Brand CEO Alan Green talks Seaford Head, Patisserie Holdings (CAKE), Carclo (CAR) and Tertiary Minerals (TYM) on the Vox Markets podcast

Brand Communications CEO Alan Green discusses the heat, Seaford Head, Patisserie Holdings #CAKE, Carclo #CAR and Tertiary Minerals #TYM with Justin Waite on the Vox Markets podcast. The interview starts at 14 minutes in.

Prostate-specific membrane antigen PET-MRI validation of MR textural analysis for detection of transition zone prostate cancer? – Feedback (FDBK)

Feedback (FDBK) – Prostate-specific membrane antigen PET/MRI validation of MR textural analysis for detection of transition zone prostate cancer? Source                               

Bates A, et al. Eur Radiol. 2017.

OBJECTIVES: To validate MR textural analysis (MRTA) for detection of transition zone (TZ) prostate cancer through comparison with co-registered prostate-specific membrane antigen (PSMA) PET-MR.

METHODS: Retrospective analysis was performed for 30 men who underwent simultaneous PSMA PET-MR imaging for staging of prostate cancer. Thirty texture features were derived from each manually contoured T2-weighted, transaxial, prostatic TZ using texture analysis software that applies a spatial band-pass filter and quantifies texture through histogram analysis. Texture features of the TZ were compared to PSMA expression on the corresponding PET images. The Benjamini-Hochberg correction controlled the false discovery rate at <5%.

RESULTS: Eighty-eight T2-weighted images in 18 patients demonstrated abnormal PSMA expression within the TZ on PET-MR. 123 images were PSMA negative. Based on the corrected p-value of 0.005, significant differences between PSMA positive and negative slices were found for 16 texture parameters: Standard deviation and mean of positive pixels for all spatial filters (p = <0.0001 for both at all spatial scaling factor (SSF) values) and mean intensity following filtration for SSF 3-6 mm (p = 0.0002-0.0018).

CONCLUSION: Abnormal expression of PSMA within the TZ is associated with altered texture on T2-weighted MR, providing validation of MRTA for the detection of TZ prostate cancer.

KEY POINTS: Prostate transition zone (TZ) MR texture analysis may assist in prostate cancer detection. • Abnormal transition zone PSMA expression correlates with altered texture on T2-weighted MR. • TZ with abnormal PSMA expression demonstrates significantly reduced MI, SD and MPP.

Copyright © 2017 The Royal College of Radiologists. All rights reserved.

Original article link here

Animalcare grows as Blur Group burns cash

Animalcare Group ANCR – Enters into a conditional share purchase agreement to acquire the entire issued share capital of European animal health company Ecuphar NV. The consideration for the Acquisition is structured on a consolidated Animalcare/Ecuphar Enlarged Issued Share Capital ratio of 37:63 (after taking into account dilution from certain Animalcare incentive arrangements), and will be satisfied through the issue of shares & cash to the Ecuphar vendors. The cash component will be satisfied in part through a placing of approximately 8.6m new shares (representing approx 40.4% of the existing share capital) to raise gross proceeds of not less than £30m, with the balance (of £4m) to be funded by existing cash held by the Group. The number of shares to be issued to the vendors of Ecuphar, will be determined following completion of the placing.

Blur Group BLUR – Continues to burn cash in its update today, cash balances at 31 May of $1.14m. Trading since 31 Dec 2016 has been in line with expectations, with finals from Blur due on 29 June 2017. As a result of the current cash balances, the company are sounding out new and existing potential cornerstone investors and evaluating alternative sources of near-term funding, which may or may not be forthcoming, within the next three to six weeks. If alternative sources of financing are not available the board would be required to take action to protect the interests of creditors and which could result in the value attributable to shareholders being severely reduced or becoming nil.

Trinity Exploration TRIN – Following the difficulties of 2015 and 2016, Trinity now has a clear strategic focus going forward, which is to grow reserves and production to maximise the cash flow from our assets while achieving a market value that is more reflective of underlying assets and business. Production has declined significantly from average levels of 3,600 barrels of oil per day in 2014 to current levels of approximately 2,500 bopd due to a lack of investment. The funding required to stabilise operations and recommence value extraction from the asset base was received in January, the primary focus during H1 has been to initiate essential maintenance and upgrades to infrastructure and to sustain base production levels whilst undertaking parallel planning activities to grow production across the portfolio from a range of; workovers, swabbing, re-activations, re-completions and new infill drilling.

