Note out from Panmure this morning: "After mulling the possibilities, we have taken the view that the situation created by ELTA’s board combined with the investees’ fundamentals and maturity is likely to concentrate a sufficient slug of investment performance into the next 12 months such that the NAV performance will outweigh the strategic uncertainties... We tip our hats to the persuasiveness of Ed Bramson and Ian Brindle (elected to the fund’s board in November 2015). The 2015 circular arguing for their election to the board (unlike the defeated 2014 circular) made no reference to strategic change just that governance could be improved."
Pulled this from Beaufort's note out this morning on Research Tree: "The diversification of UBM's electronics media portfolio bodes well for its Events First strategy. The move would enhance the alignment in its portfolio of events and other marketing services. Last week, UBM acquired Content Marketing Institute, which further strengthened its position in the US events industry. Content marketing is an exciting sector, which complements UBM's presence in the technology sector. Recently, UBM released a trading update and stated that its performance was in line with expectations for the year to date (18th May). Large events such as Game Developers' Conference, MAGICVegas, Enterprise Connect, MD&M West and Hotelex/FineFoods continue to drive performance. The company progressed further by integrating the Events First strategy with its new customer relationship management (CRM) platform; its savings from procurement remain on target. The integration of the recently acquired Business Journals, Inc. is underway."
Northland note out this morning on Research Tree: "During Q116 Stratex International completed a low-cost exploration programme at the Dalafin Project, located in Senegal... Low cost exploration from Stratex International has yielded some promising results at the Dalafin Gold Project, located in Senegal. The Company is now reviewing the entire project data set to plan a drill programme to test the southwest extension of the Faré Zone, potential extensions to the Madina Bafé sheeted vein zone, as well as, the gold-bearing quartz-tourmaline veins of Baytilaye East.."
Another note out this morning from Northland Capital, "Petrel Resources has been awarded two new Licencing Options in the Porcupine Basin, offshore Ireland.... The options are valid for two years and can be converted into Frontier Exploration Licences... The award of these two licence options is a positive development for Petrel Resources. The Company had focused on seeking prospective areas in reasonable water depths close to existing discoveries making these licence options interesting targets for the Company."
New note out on Keras by Northland Capital on Research Tree: "Keras Resources has secured an additional tribute agreement from Paddington Gold, a subsidiary of Norton Gold Fields, to mine the Royal Standard North lease area, located 20km south Keras’ current mining activities at the Grants Patch lease area... A positive expansion for Keras Resources that gives the Company an additional mining area with near surface gold ore that can be rapidly extracted and turned into cash flow. The location of the project means it already has a Mining Lease and Mining proposal in place and will only require final approval of the project management by the Department of Mines."
Panmure published a note this morning, it's on Research Tree: "StatPro hits the wire this morning announcing a banner deal in Australia. The client, unnamed, is spending £2.3m over a three year term. However, the even bigger news is that the client has committed to buying the new Revolution Performance module. Given that this does not see the light of day until Q3/2016 is a major endorsement for a yet-to-be-released product. This suggest to us: (i) StatPro is running an extensive beta programme under the covers; (ii) on launch day StatPro will be have a real life user and, (iii) this is a sign of real confidence not just by StatPro, but by a customer ensuring that they are ‘first in line’. "
"The aforementioned selection of contractors for the North Yorkshire polyhalite project is a positive development for Sirius. The company plans to work with its partners for successfully implementing the Project. Last month, Sirius informed of expansion of probable ore reserve at the Project which reaffirms the outstanding nature of the deposit. The expansion comes even as the reserve was touted as the world's largest and highest quality polyhalite reserve. Moreover, the economic viability of exploiting this asset has been confirmed by the DFS. Contrasting with many other junior exploration/development minors, Sirius has continued to deliver both operationally (drilling, marketing/offtake, feasibility studies and permitting) and through shareholder value." Beaufort's note from this morning on Research Tree
beaufort's note from this morning: Ryanair continued to expand its passenger traffic and load factor yearon-year, delivered record monthly statistics. Passenger traffic represents number of earned seats flown, while load factor represents number of passengers as a proportion of the number of seats available for passengers. Although the growth momentum for the passenger traffic has significantly slowed comparing to the prior 6 consecutive months where on average, passenger traffic grew +22.8%, it sees some recovery from the +10% growth in April. Such growth, despite ongoing Air Traffic Controllers ('ATC') strikes, was achieved by offering lower fares to customers. As previously announced, pricing will be lower this year (FY2017), particularly in Q1 and Q4, with management expects average fares to fall around - 7%, amid intense competition. Having said that, however, given the Group's cost discipline, continuing positive impact of the AGB customer experience programme, together with significantly improved fuel and FX cost hedging terms this year, we are confident that Ryanair has its momentum for further growth and remain attractive within its sector. The Group expect flat load factor (93%), +9% growth in passenger traffic to 116 million customers, and ex-fuel cost reduction of -1% for the full year. - pulled from Research Tree
Beaufort note out this morning: "GSK's plan to file the three-drug therapy in the US earlier than schedule is an important step taken by it. The closed triple therapy is a combination of three molecules: fluticasone furoate (FF), an inhaled corticosteroid (ICS), umeclidinium (UMEC), an anti-cholinergic, and vilanterol (VI). The therapy provides GSK an opportunity to recapture its leading position in the COPD market, which has been dented by pricing pressure and competition from other products. Meanwhile, GSK is making good progress on other therapy areas such as HIV vaccines, oncology, cardiovascular and immune inflammation. We believe GSK is moving in the right direction, supported by some world-class assets and technology, to deliver longterm growth and generate stable returns for shareholders." taken off of researchtree
Beaufort's view from this morning: "It is true to say that 2015 was a disappointing year for Fox. A run of unfortunate, hindering events together with an order book that failed to match expectations. Left with a somewhat depleted balance sheet, management also subsequently took the rather surprisingly decision to raise new equity funding at less than half the share price achieved this time last year. It all means that CEO, Chris Gilbert, now has a lot to prove, but the signs are that he will now start to deliver. The order book is already looking healthier and a key strategic long-term distribution agreement with Eboracum Marble Limited has been put in place. Progress at the factory site will bring the Company closer to self-sufficiency with completion promising increased margins and direct sales opportunities across multiple distribution networks, including the Balkans locally. With major capital costs already mostly taken care of, the recently strengthened balance sheet is now focussed on developing a global supply network, with the ambition to satisfy demand in the Middle East, North America, India and Europe. Despite global economic uncertainty, demand for premium-quality marble continues to increase with prices remaining firm and rising. Given the size and quality of Fox's resource and operational facility, a comprehensive distribution network now appears to be the final missing piece in the Company's strategic jigsaw. Assuming management can successfully put such arrangements in place, there appears little to stand in the way of the Company delivering a quite dramatic improvement in visibility and depth of its order book in coming years. These earnings, in turn, should be capable of dropping rapidly to the bottom line, of which the management has already indicated its willingness to distribute in the form of dividends." taken from Research Tree