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128514  FERRUM CRESCENT LIMITED ORD NPV (DI) 2016-07-22 11:16:00  2016-07-22 11:33:49  2016-07-22 11:33:49  Ferrum Crescent gets extension to GoldQuest option   Ferrum Crescent gets extension to GoldQuest option       ferrum-crescent-gets-extension-to-goldquest-option-128514.html    <div> <p> Ferrum Crescent Ltd (<a href="-##!##-/LON:FCR/FERRUM-CRESCENT-LIMITED-ORD-NPV-(DI)/" class="companyPopupTrigger" rel="3728">LON:FCR</a>) is advancing its Moonlight iron ore project and in offtake discussions and talks over historic data, it said, updating on activity.</p> <p> The firm also revealed the parties have agreed to extend an option on the firm's purchase of GoldQuest, which owns interests in the promising Toral and Lago lead-zinc exploration projects in Northern Spain, to the end of August.</p> <p> The conclusion of this option exercise is anticpated during the third quarter of 2016.</p> <p> The firm has said the Toral project represents a low cost, high potential project and would aim to advance a credible mineral reserve for future consideration by potential acquirers and/or development finance groups.</p> <p> Earlier this month, Ferrum said it was to get access to historical data for the Moonlight and Julietta licence areas from exploration carried out between 1993 to 1997. Receipt of the additional data from <a href="-##!##-/LON:AAL/Anglo-American/" class="companyPopupTrigger" rel="3117">Anglo American</a> should enable a more cost-effective programme to expand the resource estimate.</p> <p> Justin Tooth, executive chairman, said: "In respect of our Moonlight Project in South Africa, we have commenced a new process seeking to determine its true potential as a viable high grade iron production source.</p> <p> "A series of initiatives are underway including assessing potential development partnerships, offtake discussions and talks aimed at securing interesting historic data sets on the project.</p> <p> "Whilst the transaction documentation and legal process in respect of our Option over GoldQuest and its Spanish assets have substantially been completed, we have recently secured a nil-cost extension to enable the vendors to resolve certain outstanding administrative issues."</p> <p> Shares fell over 23% to 0.215p.</p> </div> <p> &nbsp;</p>   Ferrum Crescent Ltd (LON:FCR) is advancing its Moonlight iron ore project and in offtake discussions and talks over historic data, it said, updating on activity. The firm also revealed the parties have agreed to extend an option on the firm's purchase of GoldQuest, which owns interests in the promising Toral and Lago lead-zinc exploration projects in Northern Spain, to the end of August...   NEWS        View Edit Delete
128516  Toumaz 2016-07-22 10:49:00  2016-07-22 16:24:09  2016-07-22 12:09:15  Toumaz sells off failing healthcare arm  Toumaz sells off failing healthcare arm      toumaz-sells-off-failing-healthcare-arm-128516.html    <p> Ailing audio tech group <a class="companyPopupTrigger" href="-##!##-/LON:TMZ/Toumaz/" rel="3810">Toumaz</a> (<a class="companyPopupTrigger" href="-##!##-/LON:TMZ/Toumaz/" rel="3810">LON:TMZ</a>) has shed its healthcare division Sensium for around £1.3mln to Dutch medical supplier The Surgical Company, as revenues weakened.</p> <p> For the half year, revenues fell to £13.7mln from £14mln the same period last year.</p> <p> The group said the sale followed a strategic review which concluded it was the “best option” to avoid further losses. Proceeds from the sale would go towards working capital to support growth.</p> <p> "The sale eliminates any further cash losses associated with Healthcare - in H1 2016, the EBITDA loss for Sensium was £3.9m - and will allow the Group to focus on its Digital Audio division, Frontier Silicon, where the Board sees significant growth opportunities,” said <a href="-##!##-/LON:TMZ/Toumaz/" class="companyPopupTrigger" rel="3810">Toumaz</a>.</p> <p> The dip in revenue was mainly due to a decline in revenue brought in by the healthcare arm.</p> <p> Stripping out healthcare, revenues remained steady at £13.7mln compared to £13.8mln last year.</p> <p> Cash balances however almost halved from £7.7mln to £3.8mln.</p> <p> Adjusted earnings (EBITDA) improved by 35% to a loss of £3.6mln, which was attributed to a reduction in research and development expenditure.</p> <p> As planned, R&amp;D spending was decreased from £6.3mln to £4.5mln in the first half. &nbsp;</p> <p> The group said no new silicon development programmes were currently planned.</p> <p> For the full year, the group said it expects its digital audio division to be earnings positive by the end of the year.</p>   Ailing audio tech group Toumaz (LON:TMZ) has shed its healthcare division Sensium for around £1.3mln to Dutch medical supplier The Surgical Company, as revenues weakened. For the half year, revenues fell to £13.7mln from £14mln the same period last year.  NEWS        View Edit Delete
128498  MARKET OPEN 2016-07-22 09:49:00  2016-07-22 15:18:18  2016-07-22 06:59:47  FTSE 100 Index falls as UK manufacturing slumps  FTSE 100 Index falls as UK manufacturing slumps  FTSE 100 Index, manufacturing PMI, markets    ftse-100-index-falls-as-uk-manufacturing-slumps-128498.html    <p> Markets opened lower on Friday as UK manufacturing activity nosedived following the 'Brexit' EU referendum result.</p> <p> The FTSE 100 Index was 15.32 points adrift at 6684.57 and the FTSE 250 was off 29.2 points at 17018.21, although the small-cap FTSE AIM All-Share gained 1.38 points to 739.65.</p> <p> UK manufacturing purchasing managers' index (PMI) figures showed activity in the sector in July falling to its lowest level since April 2009.</p> <p> The flash composite PMI reading declined to 47.7 from 52.4 in June, below the consensus of 49, which is still below the 50 threshold indicating growth.</p> <p> Samuel Tombs at Pantheon Macroeconomics said: "The collapse in the composite PMI to its lowest level since April 2009 provides the first major evidence that the UK is entering a sharp downturn."</p> <p> In small-caps, CSF Group PLC (LON:CSFG) soared 80% to 1.13p as the South East Asian-focused data centre and service provider reduced annual gross losses to £300,000 from £5.1mln a year earlier.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:EDL/Edenville-Energy/" rel="3734">Edenville Energy</a> PLC (<a class="companyPopupTrigger" href="-##!##-/LON:EDL/Edenville-Energy/" rel="3734">LON:EDL</a>) powered up 17.65% to 0.025p after a positive meeting between the Tanzanian coal-to-power project developer and government officials.</p> <p> But news of a fall in copper cathode production at its Tschudi pit knocked shares in Namibia-focused miner <a class="companyPopupTrigger" href="-##!##-/LON:WTI/Weatherly-International-plc/" rel="1084">Weatherly International plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:WTI/Weatherly-International-plc/" rel="1084">LON:WTI</a>) by 39.1% to 0.35p.</p> <p> Turkey-focused precious metal explorer <a class="companyPopupTrigger" href="-##!##-/LON:AAU/Ariana-Resources-plc/" rel="76">Ariana Resources plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:AAU/Ariana-Resources-plc/" rel="76">LON:AAU</a>) lost 7.7% to 1.5p as it launched a share placing to raise £445,000.</p> <p> In the top flight, mobile phone giant <a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">Vodafone</a> Group plc (<a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">LON:VOD</a>) was the top riser after reporting better than expected first-quarter revenue. Shares rang up 3.7% to 233.5p.</p> <p> Irish building material company <a class="companyPopupTrigger" href="-##!##-/LON:CRH/CRH-PLC/" rel="3447">CRH PLC</a> (<a class="companyPopupTrigger" href="-##!##-/LON:CRH/CRH-PLC/" rel="3447">LON:CRH</a>) also strengthened 3.2% to 2265p as it forecast better-than-expected first-half profits.</p> <p> The biggest loser was <a class="companyPopupTrigger" href="-##!##-/LON:MKS/Marks-%26amp%3B-Spencer/" rel="3181">Marks &amp; Spencer</a> Group Plc (<a class="companyPopupTrigger" href="-##!##-/LON:MKS/Marks-&amp;-Spencer/" rel="3181">LON:MKS</a>), down 2.5% to 320.2p. The retailer recalled a number of food items over health concerns.