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Cadence Minerals #KDNC – Macarthur Minerals (TSX-V: MMS) Announces Glencore #GLEN Participation in Financing.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement today from Macarthur Minerals (TSX-V: MMS) (“Macarthur”), that further to the announcement of March 19, 2019, a subsidiary of Glencore plc (“Glencore”) has agreed to participate in the US$6 million secured Convertible Note (“Note”) on a private placement basis for US$2 million.
Glencore’s participation in this financing, strengthens the life-of-mine long-term strategic relationship between the parties in line with the previously announced binding Off-Take Agreement (“Agreement”) with Glencore for sale of iron ore to be produced from the Lake Giles Iron Project (“Project”) in the Yilgarn Region of Western Australia.
Cadence holds approximately 10% of the issued equity interest in Macarthur, which is an Australian mining exploration company focused primarily on iron ore, nickel, lithium and gold in Western Australia. It also has a lithium project in Nevada, USA.
Key terms to the note:
- Each Note has a face value of US$10,000 following adoption of a loan note instrument.
- The Notes (including accrued but unpaid interest) can be converted at any time after 12 months into common shares of Macarthur at the Noteholder’s option at a conversion price that reflects the greater of 80% of the average VWAP over 5 trading days immediately preceding the date of a notice of conversion and C$0.10 (in each case with appropriate equivalence to USD), with attaching warrants offered for one fourth of the commitment amount exercisable at the greater of C$0.10 or the average VWAP over 5 trading days immediately preceding the date of the Advance Date (such term being defined in the definitive documentation) (in each case with appropriate equivalence to USD).
- The Notes will have a term to maturity of 3 years and bear interest at a rate of 12.5% per annum.
- The Notes include a restriction on conversion that provides that such conversion may not have the effect of causing Noteholder to own 20% or more of the common shares of Macarthur or becoming a control person.
- The iron ore mining licences held by Macarthur (or a subsidiary of Macarthur) in respect of the Lake Giles Iron project region of Western Australia will act as security for the Notes issued to the Noteholder.
Any shares issued upon conversion of the principal amount of the Note and any accrued interest will be subject to certain resale restrictions, including a restricted (or “hold”) period of four months and one day following the distribution date of the Note and warrant, under applicable Canadian securities legislation.
The consummation of the US$2 million financing commitment from Glencore is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange, the Australian Foreign Investment Review Board and satisfaction of the other conditions set out in the Investment Agreement entered into by the Glencore and Macarthur.
The full release can be found at: https://web.tmxmoney.com/article.php?newsid=8292361460422531&qm_symbol=MMS
Cadence Minerals Chairman Andrew Suckling commented: “To secure a US$2 million investment from Glencore following the recently announced take-off agreement marks another significant milestone for Macarthur and its shareholders. As with the Exception Capital financing agreement announced yesterday, the terms are attractive, and provide Macarthur with funding certainty while potentially minimising dilution to Cadence shareholders.”
This news release is not for distribution to United States Services or for Dissemination in the United States.
– Ends –
|For further information:
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.
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identiﬁed by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reﬂect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.
Gooch & Housego plc GHH updates that it is suffering from microelectronic headwinds despite which growth has continued. During the first four months of the financial year the business has seen a downturn in demand particularly from China. A cyclical downturn is also currently being experienced for industrial lasers. 2019 group trading performance is still expected to show low single digit growth compared to last year.
Glencore plc GLEN is pleased to report that it has delivered both record Adjusted EBITDA, up by 8% and significant cash returns to shareholders in 2018. The preliminary results also include net income attributable to equity holders down 41% and basic earnings per share also down 41%. Other highlights are that resolutions have been achieved with the Ontario Securities Commission regarding accounting, governance and disclosure matters and a refreshed management team has been appointed. Committees have been created to oversee the Group’s response to the U.S. Department of Justice’s investigation. Production guidance in all commodities for 2019 is that it is expected to be higher than 2018.
Intu Properties plc INTU claims its management team has produced robust operational performance in a challenging market for the year to 31st December, with increased like-for-like net rental income for the fourth consecutive year and 97 per cent occupancy. property valuations declined as sentiment weakened significantly. Valuations fell by a further 3 per cent in the final quarter of 2018, in addition to the 9 per cent fall over the first nine months. Sentiment in the retail sector is at an all-time low.
Hochschild Mining plc HOC reports another strong year of record production and prudent cost control. Revenue for the year to 31st November fell by 3%, adjusted EBITDA by 11%, Profit from continuing operations (pre-exceptional) was down by 66% and Profit from continuing operations (post-exceptional) by 88%. 2018 operational delivery exceeded guidance.
Lloyds Banking Group LLOY 2018 results show that it was a year of strong strategic and financial delivery. The UK economy has proven itself resilient with record employment, which has enabled the bank to see profits jump by 24% whilst the total ordinary dividend of 3.21 pence per share, is up 5 per cent on 2017 In addition to this a share buyback of up to £1.75 billion is proposed. A continued strong performance is expected for 2019 with a statutory return on tangible equity of 14 to 15 per cent.
Glencore GLEN claims that its 2017 performance was the strongest on record with industrial adjusted EBITDA rising by 60% and basic earnings per share by 310%, helped by rising commodity prices which are completely outside the control of the company and a strong unit cost performance for which it must be given credit. Net debt fell by a hefty 31%. As for the future it believes that its unrivalled positioning and commodity diversification can create superior long term value for all stakeholders – until the next commodity slump that is but in the meantime enjoy the ride.
