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108668  MARKET MOVERS 2015-07-03 17:15:00  2015-07-03 17:39:38  2015-07-03 09:16:25  Risers & fallers: CSF Group, Gulf Keystone Petroleum, Golden Saint, Nakama, Plant Impact, Provexis  Risers & fallers: CSF Group, Gulf Keystone Petroleum, Golden Saint, Nakama, Plant Impact, Provexis  winners, losers    risers-fallers-csf-group-gulf-keystone-petroleum-golden-saint-nakama-plant-impact-provexis-108668.html    <p> Below are some of the main news-driven share price changes today.</p> <h3 style="color:blue;"> RISERS</h3> <p> CSF Group (LON:CSFG), up 21.4%. The data centre operator’s full-year losses reduced sharply to 32.0mln renminbi from RM129.8mln the year before.</p> <p> Nakama Group (<a href="-##!##-/LON:NAK/Nakama-Group-plc/" class="companyPopupTrigger" rel="438">LON:NAK</a>), up 11.4%. Fund manager Miton Group has lifted its stake in the recruiter to 8.85% from a standing start.</p> <p> <a href="-##!##-/LON:PIM/Plant-Impact/" class="companyPopupTrigger" rel="785">Plant Impact</a> (<a href="-##!##-/LON:PIM/Plant-Impact/" class="companyPopupTrigger" rel="785">LON:PIM</a>), up 9.4%. The crop productivity firm had a growth spurt of its own after announcing the launch of BANZAI, a new product that improves cocoa yields under stressful growing conditions. The product was developed in conjunction with Arysta LifeScience.</p> <h3 style="color:red;"> FALLERS</h3> <p> <a href="-##!##-/LON:PXS/Provexis/" class="companyPopupTrigger" rel="823">Provexis</a> (<a href="-##!##-/LON:PXS/Provexis/" class="companyPopupTrigger" rel="823">LON:PXS</a>), down 14.5%. Shares in the food ingredient firm tumbled to 0.5p after it raised £280,000 through a placing of shares at 0.45p a pop.</p> <p> Golden Saint Resources (<a href="-##!##-/LON:GSR/Golden-Saint-Resources/" class="companyPopupTrigger" rel="719">LON:GSR</a>), down 8.1%. The share price reaction the company’s quarterly operational update was initially positive, but the shares headed south in the afternoon.</p> <p> Gulf Keystone Petroleum (<a href="-##!##-/LON:GKP/Gulf-Keystone-Petroleum-Ltd.-/" class="companyPopupTrigger" rel="411">LON:GKP</a>), down 7.2%. The Kurdistan-focused oil producer announced non-executive director Uthaya Kumar has resigned, while fellow non-execs Dr Joseph Stanslaw and Maria Darby-Walker have decided not to seek re-election at next week’s annual general meeting.&nbsp;</p> <hr /> <p> Here are some of the main news-driven movers on Friday morning......</p> <h3 style="color:blue;"> <strong>RISERS</strong></h3> <p> Phorm Corp (<a class="companyPopupTrigger" href="-##!##-/LON:PHRM/Phorm-Inc./" rel="777">LON:PHRM</a>), the global Internet technology firm, rose over 23% as investors hailed second quarter results, which showed higher revenues in Russia.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:BP./BP/" rel="3120">BP</a> (<a class="companyPopupTrigger" href="-##!##-/LON:BP./BP-/" rel="3120">LON:BP.</a>) extended gains from yesterday, up 1.41% today, after it reached a&nbsp; £12bn settlement in the US for the 2010 Gulf oil spill and JP Morgan upgraded the stock to "overweight" from 'neutral".</p> <p> Optimal Payments (<a class="companyPopupTrigger" href="-##!##-/LON:OPAY/Optimal-Payments-PLC/" rel="4087">LON:OPAY</a>)&nbsp; share s rose over 7% as it revealed trading to end June remained strong as it continues to head to London's main market and FTSE 250. Completion of its €1.1bn acquisition of rival Skrill remains subject to regulatory approval by the UK's FCA, which is expected to be made no later than the end of this month, the group said.</p> <h3 style="color:red;"> <strong>FALLERS</strong></h3> <p> <a class="companyPopupTrigger" href="-##!##-/LON:RBS/Royal-Bank-of-Scotland/" rel="3428">Royal Bank of Scotland</a> (<a class="companyPopupTrigger" href="-##!##-/LON:RBS/Royal-Bank-of-Scotland/" rel="3428">LON:RBS</a>), down 1.42% after reports said it faced a US$13bn claim concerning mortgage bond allegations before the financial crash of 2008.</p> <p> Troubled software group <a class="companyPopupTrigger" href="-##!##-/LON:UBI/Ubisense/" rel="3851">Ubisense</a> (<a class="companyPopupTrigger" href="-##!##-/LON:UBI/Ubisense/" rel="3851">LON:UBI</a>) plunged 10.41% as it issued another profit warning after more contract delays in its solutions arm. Interim revenues from the solutions business will be “some way short” of a year ago as a result, it said.</p> <p> Netcall (<a class="companyPopupTrigger" href="-##!##-/LON:NET/Netcall-plc/" rel="670">LON:NET</a>), down 6.36% as it emerged <a class="companyPopupTrigger" href="-##!##-/LON:ECK/Eckoh/" rel="303">Eckoh</a>, the payments tech firm, had&nbsp; pulled out of its bid for the company.</p>     REPORT            View Edit Delete
108688  PCG Entertainment 2015-07-03 17:02:00  2015-07-03 17:10:02  2015-07-03 17:10:02  PCG Entertainment filing lifts lid on China tech acquisition   PCG Entertainment filing lifts lid on China tech acquisition       pcg-entertainment-filing-lifts-lid-on-china-tech-acquisition-108688.html    <p> <a href="-##!##-/LON:PCGE/PCG-Entertainment/" class="companyPopupTrigger" rel="12413">PCG Entertainment</a> (<a href="-##!##-/LON:PCGE/PCG-Entertainment/" class="companyPopupTrigger" rel="12413">LON:PCGE</a>) will come back to the market a transformed company focused on the technology sectors in China.</p> <p> Listed last December but suspended since February, pending a big deal, it today gave some insight into its plans via a regulatory filing prior to relisting.</p> <p> It reveals that the mooted acquisition of Center Point Development Corp (CPDC), referred to in the company’s last investor presentation, is big enough to be deemed a reverse takeover.</p> <p> We learned from the stock exchange announcement that CPDC is profitable - which in turn would be transformational for PCG, which was set up to find and develop media and technology opportunities in the People’s Republic.</p> <p> The business being acquired provides payment systems and content used by gaming companies.</p> <p> CPG’s last investor presentation, delivered at the UK Investor Show in April, reveals that CPDC licenses online games management software.</p> <p> Exclusive agreements with major software producers will give “significant growth potential amongst online game operators across Asia”, it adds.</p> <p> “The board believes that our contacts and knowledge of the Asian gaming software markets also provide significant potential to acquire licences to distribute on behalf of additional software suppliers,” CPG told investors.</p> <p> The management accounts for 2014 reveal CPDC made a net profit of US$2.3mln.</p> <p> PCG, whose deputy chairman is serial entrepreneur Richard Poulden, has 10% stakes in Hainan Province-based firms HLC and HPC, which respectively own licences to run a sports lotto and online poker games.</p> <p> The chairman is Kung Min Lin, brother of Heng Jui Lin, CPDC’s sole shareholder and a major investor in PCG.</p> <p> The company will be led media entrepreneur Nick Bryant, who has worked for Sky and MBC in the Middle East.</p>   PCG Entertainment (LON:PCGE) will come back to the market a transformed company focused on the technology sectors in China. Listed last December but suspended since February, pending a big deal, it today gave some insight into its plans via a regulatory filing prior to relisting.  ARTICLE            View Edit Delete
108686  Proactiveinvestors 2015-07-03 16:22:00  2015-07-03 18:50:10  2015-07-03 16:24:23  Greeks needing cash are turning to Bitcoin  Greeks needing cash are turning to Bitcoin      greeks-needing-cash-are-turning-to-bitcoin-108686.html    <p> As the Greek people line up outside banks to withdraw a measly €60 a day, it may be worth noting that there is an alternative, Bitcoin.</p> <p> The online currency, which can be transferred safely and securely, has seen a huge influx in popularity in Greece in the last few weeks as the saga between the Syriza government and the country’s creditors has played out.</p> <p> New clients have flocked to BTCGreece, the only Greece-based Bitcoin exchange, with numbers up by 600% in the last few weeks according to its founder Thanos Marinos.</p> <p> On average, more than 150 clients have registered every day this week he said.</p> <p> Meanwhile, gold exchange traded funds (ETFs) have only seen holdings rise by 0.1% over the last week.</p> <p> Using Bitcoin allows the Greek people to transfer money out of their bank accounts if they wish, something the government had hoped to control.</p> <p> However, a self-imposed cap of €250 a day has been imposed on buying the online currency by Marinos’ BTCGreece, down from €1,000.</p> <p> The currency is preferable to gold because it allows people to spend it, but it is not fool-proof.</p> <p> Bitcoins can be bought from specialist exchanges free from central governments and banks, a strategy that has proved popular among Greeks in recent weeks as the Syrza government has put restrictions in place limiting the amount of money a person can withdraw.</p> <p> The value of a Bitcoin, however, a web-based digital currency, has yo-yoed since it was created six years ago.</p> <p> It peaked at over US$1,200 in late 2013 before tumbling 70% in less than a month.</p> <p> Still, it is a testament to the currency that in only a few years, it is already proving to be the safe-haven of choice, with gold, the traditional choice, becoming an afterthought in the modern age.</p> <p> Gold, which has a market estimated at more than US$2trn, is far bigger and more established than Bitcoin, which has a market capitalisation of around US$3.7bn, but investors seem less interest in the commodity recently.</p> <p> Greeks take to the polls to vote on Sunday to decide whether to accept bailout terms of the European Central Bank.</p>   New clients have flocked to BTCGreece, the only Greece-based Bitcoin exchange, with numbers up by 600% in the last few weeks according to its founder Thanos Marinos. On average, more than 150 clients have registered every day this week he said. Meanwhile, gold exchange traded funds (ETFs) have only seen holdings rise by 0.1% over the last week.  ARTICLE            View Edit Delete
