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Andrew Hore – Quoted Micro 8 July 2019
NEX EXCHANGE
AIM-quoted Aquis Exchange (AQX) is acquiring NEX Exchange from CME Group Inc, which bought it as part of its £3.9bn takeover of NEX Group. Aquis will pay £1, plus £2.7m for working capital requirements. The deal requires FCA approval so it is unlikely to complete before the autumn.
Arbuthnot Banking Group (ARBB) is purchasing a residential mortgage portfolio for £258m. The loan portfolio has £266m outstanding and the yield is 3.6%.
Equatorial Mining and Exploration (EM.P) is raising £1.3m via a share issue at 0.1p a share and loan notes worth £904,000, which are convertible at the same share price. The cash will be used to acquire Rwanda-based Eastinco.
MESH Holdings (MESH) has reached an early agreement to exercise the option to acquire Sentiance. MESH will issue 4,000 shares for each Sentiance share. Sentiance will have €19m in cash when the deal completes. More than 404 million MESH shares will be issued, which is nearly two-thirds of the enlarged share capital. Trading in the shares is suspended until a circular is published in order to gain shareholder approval.
The forecast 2018-19 loss for health and community care properties developer and modular buildings supplier Ashley House (ASH) has been increased from £1m to £1.6m following clarity about what deals were signed prior to the year end. A return to profit is expected this year.
Ace Liberty and Stone (ALSP) has announced a third interim dividend of 0.84p a share. The ex-dividend date is 11 July.
NQ Minerals (NQMI) has extended its A$4m loan facility to 5 September. The two month extension cost A$160,000.
Gunsynd (GUN) has invested a further $130,000 in Oyster Oil and Gas, taking its stake to 30%.
Trading in Ganapati (GANP) shares has been suspended because accounts for the year to January 2019 have not been published.
Wheelsure Holdings (WHLP) has appointed Cairn as its corporate adviser.
AIM
Science Group (SAG) has launched a 35p a share cash bid for Frontier Smart Technologies (FST) and that is higher than the indicative offer of 30p a share. Frontier advises that shareholders take no action and says that it has received approaches from other parties and there are discussions with one of them about the structure and pricing of any deal.
Independent directors of FFI Holdings (FFI) are recommending a bid of 25p a share, which values the film completion insurance provider at £39.5m. The mandatory offer comes two years after FFI floated at 150p a share.
IMImobile (IMO) continues to grow strongly in the Americas and Europe with 42% growth in revenues last year. The cloud and mobile services provider increased total revenues by 28% to £142.7m, with organic growth of 14% on a constant currency basis. Net debt was £7.5m at the end of March 2019 and cash generation is strong. Thee was £14.6m generated from operating activities last year.
Plastic components and packaging producer Synnovia (SYN) has refinanced its debt. The maximum amount available is £25.3m. The maturity has been extended from June 2021 to June 2023. The full year results will be published on 9 July.
Bango (BGO) has partnered with appScatter (APPS) in order to help the latter’s app development clients to grow in-app revenues.
Gfinity (GFIN) has generated better than expected revenues in the year to June 2019. The esports company expects to breakeven by 2021.
Mirriad Advertising (MIRI) is raising £14.18m via a placing at 15p a share, while an open offer could raise up to £3.94m. Revenues remain modest and the cash is required to cover continuing losses. Cash consumption is running at £1m a month and 2019 revenues of £1.1m are anticipated.
Churchill China (CHH) has generated higher than expected revenues in the hospitality sector, particularly in Europe. Full year trading will be ahead of expectations. The interims will be announced on 29 August.
Mirada (MIRA) is raising £2.1m from the sale of its Mirada Connect car park payment services business to part of VW. The business generated revenues of £633,000 and pre-tax profit of £122,000 in the year to March 2019. This will enable Mirada to concentrate on its digital TV business, where annual revenues are approaching $12m. Mirada had net debt of $4.9m at the end of March.
