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109557  Lloyds 2015-07-31 10:32:00  2015-07-31 14:45:17  2015-07-31 10:48:37  A possible buy-back should worry Lloyds investors  A possible buy-back should worry Lloyds investors      a-possible-buy-back-should-worry-lloyds-investors-109557.html    <p> Accendo Markets says don’t call it a buy-back.</p> <p> We’ve been here for years, according to head of research Mike van Dulken, who ponders whether <a class="companyPopupTrigger" href="-##!##-/LON:LLOY/Lloyds/" rel="2992">Lloyds</a> (<a class="companyPopupTrigger" href="-##!##-/LON:LLOY/Lloyds-/" rel="2992">LON:LLOY</a>) will ever see the back of the miss-selling overhang.</p> <p> He highlights the disappointment of another set of <a class="companyPopupTrigger" href="-##!##-/LON:LLOY/Lloyds/" rel="2992">Lloyds</a> results with lower than expected profits and more frustrating provisions for PPI payouts.</p> <p> On-top of that, however, van Dulken also points to what he calls an ‘illusionary’ rewards for shareholders.</p> <p> In a note the analyst said: “While a 0.75p interim dividend will please the income seekers, news that the bank might consider an illusionary share buyback instead of special dividends to return capital to shareholders as it rebuilds its capital buffer will be a worry for those who went without regular income for so long post-bailout and quite rightly consider cash as king.”</p> <p> Elsewhere in the City, <a class="companyPopupTrigger" href="-##!##-/LON:BARC/Barclays/" rel="2989">Barclays</a> Capital nudged higher price targets for fund managers Close Brothers (<a class="companyPopupTrigger" href="-##!##-/LON:CBG/Close-Brothers-Group/" rel="2990">LON:CBG</a>) and Henderson (LON:HGG), as well as low-grade lender <a class="companyPopupTrigger" href="-##!##-/LON:PFG/Provident-Financial/" rel="3036">Provident Financial</a> (<a class="companyPopupTrigger" href="-##!##-/LON:PFG/Provident-Financial/" rel="3036">LON:PFG</a>) and engineering group Weir (<a class="companyPopupTrigger" href="-##!##-/LON:WEIR/Weir-Group/" rel="3252">LON:WEIR</a>).</p> <p> Coal-turned-biomass power firm Drax (<a class="companyPopupTrigger" href="-##!##-/LON:DRX/Drax-Group/" rel="3372">LON:DRX</a>) had its price target raised to 375p from 365p (current price: 289p) by <a class="companyPopupTrigger" href="-##!##-/NYSE:CS./Credit-Suisse/" rel="8527">Credit Suisse</a>, which already had an ‘outperform’ rating for the group.</p> <p> Both <a class="companyPopupTrigger" href="-##!##-/LON:BARC/Barclays/" rel="2989">Barclays</a> and <a class="companyPopupTrigger" href="-##!##-/NYSE:CS./Credit-Suisse/" rel="8527">Credit Suisse</a>, meanwhile, reduced targets for <a class="companyPopupTrigger" href="-##!##-/LON:DGE/Diageo/" rel="3265">Diageo</a> (<a class="companyPopupTrigger" href="-##!##-/LON:DGE/Diageo/" rel="3265">LON:DGE</a>) to 2000p from 2075p and 1750p from 1800p respectively (current price: 1797p). The former retains an ‘overweight’ rating whereas the latter is sticking to ‘neutral’.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:ITV/ITV/" rel="2967">ITV</a> (<a class="companyPopupTrigger" href="-##!##-/LON:ITV/ITV/" rel="2967">LON:ITV</a>) was in the news today, and shares advanced as its largest shareholder <a class="companyPopupTrigger" href="-##!##-/NASDAQ:LBTYA/Liberty-Global/" rel="4259">Liberty Global</a> increased its stake in the company.</p> <p> Liberty, which owns <a class="companyPopupTrigger" href="-##!##-/NASDAQ:VMED/Virgin-Media/" rel="5563">Virgin Media</a>, has purchased 138.7mln shares in the firm, taking its total holding to 398.5m shares, or around 9.9%.</p> <p> Liberty's chief executive Mike Fries said in a regulatory statement: "<a class="companyPopupTrigger" href="-##!##-/LON:ITV/ITV/" rel="2967">ITV</a> is a well-run company with attractive growth potential, and we are pleased to increase our position as their largest shareholder."</p> <p> Broker Peel Hunt repeated&nbsp; a ‘buy’ and has recently pushed the target price to 330p from 300p.</p> <p> It says it is bullish on the stock due to, among other factors, a strong content arm and a unique mass market platform for advertisers.</p> <p> “Clearly if we were to factor in a reasonable bid premium, our 330p target price would look puny,” the City firm added.</p> <p> In the small cap universe, <a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">Proxama</a> (<a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">LON:PROX</a>) has added the Standard Bank of South Africa to its client list after striking a deal with its subsidiary Diners Club to provide payment management systems.</p> <p> Again Peel Hunt looked at this stock. The rating is 'buy' and the target price 6p.</p> <p> "The win announced today demonstrates that <a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">Proxama</a> is</p> <p> delivering on expectations to accelerate its commercial development and build scale in 2015.</p> <p> The broker added: "We continue to expect both <a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">Proxama</a> divisions to progress towards cash generation towards the end of the year."</p> <p> Diamondcorp (<a class="companyPopupTrigger" href="-##!##-/LON:DCP/DiamondCorp/" rel="283">LON:DCP</a>) is about on schedule to get its Lace mine in South Africa into production in the next few months, it told investors today.</p> <p> Tunnel excavation underground has gone slower than expected due to additional safety and support work near old workings, which has pushed the timetable back four weeks.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:INVP/Investec/" rel="2991">Investec</a> had this to say: "Whilst some of the challenges outlined are disappointing, we view them as no more than hiccups at the final stages of development, with the value case for Lace intact and on the cusp of delivery."</p> <p> Cantor Fitzgerald is still bullish on Canadian copper miner Rambler Metals (<a href="-##!##-/LON:RMM/Rambler-Metals-&-Mining/" class="companyPopupTrigger" rel="841">LON:RMM</a>) even though its target price has been cut to 24p from 46p.</p> <p> The reduction is due to the weak copper price at present, but Cantor remains upbeat over the planned expansion of Rambler’s Ming mine through the Lower Footwall Zone where a pre-feasibility study returned a NPV5% of C$62m (£31m or 22p/share).</p> <p> "The shares have risen 15% since the announcement and the re-rating should continue, particularly as management is planning to finance the development from cash flow and debt."&nbsp;</p> <p> A 'buy' still says Cantor.</p>   Accendo Markets says don’t call it a buy-back; we’ve been here for years, according to head of research Mike van Dulken, who ponders whether Lloyds will ever see the back of the miss-selling overhang. He highlights the disappointment of another set of Lloyds results with lower than expected profits and more frustrating provisions for PPI payouts.  ARTICLE            View Edit Delete
