Upstream Share Discussion Threads

[master rsi] 09/12/2024 23:29

Broker tips: Berkeley, Marlowe, AJ Bell, Ashtead, Touchstone Exploration
(Sharecast News) - RBC Capital Markets has cut its target price for Berkeley Group and reiterated an 'underperform' rating, saying that while the long-term picture looks intact, it has cut its forecasts for shareholder returns.

RBC lowered its target price from 4,950p to 4,700p for the stock following the housebuilder's guidance last week for shareholder returns of at least £2bn over the 10 years to 2035. RBC also cut its estimates for returns over 2026, 2027 and 2028.

Up until last week, when the housebuilder announced its new 10-year strategy (Berkeley 2035), the company had been cutting back on land purchases due to a stricter planning and regulatory environment, choosing to return more cash to shareholders.

However, with the new government being pro-growth and pro-housebuilding, Berkeley has "got its mojo back and is doing what is does best - buying land and optimising planning today to deliver higher profits tomorrow", RBC said.

"Whilst some have grumbled at the implied reduction in shareholder returns in the first half of Berkeley 2035, in our view they are missing the fact that big cash returns today shrink the business and reduce the returns of tomorrow-you can have too much of a good thing," the broker said.

Analysts at Berenberg slashed their target price on business-critical services and software firm Marlowe from 710.0p to 400.0p on Monday following the group's interim results on 5 December.

Berenberg noted that Marlowe's H1 results covered the transformational divestment of its GRC assets in June and the demerger of its occupational health division in September, with both deals realising shareholder value, as well as leaving "a more focused group" with high earnings quality, derived from non-discretionary, regulatory-driven services of its remaining testing, inspection and certification business.

"Marlowe's H1 results confirm that the TIC business has continued to deliver mid-single-digit organic growth from strong market positions in fire services (where it is the UK's number three player with a 3% market share) and water services (the number one player with a 4% share)," said Berenberg, which reiterated its 'buy' rating on the stock.

The German bank also stated Marlowe's H1 results signified in-line trading, meaning that its continuing operations forecasts remained largely unchanged - save for buyback updates.

Marlowe added that post-demerger, Marlowe trades on a target 9x FY26E enterprise value to underlying earnings multiple, still reflecting a discount to larger, more liquid peers.

Shore Capital upgraded AJ Bell on Monday to 'buy' from 'hold' following share price weakness.

"Our earnings per share forecasts are unchanged after FY24A results, despite increasing costs as investment for long-term growth accelerates," it said. "We were reassured by AJB's comments around the impact to AuA from changes to pensions tax following the Budget."

Shore continues to expect volatility in assets under administration movements when AJB reports first-quarter trading on 30 January. However, it said the long-term imperative for individuals to save for retirement remains, regardless of tax on unused pensions.

Shore said: "With a largely recurring revenue profile and sticky customer base, earnings quality is high, underpinned by a scalable platform with margin expansion potential providing significant growth optionality.

"With EPS forecast to grow at a compound 10% from FY24A-27F, FY25F price-to-earnings at more than 20x, and a progressive dividend, we raise fair value to 525p (from 465p) and our recommendation to buy."

Deutsche Bank downgraded its stance on equipment rental firm Ashtead on Monday to 'hold' from 'buy' as it said the stock was trading close to its 6,500p price target.

The bank said it remains positive about the long-term prospects for Ashtead, which is the second-largest equipment rental operator in the US.

It said Ashtead benefits from a structural shift from buy to rental and it believes the larger sector operators will benefit from scale and high service levels to customers and could also benefit from an acceleration in re-shoring activity as a result of Trump's presidency.

As far as the valuation is concerned, DB noted the shares are trading on a calendar 2025 estimated price-to-earnings of around 18x and EV/EBITDA of 8.1x.

Deutsche said downside risks include a loss of key management, a more challenging period of construction activity, greater competition and an inability to recruit skilled labour. Upside risks include an improvement in non-residential markets and an acceleration in broader re-shoring activity.

Analysts at Canaccord Genuity lowered their target price on oil and gas business Touchstone Exploration from 60.0p to 90.0p on Monday but said there was "still plenty of upside" to the stock despite recent changes in production guidance.

Following Touchstone's guidance for the remainder of FY24, and FY25, Canaccord said it had revised its forecasts to better reflect lower production expectations fuelled by higher decline rates from the company's Ortoire licence.

"We still see considerable value in Touchstone, with our new target price representing a circa 110% upside to Friday's close," said Canaccord. "However, we acknowledge the lower-than-anticipated production from the Cascadura wells has left more work for Touchstone to do to prove the value of its onshore production assets in Trinidad."

Touchstone issued updated guidance for FY25, with a new production range of 6,700-7,300 barrels of oil per day. Alongside this, Canaccord Genuity has new capex expectations of roughly $23.0m in 2025, resulting in operating cash flow of approximately $22.0m and an FY25 year-end net debt of around $30.0m.

"We reduce our estimated FY25e production to circa 7,000 boepd from our previous circa 15,000 boepd that assumed a far slower decline from the Cascadura 1ST1 and Deep wells, and we have also taken a more conservative approach to modelling any future Ortoire wells," added the Canadian bank, which reiterated its 'speculative buy' rating on the stock.