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Aerospace industry taxis out for take-off

As a part time aviation buff, I probably take more note than others of the comings and goings at the Paris Air Show. The mood this year was very upbeat, with European Civil Aerospace very much in the ascendency.

Although demand remains healthy, the very nature of the industry structure means there are a relative a small number of major manufacturers. This doesn’t mean the manufacturers can monopolise – far from it. Pricing remains competitive in civil aviation, and means that company boardrooms have a constant battle to maintain margin.

After ferrying new French President Macron to open the Paris Air Show, Airbus (EPA: AIR) announced a deal for 100 single-aisle A320neo planes in its first big move, a real coup considering the firm is constantly battling US giant Boeing for orders amid burgeoning competition from China. This will create years of work for the global workforce. It’s thought that the firm had firm commitments for some $11bn worth of planes.

Not to be outdone, Boeing (NYSE: BA) unveiled plans for a newer and bigger version of its 737 Max aircraft, more or less declaring war on Airbus in the market for narrow-body passenger jets.

Boeing announced firm orders for more than 45 planes worth some $5.4bn. Buyers included Ryanair, China’s Okay Airways and the Aviation Capital Group leasing company. Pledges for a further 83 planes could be worth as much as $9.3bn.

However, with huge order backlogs for both firms, new orders aren’t perhaps the all important share price drivers that some might think. Airbus has accused Boeing of discounting narrow-body prices to win back market share, putting downward pressure on its suppliers. In addition aviation technology group Safran (EPA: SAF) has accused Pratt & Whitney, owned by United Technologies Corp (NYSE: UTX) of discounting engines in competition against the General Electric / Safran LEAP engine.

While it can be argued that the CA aftermarket industry offers greater upside risk than the aircraft manufacturers themselves, the low oil price means it makes greater economic sense to keep older planes in service, providing a welcome boost for the industry future. This view is lent further credence by upbeat forecasts from several companies, including UTC, Aero Systems, GE and Honeywell, who all said their 2017 aftermarket sales could be better than expected. And with the number of new planes coming off warranty, this looks set to continue.

So in summary, investing in the aircraft manufacturers directly, or the aftermarket industry looks to be a fairly safe place for your money. Emerging markets continue to fulfil the aircraft sales quota, while maintaining planes out of warranty is looking increasingly lucrative for the future. It might even be said that rather than taxiing out to the runway, the industry is awaiting clearance for take-off!

Go-ahead Group Lagging

Go-Ahead Group GOG is lagging behind in too many areas although it is doing its best to cover the weak spots. The pre close trading statement for t he year to 1st July claims that expectations for the full year are unchanged and the balance sheet is robust. Regional buses showed mixed growth in passenger journeys with some ares being strong and some weak.Passenger numbers and revenue growth were slightly subdued. Full year like for like growth in revenue is expected to be 1% but mileage is expected to be down 1.5%

Full year like for like figures showed passenger revenue up 3% and 4.5% in South Eastern and London Midland  but down 4%  in GTR. Passenger journeys fell by 4% in both South Eastern and London Midland and up by a tiny 0.5% in South eastern. It does not need a mathematics wizard to work out that these appear to illustrate prices rising whilst passenger journeys fall, which is not the best way to run a railway.

Chemring Group CHG Has restored its interim dividend  for the half year to the  30th April, with a payment of 1p per share. Operational and financial performance continued to improve and revenue for the half year rose from £180m. to£ 249.6m. Last years underlying loss before tax of £4m was turned into a profit of £11.3m. On a statutory basis loss before tax fell from last year’s £16.8m to £6.8m and return on sales rose to 6.9% from 2.1%. However the order book at half time was down from £591m to £556.

Frontier Development FDEV expects to report a rise in operating  profit of over 500% to £7.2m for the year to the 3rd May. Revenue is also expected to be slightly ahead of previous guidance with a rise of 75%.

Latham (James) plc LTHM reports good trading results for tjhe year to 31st March and an increase in the final dividend to 10.85p, up from last years 10.3p. Pre-tax profit was £13.8m, up £0.9m from £12.9m last year. Since the year end, revenue in April and May has shown a like for like rise of 3%

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Cadence Minerals (KDNC) – Significant results from Yangibana North resources expansion drilling announced by Hastings Technology Metals

Cadence Minerals (AIM/NEX: KDNC; OTC: REMMY) is pleased to report that Hastings Technology Metals Limited, Cadence’s 70% joint venture partner in the Yangibana Neodymium Project in Western Australia, has announced significant results from Yangibana North resources expansion drilling to extend mine life.

