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Ian Pollard – Singles Day at Primark
Alibaba invented Singles Day as a shopping celebration for the unattached as opposed to the romanticism of Valentines Day. It is now the world’s biggest online sales event, exceeding the combined totals of Black Friday and Cyber Monday. Yesterday saw sales hit a record $1bn in 85 seconds and the total spend for the day came in at $30.8bn, a 27% rise on last year. UK High streets were probably closed for the day unable to think of anything to celebrate and Primark no doubt steadfastly maintaining that online sales damaged its business.
PS; I remember when Archie Norman became boss of ASDA, he introduced a singles night, so that the unattached could exchange erotic glances with each over the frozen peas. It was in the nineties on a Thursday night and was very well attended. Oh for the sound of trolleys gently bumping into each other.
Diageo DGE has agreed to sell nineteen brands to Sazerac for $550 million. The net proceeds of approximately £340 million, after tax and transaction costs, will be returned to shareholders through a share repurchase. Completion is expected early in 2019.
Babcock International Group BAB confirms that it strongly refutes the contents of a report issued by Boatman Capital which so far has ensured that it remain anonymous and untraceable. The report included many false and malicious statements and the Group is continuing to seek to discover the identities of those behind Boatman Capital. Babcock is currently delivering 128 contracts for the UK Government. Underlying earnings are in line with expectations and the outlook is confirmed for the financial year ending 31 March 2019.
Amur Minerals AMC admits that the completion of the Pre Feasibility Study has taken longer than initially expected and that the delay has caused concern. The release of the PFS is now scheduled for Q1 2019. AMC believes that the additional time taken to address points which are of interest to a number of potential partners has greatly enhanced the quality of the content of the Pre Feasibility Study and allowed for the creation a document that more readily meets their expectations.
Sirius Minerals SXX announces a significant milestone for it in the completion of its major construction procurement programme to support its stage 2 senior debt financing process. Final lender commitment letters are expected to be received in December and January and the Company is targeting quarter 1 2019 for the financial close of stage 2 financing.
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Reckitt Benckiser Expects Challenges & Headwinds; Dividend Increased
At constant exchange rates full year reported operating profit for 2016 fell by 3%, reported net income was down by 5% and reported diluted earnings per share rose by 6%
It looks like 2017 will contain more disappointment for RB, despite it having exciting innovations stored in its pipeline. It expects to be buffeted by persistent continuing headwinds and in the first half it fears that macro conditions will be challenging.
Greene King GNK enjoyed strong Xmas trading with the three Xmas weeks seeing sales rise by 4.5%, led by London which was particularly strong. Like for like sales over the 40 weeks to date were up by 1.6%. So far this year the company has sold 59 pubs and acquired 11 new establishments but expects it will be forced to sell a further 50-60 before the year end.
Amur Minerals AMC reports a material and substantial increase in its Mineral Resource Estimate to over 100 million tonnes for the four large deposits in its Kun Mani licence area. A nickel equivalent grade of 1.03% is equal to a total of 1.04 million tonnes of nickel, worth a huge US$10.5billion based on prices as at 1st February.
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International Greetings Delivers 250% Dividend Increase.
International Greetings IGR A final dividend of 1.75p., ahead of market expectations, brings the year’s total to 2.5p. a rise of 250% on the previous years 1p. Year on year growth in all regions, is again ahead of expectations, with both the UK and China producing record sales. And for once, we have a company which feels strong enough to boast that it has beaten off the challenges of foreign currency headwinds.
Centrica CNA claims to be on track to meet its 2016 targets, such as reducing its “headcount” by 3,000, getting its customers to like it a bit more than they have done previously and seeing UK Business return to profitability.
Reckitt & Benckiser RB A weaker flu season in the US and Russia impacted sales and created challenging market conditions. Despite that, first quarter like for like sales rose by 5% with both Harpic and Dettol doing well in India.
Amur Minerals AMC delivered over 500 tonnes of supplies along its 350 km. ice road between the 1st March and 9th April, enabling it to double its drilling capacity for the coming season.
ULS Technology ULS expects its full years results will exceed market expectations with a rise of about 28% in revenue and 31% in adjusted profit before tax. The order book is well ahead of this same point last year. The company predicts that strong growth will continue and that the dividend for this financial year will be in line with its progressive policy.
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Where Are They Now – The Golden Oldies of 2010 (1)
The simple answer is, that as with Amur Minerals (AMC), mentioned in a separate post ten days ago, some of those golden oldies of 2010 which promised to make shareholders rich overnight, are showing definite signs that hopes and expectations may, given enough time, begin to bear fruit.
Sirius Minerals (SXX) has already stirred itself and risen from 6p in 2014 to a dizzy 24p only last week. Sirius is waiting for the planning decision to be announced for its huge potash mine on the North Yorkshire Moors, which if granted will transform not only the company but the North Yorks Moors and employment prospects in the region. The date for determination of the planning application has been fixed for the 30th June and if the committee needs more than a day, then the 31st has also been set aside, as has an additional overflow room in which the crowds will be able to see the meeting on a video feed.
For those with a good sense of timing, Sirius has been a good money spinner ever since 2009, when the sp was 15p, tumbling to 2p in 2010 and then soaring back up to 32p and a nasty looking double top in 2012 before the plunge to 6p in 2014. Even earlier today it was down as much as 15% on last Fridays close.