[master rsi] 09/12/2024 23:01

THG 47.06p +1.16p (2.53%)- related

“Kirsty’s to launch Myprotein meal pots into grocery in the new year.

Free-from ready meal maker Kirsty’s is to launch a range of Myprotein-branded meal pots in the UK.

It comprises five meals with rice – Chipotle Beef Chilli, Sriracha Chicken, Japanese Style Chicken Curry, Firecracker Chicken, and Penang Chicken – and a Brunch Bowl with chicken sausages.

All the meals (rsp: £4/325g) contain British meat and locally sourced vegetables. Each weighs in at under 400 calories, with up to 32g protein.

They have already hit Tesco and Dunnes stores in Ireland, and will roll into Sainsbury’s, Morrisons, Co-op, Spar and Booker in the UK from 1 January.

The partnership with Myprotein – which has been in development for the past year – had doubled the volume coming from Kirsty’s Harrogate factory “overnightR21;, said MD Kirsty Henshaw.

Kirsty’s was previously producing 100,000 meals a week and is now making 200,000 meals a week, which has allowed Henshaw to introduce a new shift at the factory and hire 18 additional staff members.

The contract contributes to Henshaw’s ambition to grow the business, having launched allergen-free children’s range Flourish by Kirsty’s over the summer, followed by high-protein ready meal range Prep’d Protein in October.

“Myprotein is the biggest and fastest-growing nutrition brand in the world, so we are really excited to be partnering with them,” said Henshaw.

Kirsty’s will work with Müller Yogurt & Desserts, which launched its own Myprotein-branded range in September, to roll out “cross-category Myprotein chillers” in the new year, Henshaw added.“

hxxps://www.thegrocer.co.uk/news/kirstys-to-launch-myprotein-meal-pots-into-grocery-in-the-new-year/698752.article

[master rsi] 09/12/2024 22:44

Director dealings:
Helios Towers revealed on Monday that non-executive director Richard Byrne had acquired 217,714 ordinary shares in the FTSE 250-listed telecommunications tower company.

Byrne, who snapped up the shares via The Richard Byrne 2024 Irrevocable Trust, purchased the shares Thursday at an average price of 94.0p each, for a total value of £204,651.16

Top Director Buys

Helios Towers (HTWS)

Director name: Byrne,Richard

Amount purchased: 217,714 @ 94.00p

Value: £204,651.16

Camellia (CAM)

Director name: Coombs ,Byron

Amount purchased: 2,000 @ 4,797.97p

Value: £95,959.40

Aptamer Group (APTA)

Director name: Hargreaves,Adam

Amount purchased: 19,545,972 @ 0.31p

Value: £60,592.51

Team Internet Group (TIG)

Director name: Royde ,Max

Amount purchased: 75,000 @ 79.00p

Value: £59,250.00

Camellia (CAM)

Director name: Capon,Oliver

Amount purchased: 1,200 @ 4,797.97p

Value: £57,575.64

Team Internet Group (TIG)

Director name: Royde ,Max

Amount purchased: 63,275 @ 79.23p

Value: £50,132.78

Light Science Technologies Holdings (LST)

Director name: Cooley ,Graham

Amount purchased: 1,500,000 @ 2.73p

Value: £40,950.00

Team Internet Group (TIG)

Director name: Royde ,Max

Amount purchased: 40,000 @ 78.93p

Value: £31,572.00

Team Internet Group (TIG)

Director name: Royde ,Max

Amount purchased: 25,000 @ 82.00p

Value: £20,500.00

Impax Environmental Markets (IEM)

Director name: Walker,Guy

Amount purchased: 5,278 @ 378.90p

Value: £19,998.57

Team Internet Group (TIG)

Director name: Royde ,Max

Amount purchased: 25,000 @ 79.17p

Value: £19,792.50

Avation (AVAP)

Director name: Fisher,Stephen

Amount purchased: 115 @ 15,600.00p

Value: £17,940.00

Caledonia Mining Corporation (di) (CMCL)

Director name: Learmonth ,John Mark

Amount purchased: 2,047 @ 830.00p

Value: £16,990.10

Light Science Technologies Holdings (LST)

Director name: Deacon,Simon Lincoln

Amount purchased: 603,613 @ 2.63p

Value: £15,875.02

Braveheart Investment Group (BRH)

Director name: Brown ,Trevor

Amount purchased: 100,000 @ 4.98p

Value: £4,977.00

Zentra Group (ZNT)

Director name: Upton,Jason David

Amount purchased: 141,806 @ 3.50p

Value: £4,963.21

Camellia (CAM)

Director name: Turner,Simon

Amount purchased: 100 @ 4,797.97p

Value: £4,797.97

Camellia (CAM)

Director name: Mclean,Graham Harold

Amount purchased: 100 @ 4,797.97p

Value: £4,797.97

Camellia (CAM)

Director name: Turner,Simon

Amount purchased: 100 @ 4,797.97p

Value: £4,797.97


Top Director Sells

Mitchells & Butlers (MAB)

Director name: Urban,Phil

Amount sold: 28,609 @ 249.85p

Value: £71,478.59

Mitchells & Butlers (MAB)

Director name: Jones,Timothy (Tim) Charles

Amount sold: 23,964 @ 249.85p

Value: £59,873.22

[master rsi] 09/12/2024 22:25

MARKET REPORT
LONDON MARKET CLOSE: Blue-chips close higher amid China growth hopes

(Alliance News) - Miners and oil majors gave London's FTSE 100 a lift on Monday on optimism a stimulus package in China would revive the fortunes of the world's second-largest economy.