LightwaveRF (LWRF) has signed an agreement with Google to jointly market Lightwave compatible smart speakers that provide voice-controlled lighting.
Intelligent Ultrasound (MED) has secured its first OEM agreement for its AI-based imaging software and the share price nearly doubled on the back of the deal. The technology will be integrated into ultrasound systems. Initial royalties are expected in 2021.
Cellcast (CLTV) plans to sell its operating subsidiary to its management team, but it is unlikely to generate a good price because of its poor performance. The company will become a shell. Fraser Cropper of e-cigarette company Totally Wicked has taken a 3.7% stake.
MAIN MARKET
InnovaDerma (IDP) has reassured investors that it is on course to more than double pre-tax profit to £1.5m in the year to June 2019. The pharma and beauty products supplier had £1.7m in the bank at the end of June 2019, which is better than expected. It is still down from £1.9m one year earlier.
Associated British Engineering (ASBE) has appointed FRP Advisory to find a buyer for loss-making British Polar Engines Ltd. There is a deficit of £1.35m on the pension scheme.
Argo Blockchain (ARB) has announced further outperformance by its crypto mining activities as the bitcoin price continues to recover. The company had £3.07m of crypto assets in the balance sheet at the end of June 2019, which is more than £200,000 more than expected. Additional equipment is being acquired.
Rainbow Rare Earths (RBW) is raising £4.3m at 3p a share. The money will finance production growth at the Gakara rare earth project. There should be some cash left to pay for additional drilling.
Papillon Holdings (PPHP) has revised its 2018 accounts. The original version did not reflect two transactions with director James Longley.
Gulf Keystone Petroleum (GKP) has paid an initial dividend of 5.68p a share with a further dividend double that level (depending on exchange rates) due to be paid after the interim figures are published.
Boston International Holdings (BIH) has returned from suspension following the termination of the reverse takeover of Cornhill FX, which was first announced in August 2017. Boston could not raise the cash required. Management is assessing future strategy. The costs of the proposed transaction mean that cash is below £150,000, which is less than 50% of share capital.
Andrew Hore
Brand CEO Alan Green talks #CORA, #CER, #GKP, EOG & #TYM on the Vox Markets podcast
Alan Green CEO of Brand Communications discusses Cora Gold #CORA, Cerillion #CER, Gulf Keystone Petroleum #GKP, Europa Oil & Gas #EOG & Tertiary Minerals #TYM with Justin Waite. Interview starts at 13 minutes 16 seconds.
Alan Green CEO of Brand Communications talks about: Prairie Mining #PDZ Gulf Keystone Petroleum #GKP Feedback #FDBK Vast Resources #VAST
Alan Green CEO of Brand Communications talks about: Prairie Mining #PDZ Gulf Keystone Petroleum #GKP Feedback #FDBK Vast Resources #VAST on the Vox Market Podcast
(Interview starts at 17 minutes 4 seconds)
Buy Gulf Keystone Petroleum #GKP says VectorVest. The stock value has doubled since their last note in March and continues to offer a decent investment proposition to investors with an appetite for risk.
Gulf Keystone Petroleum (GKP.L) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day. The Kurdistan Region of Iraq segment consists of the Shaikan, Ber Bahr blocks and the Erbil office, which provides support to the operations in Kurdistan. The UK segment provides geological, geophysical, engineering and corporate services to the Company.