The main problems for Sirius are twofold. Firstly planning law requires that applications of this nature must be refused unless there are exceptional circumstances and for politicians, being politicians, this is a thorny issue. Secondly there is a fairly strong voice against any development of this sort in a very beautiful national park – a bit like Wordsworth and his views on the construction of the first railway line through the heart of his beloved Lake District.
As against that are the employment needs not just of the immediate area but of the region as a whole – because potash has to be shipped and it would be shipped worldwide – in ships – so there promises of jobs for the old industrial towns along the east coast. Whichever way they jump, the local worthies on the planning committee are going to be unpopular with one or other section of the community.
This could be a tight run race but the steady recent rise in the shares is an indication that investors are beginning to gamble on the application being granted.
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AMUR MINERALS – SHARES SOAR ON GRANT OF PRODUCTION LICENCE
Amur Minerals AMC today announces that Dimitry Medvedev, the Russian Premier has signed the long awaited exploration and production licence for AMC’s huge Kun Mani project in Amur Province in far East Russia. The shares started rising early this morning before AMC issued its RNS, after news of the grant appeared in the Russian Media. So far today the shares have risen by 67% and now stand at 17p, having closed yesterday at just under 12p. The licence is for a period of 20 years.
The full text of the RNS is as follows;
Kun-Manie Production Licence Awarded
100% Production Rights
Amur Minerals Corporation (“Amur” or the “Company”), the exploration and development company focused on base metal projects located in the Far East of Russia, is delighted to report that the Government of Prime Minister Dmitry Medvedev has approved the Company’s “Detailed Exploration and Mine Production Licence” for its Kun-Manie nickel copper sulphide deposit. The new 36 square kilometre licence is valid until December 2034.
The decision by the Russian Government marks the successful completion of the production licence award process for a strategic deposit. Conclusion of the process enables the Ministry of Natural Resources (“MNR”) and Rosnedra to issue the “Detailed Exploration and Mine Production Licence” per the directive of the Russian Government. Upon registration of the final document, the Company has 30 days to submit its payment of 23.6 million Rubles (approximately $480,000) to officially complete the transaction. The licence grants our wholly owned subsidiary ZAO Kun-Manie the rights to recover all value from the mineral defined to be present at Kun-Manie.
Highlights:
· The Russian Government has approved the Company’s application for mining rights at Kun Manie and issued the directive granting the production rights to the Company until 2034,
· The Company holds 100% of the rights and is entitled to recover all economic value minerals including nickel, copper, cobalt, platinum, palladium, and other minor minerals,
All drilled mineralisation (841,000 nickel tonnes equivalent) lies within the limits of the production licence, and
· Upon receipt of the licence and as agreed in the Terms and Conditions, the Company will compensate the Government with a one-time payment of 23.6 million Roubles (approximately US$480,000).
The award of the “Detailed Exploration and Mine Production Licence” is a major milestone and initiates a new phase for the Company. The strategy of the Company can now shift from exploration to that of pre-production. Over the course of the licence award process, additional engineering work and planning has been implemented by our staff and independent consultants and will be useful in future assessment and design of the operation.
In anticipation of the award, our ZAO Kun-Manie team has already completed a “Project” (Proekt) document defining the plans and activities necessary to advance Kun-Manie to a producing operation. Submission of the programme sets out a work plan in accordance with the Terms and Conditions of the licence. Typically, companies await the final award of a production licence before completing such documentation, however by undertaking this effort in advance of the actual award, the Company will be able to register its detailed exploration plan, allowing it to take advantage of this upcoming field season and further advance the potential of Kun-Manie on a more accelerated basis. The exploration programme will define additional resources and reserves and in-fill drilling will be implemented to define the extent of the Proven and Probable reserves.
The Terms and Conditions of the licence, as negotiated with Rosnedra, set out the responsibilities of the Company to maintain the production rights in good standing. Broadly, the key points address the specifics of the following:
· The one-time payment to be made within 30 days of licence registration in the sum total of 23,610,272 Rubles (approximately $480,000).
· Annually reporting to mineral resource agencies by 15 January.
· Regular environmental monitoring requirements are included.
· Detailed exploration plans are to be provided to appropriate agencies
· Additional work related to metallurgy and engineering studies will be compiled in a final permanent TEO (Russian feasibility study) to be approved by the GKZ (State Reserves Committee), including additional results for detailed exploration.
· The detailed exploration “Project” has been drafted by the Company and will require approval by the regional authorities. It establishes the basic parameters and volumes of work for the next phase of development, in preparation for the start of production.
The newly defined boundaries of the approved 36 square kilometre “Detailed Exploration and Production Licence” are summarized below. An illustration of the production area and the former exploration licence can be viewed using the hyperlink:
Robin Young, CEO of Amur Minerals Corporation, commented:
“Today we have the distinct privilege of announcing to our shareholders that we are embarking on a new and exciting phase at the Kun-Manie nickel sulphide project with the granting of the 20 year “Detailed Exploration and Mine Production Licence”. As we prepare for the detailed exploration, engineering and subsequent production stages of the project, we express gratitude to our team in Russia and the UK, to the Russian Government for their support of the Company’s efforts, and to our shareholders, many of whom have been steadfast over the years in their belief that Kun-Manie is a highly substantial asset with a great future. We are pleased with the licence terms and conditions, which we agreed with the Government, and note that the authorities give considerable leeway to advance the project as quickly and efficiently as possible. On behalf of the Board of Amur, thank you for your unwavering support. We look forward to taking up the next phases of pre-production and development.”
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