News – DirectorsTalk Interviews https://www.directorstalkinterviews.com LSE London Stock Exchange PLC Company Interviews Tue, 25 Jun 2019 08:49:08 +0000 en-GB hourly 1 Remote Monitored Systems plc Progress across all elements of its business https://www.directorstalkinterviews.com/remote-monitored-systems-plc-progress-across-all-elements-of-its-business/412786033 Tue, 25 Jun 2019 08:49:07 +0000 https://www.directorstalkinterviews.com/?p=786033 Financial Overview During the year the Group recorded revenues of £857,970 compared with £788,718 for the year ended 31 December 2017.  The operating loss for the year ended 31 December 2018 was £1,081,879 (year ended 31 December 2017: £2,148,774).  Administrative expenses amounted to £1,415,446 (year ended 31 December 2017 restated: £2,209,385), see table and the bullet points below for details in relation to the reduction in administrative expenses. The ...

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Financial Overview

During the year the Group recorded revenues of £857,970 compared with £788,718 for the year ended 31 December 2017.  The operating loss for the year ended 31 December 2018 was £1,081,879 (year ended 31 December 2017: £2,148,774).  Administrative expenses amounted to £1,415,446 (year ended 31 December 2017 restated: £2,209,385), see table and the bullet points below for details in relation to the reduction in administrative expenses. The loss after tax for the year was £1,122,834 (year ended 31 December 2017: £1,897,479). The loss per share (after consolidation of the share capital) was 0.35 pence (2017: loss per share after consolidation of share capital of 1.82 pence).

●     The total revenue figure £857,970 for December 2018 relates to Geocurve, no revenues were generated by GyroMetric during 2018.  In 2017 £638,203 was generated by Geocurve and the remaining £150,515 by the closed operations. Geocurve secured a £1.1m contract at the beginning of 2018 to survey the Thames.  A significant investment of manpower was required to get the Thames project running successfully and efficiently; in Q3 2018 Geocurve was able to take on new projects alongside the Thames project.  Approximately 80% of the initial phase of the Thames contract was invoiced in the year ended 31 December 2018

●     Consolidated net assets at 31 December 2018 amounted to £668,683 (31 December 2017: £636,315).

●     Cash balances at the year-end amounted to £109,381 (2017: £502,998).

●     During the year the Company raised £744,230 net of costs through the issue of new shares.

●     Operational salaries incurred in Geocurve amounting to £374,446 have been reclassified from administrative expenses to cost of sales in 2018. A comparative adjustment of £359,194 for 2017 has also been made for consistency.  The reclassification took place as a result of a reconsideration of what constituted direct costs by the new management.

●     Significant administrative cost reductions were achieved in comparison with 2017, both by reducing costs in the continuing operations as well as by closing the training and US businesses:


2018(£)2017 (restated) (£)Reduction (£)Reduction (%)
Audit and accountancy fees 52,067 187,620 (135,553)72%
Plc costs (broker, Nomad, PR & Marketing) 146,949 220,339 (73,390)33%
Board costs 157,732 337,158 (179,426)53%
Other499,668 441,892 57,77613%
Sub Total856,4161,187,009(330,593)28%
Costs of operations closed in 2018164,826587,326

Depreciation & Impairments394,204435,050

Total Administrative Expenses(as per statement of comprehensive income)1,393,7912,209,385

●     The reduction in audit and accountancy fees is due to a new financial planning and control system implemented during the period.

●     Depreciation increased to £151,670 (2017: £61,772) as a result of additional depreciation following the acquisition of the Pegasus II equipment by Geocurve at the beginning of March 2018.

●     Impairments of £267,266 relates to the release of goodwill arising from the acquisition of Geocurve in 2015 and GyroMetric in 2018 on a straight-line basis over 5 years.

●     Geocurve became the first company in the UK, and one of only a few companies in Europe, to acquire a Pegasus II multi-sensor surveying system which has world leading surveying capabilities and opens up many business opportunities. The system, with an acquisition value of £0.5m, was acquired on 19 February 2018 from Academy Leasing Ltd.

●     67% of the Pegasus II equipment finance was paid during the year ended December 2018 with the remaining finance to be paid before the end of 2019.  The prompt payment of finance is again part of the initiative to drive down costs. 

