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Sparks Team
22 March 2019 · 2 min read

JPMorgan Global Convertibles Income Fund (JGCI); NAV total return of -5.69%

Board will seek to maintain the targeted annual dividend of 4.5p/Sh, resulting in a yield of 5.3% on the share price prevailing at period-end, in the absence of unforeseen circumstances

For the six months ended 31 December 2018, the JPMorgan Global Convertibles Income Fund reported total return on net assets stood at -5.7% vs. -3.4% from its benchmark, the Bloomberg Barclays Global Convertibles Credit Rate Sensitive Index. The total return to shareholders was -6.8%, as the discount of the share price to NAV widened over the six-month period from 3.6% to 6.0%.

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Sparks Team
22 March 2019 · 2 min read

Amur Minerals Corp (AMC); extends maturity date on convertible loan facility and undertakes further

The net proceeds of the further advance will be used for the development of the Kun-Manie project

Amur Minerals has extended the maturity date on the convertible loan facility of up to $10m to 20 March 2020, along with a further advance of $500,000 that will be immediately drawn down by the company. The company will also issue the investors with 10,902,956 warrants with an exercise price of 3.76p per share.

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21 March 2019 · 3 min read

Brexit: EU can do it if you really want…

Prospects of an orderly exit receding but no-deal remains less likely than extension

Alastair George, Chief Investment Strategist

The obstacle in the way of the amended Withdrawal Agreement (“the deal”), a document supported by both the EU and PM May, remains the UK Parliament. However, in our view, those accusing the UK Parliament of irresponsibility may as well level that charge at the institution of parliamentary democracy, described famously as the worst form of government except for all the others. While the currently chaotic scenes may be unnerving, there appears little appetite for compromising long-standing UK democratic principles, arcane or not. A week is a long time in UK politics and the prospects of an orderly exit on schedule are now clearly receding, compared to our earlier thoughts. Even so, an extension to Article 50 remains more likely than no-deal or Article 50 revocation and a way out of the impasse is also within the EU’s power.

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Ryan Long
21 March 2019 · 2 min read

Base Resources (BSE); reports robust PFS for Toliara

Ore will be extracted at Toliara using the lowest cost dry mining method, a dozer-trap mining unit

Base Resources has completes its pre-feasibility study (PFS) at the Toliara Heavy Mineral Sands Project, located in Madagascar. The PFS returned a robust post-tax NPV10 of US$671m with an IRR of 22.4%.

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Paul Hickman
21 March 2019

Ted Baker (TED); putting a brave face on its prospects

Management notes consumer uncertainty, discounting in many global markets, and bad weather in North America

Ted Baker, which must now embrace a future without its founder Ray Kelvin, is putting a brave face on its prospects.

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Sparks Team
21 March 2019

Game digital (GMD); has delivered a solid H1 trading performance

Higher profits and tight working capital management also helped to drive an £11.9m year-on-year increase in net cash

Against a backdrop of weak consumer confidence and a well-flagged low point in the console gaming cycle, GMD has delivered a solid H1 trading performance. GTV reduced by 1.4%, with growth in content and accessories offset by an ongoing managed decline in preowned games and a reduction in hardware and events revenue. However, both like-for-like GTV and the group gross margin remained broadly flat and this, combined with further material operating cost savings, helped to deliver EBITDA growth of 21.7% to £25.8m.

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21 March 2019

Shore Capital Group (SGR); PBT falls 11.1% to £4.1m for 2018

Total dividends were 10.0p

Shore Capital released its preliminary results for 2018 today. Revenue increased 3.4% to £43.3m, while basic EPS decreased 3.8% to 12.6p. Total dividends were 10.0p. Increased revenues have allowed further investment in the capital markets and asset management divisions.

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Sparks Team
21 March 2019 · 2 min read

Chemring Group (CHG); posts trading update reporting that full-year expectations remain unchanged

The group now expects a more significant H2 weighting to revenue

In Chemring’s recent trading update the group reports that full-year expectations remain unchanged; however, the group now expects a more significant H2 weighting to revenue, a strong underlying operating profit and increases in cash.

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Elaine Reynolds
20 March 2019 · 2 min read

Orinduik resource upgrade for Eco Atlantic offshore Guyana

Company adds mainly Tertiary prospects to portfolio

A CPR carried out for Eco Atlantic by Gustavson Associates LLC has increased the gross prospective resources (P50) in its Orinduik Block, offshore Guyana, from 2,913mmboe to 3,981mmboe. The new figure was assessed after taking into account ExxonMobil’s Hammerhead Tertiary discovery, together with the processing and interpretation of 2,550km2 3D seismic acquired in 2017.

The bulk of the increase is due to the addition of five new leads, of which four, Jethro, Jethro Ext, Joe and HH are all targeting the Tertiary.

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Sparks Team
20 March 2019 · 3 min read

IQE (IQE); posts FY 2018 results

Gross profit declines to £37.5m from £38.8m

For the year ended 31 December 2018, IQE announced that consolidated revenue increased 1% to £156.3m without the recognition of any license income. PBT was £14.0m, whereas fully diluted EPS was 1.38p for this period. Adjusted operating profit declined year on year to £16m in 2018 from £26.5m.

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