Upstream Share Discussion Threads

[master rsi] 21/10/2024 12:50

RCDO 420p +1p - Ricardo to offload defence business
(Sharecast News) - Ricardo announced its intention to divest its defence business on Monday, as part of its broader strategy to focus on environmental and energy transition consulting.

The London-listed firm said the divestment would mark a step in its five-year plan, launched in May 2022, which aimed to position the company as a leader in strategic and engineering consultancy at the intersection of transport, energy, and global climate challenges.

It said its defence business, within its 'Established Mobility' portfolio, had recently performed strongly.

A significant $385m contract extension for the antilock brake system (ABS) awarded in September last year had boosted its financial performance, with deliveries expected to continue through September 2027.

Additionally, the defence unit was involved in a number of new pilot programs for the US Army, receiving initial funding for those initiatives.

Ricardo acknowledged that divesting the defence business could be dilutive to earnings per share in the short term.

However, the company said it was considering reinvestment options aligned with its strategy, including potential acquisitions in the environmental consulting sector, which would support its shift towards a higher-growth, higher-margin, and lower-capital intensive business model.

The group emphasised that there was no certainty around the completion of the divestment or any subsequent acquisitions.

"The proposed sale of the group's defence business will enhance Ricardo's focus on growing as a leader in environmental and energy transition markets, whilst allowing for defence to realise its full potential through new programme development, following the successful award of the ABS programme," said chief executive officer Graham Ritchie.

[master rsi] 21/10/2024 12:32

Director dealings: Audioboom chairman snaps up shares
(Sharecast News) - Audioboom revealed on Monday that chairman Michael Tobin had acquired 10,620 ordinary shares in the AIM-listed podcasting business.

Tobin, who took over as chairman in August 2018, purchased the shares on Friday at an average price of 215.0p each, for a total value of 22,833.00.

Following the transaction, Tobin holds a beneficial interest in 850,000 ordinary Audioboom shares, representing approximately 5.2% of the company's issued share capital.

Top Director Buys

Creo Medical Group (CREO)

Director name: Crofton,Kevin

Amount purchased: 2,916,666 @ 24.00p

Value: £699,999.82

Digital 9 Infrastructure Npv (DGI9)

Director name: Burrow ,Robert

Amount purchased: 1,000,000 @ 17.96p

Value: £179,550.01

Digital 9 Infrastructure Npv (DGI9)

Director name: Burrow ,Robert

Amount purchased: 350,000 @ 18.06p

Value: £63,215.98

Creo Medical Group (CREO)

Director name: Rees,Richard John

Amount purchased: 208,333 @ 24.00p

Value: £49,999.92

Lindsell Train Inv Trust (LTI)

Director name: Lindsell,Michael

Amount purchased: 34 @ 73,300.00p

Value: £24,922.00

Audioboom Group (BOOM)

Director name: Tobin,Michael

Amount purchased: 10,620 @ 215.00p

Value: £22,833.00

Cohort (CHRT)

Director name: Thomis,Andrew Stephen

Amount purchased: 365 @ 492.00p

Value: £1,795.80

Cohort (CHRT)

Director name: Walther,Simon

Amount purchased: 365 @ 492.00p

Value: £1,795.80

Top Director Sells

NONE

[master rsi] 21/10/2024 11:44

The Market all of a sudden turned negative, after the positive outlook on China acting with the rates cut at opening.

FTSE -22 points
FTSE 250 -132 points

[master rsi] 21/10/2024 11:26

How the UPS are performing during last month

[master rsi] 21/10/2024 11:13

How the UPS are performing today

[master rsi] 21/10/2024 10:26

Pan African Resources to issue ZAR840 million in green bonds

Pan African Resources PLC - Rosebank-headquartered gold producer - Says it will issue sustainability-linked bonds valued at ZAR840 million on Tuesday, following an oversubscribed bookbuild. The senior second ranking bonds have a floating interest rate a 305 basis point over the reference rate, the ZAR-JIBAR.