●     On 30 April 2018, Remote Monitored Systems granted a total of 100,000,000 options (5,000,000 after consolidation of share capital) to subscribe for ordinary shares in the Company (“Options”) to certain employees.  The Options can be exercised in whole or in part, subject to meeting revenue and profit based vesting conditions, at any time up to the fifth anniversary of grant at a price of 0.06p per option (1.2p after consolidation of share capital), subject to the overriding condition that no Option may be exercised unless the quoted price of the Company’s ordinary shares is at least 2.0p.

●     In April 2018, the Group announced the acquisition of 36.9% of the enlarged share capital of GyroMetric for a cash consideration of £250,000. In August 2018, the Group announced a further investment of £273,600 (funded by issuing new share capital) in GyroMetric increasing the shareholding from 36.9% to 57.8% and thus gained control of the entity. The investment in GyroMetric provides the Group’s shareholders with a stake in a new and unique technology with promising prospects. The Group’s investment in GyroMetric will continue to be developed through close operational support and involvement. GyroMetric will be an important component of growth and shareholder value in the months and years ahead.

Following the year end, the Group raised £350,000 to support the growth of the Group’s core areas of business, to provide working capital, and to leave the Company free of debt apart from the remaining payments for the Pegasus equipment. A total of 53,846,154 ordinary shares of 0.2p nominal value each were placed with investors at 0.65p per share.

Outlook

The Group continues to make progress across all elements of its business.

Geocurve, having experienced a slower than expected start to 2019, has prioritised profitability over growth. Cost saving measures have been implemented with the intention of becoming self-financing in 2019, albeit with revenues expected to be lower than those in 2018.

GyroMetric, which will be conducting trials for two major wind turbine manufacturers in 2H 2019, has recently signed a contract for a technical cooperation with a major UK supplier to the energy and petrochemical industries and as a result of the recent successful recruitment of a Technical Sales Director, a number of promising opportunities in new sectors, where lead times are typically shorter, are already being pursued.

The Board is determined to deliver value to shareholders and continues to examine opportunities to grow both organically and through acquisition of complementary businesses and technologies which can enhance growth in shareholder value.

Annual Report

The Annual Report and Accounts for the year ended 31 December 2018 (“Annual Report”) will be sent to shareholders today and will also be available on the website at www.remotemonitoredsystems.com.

Annual General Meeting

The Company’s Annual General Meeting (“AGM”) will be held at the offices of Peterhouse Capital Limited, New Liverpool House, 15 Eldon Street, London, EC2M 7LD on 29 July 2019 at 10.30am.

The Notice of AGM and Forms of Proxy are being dispatched to shareholders today and are will also be available on the website at www.remotemonitoredsystems.com.

Acknowledgments

On behalf of the Board, I would like to thank our business partners, customers, employees and valued shareholders for their continued support.

This article Remote Monitored Systems plc Progress across all elements of its business was written by DirectorsTalk Interviews.


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Turner Pope Investments to hold ‘Biotech, Tech & Resources’ themed evening https://www.directorstalkinterviews.com/turner-pope-investments-to-hold-biotech-tech-resources-themed-evening/412786031 Tue, 25 Jun 2019 08:38:50 +0000 https://www.directorstalkinterviews.com/?p=786031 Turner Pope Investments the boutique Stockbroker, providing investment services to Corporate and High Net Worth Private Clients are hosting a ‘Biotech, Tech & Resources’ themed evening July 3rd 2019 and currently, the following companies have confirmed their attendance, in alphabetical order: Avacta Group Plc (LON: AVCT)Falanx Group Limited (LON: FLX)PO Valley Energy LimitedRainbow Rare Earths ...

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Turner Pope Investments the boutique Stockbroker, providing investment services to Corporate and High Net Worth Private Clients are hosting a ‘Biotech, Tech & Resources’ themed evening July 3rd 2019 and currently, the following companies have confirmed their attendance, in alphabetical order:

Avacta Group Plc (LON: AVCT)
Falanx Group Limited (LON: FLX)
PO Valley Energy Limited
Rainbow Rare Earths Limited
(LON: RBW)
Union Jack Oil Plc (LON: UJO)

The event will be held in London, EC2 and will commence at 4pm.