</p> <hr /> <h3> Preview at 6.49am</h3> <p> FTSE 100 is tipped to go lower on the open after&nbsp; Asian and US stocks fell overnight.</p> <p> The blue chip benchmark closed yesterday down 0,43% or 29 points at 6,699 but today is called to open around 30 points lower still.</p> <p> It comes after yesterday markets were disappointed by the ECB's decision yesterday to stand pat on stimulus measures, namely do nothing, and left its interest rate level on hold.</p> <p> President of Europe's Central Bank Mario Draghi said it was too early to determine the fallout of the UK referendum, but did note that financial markets, had shown resilience.</p> <p> Michael Hewson, at <a class="companyPopupTrigger" href="-##!##-/LON:CMCX/CMC-Markets/" rel="14478">CMC Markets</a>,said in a note this morning:"The decision by the ECB to “wait and see” wasn’t too much of a surprise given concerns about the effects that low rates are already having on bank profitability and the fact that broader economic data hasn’t been that bad, though it is becoming apparent that Mr Draghi may be becoming frustrated at the lack of structural reform from European governments."</p> <p> Also yesterday, it emerged UK retail sales excluding petrol and diesel sales, fell by 0.9% in June – a faster pace than forecast at down 0.6%.</p> <p> June’s wet weather was blamed and although the period encompassed the European Union “Brexit” referendum, economists said it was too soon to speculate what impact the decision to quit the EU will have on the economy.</p> <p> Meanwhile, In the US on Thursday, the Dow Jones closed 77 down at 18, 517, while in Asia, Japan's Nikkei crashed over 1.3% in the session to 16,588, while the Shanghai Composite Index shed 0.64% to 3,019.</p> <p> On the UK coprporate front today, <a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">Vodafone</a> PLC (<a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">LON:VOD</a>) sales were better than expected in this morning’s trading update.</p> <p> Sales grew by 2.2% against predictions of 1.9%, with emerging markets leading the way though the UK was weak with sales down 3%.</p> <p> Broadband subscriptions rose by 348, 000 or a 32% increase.</p>     REPORT          View Edit Delete
128508  Magnolia Petroleum PLC 2016-07-22 08:50:00  2016-07-22 08:56:14  2016-07-22 08:56:14  Magnolia Petroleum confident despite oil price battle  Magnolia Petroleum confident despite oil price battle  oil, US, AGM, Shareholders, crude    magnolia-petroleum-confident-despite-oil-price-battle-128508.html    <p style="text-align: justify;"> Magnolia Petroleum’s PLC’s (<a href="-##!##-/LON:MAGP/Magnolia-Petroleum-PLC/" class="companyPopupTrigger" rel="3768">LON:MAGP</a>) chief executive told shareholders he is confident the company can survive the current low price environment 'and thrive'.</p> <p style="text-align: justify;"> Steven Snead also bemoaned the market’s current valuation of the US onshore oil and gas group.</p> <p style="text-align: justify;"> “With our proven developed reserves of 138.63 Mbbl of oil and condensate and 352.38 MMcf gas as at 1 January 2016 providing the bulk of the US$7,294,470 in tangible assets we reported in our recent final results, our current market valuation does not reflect our existing assets, let alone our improving prospects.&nbsp;</p> <p style="text-align: justify;"> “The last eighteen months have been a challenging period for all oil and gas companies, including Magnolia, but having cut operating costs by 31% and divested 67 non-economic wells, we are confident Magnolia can not only weather a prolonged period of lower oil prices, but can also thrive.”</p>   “With our proven developed reserves of 138.63 Mbbl of oil and condensate and 352.38 MMcf gas as at 1 January 2016 providing the bulk of the US$7,294,470 in tangible assets we reported in our recent final results, our current market valuation does not reflect our existing assets, let alone our improving prospects," said chief executive Steven Snead.  ARTICLE          View Edit Delete
128507  Sweett Group 2016-07-22 08:45:00  2016-07-22 13:11:38  2016-07-22 08:50:34  WSP Global pulls offer for Sweett Group after rival bid  WSP Global pulls offer for Sweett Group after rival bid  Sweett Group PLC, WSP Global Inc, Currie & Brown, takeover    wsp-global-pulls-offer-for-sweett-group-after-rival-bid-128507.html    <p> WSP Global Inc has withdrawn its takeover bid for construction consultancy <a class="companyPopupTrigger" href="-##!##-/LON:CSG/Sweett-Group/" rel="263">Sweett Group</a> PLC (<a class="companyPopupTrigger" href="-##!##-/LON:CSG/Sweett-Group/" rel="263">LON:CSG</a>) after having its offer trumped by a rival.</p> <p> Canadian engineering consultancy WSP had offered 35p per share for Sweett, valuing it at £24mln at the time, which the latter recommended to shareholders.</p> <p> But Sweett withdrew that recommendation after receiving a 42p per share cash offer from&nbsp;international asset management and construction consultancy Currie &amp; Brown Holdings Limited.</p> <p> WSP, formerly known as <a class="companyPopupTrigger" href="-##!##-/TSE:GNV/Genivar/" rel="7289">Genivar</a> Inc, later said its 35p bid was final. It said it had now lapsed the offer, but reserved the right to return to the fray if Currie &amp; Brown pulled out.</p> <p> Net losses for the year to March were £19.5mln after hefty charges related to restructuring, legal action and disposals as chief executive Douglas McCormick, who joined last year, cleaned up the business.</p> <p> Sweett was fined £2.25mln in February related to alleged bribery offences that took place in the United Arab Emirates in 2010.</p>   Canadian engineering consultancy WSP had offered 35p per share for Sweett, valuing it at £24mln at the time, which the latter recommended to shareholders. But Sweett withdrew that recommendation after receiving a 42p per share cash offer from international asset management and construction consultancy Currie & Brown Holdings Limited.  ARTICLE        View Edit Delete
128506  Weatherly International plc 2016-07-22 08:39:00  2016-07-22 08:45:19  2016-07-22 08:42:09  Weatherly posts lower production in latest quarter  Weatherly posts lower production in latest quarter      weatherly-posts-lower-production-in-latest-quarter-128506.html    <p> Copper miner <a class="companyPopupTrigger" href="-##!##-/LON:WTI/Weatherly-International-plc/" rel="1084">Weatherly International plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:WTI/Weatherly-International-plc/" rel="1084">LON:WTI</a>) saw shares sink as it reported lower production its latest quarter, but said it still expects to generate 17,000 tonnes of the red metal for the year to end June 2017.</p> <p> Output at the Tschudi open pit mine in Namibia were hampered by groundwater inflows, which were much higher than had been predicted by the feasibility study.</p> <p> Copper cathode production in the three months to June 30 was 3,812 tonnes, compared to 4,442 tonnes in the quarter to end March this year.</p> <p> That was 10% below the target rate of 4,250 tonnes per quarter.</p> <p> Cash costs for the period were also higher at US$4,689 per tonne but unit costs over the full year to June 30, 2017 are still expected to be in the range of US$4,100-4,200 per tonne.</p> <p> In addition, to further reduce costs,&nbsp; non-exec director Dr Wolf Martinick and independent director Charilaos Stavrakis have retired from the board and will not be replaced in the near term, the miner said.</p> <p> Weatherly also revealed that arbitration proceedings are likely to start after disputes&nbsp; between the Namibian subsidiary of Weatherly, and LogiMan (the EPC contractor responsible for building the Tschudi plant) arising from LogiMan's work on the Tschudi plant.</p> <p> Shares plunged over 40% in early deals to stand at 0.340p.</p>   Copper miner Weatherly International PLC (LON:WTI) saw shares sink as it reported lower production its latest quarter, but said it still expects to generate 17,000 tonnes of the red metal for the year to end June 2017. Output at the Tschudi open pit mine in Namibia were hampered by groundwater inflows, which were much higher than had been predicted by the feasibility study.   NEWS        View Edit Delete