The full Hastings release is available at: .


  • First assay results from 2017 drilling at Yangibana North and Fraser’s received
  • Holes at Yangibana North tested southern, deeper extension to the known deposit
  • Best intersections include:-

6m at 3.86%TREO including 0.91% Nd2O3+Pr6O11

6m at 3.81%TREO including 0.88% Nd2O3+Pr6O11,

8m at 2.17%TREO including 0.52% Nd2O3+Pr6O11,

3m at 5.24%TREO including 1.40% Nd2O3+Pr6O11, and

3m at 4.54%TREO including 1.20% Nd2O3+Pr6O11

  • Holes at Fraser’s tested northern extension to the known deposit
  • Best intersections include:-

5m at 1.39%TREO including 0.68% Nd2O3+Pr6O11, and

1m at 2.11%TREO including 0.81% Nd2O3+Pr6O11

Details of Ownership

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.

For further information please contact  
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce  
James Bavister  
Square1 Consulting +44 (0) 207 929 5599
David Bick  
Brian Alexander  

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

About Cadence Minerals:

Cadence is dedicated to smart investments for a greener world. The planet needs rechargeable batteries on a global scale – upcoming supersized passenger vehicles, lorries and buses – require lithium and other technology minerals to power their cells. Cadence is helping find these minerals in new places and extracting them in new ways, which will meet the demand of this burgeoning market. With over £35 million vested in key assets globally, Cadence is helping us reach tomorrow, today.

Cadence invests across the globe, principally in lithium mining projects. Its primary strategy is taking significant economic stakes in upstream exploration and development assets within strategic metals. We identify assets that have strategic cost advantages that are not replicable, with the aim of achieving lower quartile production costs. The combination of this approach and seeking value opportunities allows us to identify projects capable of achieving high rates of return.

The Cadence board has a blend of mining, commodity investing, fund management and deal structuring knowledge and experience, that is supported by access to key marketing, political and industry contacts. These resources are leveraged not only in our investment decisions but also in continuing support of our investments, whether it be increasing market awareness of an asset, or advising on product mix or path to production. Cadence Mineral’s goal is to assist management to rapidly develop the project up the value curve and deliver excellent returns on its investments.

Buy Carclo (CAR) says VectorVest – This plastics manufacturer offers a quality and enduring investment opportunity

Ossett-based Carclo Plc (CAR.L), together with its subsidiaries, designs and manufactures technical plastic products. The company operates in two segments, Technical Plastics and Precision Products. The Technical Plastics segment engages in the designing and manufacturing of close tolerance plastic components for the automotive, medical-optical and teletronics industries. The Precision Products segment provides designing and manufacturing of a range of lighting and control systems for the automotive and aerospace industries. The company also offers applied research into the digital printing of conductive metals onto plastic substrates. The company operates primarily in the UK, North America, the Czech Republic, and the People’s Republic of China.

On June 6th, CAR published FY year results for the year ended 31 March 2017. FY PBT more than doubled to £10.5m (2016: £3.9m) on revenues 16.2% higher at £138.3m. Underlying operating margin increased by 60bps from 8.4% to 9.0%, while EPS rose to 11.5 pence (2016: 3.3 pence). CAR reported a strong order book and momentum into the new financial year, prompting upbeat comments from Chairman Michael Derbyshire: “Having exited the year with record order intake and pipeline, we remain on course to deliver strong improvements in returns over the coming years to our shareholders.”

This exceptionally strong improvement in numbers had already been flagged up by the VectorVest stock screening system as far back as the January trading update. Flags from the system include the VST -Vector master indicator that ranks every stock in the VectorVest database. The VST metric logs CAR at 1.25, which is excellent on a scale of 0.00 to 2.00. Also the VectorVest GRT (Earnings Growth Rate), which reflects one to three year forecasted earnings growth in percent per year, currently shows forecasted GRT for CAR of 21.00%, which again VectorVest considers to be excellent. In terms of valuation, VectorVest logs a current rating of 212p per share, indicating CAR is currently undervalued at its current 167p.


