the 10YTIP is around -0.58%, the STRIR is -1.6% and the monetary base is around twice as large at $5.2trn. Outlook If we are to predict the future, we need some insight into what is going to happen to the FFR, the monetary base and CPI. The Federal Reserve have been at pains to emphasise that they are not going to raise the FFR for some considerable time. QE is also running at $120bn per month and Congress have just passed another stimulus Bill. There is even a further infrastructure spending bill in the pipeline. So, it is safe to assume that the monetary base is going to keep on expanding. That leaves us with CPI. The latest CPI number show an annual increase of 1.7%. This looks like inflation is subdued; however, the Consumer Price Index is already 2.8% above the trough in May 2020. If it continues to rise in the range of 0.3-0.4% per month, we can expect headline CPI to 3.7-4.1% by the time May 2021's figures are reported in June. Further indications of burgeoning inflation can be seen in the Prices component of the ISM Mfg PMI. The last time the Prices index was at this level back in May 2011, CPI peaked at 3.8% the following September. So, we might expect CPI to rise to 3.5-4% by late-Spring or early-Summer. Commodity prices show a similar picture with the GSCI Total Return Index at the beginning of March up around 70% from its low in late-April 2020. In 2009, we saw annual increases in the GSCI close to 80% and inflation peaked at over 5%. By this measure, we might expect CPI to rise to the 4.5-5% range around May 2021. With three leading indicators pointing to CPI around 4% or more by May or June this year, what does this mean for STRIR? Well, if the Fed sticks to its promise of no rate increases, we can expect the STRIR to fall to about -4% in May or June this year. As we saw above, in earlier years, this level of STRIR has coincided with a big surge in the gold price. A 2-3SD move above the fair value based on the monetary base and STRIR could see gold hit $2,300-2,500. Gold is languishing at the moment and sentiment is very bearish. However, some believe we are close to the end of this correction phase. If the past is anything to go by, the end of this correction should be a harbinger of better times ahead. If the inflation predictions come true, gold may well be on a path to break its all time high again this summer.
the chairman elect: KOD LSE:KOD KOD could easily go back to the old highs and beyond. With the news flow that is a coming @ KOD my short term share price target is a minimum of 1p+
the chairman elect: KOD LSE:KOD Punters talking about this being the next PREM from an explosive UPWARDS share price movement perspective!
mount teide: Savannah Energy (SAVE) - Further to earlier postings: It's not often that PI's get an opportunity to build a position in a high cash generating company like SAVE at a discount of up to 80% to the weighted average price of the group of blue chip Institutional Investors that have supported the placings to date. Placings: 01-8-14 = $50m raised at 56p 10-7-15 = $36m at 38p 07-7-16 = $40m at 38p 22-12-17 = $125m at 35p 24-1-19 = $23m at 28p $274m raised at an average of 39.1p In 2021 with potential annual free cash flow of $140m from Nigeria(Finncap Note) some 30% of that could be returned as a dividend. $42m at an exchange rate of £1/$1.35 is about 3.1p/share - 21% yield on the current share price - 10% yield on a share price of 31p or 5% yield on a share price of 62p (excluding any contribution from Niger. AIMHO/DYOR
mount teide: Exxon - A fourth quarterly loss in 2020 after a $20-Billion Write-Down piles the pressure on the company to follow the other oil majors lead and start disinvesting from the sector by transitioning more into clean energy. The Unintended Consequences Of Fossil Fuel Divestment - Cyril Widdershoven / Global Head Strategy & Risk at Berry Commodities Fund. 'The stability of the global oil market is under threat. The impact of COVID-19 and the resultant demand destruction has put an ever-increasing amount of oil and gas producers on the path to bankruptcy. At present, the list of U.S. shale oil and gas producers filing for Chapter 11 is growing by the day, while global oilfield services and offshore drilling companies are fighting to survive. Ultimately, this very dire situation is being driven by oil and gas demand and prices, which is why a degree of stability has returned with oil prices back around the $40-$50 mark. But there is another variable beyond just supply and demand that is now threatening to reintroduce instability to markets. Fossil Fuel Divestment, supported by international governments, international financial institutions, and investors is now threatening to push oil and gas companies into the abyss. In recent weeks, a group of 12 major cities in the EU, USA, and Africa, all pledged to divest from coal, oil, and gas. These cities are home to more than 36 million residents and hold over $295 billion in assets. Led by London and New York City, they have decided to divest from the fossil fuel assets that they directly control and have called on the pension funds managing their money to do the same. The other cities joining the divestment declaration are Berlin, Bristol, Cape Town, Durban, Los Angeles, Milan, New Orleans, Oslo, Pittsburgh, and Vancouver. Activist investors, in-line with the growing Western media onslaught on hydrocarbon production and use, are putting not only the future of international oil and gas producers at risk but increasingly removing the necessary equilibrium between independent (privately owned) oil and gas producers and the national oil companies. For decades, global oil and gas production has been built on several mainstream structures, including the Texas Railroad