108685  GOLD, SILVER & PRECIOUS METALS MARKET WRAP 2015-07-03 16:18:00  2015-07-03 16:19:13  2015-07-03 16:19:13  Gold nudges higher on China and Greece concerns  Gold nudges higher on China and Greece concerns      gold-nudges-higher-on-china-and-greece-concerns-108685.html    <p> With US markets being shut for Independence Day today, the gold price was always likely to remain in flux as it awaited direction.</p> <p> As Greeks prepare for a referendum on Sunday to vote whether or not to accept bailout terms of the European Central Bank, gold remained subdued.</p> <p> Overnight, worrying data from China failed to provide any impetus to the metal’s price.</p> <p> The Shanghai Composite posted its third consecutive week of losses this week, and registered the deepest three-week fall in 22 years with about US$2.8trn wiped off the index over the period.</p> <p> The news should have sent investors flooding into gold, but Joni Teves at <a href="-##!##-/NYSE:UBS/UBS/" class="companyPopupTrigger" rel="7840">UBS</a> says: “market participants have slowly built up safe haven positions over time and therefore the additional safe haven buying on the back of fresh catalysts would naturally be less than it would have been in previous years.”</p> <p> Gold was trading US$2 higher today at US$1,168. Silver was flat US$15.69, while platinum eased to US$1,079.</p> <p> Market movers</p> <p> <a href="-##!##-/LON:RRS/Randgold-Resources/" class="companyPopupTrigger" rel="3134">Randgold Resources</a> up 66p at 4,274p</p> <p> <a href="-##!##-/LON:FRES/Fresnillo/" class="companyPopupTrigger" rel="3441">Fresnillo</a> down 3p at 685p</p> <p> <a href="-##!##-/LON:AAL/Anglo-American/" class="companyPopupTrigger" rel="3117">Anglo American</a> down 13p at 906p</p>     REPORT            View Edit Delete
108681  Metal Tiger plc 2015-07-03 15:51:00  2015-07-03 16:34:21  2015-07-03 16:00:11  Metal Tiger’s Thailand venture warrants further exploration  Metal Tiger’s Thailand venture warrants further exploration      metal-tigers-thailand-venture-warrants-further-exploration-108681.html    <p> Metal Tiger (<a href="-##!##-/LON:MTR/Metal-Tiger-plc/" class="companyPopupTrigger" rel="10669">LON:MTR</a>) will start follow up work at its EPL 51/2557 acreage in Thailand after encouraging initial exploration findings.</p> <p> Soil sample assays indicate two anomalous areas, it said, highlighting there was gold in soil in the northern part of the area, whilst there was also antinomy and arsenic is coincident with a large scale regional structure.</p> <p> Chief executive <a href="-##!##-/NYSE:CAM/Cameron/" class="companyPopupTrigger" rel="5158">Cameron</a> Parry said: "We are very pleased by the findings of the interim exploration report on our Chanthaburi JV project in Thailand.&nbsp;</p> <p> “The presence of antinomy mineralisation bodes well for the prospectivity of the licence area.&nbsp;</p> <p> “And in addition to that, finding gold anomolies in the samples taken from the northern part of the licence, an area that has no previously known mineralisation, is particularly intriguing and a new area that we intend to follow up.</p> <p> “We look forward to providing more news in due course as Metal Tiger now increases the level of funding directed toward exploration work on our JV licence in Thailand based on these encouraging preliminary findings."</p>   Metal Tiger told investors that exploration findings from the EPL 51/2557 acreage in Thailand. The company said that an interim exploration report has now been filed by its partner in the venture. It comprises historic information, interpretation of remote sensing and reconnaissance mapping.   NEWS          View Edit Delete
108680  Wolf Minerals Limited 2015-07-03 14:45:00  2015-07-04 14:06:32  2015-07-03 15:04:17  Wolf Minerals set for splendid isolation as UK's only tungsten miner  Wolf Minerals set for splendid isolation as UK's only tungsten miner  tungsten, Devon,     wolf-minerals-set-for-splendid-isolation-as-uk-s-only-tungsten-miner-108680.html    <p> Tungsten miner Wolf Minerals (<a class="companyPopupTrigger" href="-##!##-/LON:WLFE/Wolf-Minerals-Limited/" rel="2944">LON:WLFE</a>) is on the verge of opening the UK’s first metal mine for 45 years.</p> <p> Wolf expects to sell the first tungsten from the Hemerdon pit in Devon in September after spending the last seven or so years developing it.</p> <p> When it launches, the mine will be the only one of its kind in Britain and one of only relatively few around the world.</p> <p> Wolf hopes to cash in on a global shortage of the hard and heavy metal.</p> <p> Tungsten is used in drill bits for the oil industry and DIY tools, ballpoint pens and traditional light bulbs.</p> <p> Managing director Russell Clark said Wolf could become a big player in tungsten mining.</p> <p> The industry is characterised by small producers rather than industrial giants.</p> <p> “There’s no big hairy gorilla in the middle of this,” he told Proactive Investors in an interview.</p> <p> London and Australia-listed Wolf floated on the ASX in 2007 with the original aim of mining tungsten in New South Wales.</p> <p> That approach failed and Clark’s predecessors &nbsp;started developing Hemerdon after deciding to switch focus to the UK.</p> <p> Clark took over in 2013 and oversaw fund-raising for the scheme, including £99.2mln raised in March 2014.</p> <p> The mine is estimated to have 35.7mln tonnes of reserves, which should provide at least 10 years of production.</p> <p> It is expected to turn out one lorry-load of tungsten a day, which will be shipped or sent by road and rail to processors in the US and Austria.</p> <p> Up to 500 people were needed to build the mine and it should employ about 200 when open.</p> <p> Wolf has liaised closely with councils and the Environment Agency to win planning consent and avoid delays.</p> <p> Clark said: "It is unusual for natural resource projects to come in on time and on budget."</p> <p> <strong>World needs one Hemerdon a year</strong></p> <p> Wolf says at least one new mine similar to Hemerdon will be needed each year to meet tungsten demand growth, which has outstripped rises in global GDP in each of the last 10 years.</p> <p> Hemerdon is expected to produce about 3.5% of forecast world demand next year.</p> <p> China dominates the world’s tungsten reserves and production, although there are smaller producers in Canada, North America, Spain and Vietnam.</p> <p> Cheap tungsten was expected to flood into the global market after the World Trade Organisation stopped Beijing imposing export quotas. The Chinese have moved to offset that with domestic production taxes.</p> <p> But Chinese producers are having to work harder to find high quality reserves of the metal in deeper and older mines.</p> <p> Tungsten prices have softened recently as the oil industry has reduced investment in drills and production equipment amid falling oil prices.</p> <p> But Wolf is confident that shortages of the metal will keep longer-term demand and prices buoyant.</p> <p> Most significant tungsten projects elsewhere are up to two years away from commercial production and some existing production is shutting down, it says.</p> <p> Clark says the company’s current focus is to get Hemerdon running efficiently and to start paying shareholder dividends.</p> <p> He hopes to invite a senior politician to officially open the plant in the autumn, although that has not yet been finalised.</p> <p> There is more exploration potential around the site and Wolf is not ruling out developing other speciality metal mines.</p> <p> “If we find the right opportunity somewhere else, we’ll certainly look at it,” Clark said.</p>   Wolf hopes to cash in on a global shortage of the hard and heavy metal, which is used in drill bits for the oil industry and DIY tools, ballpoint pens and traditional light bulbs. Managing director Russell Clark said it could be a big player in tungsten mining, which is characterised by a number of small producers rather than industrial giants.  ARTICLE            View Edit Delete