The FTSE 100 index closed up 43.47 points, 0.5%, at 8,352.08. The FTSE 250 ended down 9.73 points at 21,049.27, and the AIM All-Share closed up 2.63 points, 0.4%, at 740.85.

The Cboe UK 100 ended up 0.5% at 838.25, the Cboe UK 250 closed up 0.1% at 18,544.99, and the Cboe Small Companies ended up 0.7% at 16,325.70.

In European equities on Monday, the CAC 40 in Paris ended up 0.7%, boosted by strength in luxury goods stocks. The DAX 40 in Frankfurt ended down 0.2%.

In New York, stocks were lower at the time of the London close. The DJIA was down 0.2%, the S&P 500 index 0.4% lower, and the Nasdaq Composite slipped 0.5%.

China's top leadership including President Xi Jinping on Monday called for a "relaxed monetary policy" next year, state media reported, as officials gathered in Beijing to discuss plans to boost a shaky economy.

The announcement came too late to boost Shanghai shares, but Hong Kong jumped in the final hour of trading, with the Hang Seng closing up 2.8%.

During a meeting of the ruling Communist Party's Politburo, China's top decision making body, officials said that next year they should "implement a more active fiscal policy and an appropriately relaxed monetary policy", official news agency Xinhua said.

Chinese President Xi and other top leaders met Monday to hash out economic plans for 2025.

"We must vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand," Xinhua quoted officials as having said.

The FTSE 100's top performers included Antofagasta up 5.6%, Glencore up 4.6%, Rio Tinto up 3.8% and Anglo American 3.9%.

Oil giants BP and Shell rose 4.1% and 2.5% respectively on the ousting of Syrian president Bashar al-Assad over the weekend.

In addition, BP said it will "significantly reduce" investment in renewable energy through to 2030, as it combines its offshore wind business with that of Tokyo-based power company Jera Co Inc.

The equally-owned joint venture, Jera Nex BP, is set to advance the companies' existing wind projects and create one of the world's largest global offshore wind businesses.

However, the standalone business will "significantly reduce BP's anticipated investment into renewables through the rest of this decade", BP said in a statement.

Together the companies will invest up to USD5.8 billion by 2030, with BP contributing USD3.25 billion.

It marks a sharp drop from previous suggestions that BP would invest around USD10 billion in offshore wind between 2023 and 2030.

Brent oil was quoted at USD72.43 a barrel at the London equities close Monday, up from USD71.22 late Friday.

This week sees US consumer price inflation figures and several central bank interest rate calls.

Bank of America expects core CPI inflation to decelerate slightly to 0.2% on-month after three consecutive 0.3% on-month prints. As a result, the annual rate should tick down a tenth to 3.2%, it projects.

BoFA expects the annual headline rate to remain unchanged at 2.6%.

"A key factor behind our forecasted deceleration in core inflation is an expected decline in airfares. After surging in each of the last three months, we expect airfares to fall by 1% on-month," it added.

"The details of the report should show upside risks to inflation remain limited for the time being," BofA thinks.

"If our forecast proves correct, it would increase our conviction that the Fed cuts rates by 25bp at its December meeting."

Along with the US CPI print, this week sees four G10 central bank policy decisions, in Australia on Tuesday, Canada on Wednesday, and Switzerland and Europe on Thursday.

Societe Generale analyst Kit Juckes commented: "A 25bp ECB cut is almost a done deal and anything else would be a huge surprise. We expect 25bp cuts at each of the next four meetings."

The pound was quoted higher at USD1.2785 at the London equities close on Monday, compared to USD1.2748 at the close on Friday.

The euro stood at USD1.0576 up against USD1.0569 at the same time on Friday. Against the yen, the dollar was trading higher at JPY151.19 compared to JPY149.83 late Friday.

Morgan Stanley thinks it is time to sell the US dollar, believing much of the greenback-positive story is "in the price".

The investment bank thinks the risk/reward looks favourable for USD shorts, with various negative fundamental and technical catalysts approaching.

"A weaker USD is the 'pain trade' into year-end," it said.

Morgan Stanley has 'buy' calls on AUD/USD and GBP/USD, noting both benefit from positive local stories, more limited exposures to trade concerns, asymmetric positioning and attractive technicals.

The broker sees some upside risks to EUR/USD, although medium-term fundamentals remain challenged.

Elsewhere in London, WPP jumped 2.8% after confirmation Omnicom has agreed to buy Interpublic in a USD13 billion all-share deal creating the world’s largest advertising agency in revenue terms.