Examine this trading opportunity and a host of other similar stocks. A single payment of £5.95 gives access to the VectorVest Risk Free 30-day trial. More here
On Sept 10th 2018, GKP announced its results for the half-year ended 30 June 2018. The Company said operations in the Kurdistan Region of Iraq remained safe and secure throughout H1 2018 with plant uptime at Production Facility 1 and Facility 2 of over 99% during H1 2018. The Shaikan field achieved gross average production of 31,861 bopd for H1 2018 and 31,399 bopd for July and August. Full year guidance remains unchanged at 27,000-32,000 bopd. As a result, GKP announced a record profit after tax of $26.7m (H1 2017: profit after tax of $0.7m). Continued disciplined cost control with underlying cash operating costs remain stable at $14.1m, and GKP has continued to receive regular oil sales payments since 1 Sept 2015, with cash receipts of $107m net to GKP during the half year and $147m net during the eight months to 31 Aug 2018. Net cash generated in operating activities doubled to $61.2m (H1 2017: $30.1m), and GKP recorded a cash balance of $219m at 30 June 2018 and $240m at 7 Sept 2018 against $100m debt principal following debt refinancing in July 2018. With construction work underway, GKP remains on track to increase production at Shaikan to 55,000 bopd in the second half of 2019.
In March 2018, taking into account the comparatively uncertain geopolitical picture and GKP’s region of operations, a series of positive VectorVest metric indicators were logged and highlighted, along with a buy note. The stock then traded at 130p, went on to hit and pass our then target of 179p, topping out at over 300p during summer 2018. Now trading at 250p, the stock logs an excellent RV (Relative Value) rating of 1.54 (scale of 0.00-2.00), but the uncertain geopolitical picture previously mentioned continues to weigh across the RS (Relative Safety) metric, where GKP scores a fair rating of 1.04 (scale of 0.00 to 2.00), and a poor Relative Timing (RT) (stock price trend) metric of 0.84, (again on a scale of 0.00 to 2.00). Despite this, trading at 250p, brave investors might still want to consider the stock as it is still considerably undervalued against a current VectorVest valuation of 412p per share.
The chart of GKP.L is shown above over the past year using daily candles. The green line study above the price is the VectorVest valuation while the blue line study in the window below the price is earnings per share (EPS). The latter is rising strongly. The share has sold off in recent days with the overall market and traders should wait until the share prints a VectorVest Buy signal before entering or adding to a position. Alternatively, traders should wait and buy a breakout of the 52 week high.
Summary: Most investors will have heard of Gulf Keystone Petroleum (GKP) because of some huge historical share price movements and a somewhat chequered history. We outlined the volatile and comparatively risky nature of GKP shares in our March note this year, but those that did take advantage will have seen their investment double in value since that time. The same conditions exist today, although production at Shaikan is increasing, and the company’s financial position has been transformed. VectorVest reiterates the point made in March: as a trading and investing instrument, GKP currently offers a decent proposition, while the excellent RV rating warrants a speculative buy rating for investors with an appetite for risk upon a breakout of the last high made on the last week of August 2018.
Dr David Paul
October 10th 2018
Readers can examine trading opportunities on GKP and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 30-day trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.
VectorVest Unisearch
On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.
Link here for more info and to set up a trial.
European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com
David Paul of VectorVest discusses market timing, #GKP, #PSN, #AAL, #KAZ & #CWK on Core Finance
David Paul of VectorVest discusses market timing, Gulf Keystone #GKP, Persimmon #PSN, Anglo American #AAL, #KAZ Minerals & Cranswick #CWK with Nick ‘Moose’ Batsford of Core Finance.
Buy Gulf Keystone Petroleum #GKP says VectorVest. The stock currently offers a decent investment proposition to investors with an appetite for risk
Gulf Keystone Petroleum (GKP.L) is a leading independent operator and producer in the Kurdistan Region of Iraq and the operator of the Shaikan field with current production capacity of 40,000 barrels of oil per day. The Kurdistan Region of Iraq segment consists of the Shaikan, Ber Bahr blocks and the Erbil office, which provides support to the operations in Kurdistan. The UK segment provides geological, geophysical, engineering and corporate services to the Company.