108678  OIL & GAS MARKET WRAP 2015-07-03 14:31:00  2015-07-03 14:37:16  2015-07-03 14:37:16  Oil report: Comfort at US$60 sees oil players return   Oil report: Comfort at US$60 sees oil players return   oil report    oil-report-comfort-at-us60-sees-oil-players-return-108678.html    <p> The recent strength in the oil price was bound to lure back players to the oil fields and as companies began to feel comfortable with a US$60 a barrel range, some decided to get back in the business.</p> <p> That put pressure on prices and in early trading on Friday, Brent crude was priced below US$62 with WTI less than US$57 a barrel.&nbsp;</p> <p> Twelve new oil rigs were added to US production last week, the first time we’ve seen an increase in seven months.</p> <p> The American oil rig count is now 640 according to the recently much watched <a href="-##!##-/NYSE:BHI/Baker-Hughes/" class="companyPopupTrigger" rel="6091">Baker Hughes</a> report.</p> <p> The oil price has held steady since April and it was only a matter of time until the rig market became active again. Producers around the world have implemented massive cuts in investment in the last year, as excess supply flooded the market.</p> <p> The danger now is a repeat of the boom and bust cycle if we don’t see strong economic and oil demand recovery. &nbsp;</p> <p> The US Energy Information Administration reported an unexpected rise in domestic oil stockpiles for the first time in nine weeks.</p> <p> Crude inventory is at its highest for this time of year according to the EIA.</p> <p> Any additional oil on the market will make investors nervous, as there’s been no significant cut in production in recent months.</p> <p> Analysts believe this break in the slowing downward trend will prove bearish for the market, at least in the short term as demonstrated with the close to 5% loss this week.</p> <p> While domestic supply is on the increase, exports of US condensate have doubled since the start of the year, with most shipments reportedly headed to Europe. &nbsp;</p> <p> <a href="-##!##-/LON:BP./BP/" class="companyPopupTrigger" rel="3120">BP</a> has reached a settlement worth more than US$18bn with the US Department of Justice to settle all claims from the 2010 Deepwater Horizon oil spill.</p> <p> The incident was one of the worst environment disasters in the US and the settlement will be one of the biggest paid by a single company.</p> <p> The deal needs federal approval, but most sides appeared to be in agreement and the company’s leaders welcomed the “path to closure.”&nbsp;</p> <p> A statement from <a href="-##!##-/LON:BP./BP/" class="companyPopupTrigger" rel="3120">BP</a> said, “the agreement with the states of Alabama, Florida, Louisiana, Mississippi and Texas also includes settlement of claims made by more than 400 local government entities.”</p> <p> The company’s CEO Bob Dudley, said, “This agreement will resolve the largest liabilities remaining from the tragic accident and enable <a href="-##!##-/LON:BP./BP/" class="companyPopupTrigger" rel="3120">BP</a> to focus on safely delivering the energy the world needs.”</p> <p> The payments would be stretched out over 18 years with some of the money being tax deductible. The market welcomed this news and added strength to <a href="-##!##-/LON:BP./BP/" class="companyPopupTrigger" rel="3120">BP</a>’s share price this week.&nbsp;&nbsp;&nbsp;&nbsp;</p> <p> The Iranian nuclear talks got an extended deadline after negotiators failed to strike a final deal.</p> <p> Both sides are optimistic that an agreement will be reached and while this is good news for the bigger geopolitical picture, the oil market is bracing itself for added supply.</p> <p> The Iranian energy industry will welcome a return to the market and international oil companies will begin seriously prospecting the region.</p> <p> The only downside is the additional hundreds of thousands of barrels that need to find a home in an already saturated global market and that will certainly pressure the fundamentals and impact the price further to the downside.</p> <p> Commerzbank has already warned, “if sanctions were to be eased, additional oil from Iran would flood onto the already oversupplied oil market.”</p> <p> Other investment banks are more cautious with Citi Research saying it would take at least 6 months before any oil would be exported.</p> <p> To many in this market, that’s just a matter of buying time, not solving the problem of medium term oversupply.&nbsp;</p> <p> The health of the European economy is being threatened by the standoff in Greece after the country missed its scheduled re-payment to the International Monetary Fund this week. The majority of Greek consumers appear to support their government’s decision but people are being immediately impacted as access to the banks has been curtailed.</p> <p> The bigger fear is the threat of contagion, as the prospect of Greece leaving the Eurozone looks more likely. This situation made investors nervous and had the financial markets in a state of flux all week as they worry about growth levels around Europe. &nbsp;</p> <p> The unexpected rise in American oil inventories caught the market by surprise this week, but it was only a matter of time before the rig count increased.</p> <p> Uncertainty, nervousness and volatility will rule the day for the rest of the summer as investors cautiously watch fundamental and geopolitical developments in the weeks ahead.</p>     REPORT            View Edit Delete
108677  Amur Minerals 2015-07-03 13:49:00  2015-07-03 16:25:51  2015-07-03 14:00:15  Alastair Ford Column: Signs of life in the AIM mining sector, but it's still a stock picker's market  Alastair Ford Column: Signs of life in the AIM mining sector, but it's still a stock picker's market  op-ed, mining, miners, amur, stocks and shares, investing    alastair-ford-column-signs-of-life-in-the-aim-mining-sector-but-it-s-still-a-stock-picker-s-market-108677.html    <p> It’s all doom and gloom in the mining space, right?</p> <p> Wrong.</p> <p> A quick examination of the AIM Basic Resources Index shows that it’s actually up by nearly 20% since the beginning of this year.</p> <p> Given that gold and copper have been trading flat, nickel is down, zinc has now given up most of its gains, platinum is weak and rare earths are dead in the water, that’s perhaps a surprising result.</p> <p> But there are good reasons for the upswing.</p> <p> First off, this rise is occurring off what is now a pretty low base, following four straight years in which the index fell by an average of around 30%.</p> <p> Most commentators would be very hesitant about calling any sort of recovery right now, but there has been a general consensus for months that we’re either at or near to the bottom.</p> <p> Six months into 2015, with several companies posting strong rises, that analysis looks increasingly attractive.</p> <p> What seems to have changed is not investors’ perception of weakness in the commodities and mining equities markets. That’s still there.</p> <p> Rather, there is an increasing willingness to reward good news. In the jargon, increased trading activity following news releases is termed a “liquidity event”, and what was noticeable about the blackest days of the bear market was that any sort of liquidity event would generate selling, no matter how positive the news.</p> <p> In other words, investors looking to sell out of the sector would sell into good news in the hope of gaining a marginally better price. But of course when the liquidity event was related to negative news, the sellers would come out in force too.</p> <p> So, no matter what sort of news a company put out, its shares were likely to go down.</p> <p> And in the face of that sort of market environment it’s hardly surprising that some simply battened the hatches and hunkered down to long periods of inactivity.</p> <p> This year’s rise in the AIM Basic Resources Index surely draws that phase of the cycle to a definitive close.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:AMC/Amur-Minerals/" rel="57">Amur Minerals</a> (<a class="companyPopupTrigger" href="-##!##-/LON:AMC/Amur-Minerals/" rel="57">LON:AMC</a>) is the standout example. The company has been waiting for various government permits to come through in Russia for so long that many investors had lost interest altogether.</p> <p> But when they finally came through in May and June the share price rocketed by more than 200%.</p> <p> This from a company with an asset in Russia, which is hardly flavour of the month as far as political risk is concerned.</p> <p> Other strong risers include <a class="companyPopupTrigger" href="-##!##-/LON:SXX/Sirius-Minerals/" rel="914">Sirius Minerals</a> (<a class="companyPopupTrigger" href="-##!##-/LON:SXX/Sirius-Minerals/" rel="914">LON:SXX</a>) and <a class="companyPopupTrigger" href="-##!##-/LON:CZA/Coal-of-Africa/" rel="228">Coal of Africa</a> (<a class="companyPopupTrigger" href="-##!##-/LON:CZA/Coal-of-Africa/" rel="228">LON:CZA</a>) - likewise both on permitting news - and Wolf Minerals (<a class="companyPopupTrigger" href="-##!