109561  ITV 2015-07-31 12:45:00  2015-07-31 12:48:59  2015-07-31 12:48:59  ITV shares continue north as Liberty Global raises stake  ITV shares continue north as Liberty Global raises stake  ITV, shares, Liberty Global    itv-shares-continue-north-as-liberty-global-raises-stake-109561.html    <p> Shares in television broadcaster <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> (<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">LON:ITV</a>) continued their ascendency and raced to the top of Footsie on Friday as its largest shareholder <a href="-##!##-/NASDAQ:LBTYA/Liberty-Global/" class="companyPopupTrigger" rel="4259">Liberty Global</a> increased its stake in the company.</p> <p> <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> shares are up 2.36% on the day - to 278p each -&nbsp; but are up around 35% in the calendar year to date.</p> <p> Liberty, which owns <a href="-##!##-/NASDAQ:VMED/Virgin-Media/" class="companyPopupTrigger" rel="5563">Virgin Media</a>, has purchased 138.7mln shares in the firm, taking its total holding to 398.5m shares, or around 9.9%.</p> <p> Liberty's chief executive Mike Fries said in a regulatory statement: "<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> is a well-run company with attractive growth potential, and we are pleased to increase our position as their largest shareholder."</p> <p> The announcement has sparked speculation over whether Liberty may make a bid to fully buy <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a>.</p> <p> Last summer, the US cable group giant, which is chaired by John Malone, paid £481mln for an initial 6.4% stake.</p> <p> The amendment of an existing hedging transaction, meant Liberty required no further investment to increase the stake to 9.9%, due to the firm's strong recent share rise.</p> <p> Fried added: "This investment remains an opportunistic one for us in our largest market."</p> <p> Earlier this week, <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> reported a 5% rise in net advertising revenue to £838mln and an 11% gain in the group's total revenue to £1.36bn in its latest half year.</p> <p> The company's <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> Studios programme production arm lifted revenue by 23% to £496mln, with organic growth of 8%.</p> <p> Distribution business Global Entertainment increased revenue by 18% to £71 mln underpinned by a strong drama, including new titles like period piece Poldark.</p> <p> But in the traditional UK broadcasting business, <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> Family's share of viewing was down 4%, with the decline in the main channel partly offset by a 2% improvement across digital channels.</p> <p> Peel Hunt rates the shares a ‘buy’ and has recently pushed the target price to 330p from 300p.</p> <p> It says it is bullish on the stock due to, among other factors, a strong content arm and a unique mass market platform for advertisers.</p> <p> “Clearly if we were to factor in a reasonable bid premium, our 330p target price would look puny,” it added.</p>   Shares in television broadcaster ITV (LON:ITV) continued their ascendency and raced to the top of Footsie on Friday as its largest shareholder Liberty Global increased its stake in the company. ITV shares are up 2.36% on the day - to 278p each - but are up around 35% in the calendar year to date.   ARTICLE            View Edit Delete
109560  MID SESSION MARKET WRAP 2015-07-31 12:36:00  2015-07-31 12:41:23  2015-07-31 12:41:23  FTSE 100 lower despite ITV M&A rumours  FTSE 100 lower despite ITV M&A rumours      ftse-100-lower-despite-itv-ma-rumours-109560.html    <p> Television broadcaster <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a> (<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">LON:ITV</a>) led the risers on a flat day on London’s main market.</p> <p> <a href="-##!##-/NASDAQ:LBTYA/Liberty-Global/" class="companyPopupTrigger" rel="4259">Liberty Global</a>&nbsp;has hiked its stake in the television broadcaster and Liberum reckons the rumours of a takeover are inevitable.</p> <p> The move, which Liberty called “opportunistic,” makes it the largest shareholder in <a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a>.</p> <p> “Liberty has stated it does not intend to make a bid for&nbsp;<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a>&nbsp;but its move suggests that it thinks a move by another player is likely or, at least, an increasing possibility” the broker said.</p> <p> Liberty, owned by American investor John Malone, last year bought its initial stake of 6.4%.</p> <p> Shares rose 2.3% to just shy of 278p.</p> <p> The company couldn’t drag the FTSE 100 higher, which was down 7.5 points to 6,661.</p> <p> “With Chinese shares seeing their worst month in 6 years, it’s hardly surprising that investors aren’t keen to hold onto their commodity shares going into August” Connor Campbell at Spreadex said.</p> <p> Meanwhile, widening losses in the commodity sector has created its usual drag on the&nbsp;index today.</p> <p> Antofagasta (<a href="-##!##-/LON:ANTO/Antofagasta-Plc/" class="companyPopupTrigger" rel="3995">LON:ANTO</a>) nestled at the bottom of the index as it said it will take a 50% stake in <a href="-##!##-/TSE:ABX/Barrick-Gold/" class="companyPopupTrigger" rel="4248">Barrick Gold</a>’s Chile copper mine.</p> <p> It will cost the miner US$1bn, almost half of its cash balance, for the stake in the Zaldivar copper mine. Shares dropped 4.4% to 555p.</p> <p> Away from the index, specialist packaging and cigarette filter supplier Essentra (LON:ESNT) said pre-tax profit fell in the first half of 2015.</p> <p> Revenue surged but it wasn’t enough and shares dropped 7.5% to 887p.</p> <p> Conversely, <a href="-##!##-/LON:JD./JD-Sports/" class="companyPopupTrigger" rel="3179">JD Sports</a>&nbsp;(<a href="-##!##-/LON:JD./JD-Sports/" class="companyPopupTrigger" rel="3179">LON:JD.</a>) revealed that it expects pre-tax profits to come in 10% higher than the £110mln forecast by market analysts. Shares jumped 8.1% to 807p.</p> <p> In small caps, <a href="-##!##-/LON:SVR/ServicePower/" class="companyPopupTrigger" rel="8254">ServicePower</a>&nbsp;Technologies’ (<a href="-##!##-/LON:SVR/ServicePower/" class="companyPopupTrigger" rel="8254">LON:SVR</a>) chairman has bought himself another £100,000 worth of shares.</p> <p> The non-executive director bought 2mln shares at 4.5p each and they were up today, climbing 15% to 4.9p.</p> <p> Meanwhile,&nbsp;<a href="-##!##-/LON:OXP/Oxford-Pharmascience/" class="companyPopupTrigger" rel="3460">Oxford Pharmascience</a>&nbsp;(<a href="-##!##-/LON:OXP/Oxford-Pharmascience/" class="companyPopupTrigger" rel="3460">LON:OXP</a>) said results of its OXPzero&nbsp;Naproxen (OXP005) were not as some had expected, with the company saying further testing will be needed to improve the results. Shares dropped 21% to 7.1p.</p>     REPORT            View Edit Delete
