Share Talk Q&A with Craig Brown – Chief Executive Officer of ECR Minerals plc

We wanted to cover your Strategic Business Update released on 6 November 2018, but firstly should ask about your thoughts on market conditions?

How you feel about market conditions depends on positioning. 

For private and institutional investors conditions are pretty awful although there is evidently a keen search by investors for stocks to acquire that could be positive performers even in present market conditions.

We have to demonstrate that ECR is in that category through our work and communications about our progress.

For resource companies on the markets, those with established businesses and cash can keep working through the downturn phase and make ready for the upturn.

ECR raised money in July and as a result, has the working capital to run until Q3 2019 as previously publicised.  We are in a strong position operationally and financially and that makes us a positive investment proposition, in my view, at this time.

 

On the gold side of your business, Australia seems the focus right now.  Why is that?

The Victoria region has been a stunning producer of gold over the years and was the location of one of the great nineteenth-century gold rushes. What’s better is that we believe there is considerable gold still to be discovered, and we are exploring for it right now.

We are greatly heartened by the exceptional success of the Fosterville mine in Victoria, which has produced more than a million ounces of gold to date and has ramped up production significantly of late, announcing record quarterly gold production of 90,000 ounces in Q3 2018.  The mine is also notable for the discovery of significant bonanza grade mineralisation at depth in recent years.  Fosterville is located in the same district as ECR’s Bailieston and Moormbool gold projects.

Our strategic and well-publicised objective is to find a substantial multi-million ounce gold deposit in the region and we are on an exciting pathway.  We have published exploration results across a number of our many targets in the last few months and the results have been very exciting for the team.

We have already identified a gold system at the Blue Moon target and a large gold system at the Creswick target and more work is underway across the portfolio that will bring further updates to market.

In summation, we have multiple targets, very positive initial exploration results and our ongoing campaign is in full swing.  There is a lot to aim for here and we have the resources and capable in-country team to get the work done.

 

You have mentioned Argentina and opportunities there in respect of “corporate avenues”. Can you elaborate?

I can’t be too specific, but we are pro-active in the background in Argentina and are reviewing a number of project opportunities and corporate options that may have the potential to add value.

Adding value is one thing, but we appreciate crystallisation of value is paramount for shareholders and we are very switched on to that.

Argentina is a resource-rich country and largely supportive of mineral exploration and development.  We have strong and growing local relationships and there are increasingly more opportunities and more avenues we could pursue.  We are active in moving initiatives forward and will update shareholders as soon as we have material progress.

 

The Iceberg due diligence is taking some time, in fact, more than originally planned, why is that?

We have been presented with a lot of data and are going through all the information.

One thing is key, acquisitions should be structured well and project due diligence conducted very carefully.  If it takes more time to do a thorough job, all companies should do that and not be afraid to extend option periods. You protect shareholders that way.

Also, in the challenging conditions working capital is a scarce resource and there are a number of high potential projects available.  Our job is to apply working capital to the best options and the process of due diligence ensures we do just that.

 

What other gold opportunities are you considering?

We have a good pipeline of Australian gold opportunities mainly in Victoria, Western Australia and the Northern Territory.

Whether we will pursue any additional projects depends on multiple factors including a project’s fit within the Company alongside our other gold interests; whether the project costs are comfortably within our management and financial resources; and whether we can see a value crystallisation route for shareholders.

We are looking at early stage exploration and projects with existing resources.

 

Turning to energy metals and minerals can you explain what you mean by “interest from third parties”?

As a Company, we are very excited by gold as a commodity focus, and we know our current and potential investors are too.  That should not mean that we turn off to other opportunities and it has become increasingly clear to us that there is considerable interest in the energy metals and minerals segment.

The general interest of investors is a good thing and we need to be aware of that.  However, there are also a number of organisations external to ECR who are keen to build a pipeline in energy metals and minerals.

In fact, the evident strategic drive to build this pipeline is demonstrated by the potential offer of capital to finance new ventures should the company be able to identify suitably meritable projects.

What is particularly appealing is the interest in ECR to act as a vehicle for new opportunities in respect of gold and energy metals & minerals.