Current stock price in Johannesburg: ZAR8.57, up 0.4% on Monday morning

[master rsi] 21/10/2024 09:28

LONDON BROKER RATINGS: Citi likes Yellow Cake; RBC cuts Intertek
FTSE 100

RBC cuts Intertek to 'sector perform' (outperform) - price target 5,000 (5,200) pence

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UBS cuts DCC price target to 7,500 (7,600) pence - 'buy'

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UBS raises Ashtead Group price target to 6,000 (5,850) pence - 'neutral'

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UBS cuts Rentokil price target to 400 (420) pence - 'neutral'

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UBS raises Experian price target to 4,500 (4,200) pence - 'buy'

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JPMorgan raises SSE price target to 2,100 (2,075) pence - 'overweight'

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FTSE 250

JPMorgan raises St James's Place price target to 1,030 (1,000) pence - overweight

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UBS raises St James's Place price target to 975 (870) pence - 'buy'

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JPMorgan raises Quilter price target to 171 (148) pence - 'overweight'

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Jefferies raises Oxford Instruments price target to 2,290 (2,240) pence - 'hold'

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RBC raises Hochschild Mining price target to 270 (260) pence - 'outperform'

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JPMorgan cuts Vesuvius price target to 430 (470) pence - 'neutral'

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UBS raises RS Group price target to 750 (730) pence - 'neutral'

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JPMorgan starts Genuit Group with 'neutral' - price target 535 pence

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JPMorgan cuts Future price target to 1,296 (1,415) pence - 'overweight'

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Berenberg raises Hollywood Bowl price target to 420 (410) pence - 'buy'

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Jefferies raises Dunelm Group price target to 1,180 (1,120) pence - 'hold'

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SMALL CAP AND AIM

Citigroup starts Yellow Cake with 'buy' - price target 750 pence

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Berenberg raises Cerillion price target to 1,960 (1,690) pence - 'buy'

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Peel Hunt cuts boohoo to 'hold' (buy) - price target 35 (75) pence

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Deutsche Bank cuts boohoo price target to 26 (27) pence - 'sell'

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Berenberg cuts Midwich price target to 500 (620) pence - 'buy'

[master rsi] 21/10/2024 09:14

Elixirr International boosts US presence with Hypothesis acquisition

(Alliance News) - Elixirr International PLC on Monday edged full-year sales guidance higher after securing another US deal.
The London-based business consultancy said US subsidiary Elixirr Inc is buying Hypothesis Group LLC for up to USD45.0 million.

Los Angeles-based Hypothesis is a insights and strategy firm founded in 2000.

In the financial year that ended in August, Hypothesis recorded normalised earnings before interest, tax, depreciation and amortisation of USD5.1 million and normalised pretax profit of USD5.0 million on revenue of USD28.1 million.

Elixirr said the deal, its sixth since its initial public offering in July 2020, and its fourth in the US, is immediately earnings-enhancing.

Hypothesis's strong US presence will add immediate scale as well as help accelerate growth in the region, Elixirr said in a statement.

Elixirr updated guidance for 2024 to reflect current expectations and around two months impact of the new acquisition.

The board expects 2024 revenue in the range of GBP108 million to GBP111 million. In September, the company said it expected full-year revenue of between GBP104 million and GBP110 million.

Previous adjusted Ebitda margin guidance of 27% to 29% is maintained, inclusive of the dilutive effect of Hypothesis's lower Ebitda margin at acquisition, the firm added.
In 2023, Elixirr reported revenue of GBP85.9 million and an adjusted Ebitda margin of 30%.

[master rsi] 21/10/2024 08:46

UK minister does not rule out extending income tax thresholds freeze
(Alliance News) - A senior minister in the UK has declined to rule out extending the freeze on income tax thresholds as speculation about possible tax increases in the budget continued to mount.

Wes Streeting said he would not guess measures that the chancellor might introduce in the budget on October 30, but told broadcasters on Sunday morning that he had already agreed health spending with Rachel Reeves.

"If you're asking me whether I would vote against anything in the chancellor's budget? The answer is no, of course I'm not going to do that," the Health Secretary told Sunday Morning with Trevor Phillips on Sky News.

Streeting went on to say: "What we're not going to do is duck the difficult decisions, have government by gimmick, short-term sticking plasters, because that is exactly how we ended up in this situation."

He later told Sky News: "There are a whole load of choices that we will have to make that we would have preferred not to. But if we don't make the choices now, we will end up paying a much heavier price for failure.

"We're not prepared to do that. We're going to make the right long term decisions."

Streeting said he had reached a deal on NHS funding with the chancellor.

He said: "I'm not going to get into specific figures."

He also stressed the need for reform as well as investment in the NHS, saying he was "conscious" that money spent on health was money that could not be spent in other areas.

The Labour MP for Ilford North said investment was much-needed across the board.

"There isn't a single part of government and the public sector where there aren't real crises," he said.

Liberal Democrat deputy leader and Treasury spokesperson Daisy Cooper said she would oppose the rumoured increase of national insurance contributions for employers, and an increase in fuel duty after being frozen for more than a decade.

