Proactiveinvestors United Kingdom New Britain Palm Oil Limited https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom New Britain Palm Oil Limited RSS feed en Sat, 25 May 2019 07:52:22 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - New Britain Palm Oil soars on news of Sime Darby takeover bid ]]> https://www.proactiveinvestors.co.uk/companies/news/62550/new-britain-palm-oil-soars-on-news-of-sime-darby-takeover-bid-73093.html New Britain Palm Oil (LON:NBPO) saw shares race to the top of the Footsie leaderboard on Thursday as Malaysian group Sime Darby has made a £1.1 bn takeover offer for the firm

Shares raced up over 74%  as the news of the all cash offer was announced.

The Malaysian giant is offering 715p a share for New Britain - that's an 85% premium to last night's closing price.

The New Britain board plans to unanimously recommend the bid to shareholders. The move will bolster the Malaysian conglomerate's position in Europe, where demand for sustainable palm oil is growing.

NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea.

It has around 80,000 hectares of planted oil palm estates and more than 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture; 12 oil mills; two refineries, one in Papua New Guinea and and one in Liverpool in the UK.

It also has a a seed production and plant breeding facility. 

Antonio Monteiro de Castro, chairman, said: "The offer will provide an opportunity for all shareholders to realise their investment in NBPOL at an attractive valuation and we also believe it represents a positive outcome for our employees, our customers and other stakeholders."

Broker Liberum rates New Britain a 'buy' following the news, targeting a price of 715p a share, saying it believes the offer was likely to be successful.

It noted that last week week Sime Darby had said it had not decided to proceed further on the proposed acquisition of New Britain. 

"We believe that Sime Darby made this new decision to proceed with the offer following the receipt of written confirmation from the PNG Prime Minister that the offer is not  contrary to PNG's national interest," said the broker.

DekelOil (LON:DKL) which operates a crude palm oil processing facility in Ivory Coast, saw shares rise over 7% on the news.

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Thu, 09 Oct 2014 11:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/62550/new-britain-palm-oil-soars-on-news-of-sime-darby-takeover-bid-73093.html
<![CDATA[News - New Britain Palm Oil oversold, says Liberum ]]> https://www.proactiveinvestors.co.uk/companies/news/42268/new-britain-palm-oil-oversold-says-liberum--50440.html

New Britain Palm Oil (LON:NBPO) has been oversold following a 43% drop in the value of the stock over the past three months, according to Liberum Capital.

Restating its ‘buy’ advice following today’s market update, which revealed a 12% fall in quarterly sales, the City broker also repeated its ultra-bullish 750 pence a share price target.

At 9am the shares were trading 485 pence, down 15 pence or 3% after the quarterly figures.

This prompted Liberum to make an earnings downgrade for full-year 2012 to 37 cents a share from 43 cents.

However it added: “We believe palm oil prices are oversold and see New Britain shares as a geared play on palm oil prices. 

“We acknowledge the shares may remain depressed until such a recovery in the commodity price is seen and that this may take until the first half of 2013.”


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Fri, 16 Nov 2012 09:07:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/42268/new-britain-palm-oil-oversold-says-liberum--50440.html
<![CDATA[News - New Britain Palm Oil headwinds continue after disappointing interims, says broker ]]> https://www.proactiveinvestors.co.uk/companies/news/39524/new-britain-palm-oil-headwinds-continue-after-disappointing-interims-says-broker-47192.html

Daniel Stewart & Co has reiterated its ‘sell’ recommendation for New Britain Palm Oil (LON:NBPO), following weak results today for the first half to end-June 2012. 

Revenue in the period fell to US$366.1 million from US$403.9 million a year earlier, while pretax profit dropped to US$66.4 million from US$121.9 million.

The results were hit by a combination of lower palm oil prices, a 20 percent year-on-year appreciation of the local currency of Papua New Guinea, where its plantations are based, against the US dollar and unseasonably strong rains particularly during the first quarter.

Daniel Stewart’s Edward Hugo already highlighted in a report earlier this year that NBPO is facing a number of headwinds, with the abnormal weather conditions only the latest adverse development.

“Our FY’12 forecasts are already the lowest in the market and we feel the current premium to other palm oil producers is unjustified. With downgrades from other brokers likely, we maintain our SELL recommendation,” Hugo said.  

He has a 657 target price on the stock, which plummeted 17.2 percent today to trade at 687 pence by 1.45 pm.

