Health and community care properties developer Ashley House (ASH) reported a much-improved profit for the year to April 2018. There was a strong second half performance because of the completion of four schemes. Full year revenues were flat at £18.5m, while pre-tax profit jumped from less than £100,000 to £1.8m, although that includes a £500,000 write back of a previous impairment charge. Net debt was reduced from £2.5m to £1.5m. The housing and health property pipeline is valued at £206m, covering 22 schemes. The F1 Modular business lost money last year but trading appears likely to improve.
Ananda Developments (ANA) has acquired $200,000 of convertible loan notes in iCAN Israel-Cannabis Ltd, which focuses on medicinal cannabis. This is the first investment for Ananda and the convertibles have an annual interest rate of 6%. The interests of Ananda director Charles Morgan have assigned $100,000 of the convertibles to the company. iCan has subsidiaries involved in organising cannabis symposiums and cannabis-based research services, plus a 5% stake in CannRx Technology Inc, which has developed liquid soluble cannabinoids for use in treatments, and a 20% stake in CMTREX, which is developing a trading platform for cannabis.
Nigel Wray has reduced his stake in High Growth Capital (HASH) from 5.99% to 4.72%. Healthperm Resourcing Ltd (HPR) non-executive chairman David Sumner has bought 29,230 shares at 190p each, taking his stake to 84.7%.
Early Equity (EEQP) says trading in the company shares will resume on 28 August. Trading had been suspended on 16 May. The resumption follows an agreement with NEX Exchange that will change how shares are distributed to related parties. Early Infinity Holdings (EI) is the exclusive distributor for Yicom Global, where Early Equity is a 47. 1% shareholder. EI’s agents sell the products in Malaysia and elsewhere in south east Asia. EI incentivises its agents by gifting them shares in Early Equity. These were deemed to be a gift rather than a trade, so they were not reported. A new nominee company with two trustees that are not shareholders in Early Equity has been set up. This will hold shares for the benefit of agents of EI. Agents will receive a warrant certificate. These agents own 46.7% of Early Equity and shares equivalent to 6.29% of the company will be transferred to the nominee company. Early Equity previously announced that it wants to move to a standard listing. The company’s NAV was £1.54m, including £429,000, at the end of 2017.
Coinsilium Group Ltd (COIN) is investing $125,000 in Bundle Network Ltd, which is developing an online platform that enables the trading of cryptocurrencies. Coinsilium will also receive Bundle Network crypto tokens.
MetalNRG (MNRG) has paid a $50,000 option fee, which could lead to the company gaining a 51% stake in a new company that holds the rights to the Kamyshanovskoye uranium project in the Kyrgyz Republic. The project has an inferred uranium resource that could be worth $144m at $26/lb, plus exploration upside. International Mining Company owns 100% of the project and it would be put into a new vehicle, where MetalNRG would inject cash to gain its majority stake. MetalNRG has 90 days to undertake due diligence and review data. If the option is not taken up the option fee would be converted into a 2.5% stake in the new vehicle.
VI Mining (VIM) is starting its drilling campaigns at minas Pampa and Rosario de Belen, while the vendors are in discussions about changes in the terms of the deals. The timing of the due payment has been extended while the talks continue.
Panther Metals (PALM) has appointed Ariana Resources (AAU) boss Dr Kerim Sener as a non-executive director.
Ecovista (EVTP) is asking for shareholder approval for a resolution that will enable it to issue up to 3.486 billion shares so that management can continue with its strategy.
Gatemore Investments has increased its stake in TLA Worldwide (TLA), the company famous for issuing a profit warning after the market closed prior to Christmas 2016, from 7.4% to 12.2%. Bart Campbell has stepped down as executive chairman of TLA, but he will continue to receive his monthly salary until the end of the year.
Last year, revenues fell by nearly one-third to £24m at microwave electronic products supplier Filtronic (FTC) but it had already been flagged. The ending of a low margin contract meant that pre-tax profit fell from £2.16m to £1.23m, although that includes exceptional finance charges of £486,000 due to exchange rate movements. The broadband and wireless divisions are being merged because they have similar customer bases. There is net cash of £3.6m plus available bank facilities. Investment in new products continues and there is long-term demand from investment in 5G networks and security-related areas.