Market conditions may be difficult but that is giving us a real opportunity to stand apart from the crowd by building our business in this downturn phase. The cash at bank and potential third party engagement helps of course.

 

Can you give us an indication of the type of energy metal or mineral project you are looking for?

Again, its difficult to answer too specifically as that information should be centred on market announcements. However, we have identified through our network various interesting projects in Australia and elsewhere.  These are across multiple commodity categories including cobalt, copper, lithium, uranium and vanadium.

We want projects that our shareholders will appreciate and that can also engage the interest of new potential investors. We also want projects that can attract external finance with an emphasis on project level financing helping to reduce dilution at corporate plc level, something we know is very important to shareholders.

 

You seem very positive about the ECR business at the moment.  What excites you the most about the business?

The work that goes into the Company is relentless at times, especially now with so much underway.  So you need the excitement to keep you buoyed up.

I am delighted to be working closely with our Chairman David Tang, who apart from being very commercially minded, has an extensive network across many Asian countries and is able to bring ECR to the attention of that network.  We have plenty of support provided we build our business with projects of real merit and potential.

It feels like it is ECR’s time but an intensive amount of effort is going in to make that happen.

Ian Pollard – Singles Day at Primark

Alibaba invented Singles Day as a shopping celebration for the unattached as opposed to the romanticism of Valentines Day. It is now the world’s biggest online sales event, exceeding the combined totals of Black Friday and Cyber Monday. Yesterday saw sales hit a record $1bn in 85 seconds and the total spend for the day came in at $30.8bn, a 27% rise on last year. UK High streets were probably closed for the day unable to think of anything to celebrate and Primark no doubt steadfastly maintaining that online sales damaged its business.

PS; I remember when Archie Norman became boss of ASDA, he introduced a singles night, so that the unattached could exchange erotic glances with each over  the frozen peas. It was in the nineties on a Thursday night and was very well attended. Oh for the sound of trolleys gently bumping into each other.

Diageo DGE  has agreed to sell nineteen brands to Sazerac for $550 million. The net proceeds of approximately £340 million, after tax and transaction costs, will be returned to shareholders through a share repurchase. Completion is expected early in 2019.

Babcock International Group BAB confirms that it strongly refutes the contents of a report issued by Boatman Capital which so far has ensured that it remain anonymous and untraceable. The report included many false and malicious statements and the Group is continuing to seek to discover the identities of those behind Boatman Capital. Babcock is currently delivering 128 contracts for the UK Government. Underlying earnings are in line with expectations and the outlook is confirmed for the financial year ending 31 March 2019.

Amur Minerals AMC admits that the completion of the Pre Feasibility Study has taken longer than initially expected and that the  delay has caused concern. The release of the PFS is now scheduled for Q1 2019. AMC believes that the additional time taken to address points which are of interest to a number of potential partners has greatly enhanced the quality of the content of the Pre Feasibility Study and allowed for the creation a document that more readily meets their expectations. 

Sirius Minerals SXX announces a significant milestone for it in the completion of its major construction procurement programme to support its stage 2 senior debt financing process. Final lender commitment letters are expected to be received in December and January  and  the Company is targeting quarter 1 2019 for the financial close of stage 2 financing.

Beachfront Houses &  Apartments For Sale in Greece  http://www.hiddengreece.net

Andrew Hore – Quoted Micro 12 November 2018

NEX EXCHANGE        

Crossword Cybersecurity (CCS) plans to raise up to £2.25m prior to a move to AIM at the end of this year. The cash will be invested in sales and marketing, product development and working capital.

Primorus Investments (PRIM) says that investee company Stream TV Networks has secured a deal with Beijing Optical and Electrical, which will use Stream’s 3D display technology in large flat TV and monitor screens. Primorus has invested £1.4m in Engage Technology, which has 75 corporate clients for its construction software and a further 17 that are contracted but not yet live. Revenues are growing more slowly than hoped. Engage is talking with partners and potential corporate investors.

Angelfish Investments (ANGP) is increasing its shareholding in YBOO from 20% to 35% for an investment of £400,000. A working capital loan of up to £1.5m with an annual interest charge of 10%.