Weir rose 2.2% as Morgan Stanley assumed coverage with an 'overweight' rating. Vodafone fell 1.7% as Goldman Sachs downgraded to 'neutral' from 'buy'.

Gold was quoted at USD2,669.43 an ounce at the London equities close on Monday, up against USD2,640.10 at the close on Friday.

Tuesday's UK corporate calendar has half-year results from industrial equipment supplier Ashtead and online greetings card and gifts seller Moonpig.

The economic calendar sees the Australian interest rate decision and German CPI data.

[master rsi] 09/12/2024 22:03

DOW

Finished 240 points lower

[master rsi] 09/12/2024 17:04

How the UPS are performing during last month

[master rsi] 09/12/2024 16:44

How the UPS are performing today

[master rsi] 09/12/2024 16:13

Tavistock shares up as it hails progress on refocusing; swings to loss

(Alliance News) - Tavistock Investments PLC on Monday said it made "significant" progress with its strategic refocussing as it proposed a higher dividend despite turning to an interim loss.

The Ascot, Berkshire-based financial advice and investment management firm said it swung to a pretax loss of GBP989,000 in the six months to September 30, from a profit of GBP240,000 a year prior.

Revenue fell 4.6% to GBP19.6 million from GBP20.6 million.

Cost of sales decreased by 2.6% to GBP12.5 million from GBP12.8 million. However, administrative expenses increased 7.3% to GBP7.3 million from GBP6.8 million.

The company proposed an interim dividend of 0.09 pence per share, up 29% from 0.07p a year ago.

Tavistock shares rose 9.0% to 4.25 pence each on Monday afternoon in London.

[master rsi] 09/12/2024 15:23

DOW

Now up with a measly 2 points

[master rsi] 09/12/2024 13:39

Chill Brands sales suffer cooling effect amid legal woes
(Alliance News) - Chill Brands Group PLC on Monday said its shares will remain suspended from trading until the publication of its 2024 annual report, expected in the first-quarter of 2025.

The London-based vape and CBD product retailer delayed the report's publication, and requested the trading suspension continue, following months of financial and legal trouble.

Chill Brands shares were suspended back in June following allegations of fraud and embezzlement by two former executives, who allegedly transferred company money and the brand's website domain, chill.com, into their own names.

The company initiated court proceedings against the former staffers in July in an attempt to recover the assets. It expects to clarify a timeline for the case in a planning hearing scheduled for December 19.

Alongside litigation, Chill Brands is grappling with a decline in UK sales, for which it cites the government's pending ban on single-use vapes. The Tobacco and Vape Bill, which aims to reduce smoking, comes into effect on June 1 2025, and according to the company, has already reduced appetite for vapes among retailers.

"While the company has continued to sell its existing products, it does not anticipate a significant resurgence in ongoing demand for these single-use products in the UK", Chill Brands said. "Despite these pressures, the company remains committed to serving international markets, where its existing range of single-use devices remain compliant and in demand".

The retailer noted its first partnership with an unnamed "international brand offering oral nicotine pouches and natural energy drinks", alongside a new range of nicotine-free e-liquids, currently in production and expected to launch early 2025.

Chill Brands said it "continues to work diligently on its audit for the 2024 financial year", with a return to trading contingent on publication of the report.

"While the delay in completing the Company's audit is frustrating for investors and all involved, we are working hard and making progress with the relevant parties to complete and publish our accounts as soon as possible", Chief Executive Officer Callum Sommerton said.

"In the meantime, we have been making headway with new product development and have established a new business stream to support our growth ambitions".

Chill Brands shares were last quoted at 2.15 pence each in London.

[master rsi] 09/12/2024 13:07

Gold and the rest of the metals are doing well today after the weekend turmoil in Syria

Intraday ---- Gold -------------- Silver ---------------- Copper -----


1 month ----- Gold ---------------- Silver --------------- Copper -----

[master rsi] 09/12/2024 12:47

MARKET REPORT
LONDON MARKET MIDDAY: FTSE 100 perks up on China growth hope

(Alliance News) - London's FTSE 100 traded higher heading into Monday afternoon, with miners and China-exposed stocks leading the charge on renewed growth hopes for the world's second-largest economy.

Luxury retail also traded strongly, boosting the CAC 40 in Paris. The DAX 40 in Frankfurt, however, gave back some recent progress. It had achieved a record closing high on Friday.

The FTSE 100 index traded up 33.66 points, 0.4%, at 8,342.27. The FTSE 250 was down 35.97 points, 0.2%, at 21,023.03, and the AIM All-Share was up 1.82 points, 0.3%, at 740.04.

The Cboe UK 100 was 0.4% higher at 837.61, the Cboe UK 250 was down 0.1% at 18,523.00, and the Cboe Small Companies was up 0.2% at 16,240.20.

In Paris on Monday, the CAC 40 was up 0.5%. The DAX 40 in Frankfurt was 0.1% lower.

China's top leadership including President Xi Jinping on Monday called for a "relaxed monetary policy" next year, state media reported, as officials gathered in Beijing to discuss plans to boost a shaky economy.

The announcement came too late to boost Shanghai shares, but Hong Kong jumped in the final hour of trading, with the Hang Seng closing up 2.8%.