To register your interest, please visit https://www.turnerpope.com/contact/ and complete the registration form where a member of the TPI team will be in touch following this.

This article Turner Pope Investments to hold ‘Biotech, Tech & Resources’ themed evening was written by DirectorsTalk Interviews.


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Metal Tiger plc Offer from Sandfire Resources https://www.directorstalkinterviews.com/metal-tiger-plc-offer-from-sandfire-resources/412786024 Tue, 25 Jun 2019 06:31:32 +0000 https://www.directorstalkinterviews.com/?p=786024 Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, today noted the announcement made by MOD Resources Ltd (LON: MOD), which sets out the terms of a conditional recommended offer from Sandfire Resources NL (ASX: SFR) for the outstanding shares of MOD. The Offer will be made ...

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Metal Tiger plc (LON: MTR), the London Stock Exchange AIM listed investor in strategic natural resource opportunities, today noted the announcement made by MOD Resources Ltd (LON: MOD), which sets out the terms of a conditional recommended offer from Sandfire Resources NL (ASX: SFR) for the outstanding shares of MOD. The Offer will be made on a share-for-share basis (with a mix and match facility to elect for up to 25% cash) with an exchange ratio of 0.0664 new Sandfire ordinary shares for every MOD ordinary share held at the record time, representing an effective offer price of A$0.45 per share based on the five day VWAP of Sandfire Shares.

Highlights:

· MOD and Sandfire have executed a binding Scheme Implementation Deed in relation to a conditional recommended share-for-share Offer for MOD from ASX listed Sandfire, at the Offer Price of A$0.45 per share, to be affected by way of a scheme of arrangement in Australia;

· 0.0664 Sandfire Shares will be offered in exchange for every MOD Share held, with MOD shareholders also being offered up to 25% of the consideration in cash, as part of a mix and match facility;

· Offer Price represents a premium of approximately 45% to the closing price per MOD Share on 24 June 2019 (being the last practicable business day prior to this announcement) and values MOD’s current issued share capital at A$137m (approximately £74m);

· Pursuant to the Offer, MOD will exercise its option over Metal Tiger’s 30% interest in Tshukudu Exploration, with an exercise price of A$10.045m (approximately £5.45m) due to Metal Tiger, to be settled in MOD Shares at the Offer Price, which, subject to MOD shareholder approval, will be issued prior to the Scheme becoming effective and acquired by Sandfire pursuant to the Offer (if not approved by MOD shareholders, the amount due will be paid in cash);

· Metal Tiger will retain its right to a 2% net smelter royalty over the Tshukudu exploration properties (which cover approximately 8,000km2 of prospective land in the Kalahari Copper Belt) and which will come into effect following MOD exercising its Tshukudu Option;

· Metal Tiger’s aggregate interest in MOD (including the consideration for its 30% interest in Tshukudu, its MOD Shares and its MOD Options) is valued at A$42.7m (approximately £23.2m) at the Offer Price, compared to an aggregate investment of £7.7m in MOD (including JV expenses and net MOD share purchases since inception);

· Subject to there being no superior proposal, Metal Tiger has committed to vote in favour of the Offer and to elect to receive all Sandfire Shares as consideration for its interests in MOD, which, should the Offer complete, is expected to result in Metal Tiger owning approximately 3.5% of Sandfire’s then enlarged share capital; and

· Subject to the Offer completing before 15 November 2019, Sandfire has agreed to use reasonable endeavours to set a record date for the payment of its full year dividend following completion of the Offer, thereby allowing MOD shareholders to benefit from such a dividend.

The full announcement made by MOD today (with the Scheme Implementation Deed appended in full) can be seen using the following link:

https://www.modresources.com.au/sites/default/files/asx-announcements/6934645.pdf

Michael McNeilly, Chief Executive Officer of Metal Tiger, commented:

“We are delighted by today’s news which could be transformational for the Kalahari Copper Belt as well as MTR. MTR has invested a total of approximately £7.7m which means that, should the Offer complete, MTR will have generated a total return on investment cost of 3.0x. This is of course excluding the value of our capped US$2m net smelter royalty over T3, as well as the 2% uncapped net smelter royalty over the Tshukudu Exploration properties. We believe that Sandfire has the market position and means to progress T3 and its surrounding targets, thereby enabling the release of long-term value in these projects.