Phil Carroll at Shore Capital acknowledged the disappointing results, but said he continues to be positive on the palm oil story and still has NBPO as a ’hold’. 

In the case of NBPO, as stated previously, 2012 is a transition year so it is more about its prospects in 2013 “and to our minds, this remains the case”, the analyst said.

Looking to the full year, following discussions with management Carroll expects to be downgrading his forecast for adjusted pretax profit from US$205.4 million to US$100-105 million. 

The company expects production to normalise in the fourth quarter and is looking at streamlining the cost base so NBPO should be in a better position at the beginning of the 2013 full-year, the analyst believes. 

In terms of the crude palm oil price, the medium term fundamentals look positive, in his view, with a declining stock-to-use rate and robust demand.


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Wed, 22 Aug 2012 13:46:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39524/new-britain-palm-oil-headwinds-continue-after-disappointing-interims-says-broker-47192.html
<![CDATA[News - New Britain Palm Oil buys remaining 20 pct of Kula Palm Oil ]]> https://www.proactiveinvestors.co.uk/companies/news/35114/new-britain-palm-oil-buys-remaining-20-pct-of-kula-palm-oil-41911.html New Britain Palm Oil (LON:NBPO) has now acquired the remaining 20 per cent of Kula Palm Oil Ltd (KPOL) from the Independent Public Business Corp of Papua New Guinea (IPBC).

It had completed the acquisition of an 80 per cent stake in the business in April 2010, when it was still called CTP Ltd.

NBPO has paid 3,337,147 new company shares for the minority stake.

The company is still negotiating the acquisition of an additional minority shareholding from New Ireland Development Corp in another NBPO subsidiary, Poliamba Ltd. 

NBPO is considering the issuance of additional new shares to a trust, New Britain Nominees Ltd, which will hold them for transfer to Papua New Guinea landowners in imminent and future land acquisitions.

Further announcements will be made in due course.

NBPO is a large scale producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea.

It has over 78,000 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture.

The company operates twelve oil mills, two refineries - one in Papua New Guinea and one in Liverpool - and a seed production and plant breeding facility.

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Wed, 25 Apr 2012 08:26:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/35114/new-britain-palm-oil-buys-remaining-20-pct-of-kula-palm-oil-41911.html
<![CDATA[News - New Britain Palm Oil headwinds continue after disappointing interims, says broker ]]> https://www.proactiveinvestors.co.uk/companies/news/39523/new-britain-palm-oil-headwinds-continue-after-disappointing-interims-says-broker-47191.html Daniel Stewart & Co has reiterated its ‘sell’ recommendation for New Britain Palm Oil (LON:NBPO), following weak results today for the first half to end-June 2012. 

Revenue in the period fell to US$366.1 million from US$403.9 million a year earlier, while pretax profit dropped to US$66.4 million from US$121.9 million.

The results were hit by a combination of lower palm oil prices, a 20 percent year-on-year appreciation of the local currency of Papua New Guinea, where its plantations are based, against the US dollar and unseasonably strong rains particularly during the first quarter.

Daniel Stewart’s Edward Hugo already highlighted in a report earlier this year that NBPO is facing a number of headwinds, with the abnormal weather conditions only the latest adverse development.

“Our FY’12 forecasts are already the lowest in the market and we feel the current premium to other palm oil producers is unjustified. With downgrades from other brokers likely, we maintain our SELL recommendation,” Hugo said.  

He has a 657 target price on the stock, which plummeted 17.2 percent today to trade at 687 pence by 1.45 pm.

Phil Carroll at Shore Capital acknowledged the disappointing results, but said he continues to be positive on the palm oil story and still has NBPO as a ’hold’. 

In the case of NBPO, as stated previously, 2012 is a transition year so it is more about its prospects in 2013 “and to our minds, this remains the case”, the analyst said.

Looking to the full year, following discussions with management Carroll expects to be downgrading his forecast for adjusted pretax profit from US$205.4 million to US$100-105 million. 

The company expects production to normalise in the fourth quarter and is looking at streamlining the cost base so NBPO should be in a better position at the beginning of the 2013 full-year, the analyst believes. 

In terms of the crude palm oil price, the medium term fundamentals look positive, in his view, with a declining stock-to-use rate and robust demand.


 

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Wed, 01 Jan 1992 01:00:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/39523/new-britain-palm-oil-headwinds-continue-after-disappointing-interims-says-broker-47191.html