Examine this trading opportunity and a host of other similar stocks. A single payment of £5.95 gives access to the VectorVest Risk Free 30-day trial. More here
On January 22nd 2018, GKP published an operational and corporate update. GKP confirmed a net cash position of $157m as at Jan 19th 2018, and said gross production guidance for 2018 is being set at 27,000-32,000 bopd. The lower range compared to 2017 is due to the need to install downhole pumps in some wells, which are part of the investment programme delayed into 2018. GKP confirmed a strong safety performance in 2017 and into 2018 with no lost-time incidents at the Shaikan field. Operations in the area remain secure, and a plant uptime of 99% in 2017 helped contribute to an average gross production of 35,298 barrels of oil per day, in the middle of GKP’s guidance range of 32,000-38,000 bopd for the year. Subject to resolution of commercials and the Kurdistan Regional Govt continuing regular payment of monthly invoices, GKP intends on investing this year in wells and facilities to expand production capacity to 55,000 bopd. CEO Jón Ferrier said the board are “very pleased with the progress made to date on the commercial and operational matters to implement this and look forward to concluding commercial matters in the near future.“ Group FY results will be announced on Wed 11 April 2018.
Despite GKP’s region of operations and the comparatively uncertain geopolitical picture, the company has over the past few months triggered a series of positive VectorVest metrics that cannot be ignored. In late December 2017, the VectorVest RT (Relative Timing) metric leapt higher, alerting members to a growth opportunity. RT is a fast, smart, accurate indicator of a stock’s price trend, and despite the stock currently trading at year highs of 130p, GKP still logs a current rating of 1.29 on this metric, which is vey good on a scale of 0.00 – 2.00. Other high scoring metrics include a GRT (Earnings Growth Rate) of 30%, which VectorVest considers excellent. The uncertain geopolitical picture previously mentioned weighs on the RS (Relative Safety) metric, where GKP scores a poor rating of 0.82 (scale of 0.00 to 2.00), but despite this, trading at 130p the stock is still considerably undervalued against a current VectorVest valuation of 179p per share.
The chart of GKP.L is shown above over the past nine months. The share in this time has charted a treble bottom pattern and over the last few weeks a rising low. Price support within the rising low on the 12th February 2018 arrived at a previous swing top which was charted last November 2017. This is bullish price action. The share is undervalued with an excellent price appreciation potential (RV) and is on a BUY recommendation.
Summary: GKP is probably one of the most familiar stocks to the investing community, on account of some huge historical share price movements and a somewhat chequered history. Regardless, as a trading and investing instrument, GKP currently offers a decent investment proposition to investors with an appetite for risk. Despite the poor RS (Relative Safety) rating, VectorVest takes the view that GKP offers significant upside given plans to the expand production facility. The very good RT (Relative Timing) rating in the run up to the results warrants a VectorVest buy rating, but investors are advised to run a close stop loss.
Dr David Paul
March 28th 2018
Readers can examine trading opportunities on GKP and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 30-day trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.
VectorVest Unisearch
On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.
Link here for more info and to set up a trial.
European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email: support@VectorVest.com
Quoted Micro 5 September 2016
ISDX
Guild Acquisitions (GAQO) has invested £30,000 in NOMAN Ventures Ltd, which is seeking investments in areas such as block chain, artificial intelligence, drones and virtual reality. The cash is being invested in convertible loan notes that will either be convertible at a 40% discount to the share price of the next fundraising of at least £250,000 or after 12 months. Guild plans to ask its shareholders to vote to change its name to Kryptonite 1.
St Marks Homes (SMAP) increased its NAV to 137p a share by the end of June 2016. A Richmond development was completed in March and three sales have been completed since June. Sutton and St Margarets sites will be completed this month, with all of the Sutton residential units already sold and the commercial space under offer. The merger with St Marks Contracts Ltd happened after the period end. Carbury Property Holdings has increased its stake in St Marks to 19.1%.
Via Developments (VIA1) says that it expects to start generating revenues in the final quarter of 2016. Cash raised from debenture issues has been used to buy three development sites – two in Manchester and one in Luton – costing £4.1m and with a development value of £18.3m within 18 months. The marketing of the first development in Manchester has begun. The company says that it is seeing more interest from foreign investors since the EU referendum. Via Developments has issued more ordinary shares but Pyramid Court Investments Ltd, which is owned by John Kahn, still holds 100% of these unquoted shares.