128504  Cloudbuy PLC 2016-07-22 08:12:00  2016-07-22 08:18:17  2016-07-22 08:18:17  Cloudbuy shares float higher as it looks to second half revenues  Cloudbuy shares float higher as it looks to second half revenues      cloudbuy-shares-float-higher-as-it-looks-to-second-half-revenues-128504.html    <p> e-commerce firm <a href="-##!##-/LON:CBUY/Cloudbuy-PLC/" class="companyPopupTrigger" rel="1">Cloudbuy PLC</a> (<a href="-##!##-/LON:CBUY/Cloudbuy-PLC/" class="companyPopupTrigger" rel="1">LON:CBUY</a>) is eyeing the second half, where projects should start generating revenues, it said, sending shares higher.</p> <p> The firm, holding an AGM today, said revenue for the first half will likely be down compared to the first half last year but the operating loss substantially narrowed due to cost-cutting measures.</p> <p> Chief executive Lyn Duncan will outline recent project progress, including the announcement yesterday of the deal to provide staff at Exeter University with a new platform for procurement.</p> <p> Some revenue will be recognized in the first half from the SpendInsight project in Australia awarded in April and which is progressing well.</p> <p> Small revenues were also recognised in the first half from the Canada school project, with higher revenue expected in H2, she added.</p> <p> On the major project with the NHS, she said the marketplace&nbsp; was now live for all 209 clinical commissioning groups (CCGS).</p> <p> "Over the course of the last month PHB Choices has signed contracts with a number of NHS organisations bringing on 26 CCG's to add to the 3 initial pilot users.</p> <p> "This gives a total of 29 CCG's out of a total of 209, with a strong pipeline of CCG's looking to follow on," said Duncan.</p> <p> Shares in early deals gained over 11% to stand at 3.75p.</p>   The firm, holding an AGM today, said revenue for the first half will likely be down compared to the first half last year but the operating loss substantially narrowed due to cost-cutting measures. Chief executive Lyn Duncan will outline recent project progress, including the announcement yesterday of the deal to provide staff at Exeter University with a new platform for procurement.   NEWS        View Edit Delete
128505  Kibo Mining PLC 2016-07-22 07:47:00  2016-07-22 08:38:07  2016-07-22 08:21:55  Kibo takes full ownership of Tanzania gold interests  Kibo takes full ownership of Tanzania gold interests  Gold, mining, Tanzania, royalty, smelter    kibo-takes-full-ownership-of-tanzania-gold-interests-128505.html    <p> <a class="companyPopupTrigger" href="-##!##-/LON:KIBO/Kibo-Mining-PLC/" rel="3803">Kibo Mining PLC</a> (<a class="companyPopupTrigger" href="-##!##-/LON:KIBO/Kibo-Mining-PLC/" rel="3803">LON:KIBO</a>) is to take full 100% ownership of the Imweru and Lubando projects in Tanzania as it moves to consolidate its gold interests.</p> <p> An agreement has been reached with <a class="companyPopupTrigger" href="-##!##-/LON:ACA/Acacia-Mining/" rel="10678">Acacia Mining</a> PLC (<a class="companyPopupTrigger" href="-##!##-/LON:ACA/Acacia-Mining/" rel="10678">LON:ACA</a>) that will see the FTSE 250 miner’s current interest converted into a 2% net smelter royalty.</p> <p> Kibo wants to make its gold interests in Tanzania more substantial and has agreed to merge Imweru with Lake Victoria Gold Ltd’s adjacent Imwelo project to give them critical mass.</p> <p> Louis Coetzee, Kibo Mining’s chief executive, said: "We are very pleased that we have been able to negotiate this agreement with Acacia promptly and on favorable terms.</p> <p> “The agreement allows Kibo and Lake Victoria to maximize value for their respective shareholders from the planned mine development at Imweru and ensures that the consolidated Imweru / Imvelo project will be free of any contingent liabilities and unquantified obligations.”</p>   Louis Coetzee, Kibo Mining’s chief executive, said: "We are very pleased that we have been able to negotiate this agreement with Acacia promptly and on favorable terms. “The agreement allows Kibo and Lake Victoria to maximize value for their respective shareholders from the planned mine development at Imweru."  NEWS        View Edit Delete
128499  ReNeuron Group Plc 2016-07-22 07:33:00  2016-07-22 10:03:22  2016-07-22 07:36:29  ReNeuron unveils positive pre-clinical data from eye trial   ReNeuron unveils positive pre-clinical data from eye trial       reneuron-unveils-positive-pre-clinical-data-from-eye-trial-128499.html    <p> Positive pre-clinical data has been published on <a class="companyPopupTrigger" href="-##!##-/LON:RENE/ReNeuron-Group-Plc/" rel="862">ReNeuron Group Plc</a>'s (<a class="companyPopupTrigger" href="-##!##-/LON:RENE/ReNeuron-Group-Plc/" rel="862">LON:RENE</a>) cell therapy for&nbsp;&nbsp; retinitis pigmentosa (RP), an inherited disease, which can cause blindness.</p> <p> The firm recently kicked off a phase I/II clinical trial in the USA and initial short-term safety and tolerability data from the phase I part in the first nine patients is expected in early 2017.</p> <p> Today's&nbsp; published data however was in a Journal called 'Translational Vision Science &amp; Technology (TVST)' and describes work done by ReNeuron's research collaborators at University College London and Schepens Eye Research Institute of Massachusetts Eye and Ear, in Boston USA.</p> <p> ReNeuron's human retinal progenitor cells (hRPCs) were used on pre-clinical rodent models and the long-term efficacy and safety was tested, with positive results.</p> <p> "The hRPCs were well tolerated, safe and preserved retinal structure and vision up to six months post-injection in the studies," the firm revealed.&nbsp;</p> <p> "The cells also survived and integrated into both damaged and normal neural retina without adverse affects.&nbsp; These findings suggest that, as well as treating later stage retinal disease, the hRPCs can be deployed in less affected regions of the retina at earlier stages of retinal disease or even in normal regions of peripheral retina.</p> <p> ReNeuron chief executive Olav Hellebø said: "We are pleased to see the publication of further positive pre-clinical data from our hRPC retinal stem cells in a quality peer-reviewed scientific journal."</p> <p> The company boss added: "We look forward to reporting data from the ongoing US Phase I/II clinical trial in RP patients during the course of next year."</p> <p> In Retinitis pigmentosa (RP) the rod photoreceptor cells in the retina pogressively degenerate.</p> <p> Shares nudged 3.16% higher to 3.09p.</p>   Positive pre-clinical data has been published on ReNeuron Group Plc's (LON:RENE) cell therapy for retinitis pigmentosa (RP), an inherited disease, which can cause blindness. The firm recently kicked off a phase I/II clinical trial in the USA and initial short-term safety and tolerability data from the phase I part in the first nine patients is expected in early 2017...   ARTICLE          View Edit Delete
128502  Ariana Resources plc 2016-07-22 07:33:00  2016-07-22 12:48:05  2016-07-22 07:49:25  Ariana Resources raises funds for more drilling in Turkey  Ariana Resources raises funds for more drilling in Turkey  Gold, Turkey, funding, drillng, mine    ariana-resources-raises-funds-for-more-drilling-in-turkey-128502.html    <p style="text-align: justify;"> Turkey-focused gold miner <a class="companyPopupTrigger" href="-##!##-/LON:AAU/Ariana-Resources-plc/" rel="76">Ariana Resources plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:AAU/Ariana-Resources-plc/" rel="76">LON:AAU</a>) has raised £445,000 to fund exploration drilling around its Kiziltepe mine project.</p> <p style="text-align: justify;"> The placing, at 1.5p, was subscribed to by new and existing shareholders.</p> <p style="text-align: justify;"> Kerim Sener, managing director, said Ariana wants to extend the current drilling programme beyond the budgeted 4,000m given the number of new target areas defined in recent months.&nbsp;</p> <p style="text-align: justify;"> “The extended programme will systematically test several of these additional areas at Kiziltepe and will also enable us to drill other prospect areas as necessary.&nbsp;</p> <p style="text-align: justify;"> “We would expect that this work will help to define an enhanced project with greater mine life and resource/reserve optionality."</p> <p style="text-align: justify;"> Earlier this week, Ariana said it had been unaffected by the failed coup attempt in Turkey at the weekend.</p> <p style="text-align: justify;"> Since the coup, Turkish premier Recep Tayyip Erdogan has launched a security crackdown that has seen 6,000 people arrested.</p>   Kerim Sener, managing director, said Ariana wants to extend the current drilling programme beyond the budgeted 4,000m given the number of new target areas defined in recent months. “The extended programme will systematically test several of these additional areas at Kiziltepe and will also enable us to drill other prospect areas as necessary. "  NEWS        View Edit Delete