109562  Oilex 2015-07-31 12:31:00  2015-07-31 13:07:22  2015-07-31 13:07:22  Oilex expects to be cash flow positive on Indian operations by year-end  Oilex expects to be cash flow positive on Indian operations by year-end      oilex-expects-to-be-cash-flow-positive-on-indian-operations-by-year-end-109562.html    <p> <a href="-##!##-/LON:OEX/Oilex/" class="companyPopupTrigger" rel="711">Oilex</a>’s (<a href="-##!##-/LON:OEX/Oilex/" class="companyPopupTrigger" rel="711">LON:OEX</a>) Cambay Field saw net oil production rise by 46% on the previous quarter in the three months to the end of June.</p> <p> The field, located in India’s Gujarat state, delivered net production of 301 barrels of oil and 487mln standard cubic feet of gas, the company revealed in its quarterly operational update.</p> <p> It was a quarter in which the production facilities at Cambay-73 were completed, and gas sales from the field commenced in June.</p> <p> Average daily production from Cambay-73 totalled around 50.5 barrels of oil equivalent per day (boepd), including condensate.</p> <p> Production from Cambay-73 is set to be augmented by output from Cambay-77H, which is expected to recommence in August. All being well, the company should be cash flow positive from its Indian operations by the end of this year.</p> <p> Demand for gas from local light industrial businesses is ongoing, with expressions of interest to purchase gas continuing to be received by <a href="-##!##-/LON:OEX/Oilex/" class="companyPopupTrigger" rel="711">Oilex</a>, including from buyers who previously bid for Cambay-73 gas.&nbsp;&nbsp;</p> <p> “The scheduled commencement of gas sales into the Indian domestic market reinforces <a href="-##!##-/LON:OEX/Oilex/" class="companyPopupTrigger" rel="711">Oilex</a>'s strategic advantage as an early mover in tight gas production in India and highlights the company's ability to access infrastructure and successfully execute its work programmes,” the dual-listed Australia-based company said.</p> <p> The company revealed that around 9.58% of the 169.5mln shares on offer via a renounceable 1 for 4 rights issue were taken up by shareholders. The rights issue was fully underwritten.</p> <p> &nbsp;</p>   Oilex’s Cambay Field saw net oil production rise by 46% on the previous quarter in the three months to the end of June. The field delivered net production of 301 barrels of oil and 487mln standard cubic feet of gas, the company revealed in its quarterly operational update. Average daily production from Cambay-73 totalled around 50.5 boepd, including condensate.  NEWS          View Edit Delete
109559  Afren 2015-07-31 12:07:00  2015-07-31 12:25:00  2015-07-31 12:25:00  Afren brings curtain down as administrators go in   Afren brings curtain down as administrators go in   OIl, Nigeria    afren-brings-curtain-down-as-administrators-go-in-109559.html    <p> Troubled oil explorer <a href="-##!##-/LON:AFR/Afren/" class="companyPopupTrigger" rel="25">Afren</a> (<a href="-##!##-/LON:AFR/Afren/" class="companyPopupTrigger" rel="25">LON:AFR</a>) has gone into administration after production problems and failure to agree a rescue finance package.</p> <p> Detailed discussions were held with stakeholders, including lending banks, bondholders and partners to solve the liquidity crunch, it said.</p> <p> “All the possible routes have now been explored during the course of this process, which was subject to a strict timetable, driven by <a href="-##!##-/LON:AFR/Afren/" class="companyPopupTrigger" rel="25">Afren</a> Plc's short-term liquidity issues.</p> <p> “These discussions have failed to deliver support for a revised refinancing and restructuring proposal that would result in <a href="-##!##-/LON:AFR/Afren/" class="companyPopupTrigger" rel="25">Afren</a> Plc being able to pay its debts as they fall due.”</p> <p> Simon Appell, Daniel Imison and Catherine Williamson of AlixPartners have been appointed as administrators.</p> <p> The group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses.</p> <p> <a href="-##!##-/LON:AFR/Afren/" class="companyPopupTrigger" rel="25">Afren</a>’s fall has been spectacular and swift.</p> <p> At the start of 2014 the shares were trading hands at around 170p and there was talk of Footsie membership.</p> <p> As well as weak oil price and production problems, the company was rocked last year by allegations of unauthorised payments by the then management.</p> <p> The shares were suspended on 15 July when <a href="-##!##-/LON:AFR/Afren/" class="companyPopupTrigger" rel="25">Afren</a> warned its cashflow position had become parlous.</p>   As well as weak oil price and production problems, the company was rocked last year by allegations of unauthorised payments by the then management. The shares were suspended on 15 July when Afren warned its cashflow position had become parlous. The group is in discussions with its partners and other key stakeholders with a view to continuing its operating businesses.  NEWS          View Edit Delete
109558  Lloyds 2015-07-31 11:19:00  2015-07-31 11:22:19  2015-07-31 11:21:48  Lloyds hints at special divi as PPI cost rises again  Lloyds hints at special divi as PPI cost rises again      lloyds-hints-at-special-divi-as-ppi-cost-rises-again-109558.html    <p> <a class="companyPopupTrigger" href="-##!##-/LON:LLOY/Lloyds/" rel="2992">Lloyds</a> Banking (<a class="companyPopupTrigger" href="-##!##-/LON:LLOY/Lloyds-/" rel="2992">LON:LLOY</a>) set aside an extra £1.4bn for PPI mis-selling as it missed profit expectations in the first half of the year.</p> <p> Interim profits rose 38% to £1.2bn compared to expectations of £1.9bn, while revenue slipped back 2% compared to the previous quarter at £4.6bn.</p> <p> Antonio Horta –Osorio, chief executive, also said that the bank would also start to pay back surplus capital through special dividends or share buy-backs.</p> <p> The news will be music to the ears of the chancellor George Osborne, whose government still holds just under 15% in the company, although he has said it aims to sell its remaining stake over the next 12 months.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:LLOY/Lloyds/" rel="2992">Lloyds</a> said the top up was "disappointing", adding: "It mostly reflects higher than expected reactive complaints with higher associated redress."</p> <p> The amount overall the bank has set aside to pay for PPI now totals a “painful” £13.4bn “rather higher than the market had anticipated” Richard Hunter, at <a class="companyPopupTrigger" href="-##!