During a meeting of the ruling Communist Party's Politburo, China's top decision making body, officials said that next year they should "implement a more active fiscal policy and an appropriately relaxed monetary policy", official news agency Xinhua said.

Chinese President Xi and other top leaders met Monday to hash out economic plans for 2025.

"We must vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand," Xinhua quoted officials as having said.

In London, Rio Tinto added 4.3% as the news supported miners. Asia-focused lender Standard Chartered climbed 2.5%, while luxury goods firm Burberry rose 2.8%. In Paris, LVMH added 2.6%.

Societe Generale analyst Kit Juckes commented: "There is far too much going on in the world for a mid-December morning. The first order of the day is the Chinese Politburo's 'read my lips' moment, with a clear indication of monetary easing for the first time since 2011 and mentions of 'extraordinary' counter-cyclical adjustment.

"This week has four G10 central bank policy decisions: The RBA tomorrow, the Bank of Canada on Wednesday, the SNB and ECB on Thursday. A 25bp ECB cut is almost a done deal and anything else would be a huge surprise. We expect 25bp cuts at each of the next four meetings."

The pound was quoted higher at USD1.2775 early on Monday afternoon, from USD1.2748 at the London equities close on Friday. The euro stood at USD1.0575, up from USD1.0569 at the European equities close on Friday. Against the yen, the dollar was trading higher at JPY150.41 from JPY149.83.

There is also a US inflation reading to come on Wednesday. According to consensus cited by FXStreet, annual consumer price inflation is expected to accelerate to 2.7% in November from 2.6% in October.

Back in London, WPP added 3.1% amid a possible M&A move among sector peers. Ad agency Omnicom is in talks for an all-stock buy of Interpublic, the Wall Street Journal reported. The deal would value Interpublic between USD13 billion and USD14 billion.

"Investors in WPP seemed to shrug off the prospect of two arch-rivals coming together and creating a force to be reckoned with," AJ Bell analyst Dan Coatsworth commented.

"On one hand, a merger of two companies this size would inevitably involve widespread cost cutting as the first course of action. That could give WPP a window of opportunity to try and poach some clients while its enlarged rival's management is distracted. On the other hand, a merger would bring together the cream of the crop from both companies which would aid their narrative during account pitches. merger between Omnicom and Interpublic is the latest example of bid talk in the advertising sector. WPP itself has been seen as a bid target, potentially for private equity companies, given its share price has struggled to make progress since the pandemic."

Elsewhere in London, Angling Direct jumped 9.7%. The fishing tackle and equipment retailer believes "the current value of the group's equity represents an attractive opportunity for deployment of surplus capital".

"Since the end of Covid-19 and against a backdrop of continuing uncertainty for omni channel retailers, the group has focused on driving profitable growth and has firmly established itself as a cash generative operation. This has provided the company with a solid platform to enable investment to further grow earnings and the addressable market of the group. The level of cash generation has kept pace with the scale of the investment and the group continues to maintain a robust balance sheet," it added.

Gold fetched at USD2,656.73 an ounce midday Monday, up from USD2,640.10 at the time of the London equities close on Friday. Brent oil rose to USD71.91 a barrel from USD71.22.

[master rsi] 09/12/2024 12:21

How the UPS are performing during last month

[master rsi] 09/12/2024 12:05

How the UPS are performing today

[master rsi] 09/12/2024 11:52

ARB 5p +0.50p

Finally, ARGO is ready to go

[master rsi] 09/12/2024 11:19

Inspecs shares fall after earnings warning due to slower recovery

(Alliance News) - Inspecs Group PLC shares slumped on Monday as it warned its annual earnings will be down after recent weak trading.

The Bath, England-based eyewear company said it expects to report revenue for the calendar year around GBP197.0 million and underlying earnings before interest, tax, depreciation and amortisation between GBP17.4 million and GBP17.9 million.

Last year, the company reported revenue of GBP203.3 million and underlying Ebitda of GBP18.0 million.

Shares in Inspecs were down 12% to 42.68 pence each in London on Monday morning.

The company said there is "overall positive momentum" as it has seen year-on-year growth in the second half to date.

However, Inspecs noted the impact a slower recovery in European markets and the deferral of larger orders into 2025.

In September, the company said it was "confident" of meeting full-year expectations despite a sharp contraction in interim profit in its first half results. Pretax profit dived to GBP1.3 million in the first half of 2024, from GBP3.8 million a year prior.

The company said it expects to step up production at its recently completed manufacturing facility in Vietnam to meet demand through 2025.

[master rsi] 09/12/2024 10:07

UPS

SBTX 15.625p ( 15.50 -15.75p )

The second time the share price does a retrace of 61.8% and last Friday bounced back. Good news on the Croda front.


----------------- Intraday ------------------------------------------ 2 months ------------------------------- 1 year -------------------
INDICATORS

[master rsi] 09/12/2024 10:03

boohoo hits back as Frasers slams "catastrophic mess" ahead of vote
(Alliance News) - boohoo Group PLC on Monday called on shareholders to block attempts by Frasers Group PLC to secure seats on its board as the war of words between the two sides escalated.

boohoo highlighted a recommendation from proxy advisor Institutional Shareholder Services Inc that investors oppose Frasers' move.