128503  Gulfsands Petroleum plc 2016-07-22 07:26:00  2016-07-22 10:18:23  2016-07-22 07:58:42  Gulfsands Petroleum executive chairman to retire  Gulfsands Petroleum executive chairman to retire      gulfsands-petroleum-executive-chairman-to-retire-128503.html    <p> Oil and gas company <a class="companyPopupTrigger" href="-##!##-/LON:GPX/Gulfsands-Petroleum-plc/" rel="412">Gulfsands Petroleum plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:GPX/Gulfsands-Petroleum-plc/" rel="412">LON:GPX</a>) announced that &nbsp;executive chairman Alastair Beardsall will be retiring.</p> <p> Executive duties will be assumed by John Bell, as Managing Director and Andrew Morris, as Finance Director. &nbsp;</p> <p> James Ede-Golightly will assume the role of Non-Executive Chairman.</p> <p> Earlier this month the group became embroiled in a legal dispute with a Syrian shareholder over claims it was not properly informed of an open offer funding.</p> <p> Al Mashrek Global Investment Ltd filed a suit in Damascus claiming it had lost the opportunity to subscribe for new shares and a result its holding was diluted. The claim amounts to around US$2mln.</p> <p> Gulfsands told investors it was “determined” to protect its rights.</p> <p> Operations in Syria remained suspended due to EU sanctions.</p> <p> Last December the group lost its licence for the Rharb project after an extension was rejected by the Moroccan government.</p> <p> It came just months after it failed to secure a further extension of the Fes Petroleum Agreement.</p> <p> For 2015 the group reported losses of US$69mln.</p> <p> Shares were trading at 3.15p.</p>   Oil and gas company Gulfsands Petroleum PLC (LON:GPX announced that executive chairman Alastair Beardsall will be retiring. Executive duties will be assumed by John Bell, as Managing Director and Andrew Morris, as Finance Director. James Ede-Golightly will assume the role of Non-Executive Chairman.   NEWS        View Edit Delete
128501  IN THE PAPERS 2016-07-22 07:23:00  2016-07-22 14:52:23  2016-07-22 07:45:19  Papers: Hollande tells UK to trigger Article 50 ASAP  Papers: Hollande tells UK to trigger Article 50 ASAP  Francois Hollande, Theresa May, Brexit, banks, apps, holidays, tourism, loans, mortgages, house prices, Sports Direct, Mike Ashley, HSBC, EDF, Hinkley Point, nuclear power    papers-hollande-tells-uk-to-trigger-article-50-asap-128501.html    <p> <strong>French President Francois Hollande has told Britain that the sooner it leaves the EU the better. After a visit from new UK Prime Minister Theresa May, Mr Hollande warned that “uncertainty is the greatest danger” and urged May to trigger Article 50 quickly. <a href="http://www.independent.co.uk/news/world/europe/hollande-brexit-theresa-may-sooner-better-britain-leaves-eu-paris-france-europe-a7149091.html">(The Independent)</a></strong></p> <p> MPs say billionaire <a class="companyPopupTrigger" href="-##!##-/LON:SPD/Sports-Direct/" rel="3495">Sports Direct</a> International PLC (<a class="companyPopupTrigger" href="-##!##-/LON:SPD/Sports-Direct/" rel="3495">LON:SPD</a>) boss Mike Ashley is “directly accountable” for the “Victorian workhouse” conditions experienced by workers at his chain of sports stores. The Business Innovation and Skills Committee accused the high-street retailer of treating workers more like commodities than people. <a href="http://www.dailymail.co.uk/news/article-3702411/MPs-say-Sports-Direct-run-like-Victorian-workhouse-Damning-report-says-staff-treated-commodities-billionaire-owner-Mike-Ashley-held-directly-accountable.html">(Daily Mail)</a></p> <p> <strong>Banks and building societies handed out nearly £21bln of home loans last month despite the uncertainty generated by the recent referendum. Property prices have also failed to falter post-Brexit, with major cities continuing to record double-digit annual growth in June. <a href="http://www.express.co.uk/news/uk/692037/EU-exit-house-prices-Owners-country-big-rises-Referendum-UK-property-market-Brexit">(Daily Express)</a></strong></p> <p> Tourism boards are reporting record numbers of bookings as millions of Britons opt to go on ‘staycations’ rather than foreign holidays this summer. Economists predict the trend will provide a massive boost to the UK economy as workers spend their cash at home rather than abroad. <a href="http://www.telegraph.co.uk/news/2016/07/21/staycation-boost-to-uk-economy-as-millions-of-families-shun-fore/">(Telegraph)</a></p> <p> <strong><a class="companyPopupTrigger" href="-##!##-/LON:HSBA/HSBC/" rel="3429">HSBC</a> Holdings PLC (<a class="companyPopupTrigger" href="-##!##-/LON:HSBA/HSBC/" rel="3429">LON:HSBA</a>) conducted its own investigation into the US$3.5bln currency trade which is now under nvestigation by US prosecutors. The firm’s internal report cleared the transaction, finding no breach of its code of conduct. <a href="https://next.ft.com/content/941eb8a8-4f32-11e6-88c5-db83e98a590a">(Financial Times - subscription required)</a></strong></p> <p> Customer visits to high street bank branches are down by almost a third over the past five years, as smartphone-addicted Britons embrace mobile banking. The British Bankers’ Association estimates that the average person checks their finances via an app on their phone more than once a day. <a href="https://www.theguardian.com/business/2016/jul/22/mobile-banking-on-the-rise-as-payment-via-apps-soars-by-54-in-2015">(The Guardian)</a></p> <p> <strong>EDF could approve plans to build a new nuclear power station at Hinkley Point as early as next week, with the energy firm calling a board meeting to discuss the £18bln project next Thursday. <a href="http://www.thetimes.co.uk/edition/news/hinkley-could-get-green-light-next-week-98rjjpnh6">(The Times – subscription required)</a></strong></p>     REPORT          View Edit Delete
128489  END OF DAY NEWS WRAP 2016-07-21 17:53:00  2016-07-22 07:30:40  2016-07-21 18:47:00  UK stocks end lower as textiles felt pinch of retail sales and easyJet grounded airlines  UK stocks end lower as textiles felt pinch of retail sales and easyJet grounded airlines      uk-stocks-end-lower-as-textiles-felt-pinch-of-retail-sales-and-easyjet-grounded-airlines-128489.html    <p> London shares closed lower on Thursday, driven south by textiles and fashion stocks who were the biggest casualty of weaker-than-forecast retail sales data, as well as low-flying airline stocks after easyJet shares fell.</p> <p> The blue-chip FTSE 100 index never once gained on the day, and ended down 0.4% at 6,699.</p> <p> The midcaps on the FTSE 250 index, which on Wednesday managed to recover above their pre-Brexit levels, continued to soldier higher and ended up 0.2% at 17.047. In a sense a psychological barrier was broken on Wednesday when the stocks crept over 17,000 and have remained there this session.</p> <p> UK retail sales excluding petrol and diesel sales, fell by 0.9% in June – a faster pace than forecast at down 0.6%. June’s wet weather was blamed and although the period encompassed the European Union “Brexit” referendum, economists said it was too soon to speculate what impact the decision to quit the EU will have on the economy.