##-/LON:HL./Hargreaves-Lansdown/" rel="3587">Hargreaves Lansdown</a> said.</p> <p> There was also an additional £435mln of other conduct provisions, including £175mln for packaged current account mis-selling, which, according to Shore Capital, “appears to be an issue that is gathering momentum.”</p> <p> Shore Capital said: “While above-the-line performance was good, there was disappointment elsewhere as statutory profits fell short of market expectations.”</p> <p> The partly taxpayer-owned bank also said it will also pay a dividend of 0.875p per share, costing a total £535mln.</p> <p> Hunter at <a class="companyPopupTrigger" href="-##!##-/LON:HL./Hargreaves-Lansdown/" rel="3587">Hargreaves Lansdown</a> was optimistic about the results saying: “For the most part, the bank is recovering strongly, and shareholders will have been rewarded by a 13% hike in the share price over the last year, as compared to a 2% dip for the wider FTSE100.”</p> <p> Shares dropped 1.7% to 84.5p today.</p>   Hunter at Hargreaves Lansdown was optimistic about the results saying: “For the most part, the bank is recovering strongly, and shareholders will have been rewarded by a 13% hike in the share price over the last year, as compared to a 2% dip for the wider FTSE100.”  ARTICLE            View Edit Delete
109554  JD Sports 2015-07-31 10:33:00  2015-07-31 11:22:59  2015-07-31 10:16:21  JD Sport set to crush forecasts  JD Sport set to crush forecasts      jd-sport-set-to-crush-forecasts-109554.html    <p> Sportswear retailer <a class="companyPopupTrigger" href="-##!##-/LON:JD./JD-Sports/" rel="3179">JD Sports</a> (<a class="companyPopupTrigger" href="-##!##-/LON:JD./JD-Sports/" rel="3179">LON:JD.</a>) is set to crush expectations this year.</p> <p> The retailer, which made record annual pre-tax profit of £100mln in 2014, said this year’s profit would come in 10% higher than the £110mln market forecasts.</p> <p> In a trading update, the company added that margins would be slightly impacted by the pound’s strength.</p> <p> Peel Hunt said: “Exceptional trading at JD means that even our top of the range forecasts are far too low.”</p> <p> The broker said like-for-like sales in both clothing and footwear were both 12% higher than last year.</p> <p> “Trainers are bang on trend” it said “and JD is taking full advantage of this. Its exclusive offer of adidas originals and Nike trainers is clearly bringing people to the store but JD’s merchandising is amongst the best in the whole retail industry and it is winning market share as well.</p> <p> The broker now reckons its shares, which rose 8% to 807p today, are worth buying, and has a target price of around £10.</p>   Peel Hunt said “Trainers are bang on trend” it said “and JD is taking full advantage of this. Its exclusive offer of adidas originals and Nike trainers is clearly bringing people to the store but JD’s merchandising is amongst the best in the whole retail industry and it is winning market share as well.  ARTICLE            View Edit Delete
109556  Metal Tiger plc 2015-07-31 10:32:00  2015-07-31 10:37:18  2015-07-31 10:37:18  Metal Tiger ready for cycle to turn in natural resources   Metal Tiger ready for cycle to turn in natural resources   Metal Tiger, cycle, resources, natural resources    metal-tiger-ready-for-cycle-to-turn-in-natural-resources-109556.html    <p> Metal Tiger (<a href="-##!##-/LON:MTR/Metal-Tiger-plc/" class="companyPopupTrigger" rel="10669">LON:MTR</a>), the investment specialist, says it's well funded and ready for the cycle to turn in favour of natural resource investors as it searches for new opportunities in the metals sector.</p> <p> Chief executive <a href="-##!##-/NYSE:CAM/Cameron/" class="companyPopupTrigger" rel="5158">Cameron</a> Parry confirmed at an AGM that the group was in late stage discussions over a potentially high grade gold opportunity with near term production potential.&nbsp;</p> <p> He said the group aimed to be a strong financing partner for investees, and had over the last year reinvested significant profits achieved in <a href="-##!##-/LON:KIBO/Kibo-Mining/" class="companyPopupTrigger" rel="3803">Kibo Mining</a> (<a href="-##!##-/LON:KIBO/Kibo-Mining/" class="companyPopupTrigger" rel="3803">LON:KIBO</a>) and <a href="-##!##-/LON:EUA/Eurasia-Mining/" class="companyPopupTrigger" rel="336">Eurasia Mining</a> (<a href="-##!##-/LON:EUA/Eurasia-Mining/" class="companyPopupTrigger" rel="336">LON:EUA</a>) with an early conversion of three-year warrants.&nbsp;</p> <p> "The direct projects division is active with investments in a successful tungsten/gold project in Spain, an intriguing gold/antimony project in Thailand and the company also awaits initial data from its gold joint venture with <a href="-##!##-/LON:KIBO/Kibo-Mining/" class="companyPopupTrigger" rel="3803">Kibo Mining</a> in Tanzania," he told the meeting.</p> <p> "The direct projects division collaborations continue with <a href="-##!##-/LON:AAU/Ariana-Resources/" class="companyPopupTrigger" rel="76">Ariana Resources</a> in Turkey and <a href="-##!##-/LON:EUA/Eurasia-Mining/" class="companyPopupTrigger" rel="336">Eurasia Mining</a> in Russia, seeking out new precious metals opportunities.&nbsp; We are optimistic of progress on both fronts this year."</p> <p> Metal Tiger shares are unchanged to stand at 0.925p.</p>   Metal Tiger (LON:MTR), the investment specialist, says it's well funded and ready for the cycle to turn in favour of natural resource investors as it searches for new opportunities in the metals sector. Chief executive Cameron Parry confirmed at an AGM that the group was in late stage discussions over a potentially high grade gold opportunity with near term production potential.   NEWS          View Edit Delete
109555  ITM Power 2015-07-31 09:36:00  2015-07-31 10:23:28  2015-07-31 10:23:28  ITM Power reduces loss as customer interest rises  ITM Power reduces loss as customer interest rises  Electricity, Hydrogen    itm-power-reduces-loss-as-customer-interest-rises-109555.html    <p> Power storage specialist <a href="-##!##-/LON:ITM/ITM-Power/" class="companyPopupTrigger" rel="514">ITM Power</a> (<a href="-##!##-/LON:ITM/ITM-Power/" class="companyPopupTrigger" rel="514">LON:ITM</a>) reduced losses in its latest trading year while the number of projects and order enquiries grew steadily.</p> <p> ITM’s technology enables electricity to be converted to hydrogen, which can then be stored or used as fuel, and projects under construction or in negotiations rose in value by 13% to £10.5mln.</p> <p> Graham Cooley, chief executive, said: "Customer engagement with our products is at an all-time high.</p> <p> “The project and quotation pipeline as a result has been steadily growing in our target applications of energy storage and hydrogen fuel."</p> <p> Sales and grant income in the year to April rose 64% to £5.06mln, within which revenues were 45% higher at £1.66mln.</p> <p> Losses declined to £5.75mln (2014: £7.95mln) and better than forecast at the half-way stage.</p> <p> Cash at the year-end was £6.58mln, with the financial position bolstered by a £4.86mln strategic investment by off-road vehicle giant JCB. Cash burn over the year rose to £8mln from £7.57mln.</p> <p> “<a href="-##!##-/LON:ITM/ITM-Power/" class="companyPopupTrigger" rel="514">ITM Power</a> enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refuelling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of on-site hydrogen production and refuelling stations,” Cooley said.</p>   Sales and grant income in the year to April rose 64%. Graham Cooley, chief executive, said: "Customer engagement with our products is at an all-time high. “The project and quotation pipeline as a result has been steadily growing in our target applications of energy storage and hydrogen fuel." .  NEWS          View Edit Delete