The fast fashion retailer noted ISS has recommended that shareholders vote "against" the resolutions at the general meeting on December 20, which seek board representation for Frasers, which owns Sports Direct and House of Fraser.

At the December meeting, boohoo shareholders will vote on a pair of resolutions tabled by Frasers. Frasers wants to add founder Mike Ashley and insolvency expert Michael Lennon to the boohoo board.

"ISS states that Frasers has offered a superficial view of performance and no specific plans for change and the two Frasers candidates, Mike Ashley and Mike Lennon, have real conflicts of interest, concluding that board change at boohoo Group is not warranted," boohoo noted in a statement.

boohoo said this recommendation is in line with the unanimous recommendation of the company's board.

The retailer believes boohoo has a credible plan to unlock and maximise value through its business review and in Dan Finley has the right chief executive to lead the business.

Boohoo Chair Tim Morris welcomed the backing of ISS.

"We are clearly focused on doing what is right for all investors, following the launch of our business review to unlock and maximise shareholder value, the appointment of Dan Finley as our CEO and a successful fundraising," he added.

boohoo said Frasers appears "intent" on disrupting the business review, "destabilising the company and acting only in its own commercial self-interest".

The firm accused Mike Ashley of being "conflicted" and not a suitable appointment to the board.

[master rsi] 09/12/2024 09:26

MARKET REPORT
LONDON MARKET OPEN: China lifts mood as to embrace "relaxed" policy

(Alliance News) - London's FTSE 100 made a solid start, and Hong Kong stocks got a boost in late dealings after China announced plans to ease its monetary policy stance.

The FTSE 100 index traded up 26.17 points, 0.3%, at 8,334.78. The FTSE 250 was up 36.75 points, 0.2%, at 21,095.75, and the AIM All-Share was up 2.55 points, 0.4%, at 740.77.

The Cboe UK 100 was 0.4% higher at 837.24, the Cboe UK 250 was up 0.3% at 18,591.67, and the Cboe Small Companies was up marginally at 16,213.48.

China's top leadership including President Xi Jinping on Monday called for a "relaxed monetary policy" next year, state media reported, as officials gathered in Beijing to discuss plans to boost a shaky economy.

During a meeting of the ruling Communist Party's Politburo, China's top decision-making body, officials said that next year they should "implement a more active fiscal policy and an appropriately relaxed monetary policy", official news agency Xinhua said.

Chinese President Xi and other top leaders met Monday to hash out economic plans for 2025.

"We must vigorously boost consumption, improve investment efficiency, and comprehensively expand domestic demand," Xinhua quoted officials as having said.

In Asia on Monday, the Shanghai Composite ended flat, with the closing bell coming too early to see a boost from the announcement. The Hang Seng in Hong, however, was 2.8% higher in late trade.

In Tokyo, the Nikkei 225 ended 0.2% higher. The S&P/ASX 200 in Sydney closed flat.

China's consumer inflation rate slowed in November, official data showed on Monday, as demand remains muted in the world's number two economy.

The country is battling sluggish domestic consumption, a persistent crisis in the property sector and soaring government debt – all of which threaten Beijing's official growth target for this year.

The consumer price index, a key measure of inflation, rose 0.2% in November year-on-year, easing from a 0.3% hike in October, the National Bureau of Statistics said.

That was below the 0.4% forecast in a Bloomberg survey of economists.

The pound was quoted higher at USD1.2761 on Monday morning, from USD1.2748 at the London equities close on Friday. The euro stood at USD1.0559, down from USD1.0569 at the European equities close on Friday. Against the yen, the dollar was trading higher at JPY150.38 from JPY149.83.

Gold fetched at USD2,649.77 an ounce, up from USD2,640.10. Brent oil rose to USD71.89 a barrel from USD71.22.

In London, miners were among the best FTSE 100 performers after the China developments. Antofagasta was up 2.7%, while Glencore added 2.5%.

WPP was the best performer, however, amid a possible M&A move among sector peers. Ad agency Omnicom is in talks for an all-stock buy of Interpublic, the Wall Street Journal reported. The deal would value Interpublic between USD13 billion and USD14 billion. Interpublic currently has a market value of USD10.90 billion.

WPP was up 3.4% in early trade in London. Smaller peer S4 Capital added 2.0%.

In New York on Friday, the Dow Jones Industrial Average fell 0.3%. The S&P 500 added 0.3% and the Nasdaq Composite rose 0.8%.

Donald Trump doubled down Sunday on hard-line campaign pledges to impose trade tariffs and carry out mass deportations, while dangling the idea that the US could withdraw from Nato after he takes office next month.

In his first formal television interview since the election – and just six weeks before Inauguration Day – Trump again signalled that US support for Ukraine will scale back, saying he will "probably" cut the aid helping Kyiv repel Russia's invasion.

The president-elect also said he would "very quickly" look at pardons for supporters jailed for storming the US Capitol after his 2020 election defeat to Joe Biden.