##-/LON:WLFE/Wolf-Minerals-Limited/" rel="2944">LON:WLFE</a>) and <a class="companyPopupTrigger" href="-##!##-/LON:AUE/Aureus-Mining/" rel="1645">Aureus Mining</a> (<a class="companyPopupTrigger" href="-##!##-/LON:AUE/Aureus-Mining-/" rel="1645">LON:AUE</a>), which are both enjoying re-ratings as they transition from development stories into production.</p> <p> At this stage it’s perhaps worth pointing out that these are some of the largest companies on AIM and that they are all either in production or well advanced on the path to production. Amur, with its 830,000 tonnes of nickel in Siberia, is the least well developed, but its nickel is a known quantity and of a type that is much easier to process than most other new nickel deposits around the world.</p> <p> Other companies, with earlier stage assets, still remain relatively unloved, although even here there are growing signs that liquidity events will bring buyers as well as sellers to the table, as the recent example of <a class="companyPopupTrigger" href="-##!##-/LON:MARL/Mariana-Resources/" rel="602">Mariana Resources</a> (<a class="companyPopupTrigger" href="-##!##-/LON:MARL/Mariana-Resources/" rel="602">LON:MARL</a>) shows. Since the beginning of the year Mariana’s share price has risen by more than 40% as it continues to hit high grade copper and gold at its new project in Turkey.</p> <p> So are the good times here again?</p> <p> Not quite yet. A quick glance over at the big board should serve as a timely reminder that all is still not rosy in the garden.</p> <p> The FTSE Mining Index, which includes the supermajors <a class="companyPopupTrigger" href="-##!##-/LON:BLT/BHP-Billiton/" rel="3118">BHP Billiton</a> (<a class="companyPopupTrigger" href="-##!##-/LON:BLT/BHP-Billiton/" rel="3118">LON:BLT</a>) and <a class="companyPopupTrigger" href="-##!##-/LON:RIO/Rio-Tinto/" rel="2634">Rio Tinto</a> (<a class="companyPopupTrigger" href="-##!##-/LON:RIO/Rio-Tinto/" rel="2634">LON:RIO</a>), has declined by 8% since the start of the year, weighed down in particular by heavy exposures to bulk commodities such coal and iron ore.</p> <p> And Glencore (<a class="companyPopupTrigger" href="-##!##-/LON:GLEN/Glencore-International/" rel="3766">LON:GLEN</a>), whose leader Ivan Glasenberg for a time glorified in the soubriquet “the smartest guy on the block”, has seen its shares drop by nearly 15% as the market adjusted to an unexpected weakening of the copper price.</p> <p> This very definitely is a stock picker’s market rather than a bull market.</p>   It’s all doom and gloom in the mining space, right? Wrong. A quick examination of the AIM Basic Resources Index shows that it’s actually up by nearly 20% since the beginning of this year. Given that gold and copper have been trading flat, nickel is down, zinc has now given up most of its gains, platinum is weak and rare earths are dead in the water.   ARTICLE            View Edit Delete
108676  MID SESSION MARKET WRAP 2015-07-03 12:42:00  2015-07-03 12:53:34  2015-07-03 12:47:14  FTSE 100 struggles as China and Greece weigh  FTSE 100 struggles as China and Greece weigh      ftse-100-struggles-as-china-and-greece-weigh-108676.html    <p> London’s blue chip stocks were on the way down again today as investors worried were quick to de-risk ahead of the Greece referendum and big overnight losses in China.</p> <p> The Shanghai Composite posted its third consecutive week of losses, and registered the deepest three-week fall in 22 years.&nbsp;</p> <p> China’s main index fell 127 points to 3,786 despite government attempts to ease investor sentiment meaning about US$2.8trn wiped off the Composite in three weeks.</p> <p> Bernard Aw at IG said: “Besides a slew of official initiatives, including rate cuts and loosening of margin trading rules, the Chinese government has been buying into A-Share this week, in a bid to stabilise the domestic markets.&nbsp;</p> <p> He said, however, that steps to shore up the equity markets appeared to have done little to stem the bearish tide.</p> <p> At the heart of the recent sell-off is deleveraging.</p> <p> Since much of the China bull-run was driven by a surge in margin trading, the unwinding of margin loans saw the unravelling of the bull market.&nbsp;</p> <p> This, Aw said, is why the government eased margin rules late Wednesday, allowing brokers to ‘reasonably’ rollover margin debts.</p> <p> However, “For now” Aw said “the mood is verging on panic.”</p> <p> As a result of the worrying events in China, miners led the way lower on the FTSE 100.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:AAL/Anglo-American/" rel="3117">Anglo American</a> (<a class="companyPopupTrigger" href="-##!##-/LON:AAL/Anglo-American/" rel="3117">LON:AAL</a>) and <a class="companyPopupTrigger" href="-##!##-/LON:BLT/BHP-Billiton/" rel="3118">BHP Billiton</a> (<a class="companyPopupTrigger" href="-##!##-/LON:BLT/BHP-Billiton/" rel="3118">LON:BLT</a>) were the biggest fallers, easing 2.5% to 895p and 1,241p respectively, while <a class="companyPopupTrigger" href="-##!##-/LON:RIO/Rio-Tinto/" rel="2634">Rio Tinto</a> (<a class="companyPopupTrigger" href="-##!##-/LON:RIO/Rio-Tinto/" rel="2634">LON:RIO</a>), down 2% to 2,580p, was also languishing near the bottom of the index.</p> <p> Unsurprisingly then, the FTSE 100 was 25 points lower at lunch to 6,604 as news from China, coupled with uncertainty, as Greek citizens get ready for a referendum, hurt the index.</p> <p> The vote, which takes place on Sunday, will decide on whether to accept bailout terms and is too close to call according to reports.</p> <p> It wasn’t all doom and gloom however as Ashtead (<a class="companyPopupTrigger" href="-##!##-/LON:AHT/Ashtead-Group/" rel="3280">LON:AHT</a>) led the risers, climbing 1.4% to 1,074p.</p> <p> Shares were back on the up after falling yesterday following a note from Merrill Lynch which suggested that <a class="companyPopupTrigger" href="-##!##-/NYSE:URI/United-Rentals/" rel="7399">United Rentals</a> (Ashtead’s main competitor in the US) would likely have to cut capital spending in reaction to the strong dollar and its impact in US manufacturing.</p> <p> Away from the index, Optimal Payments (<a class="companyPopupTrigger" href="-##!##-/LON:OPAY/Optimal-Payments-PLC/" rel="4087">LON:OPAY</a>) revealed trading to end June remained strong as it continues to head to London's main market and FTSE 250. Shares jumped 16% to 254p.</p> <p> In small cap news,&nbsp;troubled software group&nbsp;<a class="companyPopupTrigger" href="-##!##-/LON:UBI/Ubisense/" rel="3851">Ubisense</a>&nbsp;(<a class="companyPopupTrigger" href="-##!##-/LON:UBI/Ubisense/" rel="3851">LON:UBI</a>) issued another profit warning after more contract delays in its solutions arm. Shares lost 11% to 98p.</p> <p> Meanwhile, Secure payments expert&nbsp;<a class="companyPopupTrigger" href="-##!##-/LON:ECK/Eckoh/" rel="303">Eckoh</a>’s (<a class="companyPopupTrigger" href="-##!##-/LON:ECK/Eckoh-/" rel="303">LON:ECK</a>) proposed £88mln takeover of customer service provider Netcall (<a class="companyPopupTrigger" href="-##!##-/LON:NET/Netcall-plc/" rel="670">LON:NET</a>) has fallen through.</p> <p> Shares in&nbsp;<a class="companyPopupTrigger" href="-##!##-/LON:ECK/Eckoh/" rel="303">Eckoh</a> only&nbsp;lost 1.8% on the news to 39p, however, Netcall’s shares dropped almost 10% to 49p.</p> <p> Conversely, Phorm Corp (<a class="companyPopupTrigger" href="-##!##-/LON:PHRM/Phorm-Inc./" rel="777">LON:PHRM</a>), the global&nbsp; internet technology firm, rose over 13% to 2.4p as investors hailed second quarter results, which showed higher revenues in Russia.</p> <p> The company, which previously attracted criticism in the UK from privacy advocates, seems to have found acceptance in the US and Russia markets for its Internet ad-targeting platform.</p>     REPORT            View Edit Delete