Secured Property Developments (SPD) has agreed to lend £600,000 for development finance to Space Property, which is 29.15% owned by Secure Property Developments director R Shane. This means that shareholders have to agree to the deal. The cash will lent for 12 months at 10.2% a year and it will be secured on a freehold commercial property in York. Secured Property Developments had £760,000 in the bank following the sale of its property asset.
Black Sea Property (BSP) has joined ISDX and 50,000 shares were traded at 0.01p each on the first day of trading (31 August). The former AIM company has a new strategy, which is to build up a portfolio of Bulgarian property assets. This could be residential, commercial or hotel properties, or it could be investments in distressed companies that need to be restructured.
Diversified Oil & Gas (DOIL) has raised a further £715,000, taking the value of bonds in issue to more than £10.6m. That is after buying back £197,000 worth of 8.5% unsecured bonds from a bondholder fund.
Crossword Cybersecurity (CCS) has appointed former chief of the secret intelligence service Sir Richard Dearlove as non-executive chairman.
AIM
EMIS (EMIS) reported flat interim revenues but profit improved. The GP and pharmacy software operations grew their profit but the specialist operations produced disappointing results due to the extra costs for taking on additional contracts. There were cost savings in the first half and the benefits will start to come through in the second half. Full year profit is expected to improve from £36.1m to £39.3m even though revenue forecasts have been shaved.
Facilities management and security services provider Mortice (MORT) grew its revenues by 51% to $133.5m in the year to March 2016 and even if acquisitions are stripped out underlying growth is still 13%. There were initial contributions from the UK and Singapore businesses acquired during the year but they will make a much bigger contribution this year – particularly as the UK facilities management business has won a major contract. India remains the main revenue generator but further acquisitions are likely. There should be a large increase in pre-tax profit in 2016-17 – house broker finnCap forecasts $4.2m.
Surgical instruments developer and supplier Surgical Innovations (SUN) has returned to profit at the operating level and there is still scope to improve gross margin. A small pre-tax profit is expected for the full year as new product launches boost second half sales. A sharp fall in inventories and debtors has helped to cut net debt to around £700,000. The underlying business is back on a firmer footing and management can turn its attention to building up the group via acquisition.
Bond International Software (BDI) says that it has received a bid approach from ESW Capital but no figure has been put on the potential offer. The Bond board has advised shareholders not to accept the Constellation Software bid of 105p a share. The offer document has been sent to shareholders.
MAIN MARKET
Investment in new products is starting to pay off for BATM (BVC) but the real benefits are unlikely to show through until next year’s figures. BATM reduced its interim loss and it is on course to move back into profit this year. Revenues declined in the first half because of reducing sales of legacy products, particularly in the networking sector, but newer products will boost second half revenues. The diagnostics business grew its revenues and it has secured a partner in China. A pre-tax profit of $2.7m is forecast for 2016 and that profit should double in 2017 as the newer products build up sales.
Cathay International Holdings (CTI) has investments in China-based healthcare businesses and a hotel. Revenues dipped slightly to $61.1m but higher gross margins meant that the company swung from loss to profit in the six months to June 2016. The main improvement came from 50.5%-owned Lansen. Trading would have been even stronger but for the decline in the RMB.
Gulf Keystone Petroleum (GKP) has launched an open offer to raise £19.1m at 0.8314p a share as part of its restructuring. The open offer closes on 15 September.
Live charting on TipTV with Zak Mir & Brand CEO Alan Green
An array of Indices and Stocks were covered by Zak Mir, Technical Analyst for Zak’s Traders Cafe, and Alan Green, CEO of Band Communications, on the Tip TV Finance Show. Topics Covered: FTSE 100, DAX, BLT, AAL, CPI, IMT, BATS, DGE, JDW, GKP, MOIL