Inqo Investments Ltd (INQO) reported an increase in interim revenues from R7.65m to R8.37m and the loss declined from R4.52m and R4.12m. At the end of August 2018, net cash was around R11.5m. The South Africa-based social impact investor generated the majority of its revenues from Kuzuko Lodge with a contribution from Bee Sweet Honey.

KR1 (KR1) says that its investee company Volt Ltd has raised $2m. KR1 has converted loan notes and has a 7.94% in institutional digital asset custodian Volt valued at $1.4m. The initial investment of £200,000 acquired a 5% stake in September 2017.

MetalNRG (MNRG) has completed the acquisition of the Gold Ridge project in Arizona from Winston Gold for £530,000. The final payment is funded by shares at 1.75p each. The project area includes three former producing mines. There is potential for the discovery of further gold mineralisation.

Auxico Resources Canada Inc (AUAG) has raised $315,000 at 20 cents a share. This cash will fund geological work and the evaluation of opportunities in Colombia.

Healthperm Resourcing Ltd (HPR) is changing its name to SG Recruitment Ltd.

AIM    

Gresham House (GHE) is acquiring investment manager Livingbridge for an initial £30m. Up to £10m more could be payable depending on performance. This deal will help to widen the customer base and provide product development opportunities. The combined group will have assets under management of more than £2bn. A placing raised £11.7m at 448p a share. The deal is immediately earnings enhancing even before cost savings. Gresham House Energy Storage Fund has raised £100m and will invest £57.2m in a portfolio of energy storage assets in development.

Castleton Technology (CTP) increased interim revenues by one-fifth to £12.9m and there was a 5% improvement in earnings per share. finnCap forecasts an improvement in full year earnings per share from 5.2p to 5.9p. The provider of software and managed services plans to pay a maiden dividend for this financial year.

Transportation software and services provider Tracsis (TRCS) has reported figures in line with recently upgraded forecasts. In the year to July 2018, revenues improved from £34.5m to £39.8m, mainly organic growth, while pre-tax profit rose from £7.6m to £8.5m, helped by a one-fifth increase in software sales. There is £22m in the bank to finance further acquisitions.

AdEPT Technology (ADT) has acquired unified communication services provider ETS Communications for £2.5m less net debt at the end of October 2018. This deal will be immediately earnings enhancing. Thebank facility has been increased to £35m in order to fund further acquisitions.

International benefits insurance provider GBGI Ltd (GBGI) is recommending a $1.515 a share cash offer from Elm Bidco. This values GBGI at $131.8m (£101.6m). There has been modest growth in earnings per share since GBGI floated at 150p a share in February 2018. Adividend of 1.4 cents a share was paid in June.

Myanmar-focused social media platform operator MySQUAR Ltd (MYSQ) is investigating into the use of proceeds of two recent fundraisings. Approximately £900,000 was paid out of company funds to former directors and third parties. Staff are being made redundant and additional cash is required. Trading in the shares is suspended. The nominated adviser SP Angel and joint broker Daniel Stewart have resigned. Piers Pottinger has stepped down as a director.

Floorcoverings manufacturer Victoria (VCP) has reassured investors about trading and the share price has started to recover. Victoria is not issuing a bond to refinance its debt because the potential pricing was unfavourable. Invesco has increased its stake to 22.1% and The Spruce House Partnership has built up a 13.6% stake.

Estate agency Purplebricks (PURP) has grown interim revenues in the UK by one-fifth. Trading in Australia is tough, and it is still early days in the US. Net cash was more than £100m at the end of October 2018.

First Derivatives (FDP) increased its underlying interim pre-tax profit by 15% to £10.6m. The interim dividend was 10% higher at 7.7p a share. The software and consultancy company with the fastest growth coming from licences for Kx software.

URA Holdings (URA) has gained EIS approval for the funding for its proposed reverse takeover of personalised digital entertainment content provider Entertainment AI. Complexities of the deal have been solved and documentation is progressing. URA has until 20 December to complete a reverse takeover.

Interim revenues and pre-tax profit at Best of the Best (BOTB) will be better than expected and this has led to a full year pre-tax profit upgrade from £1.4m to £1.6m, which is the same as the year before. The online competitions operator will be hit by the increase in remote gaming duty from 15% to 21% from October 2019. This will mean that 2019-20 forecasts will have to be reassessed.