Commission, Seven Sisters, and OPEC. These structures have helped to stabilize and structure the market to benefit producers, shareholders, and consumers at the same time. The power balance between the Seven Sisters (which in its modern form consists of Shell, BP, ExxonMobil, and Chevron) and OPEC producers has regulated the $1.7-1.8 trillion oil market through times of financial crisis, regional wars, and Black Swan events. This necessary cooperation or power equilibrium is now being undermined by investors and politicians, threatening not only energy and petroleum product supply to global markets but also diminishing the influence of consumer countries on producers, such as OPEC. An increasing amount of international financial giants, such as Dutch asset manager Robeco, are committed to excluding investments in thermal coal, oil sands, and Arctic drilling from all its mutual funds. The Dutch fund stated that it will bar companies that derive 25% or more of their revenues from thermal coal or oil sands, or 10% or more from Arctic drilling. The Dutch asset manager, holding around 155 billion euros ($181 billion), has already excluded thermal coal investment from its sustainable funds. “Our move to exclude investments in fossil fuels from our funds is a further step in our efforts to lower the carbon footprint of our investments, transitioning to a lower-carbon economy,” said Victor Verberk, Robeco’s CIO fixed income and sustainability. Robeco’s move follows a growing list of European insurers and asset managers that have cut investments in fossil fuels, including Dutch insurer Aegon. Robeco said it would complete the exclusion of fossil fuel firms by the end of this year. European insurers, asset managers, and pension funds are not the only ones. Recent reports indicate that global investors have already excluded $5.4 trillion from fossil fuels. The main driver behind this divestment craze is a determination to remove man-made greenhouse gas emissions in order to counter climate change. Reports indicate that 80% of all global emissions come from fossil fuels. To reach the goals set out by governments, emissions need to be cut by two-thirds, or fossil fuel production has to be cut by 1% per year through to 2050. Fossil fuel production has seen a growth of 2% per year in the last 30 years. In the eyes of most investors and activists/governments, divesting in fossil fuel companies will be a major step forward. Some investors are arguing that it is economically sensible to divest based on the stranded asset argument put forward in a major report from the Bank of England. Bank, equity and pension funds are worried that the intrinsic value of fossil fuel assets is much lower than current market valuations. The issue with that argument is that risks are not being taken into account by most investors and politicians. Even if the total value of hydrocarbon producers on stock exchanges has dwindled, the impact of divestment on asset allocation and returns will be immense. Fossil fuel producers make up around 6% of the global stock market and over 12% of the UK market. As some have already stated, excluding an entire sector impacts asset allocation, resulting in increased benchmark risk (relative to the market) and potentially higher volatility. Investment bank Schroders research shows that over the long-term the impact of exclusions on investment returns is minimal. However, it can increase volatility in the short term. Investors are leaving the market, share prices are plunging, company strategies are being changed and production is in danger. In recent months, statements by BP and Shell that they want to move part of their investments from upstream oil and gas to green have been met with plenty of positive reactions from the media, but the announcements should really give observes reason to worry. Going green is putting market stability at risk. Assessments about the major asset re-evaluations by privately-owned oil companies in recent months should be taken with a grain of salt. Even if the world’s biggest oil companies were to slash the value of reserves and current projects in 2020, such as French major Total writing down about $7 billion of Canadian oil sands assets, or Shell’s $4.7 billion hit in the second quarter relating to assets in North America, Brazil, and Europe and a project in Nigeria, the real value is a book value. At times of crisis and uncertainty, it is always attractive to take impairments. Even Exxon Mobil warned in August that low energy prices may wipe out as much as one-fifth of its oil and natural gas reserves. Not only do shareholders feel the pain of lower revenues and dividends in times like these, but hydrocarbon projects become uneconomical. By removing multibillion-dollar hydrocarbon investment projects around the world though, supply will be hit hard in the coming years while demand will continue to grow. Renewable projects are only able to counter the growing demand for energy, not for products. It should be worrying that IOCs, such as Shell or BP are not only divesting part of their global oil and gas acreage and projects but also stopping exploration for new acreage. If oil and gas markets are destabilized further, it will be left to NOCs to save the market. Clean energy analysts seem to have failed to understand that THE STARNED ASSETS OF IOCs ARE ASSETS RIPE FOR OTHERS. Profit margins, dividends, and activist shareholders are not such an issue for Aramco, ADNOC, NNPC, Gazprom, or CNOOC. With lower supply in the coming years, and demand likely to return, prices will increase and margins will go up. This will make the growing list of so-called stranded assets commercially attractive again. But this time they will likely fall into the hands