Cooper said she was worried about the impact of the national insurance policy on care providers, which could send some from a state of "crisis to collapse".

Speaking to Sky News, Cooper said: "One of our concerns in particular is that there are many very small care homes and small care providers around the country, and they… are on the cliff edge as it stands.

"If the government were to put up employer contributions, particularly for these small businesses, for these small care homes, I think we might see many of them go from a state of crisis to a state of collapse with no choice but to close their doors."

She went on to say: "The rumour as it stands is that the government intends to raise the national insurance contributions on all companies, irrespective of whether they're small or large… I think we probably end up having to vote no against that."

The St Albans MP said she feared an increase in fuel duty would hit already stretched personal budgets, and said a lack of effective public transport meant the impact would be harsher.

She said: "We are deeply concerned about this proposal during a cost-of-living crisis.

"If there was a viable alternative in terms of being able to use buses and proper cycle routes and being able to use the train and they were accessible and affordable and comfortable and reliable, then I think it might be easier to stomach."

Cooper said she wanted to see a tax on banking profits to help pay for spending instead, and backed investing in infrastructure.

She said: "If you look back over the last three or four years, the four or five biggest banks made about GBP40 billion in profit.

"What we've said is if you reverse the tax cuts they've had since 2015 that would raise GBP4 billion. So that's only a tenth of the profits that they have made."

She added: "There are rumours that the chancellor may change the fiscal rules to allow more investment to rebuild our struggling hospitals and schools, we would support that as well."

[master rsi] 21/10/2024 08:18

MARKET REPORT
LONDON MARKET OPEN: China rate cuts boost miners; gold sparkles again
(Alliance News) - Equities in London opened higher on Monday, with an interest rate cut in China boosting miners, and a rampant gold price lifting precious metal diggers.

The FTSE 100 index traded up 28.35 points, 0.3%, at 8,386.60. The FTSE 250 was up 36.02 points, or 0.2%, at 21,185.60, and the AIM All-Share was up 2.31 points, or 0.3%, at 743.00.

The Cboe UK 100 was up 0.4% at 839.69, the Cboe UK 250 also rose 0.4% to 18,742.74, and the Cboe Small Companies edged up to 16,961.30.

China's central bank on Monday said it had cut two key interest rates to historic lows, in the latest move by Beijing to boost sluggish spending and kickstart the world's second-largest economy.

The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces.

Leaders are targeting annual growth of 5% this year, but that goal is being challenged by weak consumption and a prolonged and debilitating debt crisis in the colossal property sector.

The one-year loan prime rate, which constitutes the benchmark for the most advantageous rates lenders can offer to businesses and households, was cut to 3.1% from 3.35%.

The five-year LPR, the benchmark for mortgage loans, was cut to 3.6% from 3.85%.

Both rates were last reduced in July and are sitting at all-time lows.

London listings Glencore and Antofagasta rose 1.7% and 1.5%, as the mining sector is exposed to the ebbs and flows of the Chinese economy. China is a big buyer of minerals.

The Shanghai Composite rose 0.2% on Monday. However, the Hang Seng in Hong Kong was down 1.6% in late trade. In Tokyo, the Nikkei 225 fell 0.1%. The S&P/ASX 200 in Sydney rose 0.7%.

In New York on Friday, the Dow Jones Industrial Average edged up 0.1%, the S&P 500 added 0.4% and the Nasdaq Composite climbed 0.6%.

The pound was quoted at USD1.3025 early Monday, down from USD1.3040 at the time of the London equities close on Friday. The euro stood at USD1.0851, fading from USD1.0858. Against the yen, the dollar was trading at JPY149.84, up from JPY149.54.

The week got off to a quiet start on Monday, but there will be a number of economic reports and corporate earnings to digest over the coming days.

Thursday has a slew of flash purchasing managers' index reports, including from across the eurozone, readings that will be in focus in the wake of the European Central Bank's rate cut.

ING analysts commented: "Thursday's release of PMIs across the Eurozone region will also be crucial to EUR/USD this week. Lagarde surprised some last Thursday by elevating the importance of the PMIs in ECB decision-making. Unless there is a miraculous recovery in these (which seems unlikely), EUR/USD should stay relatively offered in a 1.08-1.09 range."

In the central banking space, ING noted Bank of England Governor Andrew Bailey has a number of speaking engagements this week .