108675  MOST FOLLOWED COMPANIES 2015-07-03 12:26:00  2015-07-03 12:32:47  2015-07-03 12:32:47  Most followed: Greek referendum, Chinese mis-selling, Ferrexpo, Golden Saint Resources  Most followed: Greek referendum, Chinese mis-selling, Ferrexpo, Golden Saint Resources  trending    most-followed-greek-referendum-chinese-mis-selling-ferrexpo-golden-saint-resources-108675.html    <p> The US is on holiday today, preparing for the fireworks and brouhaha that always accompanies its Independence Day celebrations.</p> <p> There are expected to be a few fireworks in Greece over the weekend too, albeit of the figurative kind. The outcome of the nation’s referendum on whether it should accept the EU’s bailout terms remains too close to call.</p> <p> Since the referendum was announced, things have moved on and, as many pundits have observed, the Greeks will probably be voting on a set of a set of proposals that are no longer on the table.</p> <p> German chancellor Angela Merkel has said there will be no further debt negotiations with Greece until the outcome of the referendum is known, but the International Monetary Fund has muddied the waters somewhat by saying that Greece needs debt relief of around €50bn - €60bn; had it made this pronouncement earlier, debt negotiations could have taken a very different course.</p> <p> Meanwhile, in China, the securities regulator has launched an investigation into suspected stock market manipulation. The regulator is investigating whether parties have been mis-selling financial products, the state news agency Xinhua reported.</p> <p> It is almost as if China is following the blueprint for Western capitalism a little too closely.</p> <p> Corporate news flow in London is on the light side, leaving the field clear for some or the smaller companies to grab a bit of attention.</p> <p> When a quarterly report on iron pellet production is one of the most heavily viewed stock market news items, you know it is a slow news day. Having said that, iron ore producer <a href="-##!##-/LON:FXPO/Ferrexpo/" class="companyPopupTrigger" rel="3468">Ferrexpo</a> (<a href="-##!##-/LON:FXPO/Ferrexpo/" class="companyPopupTrigger" rel="3468">LON:FXPO</a>) did enjoy a record month, with the output of premium 65% Fe pellets reaching 89% of volumes.</p> <p> A little bit more glamorous is Golden Saint’s (<a href="-##!##-/LON:GSR/Golden-Saint-Resources/" class="companyPopupTrigger" rel="719">LON:GSR</a>) quarterly operational update, where the focus is on a girl’s best friend: shoes.</p> <p> No, make that diamonds.</p> <p> The company revealed that in June it recovered the following diamonds: one 2.25 carat white diamond; one 2.62 carat white diamond; one 4.41 carat diamond; one 3.12 carat white diamond; eighty-nine carats of small diamonds under 0.5 carat.</p> <p> To make that news even more interesting, you can try singing it to the tune of “Twelve Days of Christmas”.</p> <p> The company has the shareholder perk to top all shareholder perks, which is the chance to buy diamonds from the company at a discount through its Diamond Club.</p> <p> The company said its Diamond Club event in Perth – that’s the one in Western Australia, rather than the one in Scotland – generated A$32,600 in confirmed sales, with several expressions of interest in purchase still being pursued.</p>     REPORT            View Edit Delete
108656  Eco Animal Health Group Plc 2015-07-03 07:49:00  2015-07-03 12:20:03  2015-07-03 07:52:02  UPDATE - Eco Animal hails "excellent" year as Aivlosin sales flourish  UPDATE - Eco Animal hails "excellent" year as Aivlosin sales flourish  hens, chickens, pigs    update-eco-animal-hails-excellent-year-as-aivlosin-sales-flourish-108656.html    <p> <strong>---adds broker comment----</strong></p> <p> Momentum behind Eco Animal Health (<a class="companyPopupTrigger" href="-##!##-/LON:EAH/Eco-Animal-Health-Group-Plc/" rel="304">LON:EAH</a>) continues to grow as it posted an "excellent" set of full year numbers, with sales of Aivlosin - its flagship antibiotic for pigs and poultry - continuing to expand.</p> <p> Marketing authorisations have now been obtained in nearly all the major markets, the veterinary products group said, and worldwide sales in the year to end March were up over 30%.</p> <p> Significantly, in North America, which accounts for more than a third of the potential world market for the molecule, sales trebled in the year.</p> <p> "We are well positioned to build on our excellent start in this important market," said Peter Lawrence, the group's executive chairman.</p> <p> It all added up to pre-tax profit being up 38% on the year to £5.1 million (2014: £3.6mln) on sales up 22% to £39mln compared to £31.9mln in 2014.</p> <p> EBITDA (Earnings before interest, tax, depreciation and amortisation were £8.61mln against £7.05mln previously.</p> <p> Cash from operations also increased, reaching £7.2mln at the year end, an increase of 16%, while EPS rose 57%.</p> <p> A second interim dividend of 3 pence per share will be paid in October.</p> <p> "The company is now realising the commercial benefit from the considerable investment it has made over many years in the intellectual property inherent in Aivlosin," said Lawrence.</p> <p> In China, the subsidiary, which was established over a decade ago, had another successful year with sales rising 8 % in sterling, or 10 % in local currency, he added.</p> <p> There was a significant upturn in business in Mexico and key tenders were also won in Brazil.</p> <p> The company also significantly recently won approvals for both Aivlosin and Ecomectin&nbsp; in the United Arab Emirates, it noted.</p> <p> Eco also highlighted the recent marketing authorisation granted by the FDA in the US for the use of Aivlosin in pigs as very significant.</p> <p> "The new financial year has started well with revenue maintaining momentum. I look forward with confidence to ECO delivering another impressive performance when the interim results for the first six months of trading are announced," said Lawrence.</p> <p> House broker Peel Hunt said it was leaving its forecasts unchanged for now, but added there was "clearly upwards potential given the strong sales performance and the healthy level of forward orders".</p> <p> "The global market for pigs and poultry is expected to grow by c10% to over $1.5bn by 2018," noted analyst Charles Hall, who rates the shares a 'buy'.</p> <p> "Despite the focus on reducing antibiotic use, particularly as growth promoters, the overall market is expected to continue to grow due to increased demand for protein and greater industrialisation of farming," he added.</p> <p> The broker targets 330p for the shares, which is 30p higher than where they are now.</p> <p> Since the beginning of the year, the stock has performed well, rising 42.5%.</p>   Momentum behind Eco Animal Health (LON:EAH) continues to grow as it posted an "excellent" set of full year numbers, with sales of Aivlosin - its flagship antibiotic for pigs and poultry - continuing to expand. Marketing authorisations have now been obtained in nearly all the major markets, the veterinary products group said, and worldwide sales in the year to end March....  ARTICLE            View Edit Delete
108655  Central Asia Metals 2015-07-03 11:53:00  2015-07-03 18:42:20  2015-07-03 07:44:38  UPDATE: Central Asia still set to beat 2014 production numbers in spite of mechanical glitch  UPDATE: Central Asia still set to beat 2014 production numbers in spite of mechanical glitch  Investment, copper, stocks and shares, Central Asia    update-central-asia-still-set-to-beat-2014-production-numbers-in-spite-of-mechanical-glitch-108655.html    <p> <strong>-- ADDS BROKER COMMENT AND UPDATED SHARE PRICE --</strong></p> <p> The ongoing impact of Central Asia’s (<a class="companyPopupTrigger" href="-##!##-/LON:CAML/Central-Asia-Metals-/" rel="3828">LON:CAML</a>) expansion plans was laid bare when the company released production numbers for the six months to June 2015 which showed an improvement of almost 7% on the corresponding period a year ago.</p> <p> In the second quarter of 2015 Central Asia’s Kounrad copper project in Kazakhstan produced 3,093 tonnes of cathode copper, bringing total production for the first half up to 5,444 tonnes.</p> <p> Last year Central Asia completed an expansion of its boiler house capacity, enabling it to treat higher volumes of copper in solution during the winter months in Kazakhstan, which can be particularly severe.</p> <p> Broker Peel Hunt said: “The boilers that were installed in 2014 have done their job in sustaining higher temperatures and hence flow rates of raffinate back onto the dumps.”</p> <p> This, it said, has allowed stronger first half production compared with 2014.</p> <p> It’s not all good news, however.</p> <p> Following on from the recent news that there had been a fault in the solvent extraction unit at Kounrad, the company has now revised down its overall production target for 2015 from 13,000 tonnes of copper to 12,000 tonnes.</p> <p> At present, the solvent-extraction electro-winning plant is running at only 45% capacity, and although the relevant new parts have been ordered, the company’s best estimate is that the overall circuit won’t get back to running at design capacity till early September.</p> <p> In spite of all that, as chief executive Nick Clarke pointed out, Central Asia still looks set this year to beat the 11,136 tonnes of production delivered in 2014.</p> <p> He also pointed out that the incident was “the first such interruption in the plant’s production.”</p> <p> Peel Hunt also adds that the figure is only slightly below its current estimate of 12,150 tonnes and said: “given management’s track record since initial commissioning, we are comfortable with our implied small beat.”</p> <p> And the market, it seems, has already taken that on board.</p> <p> This is a company that has consistently under-promised and over-delivered. On the day that news of the incident broke the shares managed to gain 2p to 177p, suggesting that at this stage investors are prepared to be pretty forgiving.</p>   The ongoing impact of Central Asia’s (LON:CAML) expansion plans was laid bare when the company released production numbers for the six months to June 2015 which showed an improvement of almost 7% on the corresponding period a year ago. In the second quarter of 2015 Central Asia’s Kounrad copper project in Kazakhstan produced 3,093 tonnes of cathode copper.  NEWS          View Edit Delete