Marshall Motor (MMH) reported a decent set of figures given the tough new car market, which is exacerbated by the decline in diesel car sales. There was a small dip in continuing revenues but underlying pre-tax profit edged up to £16.4m. Used vehicle profit improved. The dividend is maintained at 2.15p a share. Trading will be even tougher in the second half, partly due to testing regulation changes, and full year profit is expected to decline from £29.1m to £24.2m. There is a strong balance sheet with a NAV of £201m.
Zamano (ZMNO) has ended discussions with its potential reverse takeover target. This means that cash is likely to be returned to shareholders.
Condor Gold (CNR) has been granted an environmental permit for developing a processing plant for the La India project by the Nicaragua authorities. Gold production could be 80,000 ounces a year from a single open pit. Accounts for the six months to June 2018, show cash of £1.57m.
Abzena (ABZA) is recommending a 16p a share cash bid from Astro Bidco, which values it at £34.4m. The life sciences company joined AIM four years ago when it raised £20m at 80p a share. It needs additional finance pumped into the business.
Oil and gas producer Empyrean Energy (EME) has received a $906,000 tax refund from the IRS from the 2016-17 tax year.
SalvaRx Group (SALV) is selling its business to a Toronto-quoted company in return for shares, most of which will be distributed to shareholders. The 94.2% stake in cancer drugs developer SalvaRx Ltd is being swapped for 757.9million shares in Portage Biotech Inc, which are deemed to have a value of $67.5m. SalvaRx shareholders will receive 18 Portage shares for each SalvaRx share they own if they approve the disposal. SalvaRx will retain around 100 million Portage shares and become a shell.
ClearStar (CLSU) has been named as preferred contract labour screening provider for Gulfstream Aerospace. This should contribute to a reduction in loss this year.
Premier African Minerals (PREM) has raised £750,000 at 0.18p a share. Premier plans a drilling programme of up to 2,750 metres to expand the resource base at the RHA Tungsten mine. The cash should last until the end of 2018.
Tex Holdings (TXH) reported a slump in interim pre-tax profit from £423,000 to £96,000 even though there was a small reduction in admin expenses. There was a much better contribution from the plastics division but that was more than offset by the slump in profit by the engineering division due to delays in orders. Metal fabrication and powder coating business Argento UK has recently been bought. The interim dividend is unchanged at 2.5p a share.
Nanoco (NANO) expects the first displays using its cadmium-free quantum dots to be launched before Christmas. Volume production is expected at the new Runcorn plant before the end of 2019. The 2017-18 revenues were lower than expected because it could not recognise a payment from a large customer. Net cash is estimated at £7.9m at the end of July 2018.
Dukemount Capital (DKE) reported an increase in full year loss from £177,000 to £286,000. The NAV was £379,000 at the end of April 2018. There is £148,000 in the bank. Dukemount is on the brink of moving forward with its first two supported living developments.
PV Crystalox Solar (PVCS) has settled its claim with a customer. The customer will pay a total of €28.8m, of which the outstanding payment of €14.3m will be paid at the end of November. The customer has also waived the delivery of the solar wafers that were supposed to be supplied.
Rank Group RNK the year to the 30th June was a year of decline and disappointment which for some reason has left the Board full of confidence. The results are in line with the Boards expectations but only expectations which had been revised during the year. For Grosvenor Casinos the year was a challenging one but Mecca’s performance by contrast beat expectations. Profit before tax and earnings per share for the year both fell by 6.3% although on a statutory basis the fall in profit was much steeper at 41.4%. A company-wide transformation programme is only in its development phase but the new Chief Executive says he is moving quickly to identify the key priorities. The disappointment has not been allowed to spread to the final dividend which contrary to the other statistics is to be increased by 2.1%.
Marshalls plc MSLH produced strong revenue growth in the 6 months to the end of June and the interim dividend is to be increased by 18%. Revenue and profit before tax both rose by 12%, basic earnings per share by 10% and EBITDA by 13%. In June and July, however growth became even stronger with revenue rising by 21%.
Kingfisher KGF updates that second quarter group like for like sales to the end of July rose by 1.6% and on a reported basis by 3.4%. The Chief Executive claims that the company is now on track to deliver its strategic milestones for the third year in a row, helped by good recoveries at both B&Q and Screwfix. For once the UK & Ireland is not the laggard with screwfis sales rising by 11.8%, still someway behind Germany with a rise of 26.6%
Filtronic plc FTC experienced another year of strong demand for its products. For the year to the end of May profit before tax rose from 1.2m to 2.2m and basic earnings per share from 0.59p to 1.51p per share after sales revenue rose from £24m. to £35.4m. Two major contracts were secured during the course of the year and the company was also approved as a vendor by a major US mobile network operator.