of NOCs(and companies like Jadestone ) rather than IOCs. The future of IOCs and independents is not looking very promising. Lack of access to financial markets and a political-societal drive to block hydrocarbon projects makes some of the world’s largest oil firms look like pension funds or even graveyard construction companies. The future for NOCs, especially the OPEC+ parties, however, is bright. Without activist shareholders to worry about, easy access to financial markets, and SWFs, NOCs are not only able to reap the rewards of the current onslaught, they are also willing. For NOCs there are no stranded assets, every drop of resource can and will be produced and used, as it is part of their national identity. For Western and Asian consumers, however, it will mean that their politicians and companies will need to deal with the new hydrocarbon powers. Dealing with Shell or BP on a European government level is easy. To deal with a NOC, supported by its respective national government, is of a far more complex question. Regulating the market in the future will be a real headache for consumers.'
mount teide: Commodity Equities / Margin of Safety - 2020, The once in a 100 year Commodity Sector Entry point! hTTps:// 'A colleague, Lucas White, put out another interesting paper on one of the biggest opportunities they see in the market right now – the commodity sector. More specifically, the equities of commodity producers. So what’s the story? The great thing about commodities is that they may be one of the most cyclical markets on the planet, which means they follow predictable patterns. That doesn’t mean they are easy to time (no market is), but it can often be quite obvious when the participants are either overly gloomy or over-excited. Why the cyclicality? I’ve run through this before, but here’s what happens. Commodity producers dig stuff up and sell it. If there isn’t enough stuff, the price goes up. The producers get excited and try to find more so they can sell more. As the producers dig more stuff up, more supply hits the market, and the price goes down. When the price is at rock bottom, half of the producers have gone bust and the rest are too scared to do anything more than dig away at the little holes they’ve already dug. Supply goes down. Prices go up. It takes ages for the scarred producers to react. Prices keep going up. Producers get a glimmer of hope and start exploring again. And thus the cycle begins anew. And most of the time, the clues are in the price. Resources shares haven’t been this cheap in nearly a century Now, among other things, we’ve just seen most commodities fall to where they were at their last major lows – near the start of 2016, which was also a great buying opportunity – and the price of oil collapse to the point where one benchmark actually turned negative. So where are we now? GMO points out that resources stocks tend to trade at a discount to the wider market (judging by the US S&P 500 index) anyway (an average discount of about 28%). So we shouldn’t be fooled into thinking these stocks are cheap just because they look cheap relative to the rest of the market – they usually are. However, by the end of the first quarter of 2020, the discount had widened to “almost 80%” – very cheap indeed. In fact, it hasn’t been seen before, with nearly a century’s worth of data to draw on. In the long run we may have all of our energy needs produced by solar power and all our construction needs produced by solar-powered nano bots converting worthless raw matter into anything they want. But not in the next decade. So pricing the sector for near extinction seems drastic, even for a forward-looking market. As GMO puts it: “the global economy couldn’t function without extractive industries. Furthermore, the world can’t transition from fossil fuels to clean energy without the materials that clean energy relies upon”. What makes these stocks attractive now? Well, we’ve been in a bear market. So producers have grown miserly in terms of their spending. A combination of capital discipline and improving prices for their products would be very good news for share prices. But even if commodity prices don’t rise, the sector looks cheap. As the GMO team says: “resource companies have had a rough go of it in recent years, but at these valuations, investors have a large margin of safety even with very conservative assumptions… we believe this will likely end up being an excellent entry point for long-term investors.” Now that was a month ago, and prices have moved up since then – but only enough to suggest that GMO was onto something. I’d suggest that there’s still plenty of opportunity to get on board. Particularly if inflation really does take off after all this.' Moneyweek
grabster: Mentioned because it shares a ticker with this thread(!) and appears to doing quite nicely Especially this week: London Stock Exchange-listed JTC has been promoted from the FTSE SmallCap Index to the FTSE 250 Index today, Monday 16 November 2020, as a result of the continued growth and performance of the business since its Initial Public Offering (IPO) in 2018. Headquartered in Jersey, JTC listed on the Main Market of the LSE in March 2018, with a track record of delivering market-leading professional services for institutional and private clients spanning more than 30 years since the business was founded in 1987. In its latest interim results (published 15 September 2020), JTC reported period on period revenue growth of 15.2% and an EBITDA margin of 31.0%. The Group has developed a highly successful growth strategy that combines strong organic growth of the core business (10.1% for H1 2020) with highly disciplined inorganic growth in a sector that is consolidating at a global level.