108673  Golden Saint Resources 2015-07-03 11:11:00  2015-07-03 18:40:13  2015-07-03 11:25:41  Golden Saint hauls in 100 carats worth of diamonds in June  Golden Saint hauls in 100 carats worth of diamonds in June      golden-saint-hauls-in-100-carats-worth-of-diamonds-in-june-108673.html    <p> Golden Saint Resources (<a class="companyPopupTrigger" href="-##!##-/LON:GSR/Golden-Saint-Resources/" rel="719">LON:GSR</a>) found more than 100 carats worth of diamonds at its bulk sampling programmes in Baja and Tongo in June.</p> <p> The haul included a 4.41 carat diamond and a 3.12 carat white diamond.</p> <p> Golden Saint also announced it has received A$32,600 (£15,729) in confirmed sales from its Diamond Club event last month.</p> <p> Cyril D'Silva, executive chairman said:&nbsp;&nbsp;“Sales of Golden Saint's diamonds at the Diamond Club is&nbsp;now generating revenue for Golden Saint and I believe it is an exceptional way to promote the company.”</p> <p> The Diamond Club offers up the company’s diamonds to all shareholders at a 30% discount to the likely retail price.</p> <p> “The board is confident that if the company hosts these events on a regular basis and in different locations, the circle of interest in the Company's growing inventory of diamonds will be widened” D’Silva said.</p>   “Sales of Golden Saint's diamonds at the Diamond Club is now generating revenue for Golden Saint and I believe it is an exceptional way to promote the company.” “The board is confident that if the company hosts these events on a regular basis and in different locations, the circle of interest in the Company's growing inventory of diamonds will be widened”   NEWS          View Edit Delete
108672  PHORM DI 2015-07-03 11:02:00  2015-07-03 11:11:46  2015-07-03 11:08:34  Phorm finds favour in Russia and the US  Phorm finds favour in Russia and the US  privacy, ad targeting,     phorm-finds-favour-in-russia-and-the-us-108672.html    <p> Internet advertising technology firm Phorm (<a class="companyPopupTrigger" href="-##!##-/LON:PHRM/Phorm-Inc./" rel="777">LON:PHRM</a>) has built an audience swiftly in the US since launching its service in April.</p> <p> The company, which in the previous decade attracted criticism in the UK from privacy advocates, seems to have found acceptance in the US and Russia markets for its Internet ad-targeting platform.</p> <p> Since launching in April, Phorm now has access, on average, to 42.4mln daily unique users in the US, which means the service is already proving more popular than it is in Russia, where the average number of daily unique users in the second quarter was 35.5mln, up from 31.5mln in the first quarter.</p> <p> Nevertheless, the company expressed delight at the fast growth rate in Russia, as the number of average daily unique users has almost tripled in a year.</p> <p> Total revenues in Russia in the second quarter totalled 29.0mln roubles, compared to 15.7mln roubles in the previous quarter.</p> <p> China is next on the agenda for Phorm, and the company confirmed that discussions are progressing with a number of local players in the market about a potential partnership.</p> <p> Shares in Phorm were up by a quarter in mid-morning trading at 2.66p but have lost three-quarters of their value year-to-date.</p>   Internet advertising technology firm Phorm (LON:PHRM) has built an audience swiftly in the US since launching its service in April. The company, which in the previous decade attracted criticism in the UK from privacy advocates, seems to have found acceptance in the US and Russia markets for its Internet ad-targeting platform.   NEWS          View Edit Delete
108671  Eckoh 2015-07-03 10:41:00  2015-07-03 10:47:47  2015-07-03 10:47:47  Eckoh's £88mln Netcall bid fails as major shareholder rejects deal  Eckoh's £88mln Netcall bid fails as major shareholder rejects deal      eckoh-s-88mln-netcall-bid-fails-as-major-shareholder-rejects-deal-108671.html    <p> Secure payments expert <a href="-##!##-/LON:ECK/Eckoh/" class="companyPopupTrigger" rel="303">Eckoh</a>’s (<a href="-##!##-/LON:ECK/Eckoh-/" class="companyPopupTrigger" rel="303">LON:ECK</a>) proposed £88mln takeover of customer service provider Netcall (<a href="-##!##-/LON:NET/Netcall-plc/" class="companyPopupTrigger" rel="670">LON:NET</a>) has fallen through.</p> <p> In a statement, <a href="-##!##-/LON:ECK/Eckoh/" class="companyPopupTrigger" rel="303">Eckoh</a> said one of Netcall’s major shareholders failed to support the acquisition leaving both sides “disappointed” that a deal could not be struck.</p> <p> The proposal, which was announced last month alongside <a href="-##!##-/LON:ECK/Eckoh/" class="companyPopupTrigger" rel="303">Eckoh</a>’s end of year results, was expected to provide significant cost savings to the combined company.</p> <p> <a href="-##!##-/LON:ECK/Eckoh/" class="companyPopupTrigger" rel="303">Eckoh</a> had offered 1.25 shares and 13p cash for each Netcall share, equivalent to almost 64p per share.</p> <p> The Hemel Hempstead-based companies&nbsp;said at the time that the deal represented a "highly complementary fit for both businesses, offering strategic and financial synergies".</p> <p> Shares in <a href="-##!##-/LON:ECK/Eckoh/" class="companyPopupTrigger" rel="303">Eckoh</a> lost 1.25% on the news to 39p while Netcall dropped almost 7% to 51p.</p>   Secure payments expert Eckoh’s (LON:ECK) proposed £88mln takeover of customer service provider Netcall (LON:NET) has fallen through. In a statement, Eckoh said one of Netcall’s major shareholders failed to support the acquisition leaving both sides “disappointed” that a deal could not be struck.  NEWS          View Edit Delete
108666  K&C Reit 2015-07-03 09:00:00  2015-07-03 15:06:34  2015-07-03 09:13:00  K&C REIT: A capital way into London's residential market  K&C REIT: A capital way into London's residential market  property, london. residential, stocks and shares, real estate investment trust, reit, capital    kc-reit-a-capital-way-into-london-s-residential-market-108666.html    <p> AIM welcomed the first real estate investment trust focused solely on the Central London residential market as trading in <a class="companyPopupTrigger" href="-##!##-/LON:KCR/K%26amp%3BC-Reit/" rel="12562">K&amp;C Reit</a> (LON:KRC) shares got underway earlier.</p> <p> The company, which raised £3.57mln at 10p, is serial property entrepreneur Tim James’s latest venture.</p> <p> Some will remember him as the driving force behind Gander Holdings, one of the junior market’s founding members, although his career and successes span more than four decades.</p> <p> K&amp;C will use it its real estate investment trust (REIT) structure to minimise the capital gains bill incurred when special purpose vehicles (SPVs) created to acquire properties decide to sell up.</p> <p> James also thinks he can negotiate a discount on the price of the assets he purchases by offering to complete any transaction in just six weeks.</p> <p> SPVs can take months if not years to liquidate their assets.</p> <p> “These companies are marooned when they want to sell because their profits are so great,” the K&amp;C boss explained.</p> <p> “By the time they pay all the tax, that lovely piece of Chelsea or Stoke Newington property is worth 60p in the pound. So they [vendors] are completely marooned.</p> <p> “K&amp;C is an app for the property business which <a class="companyPopupTrigger" href="-##!##-/NASDAQ:GOOG/Google/" rel="4934">Google</a> would buy if it was an Internet app.”</p> <p> So, the scenario is win-win. The vendor forks out less to the tax man, while K&amp;C gets a cut of that saving.</p> <p> Looked at another way, K&amp;C will be getting its hands on prime residential properties at a discount to the normal market rate because of its REIT structure.</p> <p> Not just that, because the deal is effectively a shares based transaction, stamp duty is 0.5% rather than the 5-10% that would normally be charged.</p> <p> K&amp;C, which is chaired by former Sportingbet boss Nigel Payne, is actively targeting homes it can develop, which provides a quick and easy uplift to valuations.</p> <p> Many potential sellers have been monitoring the firm’s progress towards IPO. So, K&amp;C has letters of intent for properties worth more than £40mln - and it was quick off announcing its mark first deal on listing this morning.</p> <p> It has agreed to acquire Silcott Properties, valued at £4mln, for just £3.63mln. Silcott owns 25&nbsp;Coleherne Road, in Chelsea, home to 10 studio apartments. It also owns three smaller properties.</p> <p> Moving forward, the plan is to fund future acquisitions from cash, debt and equity.</p> <p> As it grows, K&amp;C will come back to the market to tap investors.</p> <p> Limitations imposed on it because of its REIT status, mean K&amp;C is unlikely to gear up as heavily as some of its competitors, so the loan-to-value ratio is unlikely to nudge much above 40%.</p> <p> But that REIT status is a boon for income investors as 90% of declared profit must be paid out in dividends.</p> <p> Because of the way it purchases its stock of housing, K&amp;C is targeting over time a rental yield in the order of 5% - that’s two full points above the average for to Central London properties.</p> <p> Eventually, James hopes to build a £500mln property empire - although the £100mln mark is the first staging post.</p> <p> “We open the market. By opening the market we give institutional and private investors the opportunity to get into an asset class they couldn’t ordinarily get into – which is residential central London,” the K&amp;C chief executive said.</p>   AIM welcomed the first real estate investment trust focused solely on the Central London residential market as trading in K&C REIT (LON:KRC) shares got underway earlier. The company, which raised £3.57mln at 10p, is serial property entrepreneur Tim James’s latest venture.   ARTICLE            View Edit Delete