</p> <p> But away from the month-on-month numbers, it was textiles, clothing and footwear stores which took the brunt of the negative sales, recording a 7.2% drop in amount spent by shoppers in the 12 months to June. In fact, Textiles and clothing was the only sector to record a shrinkage in the period.</p> <p> One of the day’s biggest fallers in money terms if not percentage terms was clothes retailer Next (<a class="companyPopupTrigger" href="-##!##-/LON:NXT/Next-Plc/" rel="3183">LON:NXT</a>) on heavy volume. It ended down 139p to 4896p, a 2.8% decline.</p> <p> EasyJet closed down 5.1% at 1,069.99p after the British budget airliner reported a downbeat quarterly earnings report as a series of disruptions and difficulties have taken a toll on its sales. The stock was down 32% from pre-Brexit levels.</p> <p> The FTSE AIM 100 Index closed up 0.2% at 3,525 while the FTSE AIM All-Share Index was up 0.2% to 738.</p> <p> London gainers were 33%, losers 29% and unchanged were 39%.</p> <p> The top gainer was IronRidge (<a class="companyPopupTrigger" href="-##!##-/LON:IRR/Ironridge-Resources-Limited/" rel="10680">LON:IRR</a>) up 56% to 9.75p, still basking in the limelight of Wednesday’s news of finding more gold at May Queen Prospect in Australia.</p> <p> The biggest faller was Gulf Keystone (<a class="companyPopupTrigger" href="-##!##-/LON:GKP/Gulf-Keystone-Petroleum-Limited/" rel="411">LON:GKP</a>) down 18% to 4.6p. On Wednesday it was announced the company’s shareholders are to vote on a dilution of its debt next month.</p> <hr /> <p> <strong>Midsession</strong></p> <p> <a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:FJET/Fastjet-PLC/" rel="876">Fastjet PLC</a>&nbsp;(<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:FJET/Fastjet-PLC/" rel="876">LON:FJET</a>) was flying higher after a near-£20mln fundraiser on Thursday, but bigger peer easyJet - also owned by Stelios Haji-Ioannou - hit turbulence.</p> <p> Shares in Fastjet took off by 62.2% to 37.5p after the African budget carrier launched a £19.2mln placing and open offer to fund a recovery plan.</p> <p> New chief executive Nico Bezuidenhout wants the cash to bankroll a shake-up including a review of its fleet and the relocation of its head office to Africa.</p> <p> But easyJet PLC (<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:EZJ/Easyjet/" rel="3155">LON:EZJ</a>) descended 5.9% to 1060p as the Luton-based no-frills airline blamed 'Brexit', terrorism and strikes for lower revenue.</p> <p> EasyJet also said it was difficult to predict fourth-quarter revenue due to uncertainty caused by the EU vote and the events in Turkey and Nice, which had hit consumer confidence.</p> <p> Fastjet's rapid ascent breathed life into small-cap indices, with the FTSE AIM 100 rising 8.4 points to 3528 and the FTSE AIM All-Share gaining 2.15 points to 738.82.</p> <p> EasyJet, meanwhile, was among stocks dragging the FTSE 100 Index 28.95 points lower to 6700.04.</p> <p> The Footsie lost more ground after the European Central Bank held fire on an interest rate move following the UK's vote to leave the EU.</p> <p> Euro-area policymakers were awaiting more data to work out what impact the referendum outcome could have on the eurozone economy.</p> <p> There was more bad UK economic news as retail sales figures showed a 0.9% month-on-month drop in June, below the consensus of -0.6%.</p> <p> The year-over-year growth rate dropped to 4.3% from 5.7% in May, below the consensus of 5%.</p> <p> Samuel Tombs at Pantheon Macroeconomics said: "Higher prices, job cuts and the Chancellor’s decision not to immediately alter fiscal plans likely will bring the recovery in consumer spending to its knees."</p> <p> In small-caps, Fastjet was the top riser but&nbsp;<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:SIS/Science-in-Sport/" rel="3645">Science in Sport</a>&nbsp;PLC (<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:SIS/Science-in-Sport/" rel="3645">LON:SIS</a>) jumped 10.6% to 52p as the sport nutrition company reported a 24% rise in sales to £6.48mln in the six months to the end of June.</p> <p> Online white goods retailer AO World PLC (<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:AO./Ao-World/" rel="8287">LON:AO.</a>) ticked up 8.56% to 145.9p on news of higher sales in the UK and continental Europe.</p> <p> Premier African Minerals Limited (<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:PREM/Premier-African-Minerals-Ltd/" rel="2237">LON:PREM</a>) strengthened 11.5% to 0.72p as it said it expected to soon start a new exploration programme at the Zulu site in Zimbabwe to produce a compliant resource estimate after the potential for massive lithium-rich mineralisation was confirmed.</p> <p> But&nbsp;<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:OSI/Osirium-Technologies/" rel="14644">Osirium Technologies</a>&nbsp;PLC (<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:OSI/Osirium-Technologies/" rel="14644">LON:OSI</a>) fell 7.7% to 173p after the cyber security software provider reported lower half-year revenue and higher losses.</p> <p> Stockbroker&nbsp;<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:WHI/WH-IRELAND/" rel="1077">WH IRELAND</a>&nbsp;(<a href="http://www.proactiveinvestors.co.uk/market_reports/edit/-##!##-/LON:WHI/WH-IRELAND/" rel="1077">LON:WHI</a>) was 6.25% off at 82.5p after falling into the red at the half-year.</p> <p> <strong>Preview at 6.53am</strong></p> <p> London’s FTSE 100 is seen a little lower on Thursday as investors in Europe await comments from Mario Draghi.</p> <p> The European Central Bank president speaks later today, after the ECB’s latest policy decision.</p> <p> There’s little expectation of any action from the ECB this month, given it is already injecting some €80bn of liquidity each month, though markets will likely hang on the words of the central banker as he talks Brexit and Europe.</p> <p> Over the Atlantic, meanwhile, US stocks continue to push higher on the back of largely positive quarterly earnings.</p> <p> “The S&amp;P 500 continues to make new highs, backed by better-than-expected corporate earnings,” Chris Weston, analyst at IG Markets.</p> <p> “While we have only seen 16% of US firms report, 78% have beaten expectations on earnings and 60% on sales.</p> <p> “Those that have beaten on the EPS line have done so by an average of 5.6% and while there is still a large percentage of names to report, traders are extrapolating out across the curve.”</p> <p> On Wednesday the Dow Jones gained 0.19% to 18,595, while the S&amp;P 500 added over 0.4% to 2,173 and the Nasdaq advanced over 1% to 5,089.</p> <p> In Asia, meanwhile, stock indices all pointed higher too.</p> <p> Japan’s Nikkei rose 0.5% to 16,773, Hong Kong’s Hang Seng notched 0.8% higher 22,056, and the Shanghai Composite gained 0.7% to 3,050.</p> <p> Australia’s ASX 200 climbed 0.45% to 5,512.</p> <p> In London, IG Markets called the FTSE 100 20 points lower with the spread seen at 6,707 to 6,712 with a little over an hour to go before the start of stock market trading.</p>     REPORT      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128486  Breedon Aggregates 2016-07-21 11:43:00  2016-07-22 10:22:42  2016-07-21 11:46:37  Breedon Group upbeat on future post Brexit vote  Breedon Group upbeat on future post Brexit vote      breedon-group-upbeat-on-future-post-brexit-vote-128486.html    <p> Shares in <a class="companyPopupTrigger" href="-##!##-/LON:BREE/Breedon-Aggregates/" rel="10682">Breedon Aggregates</a> Ltd (<a class="companyPopupTrigger" href="-##!##-/LON:BREE/Breedon-Aggregates/" rel="10682">LON:BREE</a>), now Breedon Group, &nbsp;raced up after the buildings materials group brushed aside uncertainty caused by the UK's Brexit vote and reported an excellent first half operating performance and a 19% increase in pre-tax profit.</p> <p> The firm said whatever the prognosis for the economy, it had some major contracts which will help to underpin performance during a period of uncertainty, along with a strong balance sheet and a record of strong cash generation in challenging markets.</p> <p> Chief executive Pat Ward, speaking to Proactive, said: "The need for investment in infrastructure hasn't gone away because of the referendum."