109550  Stride Gaming 2015-07-31 09:14:00  2015-07-31 09:17:18  2015-07-31 09:17:18  Stride Gaming steps into the social media gaming arena  Stride Gaming steps into the social media gaming arena  apps    stride-gaming-steps-into-the-social-media-gaming-arena-109550.html    <p> Bingo operator <a href="-##!##-/LON:STR/Stride-Gaming/" class="companyPopupTrigger" rel="956">Stride Gaming</a> (<a href="-##!##-/LON:STR/Stride-Gaming/" class="companyPopupTrigger" rel="956">LON:STR</a>) is to enter the social media gaming arena, having snapped up InfiApps for up to US$39.2mln.</p> <p> InfiApps made a profit of US$3.4mln in 2014, and Stride said the acquisition would immediately enhance its own earnings.</p> <p> Stride is initially paying US$21.2mln in cash for InfiApps, but the cost of the acquisition could rise by as much as US$18mln, payable in cash, depending on how the acquired business performs.</p> <p> The acquisition will combine <a href="-##!##-/LON:STR/Stride-Gaming/" class="companyPopupTrigger" rel="956">Stride Gaming</a> group's bingo-led expertise with InfiApps' social gaming expertise, both of which are complementary offerings to each other, Stride said.</p> <p> The AIM-listed firm sees plenty of potential for significant operational leverage on an international scale, given InfiApps strong presence in North America and Australia.</p> <p> “With revenue in the US social gaming industry alone forecast to exceed US$12.3 billion in 2017, this deal provides us with an opportunity to enter into the rapidly growing mobile social gaming space and will further advance and bolster our growing position in the online gaming sector," said Eitan Boyd, chief executive of <a href="-##!##-/LON:STR/Stride-Gaming/" class="companyPopupTrigger" rel="956">Stride Gaming</a>.</p> <p> The market appeared to agree, with the shares rising 27p to 249p in early deals.</p>   Bingo operator Stride Gaming (LON:STR) is to enter the social media gaming arena, having snapped up InfiApps for up to US$39.2mln. InfiApps made a profit of US$3.4mln in 2014, and Stride said the acquisition would immediately enhance its own earnings.   NEWS          View Edit Delete
109551  Obtala Resources 2015-07-31 09:11:00  2015-07-31 09:19:13  2015-07-31 09:19:13  Obtala awarded farm standard certificate in Tanzania  Obtala awarded farm standard certificate in Tanzania  Farming, Tanzania,     obtala-awarded-farm-standard-certificate-in-tanzania-109551.html    <p> Timber and agribusiness group <a href="-##!##-/LON:OBT/Obtala-Resources/" class="companyPopupTrigger" rel="707">Obtala Resources</a> (<a href="-##!##-/LON:OBT/Obtala-Resources/" class="companyPopupTrigger" rel="707">LON:OBT</a>) has been awarded GLOBALG.A.P. certification for its agricultural operations in Tanzania.&nbsp;</p> <p> GLOBALG.A.P. is a recognised international standard for farm production and its award is a significant milestone, Obtala said, and overcomes a barrier to entry with many international food groups.</p> <p> The company added it is also working on the additional requirements to get BRC Global Standards Certification for its processing unit, which will allow it to export.</p> <p> Francesco Scolaro, Obtala’s chairman said: "The [GLOBALG.A.P] award is the result of much hard work and time ensuring full compliance with required international food safety standards.</p> <p> “We can now access new market opportunities for our projects, which will have a positive impact on the company and importantly the local community in Tanzania."</p> <p> He added the group hoped to receive BRC Global Standards certification in October.&nbsp;</p>   Francesco Scolaro, Obtala’s chairman said: "The [GLOBALG.A.P] award is the result of much hard work and time ensuring full compliance with required international food safety standards. “We can now access new market opportunities for our projects, which will have a positive impact on the company and importantly the local community in Tanzania."  NEWS          View Edit Delete
109552  Enegi Oil 2015-07-31 09:04:00  2015-07-31 09:21:48  2015-07-31 09:21:48  Enegi Oil - ABT signs up Arup for North Sea consortium  Enegi Oil - ABT signs up Arup for North Sea consortium      enegi-oil-abt-signs-up-arup-for-north-sea-consortium-109552.html    <p> <a href="-##!##-/LON:ENEG/Enegi-Oil/" class="companyPopupTrigger" rel="3745">Enegi Oil</a> (<a href="-##!##-/LON:ENEG/Enegi-Oil/" class="companyPopupTrigger" rel="3745">LON:ENEG</a>) told investors that engineering group Arup has been signed up to the marginal field consortium.</p> <p> Alan Minty, Enegi’s chief executive, says Arup is the ‘final essential member’ of the consortium.</p> <p> Together the consortium is exploring new approaches to better develop offshore oil fields which under traditional development scenarios are deemed marginally economic.</p> <p> By deploying innovative engineering it is hoped that the economics of such projects can be transformed, and that significant additional oil and gas reserves can be unlocked.</p> <p> The initial focus has, thus far, been on marginal fields in the North Sea.</p> <p> Arup brings to the initiative a number of possible mostly-unmanned offshore installations, which add to and compliment the solutions currently under consideration.</p> <p> Enegi’s 50% owned associate ABT Oil and Gas is leading the consortium which now includes Arup, Kongsberg Maritime, Apollo, RMRI, Braemar ACM, AGR and Frames.</p> <p> The AIM quoted group describes Arup’s addition as ‘a very positive step’.</p> <p> It adds that four of Arup’s self-installing, re-deployable platforms have so far been used to date; with deployments in Australia's Bass Strait, the Taranaki Basin off New Zealand, the West Natuna Sea in Indonesia and the West Philippine Sea.</p> <p> A fifth is earmarked for deployment in the North Sea, according to Enegi.