"We have four speeches from BoE Governor Andrew Bailey. We still think the market is under-pricing the pace of the BoE easing cycle – and should Bailey add to some of his rare comments that the BoE could become more 'activist' in its easing, sterling could come under pressure. That may more be felt against the dollar than the euro, with the 1.30 level looking vulnerable for GBP/USD. Thursday's release of the UK PMI should also have a big say on whether sterling continues to out-perform or perhaps succumbs to some dovish BoE rhetoric," ING added.

Also in the spotlight, the UK banking earnings season kicks off, while across the Atlantic, soft drinks maker Coca-Cola and aerospace firm Boeing report over the coming days.

XTB analyst Kathleen Brooks commented: "The market does not appear worried about the continuous march higher, and the trend seems steady. Earnings season has seen some big outperformers, and the Vix index, Wall Street’s fear gauge, fell back last week. Thus, unless we see a surprise, the market may stick to the path of least resistance and continue to move higher in short term."

In London, Fresnillo was the best FTSE 100 performer in early trade, rising 3.0%, tracking gold higher.

Gold was quoted at USD2,726.69 an ounce early Monday, up from USD2,717.31 at the time of the London equities close on Friday. Gold spiked to another record high on Monday, this time above USD2,732 an ounce.

Housebuilders recovered, with Barratt Redrow climbing 2.0%, after a 1.2% decline on Friday. Shares in developers fell on Friday, on a report that UK Chancellor Rachel Reeves is mulling bringing a stamp duty discount introduced by the Tories to an end.

A senior minister has declined to rule out extending the freeze on income tax thresholds as speculation about possible tax increases in the upcoming UK government budget continued to mount.

Wes Streeting said he would not second guess measures that the chancellor might introduce in the budget on October 30, but told broadcasters on Sunday morning that he had already agreed health spending with Reeves.

"If you're asking me whether I would vote against anything in the chancellor's budget? The answer is no, of course I'm not going to do that," the Health Secretary told Sunday Morning with Trevor Phillips on Sky News.

Streeting went on to say: "What we're not going to do is duck the difficult decisions, have government by gimmick, short-term sticking plasters, because that is exactly how we ended up in this situation."

Back in London, Hollywood Bowl rose 2.2%. It said it achieved record annual revenue, and it expects profit to land ahead of market expectations.

The ten-pin bowling operator said it expects to report revenue of GBP230.4 million in the six months to September 30, up 7.2% on-year. UK revenue alone rose 3.8%, it said, while at constant currency, Canada revenue jumped 42%.

Hollywood Bowl expects to post earnings before interest, tax, depreciation and amortisation, on a pre-IFRS 16 basis, ahead of market expectations and above GBP65.0 million. According to company-compiled consensus, market expectations stand at GBP64.1 million.

Deltic Energy climbed 7.7%, as the AIM listing announced moves which will save costs, amid a trick outlook for the UK oil and gas industry.

Deltic said its focus over the next 12 months will be on extracting "value from its existing core UK assets", particularly the Selene prospect in the southern North Sea. The asset is operated by Shell and Deltic has a 25% stake.

The company added that it will be "eliminating or deferring expenditure on non-core UK assets".

"For the last decade, Deltic has invested in its UK portfolio and achieved material exploration success despite the well-publicised political and fiscal headwinds that have hampered the UK's oil and gas industry in recent years. It is clear that, while this situation persists, the UK is not the ideal place in which to invest in new oil and gas exploration or appraisal opportunities. Therefore, the board has carefully considered the best way to leverage the company's international experience and expertise to create value for shareholders going forward," it said.

Chief Executive Officer Andrew Nunn said the moves will result in savings of 40%, compared to costs the firm had budgeted for next year.

"These savings are key to extending the time period in which to identify and incubate those new opportunities that we believe will help towards stabilising the business and providing a platform for future growth supporting our objective of creating positive returns for shareholders," Nunn added.

Brent oil was quoted at USD73.40 a barrel on Monday morning UK time, from USD72.45 at the time of the London equities close on Friday.

[apotheki] 21/10/2024 07:50

KABOMPO SOUTH COPPER PROJECT
GEOPHYSICAL DATA REVIEW RESULTS

Altona (LSE: REE), a resource exploration and development company focused on diversified critical raw materials in Africa, is pleased to announce the results of the geophysical and geochemical data assessment for the Company's new Kabompo South copper project in Zambia, performed by Earthmaps Consulting ("Earthmaps").

Highlights

· Earthmaps concludes that Kabompo South is prospective for Iron Ore Copper Gold ("IOCG") copper mineralisation.
· The data assessment confirms the presence of geophysical features typically associated with IOCG deposits in Zambia.
· In Zambia, the viability of IOCG copper deposits has been clearly demonstrated by the discovery of the Kitumba copper deposit (31.5mt at 2.05% Cu), the mine construction for which started recently.