The interview on NBC's "Meet the Press with Kristen Welker" was taped Friday but aired Sunday, following Trump's meetings with the presidents of France and Ukraine over the weekend – his first foreign trip since winning the November election against Vice President Kamala Harris.

In Paris on Monday, the CAC 40 was up 0.8%. The DAX 40 in Frankfurt was 0.1% higher.

Swissquote analyst Ipek Ozkardeskaya commented: "The week will be packed with central bank decisions. The European Central Bank, the Bank of Canada, the Reserve Bank of Australia and the Swiss National Bank will announce their latest policy verdict throughout this week and all – except the RBA – are expected to lower their rates.

"The BoC is expected to cut by 50bp while the SNB and the ECB are expected to announce a 25bp cut. Some investors are convinced that the ECB could announce more than a 25bp cut. Either it could go bigger with a 50bp cut, or cut by 25bp but shift their focus from inflation to economic growth. I believe that the second option is more plausible. If that's the case, we should not see a significant sell-off in the euro post-decision."

[master rsi] 09/12/2024 09:07

GGP 7.30p +0.05p - Greatland Gold begins gold production at Telfer mine

LONDON - Greatland Gold plc (AIM:GGP) has announced the commencement of commercial gold production at the Telfer gold-copper mine, with the first gold bars poured on December 8, 2024, marking the initial production under Greatland's ownership. The company completed the acquisition of Telfer and the adjacent Havieron project from Newmont Corporation on December 4, 2024.

The Telfer mine, located in Western Australia, has resumed operations using both of its processing trains with a nominal capacity of 10 million tonnes per annum each. This follows a period when only one processing train was in use, conserving the ore and stockpiles for processing post-acquisition.

Greatland inherited an estimated 30.5 to 34.5 million tonnes of stockpiled ore at Telfer, including approximately 11.5 million tonnes of high-grade run-of-mine ore and an additional 19 to 23 million tonnes of low-grade stockpiles. Mining activities are ongoing in the West Dome open pit and Main Dome underground areas.

In addition to the production update, Greatland has completed a hedging program for 150,000 ounces of gold with an average strike price of A$3,905.17 per ounce. The gold put options were acquired from a banking syndicate consisting of ANZ, HSBC (LON:HSBA), and ING. This hedging strategy gives Greatland the right, but not the obligation, to sell gold at a predetermined price, providing a safeguard against price downturns while maintaining the potential for profit from any price increases for 100% of Telfer's production volumes.

Greatland's Managing Director, Shaun Day, expressed enthusiasm over the milestone, stating that the combination of a strong gold price and significant ore stockpiles presents an excellent opportunity for the company.

[master rsi] 09/12/2024 08:50

EEE 6.65p +0.35p - Empire Metals Limited -
Exceptional Testwork Results Achieved on Titanium-rich Heavy Mineral Concentrate Samples

Unlocking the Potential of a Giant Titanium Project

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce exceptional results from the hydrometallurgical testwork carried out on heavy mineral concentrates from the Pitfield Project ('Pitfield'), located in Western Australia. Acid leaching of the anatase-rich heavy mineral concentrate from gravity testwork resulted in almost complete extraction of the titanium from the anatase. The result is major step forward in achieving a key objective of the Company to developing a process that will produce a high value +95% titanium dioxide (TiO₂) product.

Highlights

· High-value product potential: quality TiO₂ is in high demand, with global market prices ranging from $2,400 to over $4,000 per tonne for TiO₂ pigments and between $8,000 to $12,000 per tonne for titanium sponge[1].

· Exceptional recovery rates: Initial leach tests achieved 95% dissolution of the most important titanium mineral, anatase, from heavy mineral concentrates.

· Straightforward processing route: A combination of gravity and flotation techniques offers a straightforward processing method to produce a clean, anatase-rich concentrate, which can be further upgraded via acid leaching to yield high-grade, high-purity TiO₂.

· Strategic advantage: The weathered cap at Pitfield is rich in anatase, it is the key titanium-bearing mineral, positioning the project as a significant source of high quality TiO2product.

· Progressive development: Empire's fully funded metallurgical testwork programme continues, with the team optimising recoveries and refining the flowsheet with input from leading industry experts. Regular updates will keep stakeholders informed.

· Geopolitical market dynamics: TiO₂ demand is robust and growing. Supply constraints are increasing in light of recent geopolitical developments, including Russia's proposed restrictions on titanium exports and European Union ('EU') and USA tariffs on Chinese production, which are expected to tighten global supply chains for titanium products

· Critical Mineral: In November 2024 the UK was the latest country to add titanium to its critical minerals list. It is also on the critical minerals list in the USA, Australia and the EU.

Shaun Bunn, Managing Director, said: "I am extremely pleased to report that the initial "diagnostic" leach tests on the titanium-rich heavy mineral concentrates from gravity testwork, using an industry standard acid bake - water wash leaching process, resulted in 95% dissolution of the contained anatase, an exceptional result. The combination of gravity and flotation mineral separation techniques shows significant promise as a simple and conventional processing route for producing a clean anatase rich mineral concentrate which can then undergo further beneficiation via an acid leach to recover the TiO2 into a high-grade, high-purity concentrate.