Tribal Group TRB has completed the first phase of the turnaround started in 2016 and for the half year to the 30th June, despite a small fall in revenue, earnings per share rose by 76% and and statutory profit after tax by 83%. Market share has been gained in its core markets.
Buy GBGI says VectorVest: The Insurance Group Continues to Trade at a Discount Despite Substantial Progress at the Half Year
Guernsey based GBGI (GBGI.L) is a leading integrated provider of international beneﬁts insurance, operating globally across over 120 jurisdictions. Trading principally as “The Global Beneﬁts Group” or “GBG”, the Group distributes and underwrites health, life and disability, and travel insurance, with a client base that spans multinational corporations, expatriates, local HNWIs, international schools, non-proﬁt organisations and international students. GBGI is a fully integrated insurance group providing services from policy sales to claims administration and servicing and is committed to delivering high levels of customer service.
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On August 10th 2018, GBGI published a trading update in advance of interim results for the six months ended 30 June 2018. GBGI reported continued growth in the business across its diversified product and regional footprint during H1 2018, recording year over year growth (adjusted for the Group’s exit from the Angolan market in 2017) in gross written premium as compared to the same period in CY 2017. GBGI said it anticipates that GWP and underlying net income (adjusted for certain one-off non-recurring expenses) for the year to 31 Dec 2018 will be broadly in line with initial expectations. CEO Bob Dubrish said GBGI had made a strong start to the third quarter…”and we are confident in our business model and that we are making good progress on our 2018 initiatives.”
Since May 2018, VectorVest members will have noted progress on the key RT (Relative Timing) and RV (Relative Value) metrics for GBGI. The RT metric, (a fast, smart indicator or a stock price trend) moved sharply higher in mid-July in line with the subsequent share price moves, and today logs the stock at 1.47 – excellent on a scale of 0.00 to 2.00. The RV metric, (an indicator of long-term price appreciation potential) again has moved sharply higher to register at 1.36, which is very good on a scale of 0.00 to 2.00. And at 18%, GBGI’s GRT (Earnings Growth Rate) metric is also rated as very good by VectorVest . At 104p, GBGI trades at a discount to the current VectorVest valuation of 135p.
The chart of GBGI.L is shown above over the past 10 months of trading. Earnings per share (EPS) is shown by the blue line study in the window below the price. EPS has grown by 30% over this period. Over the past three months the share has bottomed out and charted a double bottom at the 80p level. The share has broken upwards through a trendline defining the fall in the share price from January to May 2018. The share is on a Buy recommendation on VectorVest since the start of August 2018.
Summary: On the face of it, some investors may look past insurance group GBGI in favour of more exciting and dynamic growth companies with cutting edge technology. To do so would mean missing out on a highly investible proposition, offering cash generation, a solid management team and a decent 4.5% dividend yield. As the VectorVest stock selection system has shown time and time again, small companies such as GBGI can grow to become large companies that go on to form the backbone of many an investment portfolio. GBGI shares have delivered a sharp recovery since last week’s trading statement, and might just go onto become one of the stock market successes of 2018. Buy
Dr David Paul
August 15th 2018
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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: support@VectorVest.com
Hochschild Mining HOC is increasing its interim dividend by 42% for the six months to the 30th June, as the exploration pogramme starts delivering exciting results. Attributable gold production for the half year rose by 14% and silver by 8%. Adjusted basic earnings per share were up by 67%. Record gold production at Immaculada helped to make the first half a strong one. The rise in the price of gold during the first half was offset by a fall in the price of silver but still led to an 8% rise in revenue.
Balfour Beatty plc BBY saw basic earnings per share rise five fold from 2p to 10.1p per share during the six months to the 29th June and the interim dividend is to be increased by 33%. Underlying operating profit increased by 69% to £66 million from £39.m in 2017. and the order book rose by11%.
Hikma Pharmaceutical HIK was another first half winner, producing a performance which exceeded expectations. Operating profit rose by 54% in the six months to the 30th June, after group revenue rose by 11%. Basic earnings per share were up by 53% and the interim dividend is being increased increased from last years 11 cents to 12 cents per share.