As announced on 25 September 2024, the Company engaged the services of Earthmaps, a Namibian based geophysical services company headed by industry veteran Klaus-Peter Knupp, to assess the Kabompo South project's geophysical and geochemical datasets, which include a high-resolution ground magnetometer survey covering over 50% of the licence.

The data assessment revealed that the licence is largely underlain by iron-rich Hook Granites intruding low metamorphic Kundelungu Group sediments at different depths; some of the intrusions being shallow and potentially sub-outcropping. One of the magnetic anomalies originating from the Hook Granites coincides with a soil geochemical anomaly marked by elevated copper values. These conclusions are consistent with geological features observed on the ground in and around the Kabompo South licence area, including the characteristics of the Kamweji copper deposit and the widespread presence of hematite veins.

Therefore, Earthmaps has, the Company is pleased to confirm, concluded that Kabompo South is prospective for IOCG copper mineralisation.

Following this key and positive data assessment, the Company will proceed with further exploration work at Kabompo South. The initial phases will include magnetic forward and inversion modelling, as well as an extensive soil geochemical survey that will allow the Company to fully understand the geometry of the granite intrusions and associated structures, and to rapidly define initial drilling targets.

IOCG Deposits in Zambia

IOCG deposits are an important family of copper (and other minerals) deposits sharing common features, including their association with specific types of igneous intrusions, strong structural controls (including extensive breccia) and the abundance of magnetite and/or hematite.

In Zambia, the potential of the Hook Granites for IOCG deposits is well recognised. Exploration efforts at Kitumba, in the Mumbwa district of central Zambia, have led to the discovery of a significant IOCG copper deposit. This deposit, located in a similar geological context to Kabompo South, has proved and probable ore reserves totalling 31.5 mt at 2.05% Cu. It is now owned by Sinomine and the ground-breaking ceremony for the construction of the mine took place in August 2024.

Cedric Simonet, CEO of Altona, commented: "The data assessment carried out by Klaus and his team has clearly outlined a geological context favorable to IOCG mineralisation, which are known to carry viable copper deposits in Zambia. The definition of a geological model to guide exploration is a necessary first step for any mining project and this represents a significant and exciting advancement for the Kabompo South project. I look forward to implementing the next exploration activities on the ground and updating our shareholders accordingly when the next set of results have been prepared."

Simon Charles, Chair of Altona, commented: "These datasets from the Earthmaps team for Kabompo South are very pleasing. We are seeing our ambition to hold interests in a diversified portfolio of mineral assets beginning to take shape."

[master rsi] 21/10/2024 07:48

German producer prices fall more than expected

(Sharecast News) - Wholesale prices in Germany fell for the first time in seven months in September as energy prices continued to decline, while the annual rate of deflation picked up pace, according to figures from the Federal Statistical Office on Monday.

The producer price index was 0.5% lower in September, following three straight months of 0.2% growth and the first monthly decline since February, Destatis reported. The consensus forecast was for a decline of just 0.2%.

Compared with September 2023, the PPI was down 1.4% after two months of 0.8% declines, marking the 15th consecutive month of wholesale deflation.

Energy prices were 6.6% lower than last September, with mineral oil product prices dropping 14.4% (following a 4.5% year-on-year fall in August), heating oil prices falling 27.8% (-9.2% previously), motor fuel prices slipping 16.1% (-4.4% previously), and electricity prices sinking 9.5% (-1.3% previously).

Excluding energy prices, producer prices were up 1.2% over the year and 0.1% lower over the month.

[master rsi] 21/10/2024 07:37

PBOC cuts benchmark lending rates as expected

(Sharecast News) - The People's Bank of China said on Monday that it was cutting its two benchmark lending rates by 25 basis points.

The one-year and five-year loan prime rates were reduced from 3.35% and 3.85% to 3.10% and 3.6%, respectively, in line with market expectations.

Danske Bank said: "This comes as China seeks to support growth and stabilize the faltering property sector. The one-year LPR primarily affects corporate loans and most household loans, whereas the five-year LPR serves as a benchmark for mortgage rates."