Polarean Imaging (POLX) says that its phase III non-inferiority clinical trial of its Xenon polariser is up and running. Enrolment should be completed in the second quarter of 2019. A new order has been received to upgrade the polariser at SickKids Hospital in Toronto.

Remote tracking technology developer Starcom (STAR) has signed a deal with a distributor in North Africa covering Helios Advanced and BIO CAN fuel sensors. This year’s group revenues are expected to improve from $5.4m to $5.9m. Starcom has raised £400,000 at 2p a share.

Broadcast software provider Pebble Beach Systems (PEB) has won two new contracts that will underpin forecasts for 2018 and 2019. The two orders have a total value of £2m.

Zoo Digital (ZOO) reported interims in line with expectations. Revenues were 17% ahead at $14.9m and the main growth has come from dubbing services. The loss was slightly higher at $159,000. A major subtitling customer will increase its demand in the second half. The full year, underlying pre-tax profit is forecast to improve from $500,000 to $1.8m.

Recruitment company Kellan Group (KLN) plans to cancel its AIM quotation and the general meeting vote already has backing from the owners of 70% of the shares. The shares are tightly held and liquidity is limited.

Fastjet (FJET) says that it can continue operating in November, but it will require more cash.

Crawshaw (CRAW) has called in administrators to itself and four subsidiaries. Thirty five stores have closed and 19 are still trading. Administrators have also been appointed to Flowgroup (FLOW) because it could not find a suitable acquisition.

MAIN MARKET  

Path Investments (PATH) says it is not proceeding with the farm-in for the Alfeld-Elze II licence having failed to raise the cash it required and reach agreement on the transaction structure. The deal would have led to a move to AIM. Trading in the shares remains suspended.

Beauty and personal care products supplier InnovaDerma (IDP) expects interim revenues to be similar to last year, while full year revenues are expected to increase from £10.7m to £14.4m. finnCap forecasts a rise in pre-tax profit from £700,000 to £1.7m.

Consumer goods supplier UP Global Sourcing (UPGS) reported revenues for the year to July 2018 fell by one-fifth to £87.6m and underlying pre-tax profit decreased from £10.7m to £5.6m. The main decline was due to discount retailers seeking tougher terms and delayed sales to a European retailer. Online sales increased and this helped to maintain margins. Brands include Salter kitchenware and Constellation luggage. The Kleeneze brand is being relaunched. Non-executive chairman Jim McCarthy has acquired 135,000 shares at 39.3p each. Equity Development forecasts a rise in earnings per share from 5.4p to 5.6p, while dividend per share should rise from 2.7p to 2.8p.

Trading in Blockchain Worldwide (BLOC) shares has been suspended ahead of a proposed acquisition of Chorum Group.

Shareholders have agreed to Titon Holdings (TON) moving to AIM on 10 December.

Andrew Hore

  

Catenae Innovation Plc #CTEA – Update on Miton Group Plc shareholding

Catenae (AIM: CTEA), the AIM-quoted provider of digital media and technology, announces that further to the Holding(s) in Company announcement published on 8 November 2018 it has received a notification from Miton UK Microcap Trust PLC detailing their holding as part of the 300,000,000 ordinary shares held by Miton Group PLC.  Details of which are set out below:-

Holder Number of ordinary shares
Miton UK Microcap Trust plc on behalf of BNY (OCS) Nominees Limited. 247,759,587 (9.61%)
MI Select Managers UK Equity Fund 52,240,413 (2.02%)
Total 300,000,000

The Company’s AIM Rule 26 website will shortly be updated to reflect the above information.

For further information:

Catenae Innovation Plc
Tony Sanders
Tel: 020 7929 7826
Cairn Financial Advisers LLP, Nominated Adviser
Liam Murray / Jo Turner
Tel: 020 7213 0880
Alexander David Securities Limited, Broker
David Scott / James Dewhurst
Tel: 020 7448 9820

Ian Pollard – Volex #VLX, Rothschild Praises Rejuvenated Management Team

Volex plc VLX Half year results to the 30th September  showed a solid performance with organic growth of 48% in underlying operating profit. This is all due to a rejuvenated management team with a clear strategy opines the Executive Chairman. With a continuing strong sales pipeline, the Board expects full year trading performance will be slightly ahead of market expectations. 