CLS Holdings plc CLI claims delivery of robust and disciplined first half growth with profit before tax for the six months to the 30th June falling from 119.4 m. last year to 64.9m this year. Basic earnings per share collapsed from 24.5% to 14.9%. As can often happen in these circumstances growth is limited to the dividend which is being increased by 7.3% to 2.2p per share. The Executive Chairman pronounces that the strong half year results underline the benefits of the company’s geographical diversification across Europe’s three largest economies, the UK, Germany and France.
TR-1: Standard form for notification of major holdings
|NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i|
|1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii:||ECR Minerals plc|
|1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)|
|2. Reason for the notification (please mark the appropriate box or boxes with an “X”)|
|An acquisition or disposal of voting rights||X|
|An acquisition or disposal of financial instruments|
|An event changing the breakdown of voting rights|
|Other (please specify)iii:|
|3. Details of person subject to the notification obligationiv|
|City and country of registered office (if applicable)|
|4. Full name of shareholder(s) (if different from 3.)v|
|City and country of registered office (if applicable)|
|5. Date on which the threshold was crossed or reachedvi:||13/08/2018|
|6. Date on which issuer notified (DD/MM/YYYY):||14/08/2018|
|7. Total positions of person(s) subject to the notification obligation|
|% of voting rights attached to shares (total of 8. A)||% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)
|Total of both in % (8.A + 8.B)||Total number of voting rights of issuervii|
|Resulting situation on the date on which threshold was crossed or reached||4.02%||N/A||4.02%||341,962,383|
|Position of previous notification (if
|8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii|
|A: Voting rights attached to shares|
ISIN code (if possible)
|Number of voting rightsix||% of voting rights|
(Art 9 of Directive 2004/109/EC) (DTR5.1)
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
(Art 9 of Directive 2004/109/EC) (DTR5.1)
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
|SUBTOTAL 8. A||13,734,036||4.02%|
|B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR126.96.36.199 (a))|
|Type of financial instrument||Expiration
|Number of voting rights that may be acquired if the instrument is
|% of voting rights|
|SUBTOTAL 8. B 1|
|B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR188.8.131.52 (b))|
|Type of financial instrument||Expiration
Conversion Period xi
|Physical or cash
|Number of voting rights||% of voting rights|
|9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”)|
|Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii||X|
|Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)|
|Namexv||% of voting rights if it equals or is higher than the notifiable threshold||% of voting rights through financial instruments if it equals or is higher than the notifiable threshold||Total of both if it equals or is higher than the notifiable threshold|
|10. In case of proxy voting, please identify:|
|Name of the proxy holder|
|The number and % of voting rights held|
|The date until which the voting rights will be held|
|11. Additional informationxvi|
|Place of completion||London|
|Date of completion||14/08/2018|
Powerhouse Energy #PHE CEO Keith Allaun & Director David Ryan discuss progress with Justin Waite on the Vox Markets Podcast
Keith Allaun, CEO and David Ryan, Technical Director of Powerhouse Energy #PHE discuss progress at the company and why David purchased £30,000 of shares at a 40% premium to the current price…plus Alan Green CEO of Brand Communications discusses Catenae Innovation (CTEA) Crawshaw Group (CRAW) Gordon Dadds Group (GOR) Predator Oil & gas (PRD)
Marshall Motor Holdings MMH describes its first half performance as robust with continuing underlying profit before tax up 1.2% on last years first half record of £16.2m. Like for like new unit sales to retail customers fell by 5.9% and used sales were down by 0.3% although strong growth in margins of 7.2% helped to increase used revenue by 5.2%. Total underlying profit before tax suffered a robust 11.7% drop and reported profit before tax was down by a slightly less robust 7.1%. The interim dividend remains robustly flat at 2.15p per share.
LoopUp Group plc LOOP which specialises in premium remote meetings has traded strongly in the half year to the 30th June in what the joint CEOs describe as a transformational period. Group revenue rose by 39% and organic revenue by 22% on a constant currency basis. It also maintained its track record of “negative net churn’ which is apparantly a very good thing because when translate into everyday basic English it actually means “net growth – in its long-term established customer base”. So why cant they say so in the first place, have a remote meeting and leave jargon to the jargon specialists
H&T Group plc HAT the pawnbroking business appears to be thriving but not booming which is perhaps a good sign as to the state of the economy. The half year to the 30th June is described as solid, with profit before tax showing a rise of 10.9% and basic earnings per share rising from 11.7p to 13.51p. The personal loan book surged by 81% and the interim dividend is nudged upwards from 4.3p per share to 4.4p.