</p> <h3> A strong first half performance</h3> <p> There were strong contributions from its Scottish and England divisions in the six months to June 30, while the underlying earnings (EBIT) margin improved to 14%, it told investors.</p> <p> Pre-tax profit was £20.9 million compared to £17.5 million in the same period of last year - up 19%, while revenue was 163.0 million versus £160.5 million last year.</p> <p> The firm also invested capital heavily, as planned in the period, to expand capacity and said it remained confident of meeting 2016 market expectations.</p> <p> It revealed 4.6 million tonnes of aggregates had been sold as at June 30, 2016 (30 June 2015: 4.5 million tonnes) and 0.9 million tonnes of asphalt - the same figure as last year.</p> <p> It also said 0.5 million cubic metres of ready-mixed concrete were sold (30 June 2015: 0.4mln).</p> <p> Separately, it said it had struck agreements for the sale of the 14 ready-mixed concrete plants required by the Competition and Markets Authority (CMA) in connection with its acquisition ‎of Hope Construction Materials announced last year, which it hopes to complete next month.</p> <p> Hope was formed in 2013 out of the merger of rivals Tarmac and Lafarge and its acquisition, which remains subject to regulatory approval, almost doubles the size of the business.</p> <p> On completion, the enlarged group will be called Breedon Group PLC-&nbsp; a name change, which has already taken effect, and comprise three divisions.</p> <p> Peter Tom, executive chairman, said today: "We fully intend to use this strengthened platform to continue to pursue our strategy of consolidating the UK building materials market.&nbsp;</p> <p> "Indeed, we believe that market uncertainty may create further opportunities for value-creating acquisitions and we are currently considering a number of potential bolt-ons."</p> <h3> Largest independent aggregates business</h3> <p> The firm, based at Breedon-on-the-Hill near East Midlands airport, is the largest independent aggregates business in the UK after the global majors.</p> <p> It runs 53 quarries, 26 asphalt plants, 61 ready-mixed concrete &amp; mortar plants and three concrete block plants in England, Wales and Scotland, employing more than 1,200 people.</p> <p> The group has strong asset backing, with more than 500 million tonnes of mineral reserves and resources in the UK.</p> <p> It has been pursuing a policy of expansion both through the core business and via acquisitions, having announced the planned £336mln acquisition of Hope Construction Materials in November.</p> <h3> Operational progress</h3> <p> In the first half in Scotland, Breedon won its largest contract to date, valued at up to £55 million -&nbsp; a joint venture with Whitemountain Quarries Limited to supply and lay asphalt and&nbsp; it also began to supply materials under a £10 million contract with Wills Bros John Paul JV, to the £35 million first stage of the A9 dualling project.</p> <p> In England, it was involved in high-profile projects, such as Jaguar Land Rover's i54 development, Amazon's new distribution centre in Leicestershire and the Worcester Southern By-pass.</p> <h3> What the broker said..</h3> <p> Cantor Fitzgerald noted the results reflected a muted market background, and that sales of just plus 2% reflected the market uncertainty caused by Brexit in the first half.</p> <p> Nevertheless, it still managed a near 20% increase in pre-tax profit and improve EBITDA margins by 14%. Cantor notes the firm's focus on continuing to invest £15mln in capital a year to improve its asset base&nbsp; and operations and there are still underperforming assets with potential to improve returns.</p> <p> "We think the group continues to be a stand-out performer in the sector and is the only natural buyer of assets in a sector where opportunities remain."</p> <p> It rates the shares a 'buy' and targets 80p each. The current price is 68.5p - up 8.51%.</p>   Shares in Breedon Aggregates Ltd (LON:BREE) raced up after the buildings materials group brushed aside uncertainty caused by the UK's Brexit vote and reported an excellent first half operating performance and a 19% increase in pre-tax profit. The firm said whatever the prognosis for the economy, it had some major contracts which will help  ARTICLE          View Edit Delete
128487  END OF DAY NEWS WRAP 2016-07-21 16:43:00  2016-07-21 16:49:57  2016-07-21 16:49:57  Proactive news round-up: Fastjet, Metminco, Breedon Aggregates...  Proactive news round-up: Fastjet, Metminco, Breedon Aggregates...  round-up, news    proactive-news-round-up-fastjet-metminco-breedon-aggregates-128487.html    <p style="text-align: justify;"> African airline carrier&nbsp;<a href="http://www.proactiveinvestors.co.uk/LON:FJET/Fastjet-PLC/">Fastjet PLC</a>&nbsp;(<a href="http://www.proactiveinvestors.co.uk/LON:FJET/Fastjet-PLC/">LON:FJET</a>) is raising nearly £20mln to bankroll a fresh strategy under new chief executive Nico Bezuidenhout.</p> <p style="text-align: justify;"> FastJet is generating £19.2mln through a placing and open offer of new shares at 50p apiece, sending its shares up by 16.9p, or 73%, to 40p.</p> <p style="text-align: justify;"> Metminco Limited&nbsp; (<a href="-##!##-/LON:MNC/Metminco-Ltd/">LON:MNC</a>&nbsp;ASX:MNC)&nbsp;has hinted it may go underground at its newly acquired Miraflores deposit in Colombia.</p> <p style="text-align: justify;"> “The decision on the development option will take cognisance of community and environmental factors, as well as financial factors.</p> <p style="text-align: justify;"> “The smaller surface footprint of the underground only mining option remains a very attractive option," said managing director William Howe.</p> <p style="text-align: justify;"> <a href="http://www.proactiveinvestors.co.uk/articles/edit/-##!##-/LON:SCLP/Scancell-Holdings-Plc/">Scancell Holdings Plc</a>&nbsp;(<a href="-##!##-/LON:SCLP/Scancell-Holdings-Plc/">LON:SCLP</a>) will use Belgian group Eurogentec to manufacture a new batch of its SCIB1 ImmunoBody&nbsp;vaccine.</p> <p style="text-align: justify;"> Scancell wants the drugs for a US clinical study of SCIB1 in combination with a checkpoint inhibitor that is expected to commence in 2017.&nbsp;</p> <p style="text-align: justify;"> It had to withdraw its stocks of SCIB1 in June after they went out of date having been held for seven years.</p> <p style="text-align: justify;"> <a href="http://www.proactiveinvestors.co.uk/articles/edit/-##!##-/LON:BREE/Breedon-Aggregates/">Breedon Aggregates</a>&nbsp;Ltd (<a href="-##!##-/LON:BREE/Breedon-Aggregates/">LON:BREE</a>), which produces materials for the construction industry, brushed aside uncertainty caused by the Brexit vote as it reported an excellent first half operating performance and a 19% increase in pre-tax profit.</p> <p style="text-align: justify;"> The largest independent aggregates business in the UK, which also has a Scottish division, also updated on the regulatory process of its acquisition of Hope Construction Materials, announced last November.</p> <p style="text-align: justify;"> Action Hotels (<a href="-##!##-/LON:AHCG/Action-Hotels-PLC/">LON:AHCG</a>) is to develop a new Novotel-branded mid-market hotel in Dubai Healthcare City to target leisure, medical tourism and business travellers.</p> <p style="text-align: justify;"> To be called Novotel Dubai Creek, the new property will have 220 rooms and offer an economy to midscale option in an area dominated by luxury hotels.</p> <p style="text-align: justify;"> After a quick pause, consumers are adapting to lower Sterling rates following the Brexit vote, currency exchange and travel money firm&nbsp;<a href="-##!##-/LON:FFX/FairFX-Group-Plc/">FairFX Group Plc</a>&nbsp;(<a href="-##!##-/LON:FFX/FairFX-Group-Plc/">LON:FFX</a>) highlighted.</p> <p style="text-align: justify;"> FairFX, releasing an update on the first half, told investors that the EU referendum and the Brexit result stirred up the busiest ever period for the company.</p> <p style="text-align: justify;"> <a href="http://www.proactiveinvestors.co.uk/news/edit/-##!##-/LON:SPHR/Sphere-Medical-Holding-PLC/">Sphere Medical Holding PLC</a>&nbsp;(LON: SPHR) has partnered with Burke &amp; Burke as an exclusive distributor of its medical monitoring products in Italy.</p> <p style="text-align: justify;"> The agreement will see Burke &amp; Burke commence marketing of Proxima 4 in the region and it has already placed an initial order for monitors and consumables.</p> <p style="text-align: justify;"> <a href="http://www.proactiveinvestors.co.uk/news/edit/-##!##-/LON:SML/Strategic-Minerals-PLC/">Strategic Minerals PLC</a>&nbsp;(LON: SML) has finally put an end to its railroad claim associated with its Cobre tailings operation in New Mexico, USA - by accepting a settlement.</p> <p style="text-align: justify;"> It will be paid US$675,000 in instalments of US$100,000 in August 2016, US$400,000 in January 2017 and US$175,000 in June next year.</p>     REPORT          View Edit Delete