Mobile Streams plc MOS  Saw revenue collapse to £3m in the year to the end of June compared to last years  £5.7m. The company ascribes this  as being mainly due to ongoing challenges in the Company’s core market of Argentina.The loss before tax improved  from £1.5m to £0.9m and the EBITDA loss fell from £1.48m to £1.2m due to expansion in India. Management was able to stabilize global revenue and margins  in the second half of the financial year, despite currency depreciation in Argentina and India. Challenging trading conditions are continuing in Argentina and revenues in India have been impacted by a fall in revenue as a new competitor is awaited in the mobile market. The Board still believes that India remains the largest opportunity for the Company to deliver growth.

Urban Exposure plc UEX updates that it has experienced positive trading momentum, since its admission to AIM on the 9th May. with continued growth and strong demand from developers seeking finance. However the method by which this is being executed will produce lower immediate profits than expected with significantly reduced income in the short term but strong growth in the medium term.

Beachfront Houses &  Apartments For Sale in Greece  http://www.hiddengreece.net

Salt Lake Potash #SO4 announces a A$13.0m Placement to Institutional & Sophisticated Investors to Fund Project Development

Salt Lake Potash Limited (the Company or Salt Lake) is pleased to announce that it has received strong commitments from both existing and new institutional and sophisticated investors in Australia and overseas to subscribe for 31.0 million new ordinary shares of the Company (Ordinary Shares), to raise gross proceeds of $13,000,000 (Placement). There was very strong demand for the Placement, an endorsement of the recent appointment of Tony Swiericzuk as CEO and also of the Company’s world class Sulphate of Potash project.

Proceeds from the Placement will be used to fund construction of the Williamson Ponds and dewatering of the Williamson Pit, as well as ongoing development of on-lake infrastructure, exploration and feasibility studies, and general working capital.

The cornerstone investor for the Placement is a significant international investment fund. Directors and senior management intend to subscribe for a total of 2.4 million shares in the Placement, including 952,381 shares by the CEO, Mr Tony Swiericzuk, and 750,000 shares by the Company’s Chairman, Mr Ian Middlemas, which will be issued subject to shareholder approval.

Commenting on the Placement, SO4’s CEO, Tony Swiericzuk, said: “We are very pleased to have received such strong support from new and existing shareholders to fund the construction of the initial on-lake infrastructure at Lake Way. These activities are on the critical path to enabling SO4 to become the first Australian commercial producer of SOP in a global sector with outstanding potential. This strong support from investors endorses our view that the Goldfields Salt Lakes Project has enormous potential for value creation and we now look forward to rapidly delivering on this potential for all shareholders and stakeholders.”

Argonaut Securities Pty Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Manager to the Placement.

The issue price of A$0.42 represents a 13.4% discount to the last closing price of $0.485 on ASX.

The Placement will be completed in two tranches as follows:

(a)      29,250,000 shares will be issued on 16 November 2018 under Listing Rule 7.1 (11,745,041 shares) and Listing Rule 7.1A (17,504,959 shares).  Following the issue of these shares the Company will have 7,612,398 remaining issue capacity under Listing Rule 7.1 and no remaining issue capacity under Listing Rule 7.1A.

(b)      1,702,381 shares intended to be subscribed for by Directors will be issued on or about Thursday 20 December 2018 subject to shareholder approval. A notice of general meeting will be sent to shareholders shortly.

Related Party transaction

The proposed participation in the Placement by Tony Swiericzuk, and Ian Middlemas constitutes a related party transaction under Rule 13 of the AIM Rules for Companies. The independent directors, having consulted the Company’s nominated adviser, Grant Thornton UK LLP, consider that the terms of the transaction are fair and reasonable insofar as the Company’s shareholders are concerned.

Settlement and dealings

Application will be made to the AIM Market of the London Stock Exchange (“AIM”) for 29,250,000 Ordinary Shares, pursuant to the Placement, which rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 16 November 2018 (“Admission”).