“Metal Tiger has long believed that the Kalahari Copper Belt has the potential to deliver substantial returns on investment and see significant long-term potential for copper production in the area. Furthermore, we are delighted to continue to deliver on our strategy of investing in early stage assets and realising value from our investments.

“Along with our other investments in the area, we look forward to becoming a shareholder in Sandfire, where we see significant potential for value accretion in the Sandfire Share price, and to potentially receiving meaningful future cash flows from our royalty interest over the Tshukudu exploration properties.”

The Offer will be made by way of a scheme of arrangement under s411 of the Australian Corporations Act 2001, which is expected to be held in October 2019. The directors of MOD have unanimously recommended that MOD shareholders vote in favour of the Scheme (and they have confirmed their present intention to vote in favour of the Scheme in respect of the approximate 7.02% of MOD Shares owned by them) in the absence of a superior proposal (as is defined in the Scheme Implementation Deed) and subject to an Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of MOD shareholders.

The Offer will be also conditional on, inter alia, MOD shareholders voting on the terms of the Offer at a court meeting and general meeting (both to be convened when the Scheme Document is released, which is expected to be by the end of August 2019), the resolutions being passed at a MOD Extraordinary General Meeting, to be convened in due course, in order to allow new MOD Shares to be issued to satisfy the exercise of the Tshukudu Option (including a resolution to allow Metal Tiger to increase its shareholding in MOD to above the 20% limit for listed companies in Australia) and receipt of the necessary change of control and regulatory approvals from the Botswanan Government.

The Scheme Implementation Deed contains standard Australian provisions, such as “no shop”, “no talk”, “notification” and “matching rights” provisions, with a break fee being payable in certain circumstances. MOD has agreed it will not solicit any competing proposal or participate in any discussions or negotiations in relation to any competing proposal (unless failure to do so would involve a breach of the fiduciary duties of its Directors).

Metal Tiger currently holds 31,838,393 MOD Shares, representing approximately 10.48% of MOD’s issued share capital and 40,673,566 unquoted options with a nil exercise price. Any unexercised MOD Options will, as part of the Scheme, be exercised in full and acquired by Sandfire at the Offer Price pursuant to the terms of the Scheme.

As announced on 18 July 2018, Metal Tiger entered into an agreement with MOD to sell its 30% interest in the T3 Project along with a side agreement with MOD in respect of the new MOD shares issued as consideration, pursuant to which Metal Tiger committed, inter alia, to support MOD board recommendations, including a MOD board endorsed change of control.

Metal Tiger has entered into an amendment to the Share and Voting Deed, whereby this commitment has been removed and Metal Tiger is able to vote its MOD Shares as the Board of Metal Tiger wishes. The Share and Voting Deed Amendment also removes all other restrictions in terms of Metal Tiger’s holding in MOD that were originally in the deed, save for, if the Offer is terminated, Metal Tiger is released from its voting obligations with Sandfire or the exclusivity period in the Scheme Implementation Deed expires, then for a period of 12 months Metal Tiger will be subject to an amended version of the clause relating to disposal of its MOD Shares, whereby Metal Tiger would be prevented from selling its holding to certain restricted investors, including private equity and competitors to MOD.

The Board of Metal Tiger is in favour of the Offer and sees significant value in Sandfire Shares at the exchange ratio being offered, therefore it has entered into a support agreement with Sandfire in relation to the Offer, whereby it has committed to vote in favour of the Offer in respect of its entire beneficial holding of MOD Shares and committed to elect to receive Sandfire Shares (i.e. not elect to receive cash pursuant to the mix and match facility). In addition, pursuant to the Support Agreement, Metal Tiger has committed to exercise sufficient MOD Options such that its shareholding in MOD for the purposes of voting on the Scheme is 19.9% at the record date.

MOD to exercise its option over Metal Tiger’s 30% interest in the Tshukudu JV

Metal Tiger and MOD have entered into an amendment to the T3 Sale Agreement, which amends certain terms of the agreement and pursuant to which MOD has committed to exercise its option over Metal Tiger’s 30% interest in Metal Capital Exploration Limited, which wholly owns Tshukudu Exploration (Pty) Ltd in Botswana, with a calculated value of A$10.045m (approximately £5.45m) (the “Tshukudu Consideration”).