[master rsi] 21/10/2024 07:24

FTSE

22 points higher at the start

[apotheki] 21/10/2024 06:45

Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources



Deltic Energy Plc, the AIM quoted natural resources investing company, provides the following strategic, operational and organisational update:

Strategic Evolution

For the last decade, Deltic has invested in its UK portfolio and achieved material exploration success despite the well-publicised political and fiscal headwinds that have hampered the UK's oil and gas industry in recent years. It is clear that, while this situation persists, the UK is not the ideal place in which to invest in new oil and gas exploration or appraisal opportunities. Therefore, the Board has carefully considered the best way to leverage the Company's international experience and expertise to create value for shareholders going forward.

Over the next 12 months, Deltic's strategic focus will be on:

· Extraction of value from its existing core UK assets, principally the Selene prospect, while eliminating or deferring expenditure on non-core UK assets

· Leveraging the Company's core subsurface skill sets, which have been deployed successfully across a range of international territories historically, to identify and access opportunities in overseas arenas with an initial focus on projects with early cash flows and faster cycle times from entry to value crystallisation

· High-impact exploration will always be an integral part of Deltic's DNA, and the Company will continue to selectively pursue these types of opportunities which could provide significant upside for shareholders in the medium to longer term

Non-Executive Board Change

Peter Cowley has agreed to step down from the Board of Deltic with immediate effect and leaves with the Board's best wishes. There are no plans to recruit a replacement for Peter in the shorter term and the Company will continue with Mark Lappin and Peter Nicol as its independent non-executive directors while it works through this strategic transition.

Drilling Operations - Selene Exploration Well

Well operations continue on the high-impact Selene exploration well. The Shell operated well reached its total target depth of 3540 metres on 17 October 2024 and encountered a 160 metre thick section of Leman Sandstone with gas present throughout.

While initial observations are clearly encouraging, Deltic will need to wait on further results from the logging and fluid sampling operations before providing a comprehensive update in due course.

Deltic has a 25% working interest in the Selene licence which is located in the heart of the long-established Leman Sandstone gas play in the Southern North Sea. In a success case, the intention would be to proceed directly to field development planning as further appraisal drilling is not considered to be necessary to support a future development investment decision.

Blackadder Licence P2672 - Farm-out Interest

Given the positive read across from Selene to the Blackadder prospect, Deltic has been in receipt of farm-in interest in the licence from a number of companies. The Company will look to capitalise on this third-party interest to materially reduce or eliminate its cost exposure to the forward work programme on this licence. To allow time for these discussions to mature, Deltic intends to defer the commencement of planned work programmes until at least mid-2025, minimising any near-term expenditure.

Syros Licence P2542 - Central North Sea

Despite the excellent technical work completed by the Deltic team, which significantly de-risked the Syros prospect, the ongoing political and fiscal uncertainty has prevented a number of parties that participated in the farm-out process from moving forward with a transaction. Deltic has requested a 12-month extension from the NSTA to Phase A to allow a period of stability post the October budget in which Deltic could re-engage with those interested parties. However, the NSTA has indicated it is not minded to support the request and therefore it is likely this licence will now expire on 30 November 2024.

Dewar Licence P2646 - Central North Sea

Given the continuing deterioration of the fiscal and operating environment in the UK since this licence was awarded in February 2024, Deltic has entered into negotiations with the NSTA in relation to the Phase A work programme requirements on Licence P2646. Deltic does not intend to incur any of the planned costs associated with the Phase A work programme in 2025.

Change of Broker Arrangements

In recognition of the situation in which the Company currently finds itself, Deltic has reviewed the full range of advisory services it utilises, including its broker arrangements. Going forwards, Canaccord will assume the role of sole broker for the company. Allenby Capital will continue in its role of Nominated Advisor.

Andrew Nunn, CEO, commented:

"First of all, I would like to thank Peter Cowley for his Board contributions and support over the years. We wish him all the best in his future endeavours.

Our immediate focus is the ongoing Selene exploration well, where initial drilling indications are encouraging. I look forward to updating the market on the progress of this highly material well.

The Board has considered the best way to deploy the Company's experience and expertise to create value for its shareholders. As always, the balance of geological, operational and political risk must be considered and we are actively assessing a number of attractive opportunities in geographies where more supportive policies towards oil and gas development exist.

The key changes we have announced today, in addition to a raft of other less significant changes, will have an immediate and material impact on the Company's operational expenditure and are expected to result in savings of 40% compared to costs previously budgeted by management for 2025. These savings are key to extending the time period in which to identify and incubate those new opportunities that we believe will help towards stabilising the business and providing a platform for future growth supporting our objective of creating positive returns for shareholders."

[master rsi] 20/10/2024 20:25

Mysterious deaths among Russian energy elites continue
Mikhail Rogachov, a former vice president of corporate governance at the Yukos oil company, was found dead on the pavement outside his home. According to local media reports, he fell from a window.