The chart of CAR.L is shown above using a weekly candlestick format. As always the green line study above the price charts the VectorVest calculated valuation of the share while the blue line study is the earnings per share (EPS). The share has been consolidating within a five wave ascending triangular formation for the last three years. In this time EPS has grown significantly. The share is on a VectorVest Buy signal and is nearing a breakout of the ascending triangle for the fourth time. Markets normally break on the fourth attempt and with the improved fundamentals a breakout looks highly probable. The technical target from the breakout would be around 240p.

Summary: Regular readers of my articles will note that I am a fan of companies such as Carclo that manufacture a diverse range of fixtures and fittings covering a wide range of industries and applications. Trifast is another similar example discussed here several times previously. Those readers will also note that VectorVest metrics flagged the opportunity at CAR long before the spike higher in the share price that has taken place over the past few weeks. This diversity and impressive growth in cash generation marks out CAR as a quality and enduring investment opportunity, despite the recent share price movement. Buy.

Dr David Paul

June 21st 2017

Readers can examine trading opportunities on CAR and a host of other similar stocks for a single payment of £5.95. This gives access to the VectorVest Risk Free 5-week trial, where members enjoy unlimited access to VectorVest UK & U.S., plus VectorVest University for on-demand strategies and training. Link here to view.

FREE! For free VectorVest analysis on any stock, go to this link here

VectorVest Unisearch

On VectorVest a simple search using the Unisearch tool will quickly find shares that are undervalued with good fundamentals that have just issued a Buy recommendation. This will give the active trader a short list of many high probability trading opportunities each week. Traders now have the opportunity to spend five weeks discovering VectorVest’s unique simplicity, automation and independent guidance. Just £5.95 buys a 5 week trial to enable deep exploration, or how the system can assist in smarter trading in as little as 10 minutes a day. Powerful tools. Proven strategies. Unique Perspectives.

Link here for more info and to set up a trial. 

European Financial Publishing Limited T/A VectorVest UK (VectorVest) is authorised and regulated by the Financial Conduct Authority under register number 543038. You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest. Past performance is not a reliable guide to the future. This material is directed only at persons in the UK and is not an offer or invitation to buy or sell securities. If investors are in any doubt of the suitability of an investment given their individual circumstances, they are recommended to contact an investment manager or independent financial adviser who may be able to provide tailored advice. Opinions expressed whether in general or both on the performance of individual securities and in a wider economic context represent the views of VectorVest at the time of preparation. They are subject to change and should not be interpreted as investment advice. VectorVest and connected companies, clients, directors, employees and other associates, may have a position in any security, or related financial instrument, issued by a company or organisation mentioned on this site. European Financial Publishing Limited is a company incorporated in Scotland under Company Number SC357322 with its registered address at Exchange Tower, 19 Canning Street, Edinburgh EH3 8EH. Email:

Fast start to the year for Whitbread

by Ian Pollard

Whitbread WTB – Management reports a good start to the year, with first quarter sales growth of 7.6%, in line with expectations. Premier Inn continued to win overall market share with strong sales growth of 9.2%, benefitting from a resilient hotel market and the contribution from the c.9,000 rooms opened over the last two years. Costa sales grew 8.7% with UK equity like for like growth of 1.1% and a good performance in the expanding travel and drive thru channels. Whitbread has a clear plan to deliver growth and remain on track to open c.4,200 hotel rooms, 230-250 Costa coffee shops and install c.1,250 Costa Express machines this year.

Hornby HRN – A dismal performance from a management team that needs to turn this company around, although CEO Steve Cooke claims “solid evidence of our delivery in phase one of our Turnaround Plan.” FY revenue of £47.4m (2016: £55.8m), loss before tax of £9.5m (2016: £13.5m loss). At least net cash at 31 March 2017: stood at £1.5m (2016: £7.2m net debt). Hornby claims the current financial year has started positively and it is are well placed to achieve the Board’s expectations for the year.

Wynnstay Group WYN – Interim results benefited from greater demand for agricultural inputs over the winter period but were affected by continued subdued trading at pet products business, Just for Pets. Revenue of £205.32m (2016: £193.24m) and adjusted profit before tax, before goodwill & investment impairment charges of £4.07m (2016: £4.08m). The interim dividend of 4.20p is an increase of 5%.

Lekoil Limited LEK – Reports continuous commercial production and cash flow generation at Otakikpo. The company says the 15m Shell offtake facility secured on Otakikpo production provides liquidity to complete Phase 1 development and ramp up production to 10,000 bopd by year end. The Honourable Minister of State, Petroleum Resources of Nigeria, granted consent to complete the transfer of the original 17.14% participating interest that LEKOIL acquired in OPL 310 in February 2013.