128482  MARKET PREVIEW 2016-07-21 16:05:00  2016-07-22 08:26:36  2016-07-21 16:12:07  PREVIEW: Vodafone Group may face 'Brexit' grilling  PREVIEW: Vodafone Group may face 'Brexit' grilling  Vodafone Group Plc, Acacia Mining plc, Brexit    preview-vodafone-group-may-face-brexit-grilling-128482.html    <p> Investors will be interested to hear any further comments on 'Brexit' from <a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">Vodafone</a> PLC (<a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">LON:VOD</a>) when the mobile phone giant updates the market on Friday.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:VOD/Vodafone/" rel="3322">Vodafone</a> has already said it may move its headquarters out of the UK because it only does about 11% of its business in Britain and needs to be in the EU.</p> <p> It also said recently that it was switching to reporting its results in euros rather than sterling.</p> <p> <a class="companyPopupTrigger" href="-##!##-/NYSE:DB/Deutsche-Bank/" rel="7150">Deutsche Bank</a> said group organic service revenue growth of 1.9% in the first quarter would mark a slowdown on the 2.5% in the fourth quarter last year.</p> <p> That quarter's figures benefited from accounting changes and a leap year.</p> <p> Those benefits will not affect the first quarter's figures, which are also likely to take a hit from the EU's roaming rate price cuts.</p> <p> The German bank's analysts said in a note: "Excluding these effects, <a href="-##!##-/LON:VOD/Vodafone/" class="companyPopupTrigger" rel="3322">Vodafone</a> Group continues on an improving growth path in Europe with both volume and price trends encouraging.</p> <p> "Whilst individual markets may move backwards near-term (eg.&nbsp;the UK), we view the broad trend for further top-line recovery in FY17 alongside a&nbsp;healthy yield, as likely to boost Vodafone's rating.</p> <p> "We reiterate our 'buy' rating and&nbsp;upgrade our target price and estimates in GBP (TP +10p to 310p).&nbsp;</p> <p> Meanwhile, African gold producer <a class="companyPopupTrigger" href="-##!##-/LON:ACA/Acacia-Mining/" rel="10678">Acacia Mining</a> PLC (<a class="companyPopupTrigger" href="-##!##-/LON:ACA/Acacia-Mining/" rel="10678">LON:ACA</a>), formerly known as <a class="companyPopupTrigger" href="-##!##-/LON:ABG/African-Barrick-Gold/" rel="3695">African Barrick Gold</a>, is set to report half-year results including production.</p> <p> Numis Securities said: "We expect production of 78koz at Buly, 75koz at Mara and 46koz at Buzwagi with group production of 199koz with group cash costs of US$747/oz.</p> <p> "We expect pre-tax earnings before interest, depreciation and amortisation (EBITDA) of US$90mln and EPS of nine cents per share.</p> <p> "The operational focus should be the ongoing turnaround at Buly with dilution and metres of development being key, in addition to any commentary around the exploration work that is ongoing to bring areas of the upper east back into the reserve.</p> <p> "There may also be an update on progress&nbsp;on government relations, specifically in relation to the tax dispute that resulted in the company increasing its&nbsp;tax provisions by US$70 million in Q1, principally due to a US$41 million dispute relating to a tax tribunal&nbsp;judgement on dividend withholding tax."</p> <p> <strong>Other companies set to report include:&nbsp;</strong></p> <p> Interims: Beazley</p> <p> Annual meeting: Big Yellow; KCOM; <a class="companyPopupTrigger" href="-##!##-/LON:TEP/Telecom-Plus/" rel="3944">Telecom Plus</a>; United Utilities.</p>     REPORT          View Edit Delete
128483  GOLD, SILVER & PRECIOUS METALS MARKET WRAP 2016-07-21 16:02:00  2016-07-22 08:27:17  2016-07-21 16:13:32  Gold gains as ECB holds rates  Gold gains as ECB holds rates  gold, silver, platinum, precious metals, Brexit    gold-gains-as-ecb-holds-rates-128483.html    <p> Gold bounced off yesterday’s three week lows as the dollar and European headed lower after the European Central Bank opted against moving interest rates.</p> <p> The ECB held rates at record lows as it looks to boost growth and inflation within the economy, although it cautioned that it expects interest rates to remain at current levels, or potentially lower, for the foreseeable future.</p> <p> While gold benefitted from the bearish outlook of the European economy, lower unemployment figures in the US hindered the metal slightly.</p> <p> The data showed claims for unemployment benefits fell to their lowest levels since April, and is part of a wider trend which signals a healthier US economy.</p> <p> The recent stronger-than-expected economic data has led to speculation that the Federal Reserve may raise interest rates in the near future, which has sent the price of gold tumbling over the past week or so.</p> <p> A rate rise would increase the opportunity cost of holding non-yielding bullion, while also boosting the dollar which the metal is priced in.</p> <p> Analysts says yesterday’s sell-off of gold suggests speculators have lost their bullish outlook on the metal, explaining that “it now looks like they have taken profits”.</p> <p> At UK market close, gold was up US$7 to US$1,322, silver was up 9c to US$19.47, while platinum was up US$11 to trade at US$1,094.</p>     REPORT        View Edit Delete
128458  MARKET MOVERS 2016-07-21 09:50:00  2016-07-21 17:10:03  2016-07-21 10:03:04  Risers & Fallers: Tristel , Asiamet Resources ...  Risers & Fallers: Tristel , Asiamet Resources ...      risers-fallers-tristel-asiamet-resources--128458.html    <p> Major share price risers and fallers in London at around <strong>4.00pm</strong></p> <h3 style="color:blue;"> RISERS</h3> <p> <a href="-##!##-/LON:TSTL/Tristel-Plc/" class="companyPopupTrigger" rel="1036">Tristel Plc</a> (<a href="-##!##-/LON:TSTL/Tristel-Plc/" class="companyPopupTrigger" rel="1036">LON:TSTL</a>) up 11% to 124.5p.&nbsp; Infection prevention company reported a positive trading update for the year ending June following “excellent” overseas trading as well as the acquisition of its Australian distributor.</p> <p> <a href="-##!##-/LON:ARS/Asiamet-Resources/" class="companyPopupTrigger" rel="532">Asiamet Resources</a> Limited (<a href="-##!##-/LON:ARS/Asiamet-Resources/" class="companyPopupTrigger" rel="532">LON:ARS</a>) up 10% to 2.5p. Drilling at BKM copper dposit in Indonesia continues to hit high grade copper mineralisation in the southern part of the deposit and has confirmed good continuity of higher grades previously reported within the BK058 Zone, the company said.</p> <h3 style="color:red;"> FALLERS</h3> <p> <a href="-##!##-/LON:AXM/Alexander-Mining/" class="companyPopupTrigger" rel="39">Alexander Mining</a> PLC (<a href="-##!##-/LON:AXM/Alexander-Mining/" class="companyPopupTrigger" rel="39">LON:AXM</a>) down 11% at 0.127p. Issue of 15mln shares following exercise of bonus warrants held by Cornhill Capital.</p> <p> <a href="-##!##-/LON:MONI/Monitise-Plc/" class="companyPopupTrigger" rel="655">Monitise Plc</a> (<a href="-##!##-/LON:MONI/Monitise-Plc/" class="companyPopupTrigger" rel="655">LON:MONI</a>), down 4% to 2.66p. The online payments group told investors that FY2017 revenues would be lower than the preceding year amid transition of client contracts onto a new platform.</p> <hr /> <p> Major share price risers and fallers in London at around 1:30pm</p> <h3 style="color:blue;"> Risers</h3> <p> <a class="companyPopupTrigger" href="-##!##-/LON:FJET/Fastjet-PLC/" rel="876">Fastjet PLC</a> (<a class="companyPopupTrigger" href="-##!