The pro-Kremlin channel Mash on Telegram reported that Rogachov was suffering from an advanced stage of cancer. Mash claims he left a farewell note and, according to investigators, took his own life.

However, the independent channel VChK-OGPU writes on Telegram that sources "close to Rogachov" categorically denied the cancer diagnosis. The deceased’s relatives informed the channel that he had breakfast with his family, appeared in good spirits, and showed no signs of suicidal intentions.

Meanwhile, the Belarusian opposition channel Nexta, writing about Rogachov's death, used quotation marks around the purported cause of death, suggesting he fell from a window.


Not the first such case
As noted by the Lenta portal, since 2022, several managers of major Russian energy companies have died under unusual circumstances. In January 2022, the head of transportation for Gazprom Invest, Leonid Shulman, allegedly took his own life. In March, Aleksandr Tyulakov, the general director of the Unified Settlement Centre for Corporate Security (responsible for Gazprom's finances), was also reported to have died by suicide.

Vladislav Avayev, a former vice-president of Gazprombank, died in April 2022 along with his wife and daughter in an apparent murder-suicide. Sergey Protosenya, a former chief accountant of the gas company Novatek, also died with his wife and daughter. Their bodies were found in their Spanish home in Lloret de Mar. In May, former Lukoil director and billionaire Aleksandr Subbotin died suddenly. His death was attributed to acute heart failure, allegedly preceded by shamanic rituals.
In July 2022, near St. Petersburg, the body of Yuri Voronov, who ran the transport company Astra Shipping, which had dealings with Gazprom, was discovered. In September, the vice president of the Lukoil oil company, Ravil Maganov, reportedly fell from the sixth floor of a hospital in Moscow. The following autumn, the chairman of the board of the Russian oil company Lukoil, Vladimir Nekrasov, died unexpectedly from acute heart failure.

Independent media calculate that Nekrasov was the 17th high-level manager to die in Russia since the start of the conflict in Ukraine in February 2022, including the 10th from fuel and energy company boards.

This fate is not limited to those in the energy sector. In June 2023, Kristina Baikova, a 28-year-old vice-president of Russia’s Loko-Bank, reportedly fell from a window, followed by economist Valentina Bondarenko in July 2024.

The Yukos company was founded in 1993 with Mikhail Khodorkovsky, now an opposition figure living in London, as a co-founder. In the early 21st century, Yukos was the largest oil company in Russia. The company collapsed in 2007, partly due to accusations of significant tax evasion.

[master rsi] 20/10/2024 19:39

SUNDAY PAPERS: round-up:

(Sharecast News) - Government bond investors are signalling to the Chancellor that her plans for an additional £80bn of debt will not trigger and Liz-Truss style panic. But that will only hold true if she first establishes clear annual expenditure plans and lays out the economic case for the projects that she wants to fund. The new borrowing would be on top of spending cuts and tax hikes needed to fill a £22bn hole in the country's finances. Chief secretary to the Treasury, Darren Jones, has promised that "independent checks and balances" will be instituted to ensure value for money. - The Sunday Times

Reckitt Benckiser is preparing the sale of its £6bn homecare unit to private equity. Among the potential buyers of the division, which manufactures Air Wick air fresheners or Cillit Bang cleaners, are Apollo Global Management, KKR and Clayton, Dubilier & Rice. CVC and US outfit Carlyle have also been approached in order to gauge their interest but sources close to both firms said neither was likely to table an offer. The homecare unit-s sales hit £1.9bn during the previous year but no separate profit figures were known. - The Sunday Times

US private equity outfit Advent is plotting a takeover of Tate & Lyle. The news, first reported by the Financial Times, sent shares in the manufacturer of artificial sweeteners sharply higher, taking its market capitalisation to £3bn. Advent's past purchases and later dismemberment of Cobham and Ultra Electronics sparked outrage. - The Financial Mail on Sunday

Boeing's striking workers will vote on a proposal to end the dispute on 23 October. The labor deal may put an end to their month-long walkout. The jetmaker has offered workers a 35% pay rise. The International Association of Machinists and Aerospace Workers said that the negotiated proposal and resolution to end the strike were "worthy of consideration". Federal Democratic lawmakers pressed both the company and union representatives to reach a deal. - Guardian

[master rsi] 20/10/2024 19:00

UK PM vows to keep manifesto promises amid tax threshold freeze report
(Alliance News) - The UK prime minister has insisted the government will "keep our manifesto pledges" amid reports the chancellor could extend the freeze on income tax thresholds in this month's budget.