Berkeley Group Holdings BKG – FY profit before tax shot up an impressive 53% to £812.4m, with net asset value per share up 18.4% to £15.56. Management claimed it had delivered another strong performance in a fast-changing environment.

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Advanced Oncotherapy (AVO) – Conversion of Convertible Loan Notes

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that Bracknor Investment Group has advised the Company that they will convert a portion of the Convertible Loan Notes into new ordinary shares of 25p each in the share capital of the Company.  Further details of the conversion are set out below.

Number of CLN converted: 40

Total nominal value of the CLN converted: £400,000

Lowest VWAP in 15 days preceding conversion notice: £0.1579

Conversion price: £0.25

Number of shares issued from the conversion: 1,600,000

Shares issued for the satisfaction of the conversion fees: 48,000

Application will be made for admission to trading on AIM (“Admission”) of the 1,648,000 new Ordinary Shares deriving from the conversion of the CLN and in satisfaction of the conversion fees and it is expected that Admission will occur on or around 27 June 2017.

Additional fees of c.£190,000 are to be paid to reflect the conversion price being below nominal value of the Ordinary Shares. These fees may be paid in cash or deducted from the net funds owing to the Company in the draw down of the next tranche from Bracknor.

Advanced Oncotherapy’s Board continues to consider financing options that are in the best interests of the Company and its shareholders. 

Total voting rights

Following Admission, the Company’s enlarged issued share capital will comprise 80,935,194 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights will be 80,935,194. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules. 

Advanced Oncotherapy Plc

Dr. Michael Sinclair, Executive Chairman

Tel: +44 20 3617 8728

Nicolas Serandour, CEO

Stockdale Securities (Nomad & Joint Broker)

Antonio Bossi / David Coaten

Tel: +44 20 7601 6100

Stifel Nicolaus Europe (Joint Broker)

Jonathan Senior / Ben Maddison

Tel: +44 20 7710 7600

Walbrook PR (Financial PR & IR)

Tel: +44 20 7933 8780 or

Paul McManus / Anna Dunphy

Mob: +44 7980 541 893 / Mob: +44 7876 741 001

Can TexRAD CT measures of tumour heterogeneity stratify risk for nodal metastasis in patients with non-small cell lung cancer? – Feedback (FDBK)

Feedback (FDBK) – Can CT measures of tumour heterogeneity stratify risk for nodal metastasis in patients with non-small cell lung cancer? Source 


Can CT measures of tumour heterogeneity stratify risk for nodal metastasis in patients with non-small cell lung cancer?.                                   

Craigie M, et al. Clinical Radiology. 2017.

AIM: To undertake a preliminary assessment of the potential for computed tomography (CT) measurement of tumour heterogeneity to stratify risk of nodal metastasis in patients with non-small cell lung cancer (NSCLC).

MATERIALS & METHODS: Tumour heterogeneity in CT images from combined positron-emission tomography (PET)/CT examinations in 150 consecutive patients with NSCLC was assessed using CT texture analysis (CTTA). The short axis diameter of the largest mediastinal node was also measured. Forty-two patients without distant metastases subsequently had tumour nodal status confirmed at surgery (n=26) or endobronchial ultrasound (EBUS; n=16). CTTA parameters and largest nodal diameter were related to nodal status using the rank correlation and the risk ratio for each nodal stage (>N0, >N1, >N2) was compared between patients categorised as high and low risk by CTTA or nodal size. The most significant predictor of nodal status was related to overall survival using Kaplan-Meier analysis.

RESULTS: N-stage was more significantly correlated with CTTA than nodal diameter (Rs = -0.39, p=0.011, Rs = -0.45, p=0.0025, Rs = -0.40, p=0.0091 for normalised standard deviation (SD), normalised entropy and kurtosis respectively; Rs = -0.39, p=0.042 for nodal diameter). The presence of two or more high-risk CTTA values was the greatest risk factor for mediastinal metastasis (risk ratio: 11.0, 95% confidence interval: 1.56-77.8, p=0.0014) and was associated with significantly poorer overall survival (p=0.016).

CONCLUSION: CTTA in NSCLC is related to nodal status in patients without distant metastases and has the potential to inform selection of investigative strategies for the assessment of mediastinal malignancy.

Copyright © 2017 The Royal College of Radiologists. All rights reserved.

Original article link here

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