First Group FGP updates that reported revenue for the year to date rose by 10.7% but in constant currency terms that was reduced to 1.1%. Greyhounds long haul business was affected by intense airline competition. Even the weather with heavy snowstorms on the eastern sea board as far down as Florida, proved to be a challenge. Modest first half growth at Greyhound has turned into a decline of 0.4% for the year to date as the second half worsened with a 2.8% decline for the period from the end of September to January. At First Rail like for like passenger revenue rose by 3.2% both for the year to date and for the second half so far. TransPennine Express is described as producing industry leading growth which has got even stronger with the introduction of its new fleet in the autumn.
Bilby plc BILB Revenue and profitability for the year to the end of March will be ahead of current market expectations as the company continues to win new clients, new contracts and invitations from existing and long term customers to broaden the scope of work which it provides.Excellent customer service is regarded by the company as the clue to its success.
Gooch & Housego GHH is experiencing exceptional demand for critical components used in micro electric manufacturing, the order book as at the beginning of January stood at record levels with a rise of 48% compared to the same tie lasy year and put icing on the cake, overall market conditions are good.
Hotel Chocolat Group HOTC announces another period of strong sales growth for the half year to 31st December, with revenue, underlying EBITDA, profit before and after tax and earnings per share all rising by 15%. An interim dividend of 0.6p per share is to be paid following the maiden dividend of 1.6p at the year end in September. Mothers Day, Easter and Valentines Day results are all being looked forward to eagerly.
Inspirational Healthcare Group IHC has continued to perform strongly in the second half, as forecast the the half tear stage. Full year profit are expected to be in line.
Buy Glencore #GLEN say VectorVest. The stock is trending strongly upwards and offers a compelling growth story.
Swiss based FTSE100 giant Glencore (GLEN.L), formerly Glencore Xstrata plc, is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. The Group’s operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities. With a strong footprint in both established and emerging regions for natural resources, Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Glencore’s customers are industrial consumers, such as those in the automotive, steel, power generation, oil and food processing sectors. The Company also provide financing, logistics and other services to producers and consumers of commodities. Glencore’s companies employ around 155,000 people, including contractors.
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On December 12th 2017, GLEN published an investor update, and said that the outlook for its “Tier 1” commodities – copper, cobalt, nickel, zinc & thermal coal were underpinned by persistent supply challenges and robust demand. GLEN added that it was the best placed large cap resources company for the Electric Vehicle revolution. CEO Ivan Glasenberg said the Company expects 2018 illustrative EBITDA of c.$16.2bn at spot/forward prices, adding that GLEN “looks to the future, confident in our ability to continue to create superior returns for our shareholders.”
Along with the other large cap resource giants listed on the FTSE100, GLEN has seen a resurgence in value since summer 2017. The mid December dip in the stock flagged the opportunity and trend both across RV (Relative Value) and RT (Relative Timing) metrics. RV, an indicator of long-term price appreciation potential, logged at 1.55, which VectorVest considers excellent on a scale of 0.00 to 2.00. Added to this, the GRT (forecasted Earnings Growth Rate) for GLEN logs at 37.00%, which VectorVest considers to be excellent, and despite a fair RS (Relative Safety) rating of 0.93 (scale of 0.00 to 2.00), at 409p the stock trades a long way below the VectorVest valuation of 610p.
The chart of GLEN is shown above in my normal format. The blue line study in the window below the price shows Earnings per Share (EPS) growing strongly. The share is trending strongly upwards after breaking and subsequently testing a 52 week high.
Summary: To some investors, mining companies represent a greater degree of investing risk. However, in the view of VectorVest, the sheer size and diversity of the Glencore business results in a relatively safe and stable investment proposition, while a resource hungry world and the EV revolution provides a huge market opportunity and a compelling growth story to buy into.
Dr David Paul
January 16 2018
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Amec Foster Wheeler AMFW reports net pre-tax exceptional gains of £47m in the half-year ended 30 June 2016 and says it has made a strong start to its transformation programme, with the first signs of progress now showing up in the order book.
Cineworld Group CINE reports half year revenue growth of 17.8%, with adjusted profit after tax up 23.5% to £42m. Looking forward the film release programme for the second half of the year includes a number of key releases namely “Justice League”, “Paddington 2”, “Thor: Ragnarok”, “Kingsman: The Golden Circle” and “Star Wars: Episode VIII”, and many more. Based on the H2 film slate the group remains confident of delivering a performance for the year as a whole in line with current market expectations.
DFS Furniture DFS publishes a pre-close trading update, and says H2 has been weaker than expected owing to significant declines in store footfall and customer orders across April, May and June. Overall, Group H2 revenues were 4% lower than the prior year, and following an increase of 7% in H1, expects to deliver growth of 1% over the year as a whole. FY EBITDA will be at the low end of the £82-£87m range previously given.
Evraz EVZ reports strong free half-year cashflow of $549m (H1 2016: $102m), and has reduced net debt to $4.28bn (FY2016: $4.8bn). An interim dividend of $0.30 per share will be paid, equalling an overall payout to shareholders of around $429.6m. Looking ahead, expects the results for the year to also reflect the positive trends on the global steel market.
Glencore GLEN reports adjusted half year EBITDA up 68% and EBIT up 334%, while net debt fell a further $1.6bn to $13.9bn from end of 2016. GLEN says its portfolio of Tier 1 commodities underpins ambitions to create significant long-term value for shareholders.
St. Ives Plc SIV updates on trading and says overall results for the year are expected to be at the top end of the range of current market expectations. H2 revenue was approx 17% ahead of the equivalent period last year and, excluding the effects of currency movements, like-for-like revenue growth was c12%. The group continues to be encouraged by the performance of the segment, which has now returned to strong like-for-like revenue growth, with a significantly improved operating margin. Trading conditions within Marketing Activation segment continues to be challenging, as reported in June 2017.