Pursuant to the Scheme Implementation Deed, MOD has committed to exercise the Tshukudu Option prior to the record date for the Scheme. Pursuant to the terms of the T3 Sale Agreement Amendment, Metal Tiger’s 12.5% maximum shareholding restriction has been removed and MOD and Metal Tiger have agreed that Metal Tiger will be issued 22,322,222 MOD Shares, in full settlement of the amount due from MOD to acquire its 30% interest in Tshukudu Exploration. The ability for MOD to pay Metal Tiger by way of the Tshukudu Consideration Shares will fall away if the Scheme is not implemented within six months.

The issue of the Tshukudu Consideration Shares will be subject to a separate vote of MOD shareholders at the MOD EGM, which MOD has committed to convene in due course. The resolutions to be voted on by MOD shareholders at the MOD EGM will include a vote on whether Metal Tiger’s shareholding in MOD can increase to over the 20% prescribed shareholding limit for listed companies in Australia. Should the resolutions at the MOD EGM not be passed, the Tshukudu Consideration would be settled in cash, which is in-line with the original agreement. Subject to obtaining MOD shareholder approval for them to be issued, the Tshukudu Consideration Shares would be acquired by Sandfire at the Offer Price pursuant to the terms of the Scheme.

MOD and Metal Tiger have also entered into an addendum to the JV Agreement in respect of Tshukudu, whereby MOD has agreed to fund Tshukudu through to completion of the Offer. However, should the Offer not complete, Metal Tiger will be required to contribute its pro rata share of costs between now and the date that the Scheme Implementation Deed is terminated, in order to avoid any dilution to Metal Tiger’s interest in Metal Capital. In addition, if the Tshukudu Option is exercised and the Offer does not complete for any reason, the T3 Sale Agreement Amendment contains provisions whereby the exercise would be unwound and each party would revert to its current state with respect to the Tshukudu JV.

The terms of the T3 Sale Agreement remain unchanged in respect of Metal Tiger’s 2% net smelter royalty over the Tshukudu exploration properties, which will come into effect on exercise of the Tshukudu Option.

Metal Tiger’s election to receive all Sandfire Shares

Metal Tiger has committed to elect to receive Sandfire Shares (and not to elect to receive cash pursuant to the mix and match facility) in respect of its holding of MOD Shares at the record time for the Scheme, the balance of the MOD Options held and the Tshukudu Consideration (subject to the relevant resolutions being passed at the MOD EGM). Accordingly, should the Offer be successful and the resolutions are passed at the MOD EGM, Metal Tiger is expected to receive Sandfire Shares with an aggregate value of A$42.7m (approximately £23.2m) at the Offer Price, which would represent approximately 3.5% of Sandfire’s then enlarged share capital.

Sandfire is a Tier 1, high-grade, Australian copper miner, with a market capitalisation of approximately A$1.1bn as at 24 June 2019 (further information on Sandfire is set out below). Should the Offer be successful, the Board of Metal Tiger believes that its resultant shareholding in Sandfire’s enlarged share capital will bring the following benefits:

· the enlarged Sandfire Group will have a stronger financial position and the merger is expected to facilitate the accelerated development of the T3 Project and the exploration potential of MOD’s extensive land interests, where Metal Tiger will retain a 2% net smelter royalty over any future production from the Tshukudu exploration projects;

· Metal Tiger would maintain exposure to the value created to date in the development of the T3 Project towards commercial production. It is expected that the enlarged Sandfire Group would be in a better position to raise the requisite funding to finalise the development of the T3 Project, thereby reducing the financing risk associated with the project;

· The enlarged Sandfire Group will have a more diverse asset base than MOD and Metal Tiger will gain exposure to the potential for substantial value creation from Sandfire’s high grade copper development and exploration projects, both in Australia and overseas;

· Sandfire has historically paid dividends to its shareholders and, whilst there can be no guarantee this will continue in the future, should the Offer be successful, this is expected to represent a new source of income for Metal Tiger. In addition, provided the Offer completes before 15 November 2019, Sandfire has agreed to use reasonable endeavours to set a record date for the payment of its full year dividend following completion of the Offer, thereby allowing MOD shareholders to benefit from this dividend; and

· Sandfire Shares are more liquid than MOD Shares (the average daily value traded over the last 90 days was A$5.4m for Sandfire and A$0.2m for MOD) and the combined group is expected to have increased media and broking coverage.