</p> <p> Such solutions have many of the characteristics ABTOG believes are required for the development of certain small or marginal fields, the company added.</p> <p> "We are delighted that an organisation that is as well established and well respected as Arup so clearly sees the value in what ABTOG's Consortium is doing,” Minty said.</p> <p> “Their ACE structures represent a very credible and attractive option for a number of the projects on which ABTOG is currently in discussions, and Arup's approach to project management is exactly what is required to ensure successful delivery of marginal field projects.”</p> <p> Rob Duffin, Arup’s oil and gas leader, meanwhile, said: "Arup is very pleased to be involved in ABTOG's Marginal Field Delivery Consortium and believes that the lean and focussed approach being adopted is exactly that that is required to maximise recovery of resources in the North Sea and beyond at a time of lower oil prices.”</p>   Enegi Oil told investors that engineering group Arup has been signed up to the marginal field consortium. Alan Minty, Enegi’s chief executive, says Arup is the ‘final essential member’ of the consortium. Together the consortium is exploring new approaches to better develop offshore oil fields which under traditional development scenarios are deemed marginally economic.  ARTICLE            View Edit Delete
109549  ServicePower Technologies 2015-07-31 08:59:00  2015-07-31 13:01:28  2015-07-31 09:02:18  ServicePower Technologies' chairman tops up  ServicePower Technologies' chairman tops up  directors deals    servicepower-technologies-chairman-tops-up-109549.html    <p> Hugh Fitzwilliam-Lay, chairman of <a class="companyPopupTrigger" href="-##!##-/LON:SVR/ServicePower/" rel="8254">ServicePower</a> Technologies (<a class="companyPopupTrigger" href="-##!##-/LON:SVR/ServicePower/" rel="8254">LON:SVR</a>), has splashed out £90,000 increasing his stake in the mobile workforce management software company.</p> <p> The non-executive director bought 2mln shares at 4.5p each, lifting his holding to 9.45mln shares, equivalent to 4.2% of the total issued share capital of <a class="companyPopupTrigger" href="-##!##-/LON:SVR/ServicePower/" rel="8254">ServicePower</a>.</p> <p> Shares in the company hardened 2.9% to 4.375p in the first hour of trading.</p>   Hugh Fitzwilliam-Lay, chairman of ServicePower Technologies, has splashed out £100,000 increasing his stake in the mobile workforce management software company. The non-executive director bought 2mln shares at 4.5p each, lifting his holding to 9.45mln shares, equivalent to 4.2% of the total issued share capital of ServicePower.   NEWS          View Edit Delete
109547  LONDON OPEN 2015-07-31 08:58:00  2015-07-31 10:21:53  2015-07-31 08:59:14  FTSE 100 flat on China and Greece concerns  FTSE 100 flat on China and Greece concerns      ftse-100-flat-on-china-and-greece-concerns-109547.html    <p> London’s blue chip stocks nudged higher this morning despite more falls in China.</p> <p> Overnight, the Shanghai Composite was 26 points lower at 3,680 making it the biggest monthly loss since 2009.</p> <p> In the US, the Dow Jones average and the S&amp;P 500 were little changed, but the Nasdaq Composite shuffled 17 points higher to 5,129, as traders found themselves underwhelmed by US GDP data.</p> <p> In Europe, the International Monetary Fund (IMF) said it won’t participate in a Greek bailout that doesn’t contain an ‘explicit and concrete agreement’ on debt relief.</p> <p> Connor Campbell at Spreadex said: “Whilst the last month has seen the calls for debt relief gain momentum, this is the first stance on the issue that could ignite real change.</p> <p> “Wolfgang Schauble both wants the IMF to be part of the deal AND is the biggest obstacle to debt relief, leaving the chance for plenty of Greek fireworks before the tentative August 20th deadline.”</p> <p> In London, the FTSE 100 was 6 points higher to 6,674 led by&nbsp;<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a>&nbsp;(<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">LON:ITV</a>).</p> <p> <a href="-##!##-/NASDAQ:LBTYA/Liberty-Global/" class="companyPopupTrigger" rel="4259">Liberty Global</a>&nbsp;has hiked its stake in the television broadcaster and Liberum reckons the rumours of a takeover are inevitable.</p> <p> “Liberty has stated it does not intend to make a bid for&nbsp;<a href="-##!##-/LON:ITV/ITV/" class="companyPopupTrigger" rel="2967">ITV</a>&nbsp;but its move suggests that it thinks a move by another player is likely or, at least, an increasing possibility” the broker said. Shares rose 1.8% to 276p.</p> <p> At the other end of the index, banking giant&nbsp;<a href="-##!##-/LON:LLOY/Lloyds/" class="companyPopupTrigger" rel="2992">Lloyds</a>&nbsp;(<a href="-##!##-/LON:LLOY/Lloyds-/" class="companyPopupTrigger" rel="2992">LON:LLOY</a>) struggled on the news that it is to set aside another £1.4bn for PPI payouts.</p> <p> The partly taxpayer owned bank also missed expectations. Profit increased to £1.2bn but analysts had expected a rise to around £1.9bn. Shares dropped 1.1% to 85p.</p> <p> Away from the index,&nbsp;<a href="-##!##-/LON:JD./JD-Sports/" class="companyPopupTrigger" rel="3179">JD Sports</a>&nbsp;(<a href="-##!##-/LON:JD./JD-Sports/" class="companyPopupTrigger" rel="3179">LON:JD.</a>) revealed that it expects pre-tax profits to come in 10% higher than the £110mln forecast by market analysts. Shares jumped 8% to 806p.</p> <p> In the world of small caps, <a href="-##!##-/LON:STR/Stride-Gaming/" class="companyPopupTrigger" rel="956">Stride Gaming</a> (<a href="-##!##-/LON:STR/Stride-Gaming/" class="companyPopupTrigger" rel="956">LON:STR</a>) bought InfiApps for US$39.2mln with US$21.2mln upfront and up to US$18mln extra ove3r the next two years dependant on earnings.</p> <p> InfiApps made a profit of US$3.4mln in 2014, and Stride said the acquisition would immediately enhance its own earnings. Shares jumped 10.3% to 245p.</p> <p> Meanwhile, <a href="-##!##-/LON:SVR/ServicePower/" class="companyPopupTrigger" rel="8254">ServicePower</a> Technologies’ (<a href="-##!##-/LON:SVR/ServicePower/" class="companyPopupTrigger" rel="8254">LON:SVR</a>) chairman has bought himself another £100,000 worth of shares.</p> <p> The non-executive director bought 2mln shares at 4.5p each and they were up today, climbing 15% to 4.9p.</p> <p> Meanwhile, <a href="-##!##-/LON:OXP/Oxford-Pharmascience/" class="companyPopupTrigger" rel="3460">Oxford Pharmascience</a> (<a href="-##!##-/LON:OXP/Oxford-Pharmascience/" class="companyPopupTrigger" rel="3460">LON:OXP</a>) said results of its OXPzero&nbsp;Naproxen (OXP005) were not as some had expected, with the company saying further testing will be needed to improve the results. Shares dropped 21% to 7.1p.</p>     REPORT            View Edit Delete