grabster: JTC COMMENDED AT FUNDS EUROPE AWARDS 2020 19TH NOV 2020 We are delighted to announce that JTC has been commended by Funds Europe for European Specialist Administrator of the year. This award recognises personal and company achievements together with contributions within the European funds community. We have been recognised for this award due to our ability to provide support to larger asset and fund managers with a whole spectrum of back and middle office services over and above standard fund and accounting administration services. Jon Jennings, JTC’s Group Head of Institutional Client Services, commented: “We are extremely proud to have been commended for this prestigious award and also the only company to receive commendation in the 2020 awards. 2020 has been a challenging year for everyone however this reflects JTC’s resilience and dedication to providing the highest level of client service. We are delighted to finally be getting the recognition that we deserve within the European Funds industry and I would like to say a big thank you to my team.” hTTps://
skiboy10: KAV and POW 21 September 2020 KAVANGO RESOURCES PLC ("Kavango" or "the Company") Botswana Strategic Joint Venture with Power Metals Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the formation of a Strategic Joint Venture with Power Metal Resources Plc (LSE:POW) ("Power Metals"). The Strategic Joint Venture will see the formation of a new, jointly owned, privately held company that is focussed on large-scale mineral exploration projects in Botswana (the "Strategic Joint Venture"). The Strategic Joint Venture will enable Kavango to inject new liquidity into its wider project portfolio, accelerate its plans for more extensive field exploration of the Kalahari Copper Belt Project (KCB) and focus its resources on target evaluation, followed by drilling, in the northern (Hukuntsi) section of the Kalahari Suture Zone (KSZ). Highlights v Formation of new Botswana focussed exploration company - Jointly-owned and operated by Kavango and Power Metals - Privately held initially, with prospecting licenses covering 2,680km(2) of highly prospective land v Kavango to transfer to the Strategic Joint Venture: - Its two rare earths & copper prospecting licenses that cover the Ditau Project - Two wholly owned copper prospecting licenses PL036/2020 and PL037/2020 on the KCB v Power Metals to pay: - GBP75,000 cash to Kavango - The first $75,000 of exploration expenditure in the Strategic Joint Venture over two consecutive years (totalling $150,000, with additional exploration costs to be pro-rated thereafter) - Up to GBP10,000 to cover costs of incorporating the Strategic Joint Venture v Power Metals to issue: - 6,000,000 shares in Power Metals to Kavango at 1.25p per share - 5,000,000 warrants in Power Metals to Kavango, exercisable at 2p per share with a two-year life & 1 for 1 replacement warrants, exercisable at 5p per share over two years v Kavango to initiate immediately the next phases of field exploration on the two KCB licences and at Ditau v The Strategic Joint Venture will be incorporated to enable a future separate listing, expected to be on a Canadian or British stock exchange. Michael Foster, Chief Executive Officer of Kavango Resources, commented: "We are delighted to confirm our Strategic Joint Venture with Power Metals. Over the course of completing the due diligence for the sale of the interest in our Ditau Project it became clear there was a much greater opportunity for both parties. Thanks to our extensive experience of working in Botswana, Kavango has been able to secure large-scale exploration projects. Each of these holds a great deal of potential, but our primary focus has always been on the KSZ. Now that we have confirmed the Strategic Joint Venture with Power Metals, we can leverage the expertise and energy of the two companies to drive forward our current interests on the KCB. We expect this will lead to a significant acceleration of our exploration efforts across both areas and we look forward to reporting our progress." Background & rationale to the Strategic Joint Venture Further to the announcement on 15 April, when Kavango announced it had entered into a provisional agreement to sell a 51% interest in the Ditau Project to Power Metals, the Company has now entered into a much more comprehensive agreement. Power Metals' due diligence into Ditau was interrupted by the COVID-19 pandemic. However, over recent months it became increasingly