##-/LON:FJET/Fastjet-PLC/" rel="876">LON:FJET</a>), up 49% to 34.5p. Raising just over £19mln at a big premium pushed the African budget airline significantly. The cash is earmarked for a new business plan.</p> <p> AO World Plc (<a class="companyPopupTrigger" href="-##!##-/LON:AO./Ao-World/" rel="8287">LON:AO.</a>), up 8.6% to 146p. LET’S GO! The white goods retailed bopped higher after releasing an upbeat statement ahead of this morning’s AGM.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:WMH/William-Hill/" rel="3150">William Hill</a> Plc (<a class="companyPopupTrigger" href="-##!##-/LON:WMH/William-Hill/" rel="3150">LON:WMH</a>), up 8.3% to 298p. Philip Bowcock is taking over as interim chief executive as incumbent James Henderson steps down. The bookie also said it was sticking with previously downgraded guidance.</p> <h3 style="color:red;"> Fallers</h3> <p> EasyJet Plc (<a class="companyPopupTrigger" href="-##!##-/LON:EZJ/Easyjet/" rel="3155">LON:EZJ</a>), down 5.95% to 1,060p. The budget airline blamed 'Brexit', terrorism and strikes for lower revenue in its third quarter.</p> <p> Wizz Air Plc (<a class="companyPopupTrigger" href="-##!##-/LON:WIZZ/Wizz-Air-Holdings/" rel="14534">LON:WIZZ</a>), down 5.9% to 1,435p. A further descent for the European airline, which yesterday revealed it would pare UK growth plans because of Brexit.</p> <p> Metminco Plc (<a class="companyPopupTrigger" href="-##!##-/LON:MNC/Metminco-Ltd/" rel="2235">LON:MNC</a>), down 5.7% to 0.16p. The South America focussed copper group gave an update on its newly acquired Miraflores deposit in Colombia, where it is mulling a move underground.</p> <hr /> <p> Major share price risers and fallers in London at around 9:30am</p> <h3 style="color:blue;"> Risers</h3> <p> The Mission Marketing Group Plc (<a class="companyPopupTrigger" href="-##!##-/LON:TMMG/Mission-(the)-Marketing-Group-plc/" rel="1005">LON:TMMG</a>), up 8.8% to 37p. The marketing group said it expects ‘double digit’ (percentage) growth as a result of organic expansion and acquisitions.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:SIS/Science-in-Sport/" rel="3645">Science in Sport</a> Plc (<a class="companyPopupTrigger" href="-##!##-/LON:SIS/Science-in-Sport/" rel="3645">LON:SIS</a>), up 8.5% to 51p. The nutrition and supplements group announced a 24% rise in first half sales to £6.48mln, with online orders said to be particularly strong.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:EMR/Empresaria-Group-plc/" rel="315">Empresaria Group plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:EMR/Empresaria-Group-plc/" rel="315">LON:EMR</a>), up 7.7% to 91p. The specialist staffing group is course to meet expectations for 2016 thanks to strong international trading, which should more than offset the Brexit related slowdown in the UK through May and June.</p> <h3 style="color:red;"> Fallers</h3> <p> <a href="-##!##-/LON:OSI/Osirium-Technologies/" class="companyPopupTrigger" rel="14644">Osirium Technologies</a> Plc (<a href="-##!##-/LON:OSI/Osirium-Technologies/" class="companyPopupTrigger" rel="14644">LON:OSI</a>), down 12.8% to 163.5p. The cyber security group, which joined AIM in April, flagged slightly lower revenue and a larger operating loss for 2016. House broker Panmure emphasised that Osirium has a subscription model, so it says bookings (which rose about 45%) should be the critical KPI.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:WHI/WH-IRELAND/" rel="1077">WH IRELAND</a> Group Plc (<a class="companyPopupTrigger" href="-##!##-/LON:WHI/WH-IRELAND/" rel="1077">LON:WHI</a>), down 6.25% to 82.5p. The stockbroker’s turnover fell to £12mln for the first half, versus £15.9mln in same period last year. Chairman Tim Steel said the broker “continues to undergo significant transformational change”.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:MONI/Monitise-Plc/" rel="655">Monitise Plc</a> (<a class="companyPopupTrigger" href="-##!##-/LON:MONI/Monitise-Plc/" rel="655">LON:MONI</a>), down 6% to 2.6p. The online payments group told investors that FY2017 revenues would be lower than the preceding year amid transition of client contracts onto a new platform.</p>     REPORT        View Edit Delete
128484  Berkeley Energia Ltd 2016-07-21 15:08:00  2016-07-21 16:22:46  2016-07-21 16:22:46  Brokers upbeat on Berkeley Energia  Brokers upbeat on Berkeley Energia  Berkeley Energia, brokers, recommendations, Salamanca, energy, company, recommendation, Liberum, finnCap    brokers-upbeat-on-berkeley-energia-128484.html    <p> Uranium explorer <a href="-##!##-/LON:BKY/Berkeley-Energia-Ltd/" class="companyPopupTrigger" rel="120">Berkeley Energia Ltd</a> (<a href="-##!##-/LON:BKG/Berkeley-Group/" class="companyPopupTrigger" rel="3094">LON:BKG</a>) received the backing of the brokers today, with both Liberum and finnCap opening their coverage of the stock with ‘buy’ ratings.</p> <p> The positive backing from the brokers sent shares soaring more than 10%.</p> <p> FinnCap has set a target price of 113p for the AIM-listed miner, nearly three times its current value, as Berkeley offers exposure “to the exceptionally high quality Salamanca uranium project” in Spain.</p> <p> Given the weak uranium market currently, finncap expects this to be the only “major new project to start construction”, something which Berkeley could use to its advantage.</p> <p> The broker also praised the “expected low operating costs and low upfront capital requirements” at the project.</p> <p> Liberum was a little more modest in its valuation, setting a target of 60p, noting that near-term catalysts make for “a compelling investment case”.</p> <p> Like finnCap, the broker was optimistic about the projected low opex and capex costs, explaining that Salamanca is still “economic” despite the weak uranium market.</p> <p> Liberum added that it sees little downside to Berkeley, as further exploration success and higher uranium prices in the future will only serve to drive the share price higher.</p> <p> Shares were up 5.2p, or 11%, to 51.5p.</p>   Uranium explorer Berkeley Energia Ltd (LON:BKG) received the backing of the brokers today, with both Liberum and finnCap opening their coverage of the stock with ‘buy’ ratings. The positive backing from the brokers sent shares soaring more than 10%.# Shares were up 5.2p, or 11%, to 51.5p.  NEWS      View Edit Delete
128475  Mastercard 2016-07-21 14:58:00  2016-07-21 15:23:44  2016-07-21 15:04:36  Mastercard buys controlling stake in UK's largest payroll processor  Mastercard buys controlling stake in UK's largest payroll processor      mastercard-buys-controlling-stake-in-uk-s-largest-payroll-processor-128475.html    <p> In an attempt to push back its main competitor, <a class="companyPopupTrigger" href="-##!##-/TSE:MA/Mastercard/" rel="5687">Mastercard</a> Inc has agreed to buy a 92.4% stake in VocaLink Holdings Ltd which handles most payroll and household bill processing in the UK, for US$920mln.</p> <p> The UK-based payments processing firm VocaLink processes more than 70% of household bills in the UK.</p> <p> The deal will give <a href="-##!##-/TSE:MA/Mastercard/" class="companyPopupTrigger" rel="5687">Mastercard</a> more of a foothold in Britain as its larger rival <a class="companyPopupTrigger" href="-##!##-/NYSE:V/Visa/" rel="5489">Visa</a> plans to boost its presence in the region.</p> <p> The transaction is expected to be dilutive for up to 24 months after the deal is completed, Mastercard said.</p> <p> If the purchase closes in early 2017, the company estimates it would be 5c dilutive to earnings per share in 2017 and 2018.</p> <p> VocaLink shareholders will retain 7.6% ownership and can receive as much as US$220mln more if performance targets are met.</p> <p> VocaLink chief executive David Yates will join the management committee of Mastercard after the deal is complete.</p>   Mastercard Inc has agreed to buy a 92.4% stake in VocaLink Holdings Ltd which handles most payroll and household bill processing in the UK, for US$920mln. The UK-based payments processing firm Vocalink processes more than 70% of household bills in the UK.  NEWS      View Edit Delete

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