109548  Active Energy 2015-07-31 08:51:00  2015-07-31 09:01:34  2015-07-31 09:01:34  Active Energy says Metis inquiry still ongoing  Active Energy says Metis inquiry still ongoing  Canada, biomass    active-energy-says-metis-inquiry-still-ongoing-109548.html    <p> <a href="-##!##-/LON:AEG/Active-Energy/" class="companyPopupTrigger" rel="213">Active Energy</a> (<a href="-##!##-/LON:AEG/Active-Energy/" class="companyPopupTrigger" rel="213">LON:AEG</a>) has been informed by Alberta’s Ministry of Aboriginal Relations that the investigation into its joint venture with three&nbsp;Métis&nbsp;Settlements is still ongoing.</p> <p> The biomass group owns 45% of the joint venture, KAQUO, which was formed in July last year to commercialise 108,000 acres of forests owned by the three indigenous aboriginal groups (the Métis settlements of Peavine, Paddle Prairie and East Prairie in Alberta).</p> <p> The inquiry is into how KAQUO was set up but <a href="-##!##-/LON:AEG/Active-Energy/" class="companyPopupTrigger" rel="213">Active Energy</a> (AEG) added it had received written confirmation from the ministry that the management, administration and operation of AEG are not under investigation.</p> <p> Richard Spinks, chief executive, said: "Whilst we share in everyone's frustration at the delays in finalising the investigation, the Board of AEG and our&nbsp;Métis&nbsp;partners in the KAQUO joint venture remain confident in receiving a positive outcome in the near future.</p> <p> "A number of high-level meetings are anticipated in Alberta over the coming days which will represent important steps in securing government support for the major inward investment that KAQUO will be bringing to the province, and in finalising the due diligence process conducted by our international investment partner.”</p>   Richard Spinks, chief executive, said: "Whilst we share in everyone's frustration at the delays in finalising the investigation, the Board of AEG and our Métis partners in the KAQUO joint venture remain confident in receiving a positive outcome in the near future."  NEWS          View Edit Delete
109546  Independent Oil & Gas 2015-07-31 08:47:00  2015-07-31 08:50:41  2015-07-31 08:50:41  Independent Oil & Gas now plans both debt and equity funding in mid-August  Independent Oil & Gas now plans both debt and equity funding in mid-August      independent-oil-gas-now-plans-both-debt-and-equity-funding-in-mid-august-109546.html    <p> North Sea group <a href="-##!##-/LON:IOG/Independent-Oil-%26amp%3B-Gas/" class="companyPopupTrigger" rel="3658">Independent Oil &amp; Gas</a> (<a href="-##!##-/LON:IOG/Independent-Oil-&-Gas/" class="companyPopupTrigger" rel="3658">LON:IOG</a>) has revealed there will be a delay in closing the equity element of its intended long term funding arrangements.</p> <p> It had previously been intended that £7.1mln would be received before the end of July in return for IOG shares, at a premium price of 23.79p.</p> <p> But, it is now expected that the share placing will take place in mid-August, alongside the debt financing element. If this occurs, the debt financing will be ahead of the original schedule.</p> <p> "We are still encouraged by the funding discussions, but finalising the size and terms of the debt commitment has taken a little longer than expected,” said chief executive Mark Routh.</p> <p> “The IOG team is working hard to ensure we agree the best deal for its shareholders."</p> <p> IOG told investors that the amount of the initial debt funding is still under discussion, and it is prioritising completion of the acquisition of 50% of the Skipper licence and the funding of a well.</p> <p> Accordingly, negotiations are currently underway with contractors regard a well at Skipper.</p> <p> An extraordinary general meeting will take place later today to secure necessary approvals to proceed with financing, assuming arrangements can be agreed.</p> <p> IOG did, however, caution: “There can be no certainty that this or any alternative funding plans can be concluded.”</p> <p> The company said it has sufficient funds to last until September 4, at which point it is due to pay Darwin Strategic £358,000.</p>   North Sea group Independent Oil & Gas has revealed there will be a delay in closing the equity element of its intended long term funding arrangements. It had previously been intended that £7.1mln would be received before the end of July in return for IOG shares, at a premium price of 23.79p.  NEWS          View Edit Delete
109545  Proxama 2015-07-31 08:44:00  2015-07-31 08:46:34  2015-07-31 08:45:36  Proxama wins contract with Standard Bank of South Africa   Proxama wins contract with Standard Bank of South Africa       proxama-wins-contract-with-standard-bank-of-south-africa-109545.html    <p> <a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">Proxama</a> (<a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">LON:PROX</a>) has added the Standard Bank of South Africa to its client list after striking a deal with its subsidiary Diners Club to provide payment management systems.</p> <p> Payment Application Manager, EMV Transaction Manager and <a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">Proxama</a> PIN Manager will all be supplied to the South African franchise.</p> <p> It will enable Diners Club to manage card issuing, process transactions and securely handle (and store) customer information.</p> <p> <a href="-##!##-/LON:PROX/Proxama/" class="companyPopupTrigger" rel="8261">Proxama</a>’s Patrick Regester said: "This new contract win creates the opportunity for another long term partnership with an established and recognisable client."</p> <p> Ebrahim Matthews, managing director of Diners Club South Africa added: “The <a class="companyPopupTrigger" href="-##!##-/LON:PROX/Proxama/" rel="8261">Proxama</a> solution fits perfectly into our environment and will allow us to transition to full EMV support with minimum disruption to our operation.”</p> <p> Shares rose 1.7% to 1.4p.</p>   Proaxama’s Patrick Regester said: "This new contract win creates the opportunity for another long term partnership with an established and recognisable client." Ebrahim Matthews, managing director of Diners Club South Africa added: “The Proxama solution fits perfectly into our environment and will allow us to transition to full EMV support with minimum disruption to our operation.”  NEWS          View Edit Delete