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, Salt Lake will have 204,299,596 Ordinary Shares in issue with voting rights attached. Salt Lake holds no shares in treasury. This figure of 204,299,596 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 to their interest in the Company, under the ASX Listing Rules or the DTRs.

Information required under ASX Listing Rule 3.10.5A:

(a)      Dilution to existing shareholders as a result of the issue under Listing Rule 7.1A is 9.1%, dilution to existing shareholders as a result of the issue under Listing Rule 7.1 is 6.3% and the total dilution to existing shareholders is 14.3%. Details regarding the participation of existing and new shareholders is not able to be determined yet and will be provided at completion;

(b)      The Company will issue 17,504,959 shares under Listing Rule 7.1A because the Placement was considered to be a more efficient mechanism for raising funds. The Placement did not expose the Company to additional costs, a protracted process and market volatility that may have been experienced with a pro-rata issue or other type of issue in which existing ordinary shareholders would have been eligible to participate;

(c)      No underwriting arrangements are in place for the Placement under rule 7.1A; and

(d)      A fee of up to 6% may be paid to the Brokers/Advisors in connection with the Placement under rule 7.1A.

The voluntary halt of trading of the Company’s shares on ASX was lifted prior to the opening of trade on 9 November 2018, following an announcement to the market regarding the above. 

For further information please visit www.saltlakepotash.com.au or contact:

Tony Swiericzuk/Clint McGhie

Salt Lake Potash Limited

Tel: +61 8 9322 6322

Jo Battershill

Salt Lake Potash Limited

Tel: +44 (0) 20 7478 3900

Colin Aaronson/Richard Tonthat/Ben Roberts

Grant Thornton UK LLP (Nominated Adviser)

Tel: +44 (0) 20 7383 5100

Derrick Lee/Beth McKiernan

Cenkos Securities plc (Joint Broker)

Tel: +44 (0) 131 220 6939

Jerry Keen/Toby Gibbs

 

Shore Capital (Joint broker)

Tel: +44 (0) 20 7468 7967

 

Forward Looking Statements

This announcement may include forward-looking statements. These forward-looking statements are based on Salt Lake Potash Limited’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Salt Lake Potash Limited, which could cause actual results to differ materially from such statements. Salt Lake Potash Limited makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement. 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Catenae Innovation #CTEA – Miton Group now hold 11.63% of the company share capital

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: CATENAE INNOVATION PLC
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights X
Other (please specify)iii:
3. Details of person subject to the notification obligationiv
Name MITON GROUP PLC
City and country of registered office (if applicable) LONDON, ENGLAND
4. Full name of shareholder(s) (if different from 3.)v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi: 07/11/2018
6. Date on which issuer notified (DD/MM/YYYY): 07/11/2018
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 11.63 % 11.63 % 2,578,601,652
Position of previous notification (if
applicable)
N/A N/A
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)
Number of voting rightsix % of voting rights
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB0033127910 300,000,000 11.63 %
SUBTOTAL 8. A 300,000,000 11.63 %
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is 
exercised/converted.
% 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 (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period 
xi
Physical or cash 
settlementxii
Number of voting rights % of voting rights
  SUBTOTAL 8.B.2
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
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)
X
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
MITON UK MICROCAP TRUST PLC 9.61 % 11.63 %
MI SELECT MANAGERS UK EQUITY FUND 2.02 % 11.63 %
 
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
COMPLIANCE ANALYST

GEORGINA THOMAS

0203 714 1478

Place of completion LONDON, ENGLAND
Date of completion 07/11/2018

Predator Oil & Gas #PRD CEO Paul Griffiths interviewed by Zak Mir

Predator Oil & Gas #PRD CEO Paul Griffiths discusses the company’s projects in Trinidad and Ireland with Zak Mir on Core Finance TV.