108670  Centrica 2015-07-03 10:13:00  2015-07-03 14:04:40  2015-07-03 10:39:42  Stewart Dalby Column: Will Britain's fracking revolution ever happen?  Stewart Dalby Column: Will Britain's fracking revolution ever happen?  fracking, UK    stewart-dalby-column-will-britain-s-fracking-revolution-ever-happen-108670.html    <p> Earlier this week, the Lancashire County Council rejected a bid by the energy company Cuadrilla to start drilling and fracking (fracture stimulation) to extract gas on the Fylde coast in Lancashire at the village of Little Plumpton, between Preston and Blackpool.</p> <p> An application to start a fracking operation at Roseacre Wood, also in Lancashire, was similarly rejected on June 23, even though the county council’s planning officials recommended both projects be given approval.</p> <p> The latest decision is obviously a disappointment for Cuadrilla, partly owned by <a class="companyPopupTrigger" href="-##!##-/LON:CNA/Centrica/" rel="3440">Centrica</a> (<a class="companyPopupTrigger" href="-##!##-/LON:CNA/Centrica/" rel="3440">LON:CNA</a>), which has been banned from fracking since 2011 when two of its wells were felt to have caused small earthquakes near Blackpool.</p> <p> It is also a set-back for the supporters of the controversial fracking process, which involves pumping chemicals and lots of water into a well to break up the shale rocks and extract the gas.</p> <p> Supporters thought approval in Lancashire would amount to the equivalent of a starting gun shot for a so-called shale revolution in which the UK would replicate the one in the US.</p> <p> This single development has led to a sharp fall in the price of gas and brought about a renaissance in industrial in investment because of lower American energy costs as well as reduced the country’s dependence on foreign imports of oil.</p> <p> Judy Hobson, the BBC North West Tonight environment correspondent, commenting on the Preston decisions said: “Anti-fracking campaigners are celebrating but this decision does not spell the end of fracking in the North West or the UK.</p> <p> “The government could overrule the decision - and this government is committed to establishing a shale gas industry.”</p> <p> Well, maybe it might happen elsewhere in UK but probably not in the Home Counties in the south of England any time soon.</p> <p> The Weald Basin is described as the UK’s second largest belt of shale after the Bowland. It covers the South Downs National <a class="companyPopupTrigger" href="-##!##-/NYSE:PKE/Park/" rel="7421">Park</a>, which stretches across East Sussex, West Sussex and parts of Hampshire, the Surrey Hills and High Weald areas of outstanding national beauty.</p> <p> There is an important difference between the Bowland and the Weald Basins, however, and that is, while the Bowland contains mostly gas, the Weald Basin is oil prone.</p> <p> Oil is a more difficult sell to environmentalists than gas. Extracting oil is a far messier business than pumping gas. Also, oil is more potent as a fossil fuel than gas in terms of carbon emissions, particularly when used as a transport fuel. This makes an unpopular fuel for many.</p> <p> It can also be notoriously difficult to estimate how much oil is in-place and especially to know how much of the “in-place” oil is recoverable.</p> <p> Doubts about recovery rates can encourage oil companies to frack under the belief that it can greatly increase output; and this makes oil doubly unpopular.</p> <p> Horse Hill is a case in point. There has been a lot excitement about the recent Horse Hill discovery, which is three kilometres from Gatwick airport in the Surrey/ West Sussex border area, and it is in the Weald Basin.</p> <p> It has been estimated there could be 9.2bn barrels of in oil-in-place, with broader estimates in a range between 3.1bn and 17bn barrels. This would, on the face of it, make Horse Hill a world class discovery.</p> <p> But Horse HiIl is a complex multi- zoned hybrid play. Hybrid plays in the US typically have recovery rates of between three and 15%. They also typically, in part at least, include shale. That usually involves fracking.</p> <p> David Lenigas, chairman of UKOG, the biggest UK listed stakeholder in Horse Hill with 20%, has repeatedly said that fracking is not on the agenda for Horse Hill. But what if the conventional drilling does not work?</p> <p> Here the argument takes an interesting twist and turn. About a year ago now&nbsp; the British Geological Society (BGS), with the enthusiastic backing of the government, said there could indeed be oil in them there hills under Surrey, Kent and Sussex. But geologists say it is doubtful how much is recoverable and no–one should expect a bonanza.</p> <p> The BGS report said there could be between 2bn and 8bn barrels of oil-in-place, with a best, mean case of 4bn barrels.</p> <p> Robert Gatliff, director of energy and marine geo-science at the BGS, said extraction rates are likely to be no higher than 10%, which would be equivalent to 100th of the amount of North Sea oil already extracted.</p> <p> He added that there was no evidence to support the existence of shale gas in the Weald Basin. “It won’t be a big bonanza,” he explained.</p> <p> Andrew Aplin, the professor of earth sciences at Durham University, went further: “Data from the US suggests that, at best, only 5% of the oil may be extracted from shale.</p> <p> “Since neither the rock nor the oil is of optimal quality in the Weald, we might estimate that 1% of the Weald oil resource might be recoverable.”</p> <p> He calculated that this equated to 50mln barrels, or a few months of UK consumption and concluded: “From a national perspective, this seems to be a rather small prize.”</p> <p> Of course, success at Horse Hill could change all this, but not for a long time.</p> <p> In the meantime there is the consideration that, if there are real doubts about recovery rates, is it worth the disruption?</p> <p> And this is before we look at the potential environmental damage, or the political unpopularity that would follow the controversial decision to drill.</p> <p> Remember the context. Many, if not most councillors in Sussex and Surrey, are usually conservative in the traditional sense of the word, that is conservative with a small “c”.</p> <p> No-one wants to insult the charms and attractions of Lancashire, but as colleague Jamie Ashcroft put it when writing about Horse Hill: “In the countryside of Surrey, Sussex, Hampshire and Kent, building a housing development can be difficult enough never mind an oilfield.</p> <p> “With its rolling hills, farmland and castles the area remains very much an archetypal image of England’s green and pleasant land.”</p> <p> Following the demonstrations at Balcombe last year, which were livelier and more violent than those in Lancashire, there have been two rejections of fracking proposals in Sussex.</p> <p> The South Downs National <a class="companyPopupTrigger" href="-##!##-/NYSE:PKE/Park/" rel="7421">Park</a> Authority (SDNPA) threw out an application from Celtique Energie for a drill that could have led to a frack at the picturesque village at Fernhust in West Sussex.</p> <p> A second at Wisborough Green, also in West Sussex, was rejected by the West Sussex Council on the grounds that the traffic carrying the equipment would cause too much disruption. I suspect they will not be the last rejections in the area.</p>   Earlier this week, the Lancashire County Council rejected a bid by the energy company Cuadrilla to start drilling and fracking (fracture stimulation) to extract gas on the Fylde coast in Lancashire at the village of Little Plumpton, between Preston and Blackpool.  ARTICLE            View Edit Delete