clear to the directors of Kavango and Power Metals that there was a more advantageous opportunity for both companies than originally anticipated. Both sets of directors have extensive experience of operating mineral exploration projects in Botswana and the two companies felt they could leverage one another's expertise and energy to great effect. In parallel to this, Kavango has made significant progress over the summer developing its project on the KSZ. The Company is in the final stages of analysis work on the northern (Hukuntsi) section of the KSZ. Given the likely number and scale of these "Norilsk style" targets, Kavango is readying itself to prepare for a drill campaign to test the large regional structures it has identified on the KSZ. With such a large planned operational commitment, the board of Kavango felt the Company would benefit from introducing a new development partner to two licences on the KCB, and at Ditau. Each of these projects holds significant potential for discovery of substantial mineral deposits. Power Metals is an ambitious exploration company that has assembled a portfolio of global exploration interests. It is the ideal partner to work with Kavango's technical team. Kavango welcomes the opportunity to work closely with Power Metals to accelerate exploration across two KCB prospecting licenses and at Ditau. Terms of the Strategic Joint Venture Kavango and Power Metals will own the Strategic Joint Venture equally and will be joint operators. Kavango will transfer into the Strategic Joint Venture: - Its two prospecting licenses that make up the Ditau Project. These licenses cover 1,386km(2) of prospective land for rare earths and copper. The Company has identified 10 carbonatite-like 'ring structures' here that represent sizeable exploration targets. - Its two wholly owned prospecting licenses PL036/2020 and PL037/2020 on the KCB. These licenses cover 1,294km(2) and are highly prospective for copper/silver mineralisation. Power Metals will invest into the Strategic Joint Venture: - The first $75,000 of exploration expenditure over two consecutive years, totalling $150,000. - Up to GBP10,000 in set up costs, to cover the incorporation of the vehicle in line with local regulations and an appropriate holding company structure. Additional exploration expenditure incurred by the Strategic Joint Venture, beyond the initial investment from Power Metals, will be on a pro-rated, "fund or dilute" basis. To complete the transaction, Power Metals will: - Pay GBP75,000 to Kavango - Issue 6,000,000 shares in Power Metals to Kavango, at an issue price of 1.25p per share (the "Acquisition Warrants") - Issue 5,000,000 warrants in Power Metals to Kavango, exercisable over 2 years at an exercise price of 2p per share Should the Power Metals Volume Weighted Average Share Price ("VWAP") meet or exceed a price of 7.5p for five consecutive trading days, Kavango will then have 14 calendar days to exercise the Acquisition Warrants and make payment to Power Metal or the Acquisition Warrants will be cancelled. Should Kavango exercise the Acquisition Warrants within 12 months of issue, they will receive 1 for 1 replacement warrants to subscribe for Power Metal shares, exercisable over an additional two years at an exercise price of 5p per share (the "Super Warrants"). Should the Power Metal Volume Weighted Average Share Price ("VWAP") meet or exceed a price of 10.0p for five consecutive trading days Kavango will then have 14 calendar days to exercise the Super Warrants and make payment to Power Metal or the Super Warrants will be cancelled. Plan for the Strategic Joint Venture The vision for the Strategic Joint Venture is to create a Botswana-focussed minerals exploration company, which will ultimately seek a separate listing on either a Canadian or British stock exchange. The immediate aim for this new company will be to make rapid progress in the field, across its portfolio of large-scale exploration projects. The new company may also seek to acquire additional prospecting licenses, building on the good standing its directors have in Botswana Kavango will immediately initiate the next phases of field exploration at its KCB prospecting licenses and at Ditau. Further information in respect of the Company and its business interests is provided on the Company's website at and on Twitter at #KAV. For further information please contact: Kavango Resources plc Michael Foster
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