Catenae Innovation #CTEA – Director Guy Meyer shareholding now 3.7%

Catenae Innovation Plc: Holding(s) in Company

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: CATENAE INNOVATION PLC
1b. Please indicate if the issuer is a non-UK issuer  (please mark with an “X” if appropriate)
Non-UK issuer
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
Name EDWARD GUY MEYER
City and country of registered office (if applicable) LONDON, ENGLAND
4. Full name of shareholder(s) (if different from 3.)v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reachedvi: 07/11/2018
6. Date on which issuer notified (DD/MM/YYYY): 07/11/2018
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 3.70 % 3.70 % 2,578,601,652
Position of previous notification (if
applicable)
N/A N/A
8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii
A: Voting rights attached to shares
Class/type of
shares

ISIN code (if possible)
Number of voting rightsix % of voting rights
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
Direct
(Art 9 of Directive 2004/109/EC) (DTR5.1)
Indirect
(Art 10 of Directive 2004/109/EC) (DTR5.2.1)
GB0033127910  83,333,334 12,124,958 3.23 % 0.47 %
SUBTOTAL 8. A 95,458,292 3.70 %
B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period
xi
Number of voting rights that may be acquired if the instrument is 
exercised/converted.
% 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 (DTR5.3.1.1 (b))
Type of financial instrument Expiration
date
x
Exercise/
Conversion Period 
xi
Physical or cash 
settlementxii
Number of voting rights % of voting rights
  SUBTOTAL 8.B.2
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, ENGLAND
Date of completion 07/11/2018

Reiterate buy Concurrent Technologies #CNC says VectorVest. Significant growth potential as fundamentals continue to improve.

Colchester-based Concurrent Technologies Plc (CNC.L) develops and manufactures high-end embedded computer products for use in a wide range of high performance applications within the telecommunications, defence, security, telemetry, scientific and aerospace markets. Using mainly Intel® processors, including the latest generation Intel® Core™ i7 processors, Intel® Xeon® and Intel® Atom™ processors, the Company offers a wide range of computer products which are designed to be compliant with industry specifications including those for products used in extremely harsh environments. Other processors now include NVIDIA® Tegra® K1 devices.

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On September 12th 2018, CNC published interim results for the six months to 30 June 2018. Turnover rose slightly to £7.9m (H1 2017: £7.8m), PBT fell slightly to £1.1m (H1 2017: £1.4m) and EPS fell to 1.50 pence (H1 2017: 1.84 pence). The Company reported a cash balance (including cash deposits) at 30 June 2018 of £7.8m (H1 2017: £7.9m), and raised the interim dividend to 0.95p per share (H1 2017: 0.90p). CNC said its global customer base continues to expand with exports generating 88% of Group revenues (H1 2017: 84%), while Chairman Michael Collins said CNC’s specialised product ranges, processes and excellent customer relationships “all demonstrate that Concurrent Technologies is well placed for the future.” Separately, on October 8th 2018, CNC launched a new CompactPCI product featuring the latest 8th generation Intel® processor and designed to support existing customer base with enhanced security features.

VectorVest published an article on CNC in April 2018 (read here), where we noted that the nascent value within the company triggered an RV (Relative Value) charting move in December 2017, which has continued to build during Q1 2018 on the back of multiple product launches. RV is an indicator of long-term price appreciation potential where CNC still scores 1.19, which is good on a scale of 0.00 to 2.00. CNC also scores very good GRT (Earnings Growth Rate) of 19%, and while the RS (Relative Safety) metric only registers a fair rating of 0.87 (scale of 0.00 to 2.00), trading at 77p the stock still offers some upside against the current VectorVest valuation of 86p per share.

A weekly chart of CNC.L is shown above over a period of 5 years. Over this period the share price has made a series of rising lows where previous resistance has become support. Over the last few weeks the share price pulled back to the last old high made in 2016 and to important long-term support shown by the upsloping trend line on the chart.  The share is currently on a hold recommendation on VectorVest. When this changes to a Buy, traders should carefully consider the opportunity. The technical target from classic charting techniques is over 100p.

We noted in our April note that CNC offered significant growth potential, following a raft of product launches during Q1 and an increase in FY dividend. While the group has delivered a relatively indifferent first half, comments from the Chairman, a further increase in the interim dividend and the recent new product launch indicate that there is more to come from this niche computer product manufacturer. We reiterate our view that CNC is a company in steady rather than spectacular growth mode, but nonetheless still offers significant growth potential.

Dr David Paul

October 24th 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
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