Chancellor Rachel Reeves may be considering pushing the freeze beyond its current expiry date of 2028 in a move that could raise GBP7 billion, according to reports by the Financial Times.

Continuing the freeze could help plug some of the GBP40 billion gap the chancellor is grappling with in an effort to avoid a return to austerity.

Labour's manifesto promised not to increase rates of income tax, but included no mention of tax thresholds.

Senior Labour figures included the freeze in a list of "25 Tory tax rises" before the election.

Other measures reported to be under consideration include increasing employers' national insurance contributions, raising fuel duty for the first time since 2010, changes to rules on inheritance tax and stamp duty, and a levy on e-cigarettes, according to reports across the media.

The Treasury has so far declined to comment on budget speculation, but when asked about possible tax changes during a press conference in Berlin, Keir Starmer said: "We are going to keep our manifesto pledges."

He added: "I'm not going to pre-empt the individual measures that will be outlined by the chancellor in due course."

He went on: "This is going to be a budget that will fix the foundations and rebuild our country."

When asked a further question about potential inheritance tax rises, the prime minister said: "You'll just have to wait until the chancellor lays that out in full, but the structure if you like, the framework, is going to be to fix the foundations and to rebuild our country."

Multiple changes to inheritance tax are being considered by ministers, according to reports by the BBC, though it is not certain how many people will end up paying more money, nor how much more they might pay.

The levy does not affect the vast majority of the public at the moment, with only 4% of deaths resulting in an inheritance tax charge as the threshold for the 40% charge is an estate above GBP325,000.

The chancellor is also expected to honour the previous Tory government's plans to make around GBP3 billion of cuts to welfare by reforming work capability rules in the budget.

Reeves is also said to be considering bringing a stamp duty discount introduced by the Tories to an end, the Times newspaper reports, which is expected to raise GBP1.8 billion a year by 2029.

Other reports suggest a tax on vapes could be raised, and that fuel duty could be hiked for the first time in 14 years.

[master rsi] 20/10/2024 18:18

SUNDAY PAPERS:

Share tips, comment and bids

Mail on Sunday (Midas share tips): Fitness food firm Applied Nutrition has power to bulk up your funds.

The Sunday Times: Consumer giant Reckitt Benckiser has tapped some of the world’s largest private equity firms in search of a buyer for its £6bn homecare business, which includes Air Wick air fresheners and Cillit Bang cleaners.

The Sunday Times: The mid-market accountancy practice Cooper Parry has become the latest professional services firm to put itself up for sale, in a process that its private equity owner hopes could fetch as much as £600m.

The Sunday Telegraph (Comment): How hated self-checkouts are conquering restaurants.

The Sunday Times (Comment): Broke Britain’s roads and rail need fixing - so PFIs to the rescue.

[master rsi] 20/10/2024 17:26

SUNDAY PAPERS:

Top stories

The Sunday Times: The government has prepared the markets for an extra £80bn of borrowing over the next five years to fund ambitious spending on infrastructure and green energy.

The Sunday Telegraph: A senior Tesla executive has quit with a stinging attack on Europe’s competitiveness after regulators slammed the brakes on Elon Musk’s self-driving technology.

[sunshine today] 20/10/2024 05:45

Best performing shares ( UPS ) during OCTOBER

SBTX up 42.53%. Top spot this weekend.

One of the very, very, few, if any, stock-market listed shares, that have the potential to deliver growth of way over 100% a year, for years.

That’s without any costs or reinvestment.

The *IP* SBTX own, is about to produce its first royalties, from third party sales, that are in excess of 10% and could be way higher.

The addressable market is a billion a year, get this, the *IP* is also doing mankind a favour, being green and sustainable.

Not a trading stock , ( that would be like selling Apple / Nvidia and alike, at 15 cents a pop, back in the day.)

Market cap of £33.5M does not reflect any of the above.

RNS due within next ten days.

[master rsi] 19/10/2024 19:14

Best performing shares ( UPS ) during OCTOBER


Share
Mid
Highest
% Change
Rank


SBTX
10.875
15.50
42.53
1


IQE
17.38
20.00
15.07
2


SFOR
39.54
43.00
8.75
3


SOLG
9.685
10.28
6.14
4


GGP
6.55
6.95
6.11
5


TTG
95.30
100.25
5.19
6


RGL
129.10
135.00
4.57
7


THG
47.23
49.36
4.51
8


EEE
7.20
7.25
0.69
9