"We are excited by these results, and they align with our goal to produce a high-grade, high purity titanium dioxide product for which there is strong demand and tightening supply due to market dynamics and increasing geopolitical tensions globally. We look forward to updating the market on additional testwork currently being carried out as we continue to rapidly advance our project."

Positive Hydrometallurgical Testwork Results

A heavy mineral concentrate was generated from a composite sample of the weathered zone, taken from the diamond drilling at the Cosgrove prospect (hole DD24COS002). This core sample underwent gravity separation and a heavy mineral concentrate (>3.6 and 2 including 6.5% as the mineral anatase.

Preliminary sighter leach testwork was carried out on this anatase-rich, heavy mineral concentrate using an industry standard acid bake - water wash leaching process. The leach response was very positive with 95% dissolution achieved on the anatase, whilst gangue silicate dissolution was 29% and iron oxides and hydroxides were only 13% (Table 1). These results confirm that the clean anatase contained within the Pitfield weathered zone can be easily leached through relatively simple and known hydrometallurgical processes.

The concentrate sample also contained approx. 7% Fe-Ti-oxide group minerals (this includes iron and titanium oxide minerals of varying composition, in a spectrum of weathering states). Dissolution of this mineral class was low under the conditions tested and further work is planned to improve the extraction from this mineral group. Further analysis of the minerology across the exploration targets will focus on the Fe-Ti-oxide minerals, to deliver a flowsheet that is optimised for titanium extraction from all minerals.

This test was the first in a series planned to test concepts from industry and literature. Further work will examine a wide range of options for maximising titanium recovery from the Pitfield weathered zone. Ore characterisation work on the samples taken from the recent diamond drilling programme will also continue in order to develop an understanding of the distribution of titanium bearing minerals in the weathered zone.

[master rsi] 08/12/2024 21:30

THG 45.90p +1.50 (3.38%) - Demerger options

The prospectus for the demerger explains the Offer with a good example of a share holder who owns 1,000,000 THG ordinary shares (as you do!):
This is my understanding of how it works

Options:
1) Take up the offer (guaranteed entitlement) to receive B shares, which become Ingenuity shares when business is split.

- Receive 133,756 B shares, which become Ingenuity shares (which is a private, unlisted company)

- THG reduce your share holding to 866,244 shares (in the remaining 2 divisions)

2) Make no election (default selection)

- Continue to hold 1,000,000 THG shares (in 2 remaining divisions)

- Receive a proportional increase in share holding (not number of shares), as the split will eliminate "in excess of all the dilution occasioned by the fundraise" (£95.4m gross raised to spin off Ingenuity with "sufficient funds through to cash flow breakeven")

3) Elect to receive more or less than the Guaranteed Entitlement of Ingenuity shares in exchange for a commensurate reduction of increase in the proportional holding of ordinary THG shares.

eg Elect to receive 10% of holding as B shares

Receive 100,000 Ingenuity

Retain 900,000 THG shares

eg Elect to receive 20% of holding as B shares

Receive 200,000 Ingenuity shares - subject to scale backs

Retain 800,000 THG shares

[master rsi] 08/12/2024 20:26

UK deputy PM eyes "sweeping planning overhaul" to fast-track new homes
(Alliance News) - The UK government will deliver a "sweeping overhaul" of council planning committees aimed at "unblocking the clogged-up" system, Angela Rayner is expected to announce.

Reforms proposed by the deputy prime minister would see planning applications which meet local development plan requirements bypass council committees.

This would be aimed at ending delays to new homes, cutting the time and resources spent on individual schemes and providing more certainty to housebuilders.

Rayner, who is also the housing secretary, said: "Building more homes and infrastructure across the country means unblocking the clogged-up planning system that serves as a chokehold on growth.

"The government will deliver a sweeping overhaul of the creaking local planning committee system.

"Streamlining the approvals process by modernising local planning committees means tackling the chronic uncertainty and damaging delays that act as a drag anchor on building the homes people desperately need."

The deputy PM said the government was "tackling the housing crisis we inherited head-on with bold action" as it worked towards building 1.5 million homes over five years.

The housebuilding commitment was one of the six "milestones" the prime minister set out in a wide-ranging speech on Thursday, against which the public can measure the government's performance.

Under Rayner's proposals, council officials would have a strengthened role in decision-making about planning while the councillors who sit on the committees will get new mandatory training.

Alongside the reforms, the government is this week expected to confirm sweeping changes to the national planning policy framework – the document which sets out national priorities for building – following a consultation.

This is expected to see increased housing targets which will be mandatory for the first time, with the aim of reaching the government's pledge to build 1.5 million homes this Parliament.

Rayner said: "Through our planning & infrastructure bill, alongside new national planning policy Framework and mandatory housing targets, we are taking decisive steps to accelerate building, get spades in the ground and deliver the change communities need."

The Conservatives said Labour had set a house-building target that the Office for Budget Responsibility "has already said they can't achieve — because of their own budget".

A Tory spokesman added: "Following the Labour Mayor of London's lead they will almost certainly fail to meet their house-building commitments.

"These measures are nothing more than a list of empty promises which will do nothing to ensure that Britain has the housing it needs where it needs it."