108669  BP 2015-07-03 09:55:00  2015-07-03 10:03:07  2015-07-03 10:01:54  Risk-v-reward favours US bonds ahead of fireworks  Risk-v-reward favours US bonds ahead of fireworks      risk-v-reward-favours-us-bonds-ahead-of-fireworks-108669.html    <p> American markets may be closed for the Independence Day holiday but investors ought to own US Treasuries ahead of this weekend’s fireworks, according to <a class="companyPopupTrigger" href="-##!##-/NYSE:UBS/UBS/" rel="7840">UBS</a> strategist Themos Fiotakis.</p> <p> He says as the Greek population prepare to poll the country’s European future the risk-reward in the market favours long positions in US government debt, as well as German Bunds.</p> <p> “Relative to current levels, and adjusted for the probability of contagion due to GRexit, we find that risks are not priced symmetrically,” he said in a note.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:BP./BP/" rel="3120">BP</a>’s (<a class="companyPopupTrigger" href="-##!##-/LON:BP./BP-/" rel="3120">LON:BP.</a>) US$1bn-a-year legal settlement with the Americans is, on balance, a good outcome to a tricky situation, according to Jefferies.</p> <p> The oil ‘supermajor’ yesterday revealed the US$18.7bn settlement, which will be paid over 18 years.</p> <p> Analyst Jason Gammel, in a note, said: “The settlement should resolve <a class="companyPopupTrigger" href="-##!##-/LON:BP./BP/" rel="3120">BP</a>'s largest remaining legal exposures while also providing clarity on costs and timing of payment.”</p> <p> Jefferies repeated a ‘buy’ recommendation with a 480p price target, suggesting around 10% upside to the current price.</p> <p> JP Morgan Cazenove upgraded <a class="companyPopupTrigger" href="-##!##-/LON:BP./BP/" rel="3120">BP</a> to ‘overweight’ from ‘neutral’. The American investment bank also upgraded aerospace and defence engineering group <a class="companyPopupTrigger" href="-##!##-/LON:COB/Cobham/" rel="3216">Cobham</a> (<a class="companyPopupTrigger" href="-##!##-/LON:COB/Cobham/" rel="3216">LON:COB</a>) to ‘overweight’ from ‘neutral’.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:INVP/Investec/" rel="2991">Investec</a> warmed to property website Rightmove (<a class="companyPopupTrigger" href="-##!##-/LON:RMV/Rightmove-Group/" rel="3562">LON:RMV</a>) which was upgraded to ‘hold’ from ‘sell’.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:BA./BAE-Systems/" rel="3215">BAE Systems</a> (<a class="companyPopupTrigger" href="-##!##-/LON:BA./BAE-Systems/" rel="3215">LON:BA.</a>) is now a ‘buy’, according to <a class="companyPopupTrigger" href="-##!##-/NYSE:UBS/UBS/" rel="7840">UBS</a>, which said the aerospace group’s from the economic cycle is attractive.</p> <p> <a class="companyPopupTrigger" href="-##!##-/NYSE:UBS/UBS/" rel="7840">UBS</a>, meanwhile, has turned negative on Firstgroup (<a class="companyPopupTrigger" href="-##!##-/LON:FGP/FirstGroup-/" rel="3193">LON:FGP</a>) because the coach and rail group’s cash flow remains below its peers. The Swiss bank cuts to ‘sell’ from ‘neutral’.</p>   American markets may be closed for the Independence Day holiday but investors ought to own US Treasuries ahead of this weekend’s fireworks, according to UBS strategist Themos Fiotakis. He says as the Greek population prepare to poll the country’s European future the risk-reward in the market favours long positions in US government debt, as well as German Bunds.  ARTICLE            View Edit Delete
108674  Anglo American 2015-07-03 09:22:00  2015-07-03 13:00:25  2015-07-03 12:31:48  Platinum demand may be flattened by electric cars   Platinum demand may be flattened by electric cars   platinum    platinum-demand-may-be-flattened-by-electric-cars-108674.html    <p> Don’t expect the shine to return to the platinum industry any time soon, <a class="companyPopupTrigger" href="-##!##-/NYSE:DB/Deutsche-Bank/" rel="7150">Deutsche Bank</a> has warned.</p> <p> Strikes and weak global demand have taken a heavy toll on the price already but the German bank warned today of another threat in the shape of electric cars and their impact on exhaust catalyst demand.</p> <p> <a class="companyPopupTrigger" href="-##!##-/NYSE:DB/Deutsche-Bank/" rel="7150">Deutsche Bank</a> predicts demand for platinum and its associated metals rhodium and palladium will grow at 1.1% a year compound or half the historic rate.</p> <p> “The rising market share of electric vehicles, increasing recycling volumes and the current raft of supply additions (enough to offset depletion), should lead to "marginal cost" prices,” it predicts.</p> <p> Things improve by the middle of the next decade, but only due to the reduction in capacity as uneconomic mines close.</p> <p> Deutsche sees electric vehicles nearing an inflection point as they reach cost-parity with conventional vehicles.</p> <p> Electrics may have 20% of the market by 2030, though growth in hydrogen fuel cell-powered cars that contain a relatively high amount of platinum group metals may provide some respite.</p> <p> Indeed, recycling of used catalysts means the auto industry will be a net supplier of platinum until 2020 and be almost self-sufficient until 2030 even with demand rising by 1.5Moz of platinum.</p> <p> As little as 300,000 oz may be required to meet this additional demand by 2030, adds DB.</p> <p> It expects a cumulative market deficit of 100–300,000 ounces over the next seven years, “essentially a balanced market”.</p> <p> <a class="companyPopupTrigger" href="-##!##-/LON:AAL/Anglo-American/" rel="3117">Anglo American</a> division Amplats (<a class="companyPopupTrigger" href="-##!##-/LON:AAL/Anglo-American/" rel="3117">LON:AAL</a>) is &nbsp;its preferred stock due to the quality of its asset base and the ability to streamline its portfolio.&nbsp;</p>   Don’t expect the shine to return to the platinum industry any time soon, Deutsche Bank has warned. Strikes and weak global demand have taken a heavy toll on the price already but the German bank warned today of another threat in the shape of electric cars and their impact on exhaust catalyst demand.  ARTICLE            View Edit Delete
108665  LONDON OPEN 2015-07-03 08:58:00  2015-07-03 09:07:31  2015-07-03 09:01:34  FTSE 100 opens lower ahead of Greece's referendum on Sunday  FTSE 100 opens lower ahead of Greece's referendum on Sunday      ftse-100-opens-lower-ahead-of-greece-s-referendum-on-sunday-108665.html    <p> London’s blue chip stocks opened pretty flat this morning as the much-anticipated Greece referendum takes place this weekend.</p> <p> With US markets shut today for Independence Day, Greece is still very much the focus following Tuesday's missed IMF payment.</p> <p> The vote, which takes place on Sunday, will decide on whether to accept bailout terms and is too close to call according to reports.</p> <p> Stan Shamu at IG said: “In a nutshell, both the yes and no vote seem to bear significant risks for global markets.</p> <p> “A yes vote risks seeing Greece plunge into fresh political chaos. Even if we get a yes vote, this means the country must go back to the negotiation table and try to knock something together again.”</p> <p> Meanwhile, Asian markets saw red overnight with the&nbsp;Shanghai Composite Index in China falling 127 points to 3,786 despite Government attempts to ease investor sentiment.</p> <p> The fall means the Shanghai Composite is heading for its biggest three week drop since 1992 with about US$2.8trn wiped off the index over the period.</p> <p> Meanwhile in the UK, the FTSE 100 was 8 points lower to 6,622 as investors continue to flee risk ahead of the Greece referendum.</p> <p> Leading the way higher was <a class="companyPopupTrigger" href="-##!##-/LON:BP./BP/" rel="3120">BP</a> (<a class="companyPopupTrigger" href="-##!##-/LON:BP./BP-/" rel="3120">LON:BP.</a>) as uncertainty was removed as it reached a £12bn settlement over the disastrous 2010 Gulf of Mexico oil spill.</p> <p> The agreed sum, to be spread over 18 years, is with the US Department of Justice and is reportedly the largest amount paid by a single company in US history.</p> <p> The oil giant’s shares were near the top of the index today, climbing 1.2% to 443p.</p> <p> Meanwhile, <a class="companyPopupTrigger" href="-##!##-/LON:RBS/Royal-Bank-of-Scotland/" rel="3428">Royal Bank of Scotland</a> (<a class="companyPopupTrigger" href="-##!##-/LON:RBS/Royal-Bank-of-Scotland/" rel="3428">LON:RBS</a>) was a big faller after reports surfaced that the bank is facing a US$13bn claim for its actions before the 2008 financial crisis. Shares dropped 1.4% to 361p.</p> <p> Elsewhere, Optimal Payments (<a href="http://www.proactiveinvestors.co.uk/LON:OPAY/Optimal-Payments-PLC/">LON:OPAY</a>) revealed trading to end June remained strong as it continues to head to London's main market and FTSE 250. Shares jumped 10% to 241p.</p> <p> In small cap news, <a class="companyPopupTrigger" href="-##!##-/LON:PXS/Provexis/" rel="823">Provexis</a>&nbsp;(<a class="companyPopupTrigger" href="-##!##-/LON:PXS/Provexis/" rel="823">LON:PXS</a>) revealed it has raised £280,000 of new capital through crowdfunding.</p> <p> The AIM quoted group sold 62.2mln new shares via PrimaryBid.com, priced at 0.45p each, a 22% discount to Thursday’s closing price. Shares eased 14.5% on the news to 0.5p.</p> <p> Elsewhere, troubled software group&nbsp;<a class="companyPopupTrigger" href="-##!##-/LON:UBI/Ubisense/" rel="3851">Ubisense</a>&nbsp;(<a class="companyPopupTrigger" href="-##!##-/LON:UBI/Ubisense/" rel="3851">LON:UBI</a>) issued another profit warning after more contract delays in its solutions arm. Shares lost 13% to 96p.</p>     REPORT            View Edit Delete

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