109543  Savannah Petroleum 2015-07-31 08:14:00  2015-07-31 08:34:30  2015-07-31 08:32:40  Savannah Petroleum confirms signing of Agadem PSC   Savannah Petroleum confirms signing of Agadem PSC       savannah-petroleum-confirms-signing-of-agadem-psc-109543.html    <p> <a class="companyPopupTrigger" href="-##!##-/LON:SAVP/Savannah-Petroleum/" rel="8321">Savannah Petroleum</a> (<a class="companyPopupTrigger" href="-##!##-/LON:SAVP/Savannah-Petroleum/" rel="8321">LON:SAVP</a>) told investors that the production sharing contract for the R3/R4 licence has now been signed by the Government of Niger’s representative at the Ministry of Energy and Petroleum.</p> <p> A US$28mln payment, a signing bonus, will now be paid to Niger.</p> <p> Andrew Knott, Savannah’s chief executive, described the PSC signing as ‘another landmark’ for the company.</p> <p> “We have now licensed c.50% of the Agadem Rift Basin, which the board believes places the company in a very strong position for the future given our assessment of the scale, risk profile and cost structure of our assets,” Knott said in a statement.</p> <p> “Savannah will now move to commence what we expect to be an aggressive exploration programme over our licenses which we hope will deliver material benefits for all of our stakeholders over the coming years."</p> <p> The contract details that Niger’s ‘free carried’ interest in the asset is set at 15% (less than the 20% for another of the country’s large licence areas).</p> <p> Additionally, some 60% of the signature bonus paid by Savannah will be included in the ‘recoverable costs’ should production is established in the future.</p> <p> Savannah, under the terms of the PSC, will now be obligated to complete at least 750 square kilometres of 3D seismic and drill two wells during the first commitment period.</p> <p> Subsequently it will also have to shoot a further 500 square kilometres of 3D, and drill two more wells.</p> <p> Some 29 leads have already been identified in the expansive R3/R4 area.&nbsp;</p>   Savannah Petroleum told investors that the production sharing contract for the R3/R4 licence has now been signed by the Government of Niger’s representative at the Ministry of Energy and Petroleum. A US$28mln payment, a signing bonus, will now be paid to Niger. Andrew Knott, Savannah’s chief executive, described the PSC signing as ‘another landmark’ for the company.  NEWS          View Edit Delete
109541  British Airways 2015-07-31 08:03:00  2015-07-31 08:07:18  2015-07-31 08:05:05  British Airways owner IAG's profits take-off in first half  British Airways owner IAG's profits take-off in first half      british-airways-owner-iag-s-profits-take-off-in-first-half-109541.html    <p> <a class="companyPopupTrigger" href="-##!##-/LON:BAY/British-Airways/" rel="3153">British Airways</a> owner International Consolidated Airlines Group (<a class="companyPopupTrigger" href="-##!##-/LON:IAG/International-Airlines-Group/" rel="3772">LON:IAG</a>) more than doubled interim profits as costs fell and passenger numbers rose.</p> <p> The airline owner, currently in the process of buying Aer Lingus, made €555mln in the six months to June, a 140% improvement on a year ago.</p> <p> Most of the increase accrued in the second quarter where IAG saw a 25% jump to €449mln (£315mln).</p> <p> Revenue was also on the up, climbing 11% to €5.6bn while non-fuel unit costs for the quarter were down 6.9% at constant currency.</p> <p> Willie Walsh, IAG chief executive, said: “We continue to take cost out of the business, with both employee and supplier unit costs down at constant currency, and improvements in productivity levels.”</p> <p> IAG has recently restructured both <a class="companyPopupTrigger" href="-##!##-/LON:BAY/British-Airways/" rel="3153">British Airways</a> and Spanish airline Iberia in an attempt to reduce costs.</p> <p> It also owns Spanish budget airline Vueling.</p> <p> The company increased cash in the business to €6.4bn by €1.4bn in 2014 as it gears up for the €1.4bn takeover of Aer Lingus which it also announced is now unconditional after more than 60% of shareholders accepted the deal.</p> <p> Walsh reiterated that he expects full year profits to be in excess of €2.2bn (£1.6bn).</p>   Willie Walsh, IAG chief executive, said: “We continue to take cost out of the business, with both employee and supplier unit costs down at constant currency, and improvements in productivity levels.” IAG has recently restructured both British Airways and Spanish airline Iberia in an attempt to reduce costs.  ARTICLE            View Edit Delete
109542  Dragon Oil 2015-07-31 07:56:00  2015-07-31 08:11:55  2015-07-31 08:09:43  Dragon Oil - 30% of minor shareholders say yes to ENOC  Dragon Oil - 30% of minor shareholders say yes to ENOC      dragon-oil-30-of-minor-shareholders-say-yes-to-enoc-109542.html    <p> Some 30% of <a class="companyPopupTrigger" href="-##!##-/LON:DGO/Dragon-Oil/" rel="2974">Dragon Oil</a>’s (<a class="companyPopupTrigger" href="-##!##-/LON:DGO/Dragon-Oil/" rel="2974">LON:DGO</a>) minority shareholders have so far accepted the 750p per share takeover offer from Emirates National Oil Company (ENOC).</p> <p> ENOC, which already owned 54%, today revealed it has now secured acceptances representing 14.5% of Dragon’s total share capital, and added that at least 2.3% of additional acceptances had been pledged.</p> <p> The deadline for the offer has now been extended until August 28.</p> <p> ENOC now needs around 10% more of Dragon’s total share capital in order to push ahead with its plans to de-list the company.</p> <p> A number of <a class="companyPopupTrigger" href="-##!##-/LON:DGO/Dragon-Oil/" rel="2974">Dragon Oil</a>’s minority shareholders have publicly opposed the offer, which they claim undervalues the group’s growth potential.</p> <p> Notabe activists include Baillie Gifford, Setanta Asset Management and Elliot Advisors, together holders of around 14% of <a class="companyPopupTrigger" href="-##!##-/LON:DGO/Dragon-Oil/" rel="2974">Dragon Oil</a>’s shares.</p> <p> Dragon recently established production volumes in the order of 100,000 bopd after a multi-year production growth programme, but ENOC claims output will have to be capped at around 90,000 bopd to manage certain operational challenges.</p> <p> It was intended by Dragon to maintain the 100,000 bopd production plateau for a number of years, whereas dissenting shareholders believe there is potential for further growth which has not been valued by ENOC’s offer.</p> <p> ENOC owns 54% of Dragon and it has offered £1.7bn to buy the rest; which values the whole group at £3.7bn.</p> <p> The Emirate group has said that it will delist the shares once it achieves a 75% stake, but will axe the dividend regardless even if it doesn’t get to that point.</p>   Some 30% of Dragon Oil’s minority shareholders have so far accepted the 750p per share takeover offer from Emirates National Oil Company. ENOC, which already owned 54%, today revealed it has now secured acceptances representing 14.5% of Dragon’s total share capital, and added that at least 2.3% of additional acceptances had been pledged.  ARTICLE            View Edit Delete

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