About Sandfire

Sandfire Resources NL (ASX: SFR) is a leading Australian copper producer which operates the high-grade DeGrussa Copper-Gold Mine, 900km north of Perth in Western Australia. Sandfire is focused on discovering, developing and operating high quality resource assets capable of delivering substantial returns for shareholders. Sandfire intends to build on the strong cash flows being generated at DeGrussa to create the foundations for a diversified Australian mining company with a sustainable growth plan. Sandfire has a growing portfolio of exploration interests and joint ventures in highly prospective mineral provinces around Australia and overseas. For the year ended 30 June 2018, Sandfire reported revenue of A$596.2m and net profit of A$120.8m. As at 31 December 2018, Sandfire reported net assets of A$556.0m.

This article Metal Tiger plc Offer from Sandfire Resources was written by DirectorsTalk Interviews.


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Carnival PLC Half-year Report https://www.directorstalkinterviews.com/carnival-plc-half-year-report/412786025 Tue, 25 Jun 2019 06:31:31 +0000 https://www.directorstalkinterviews.com/?p=786025 Carnival plc (LON:CCL) today announced it has filed its joint Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission containing the Carnival Corporation & plc 2019 three and six months unaudited consolidated financial statements, which reported results are unchanged from those previously announced on June 20, 2019. The information included in the attached ...

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Carnival plc (LON:CCL) today announced it has filed its joint Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission containing the Carnival Corporation & plc 2019 three and six months unaudited consolidated financial statements, which reported results are unchanged from those previously announced on June 20, 2019.

The information included in the attached Schedules A, B and C is extracted from the Form 10-Q and has been prepared in accordance with SEC rules and regulations. The Carnival Corporation & plc unaudited consolidated financial statements contained in the Form 10-Q have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).

•       Schedule A contains the Carnival Corporation & plc unaudited consolidated financial statements as of and for the three and six months ended May 31, 2019

•       Schedule B contains management’s discussion and analysis (“MD&A”) of financial conditions and results of operations

•       Schedule C contains information on Carnival Corporation and Carnival plc’s sales and purchases of their equity securities and use of proceeds from such sales

In addition, the Directors are today presenting in the attached Schedule D, the unaudited interim condensed financial statements for the Carnival plc Group (“Interim Financial Statements”) as of and for the six months ended May 31, 2019. The Interim Financial Statements exclude the consolidated results of Carnival Corporation and are prepared under International Financial Reporting Standards as adopted by the European Union.

The Directors consider that within the Carnival Corporation and Carnival plc dual listed company (“DLC”) arrangement, the most appropriate presentation of Carnival plc’s results and financial position is by reference to the Carnival Corporation & plc U.S. GAAP unaudited consolidated financial statements (“DLC Financial Statements”).

All these schedules (A, B, C & D) are presented together as Carnival plc’s Group half-yearly financial report in accordance with the requirements of the UK Disclosure Guidance and Transparency Rules.

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Renishaw plc Group Engineering Director to resign https://www.directorstalkinterviews.com/renishaw-plc-group-engineering-director-to-resign/412786022 Tue, 25 Jun 2019 06:20:14 +0000 https://www.directorstalkinterviews.com/?p=786022 Renishaw plc Group (LON: RSW) today announced that Geoff McFarland, Group Engineering Director, has informed the Board that, due to family reasons, he has decided to resign as a Director of the Board with effect from 30 June 2019. The Company announced that Geoff and the Board have agreed that he will continue to work ...

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Renishaw plc Group (LON: RSW) today announced that Geoff McFarland, Group Engineering Director, has informed the Board that, due to family reasons, he has decided to resign as a Director of the Board with effect from 30 June 2019.

The Company announced that Geoff and the Board have agreed that he will continue to work with the Company in a new role as Director of Group Technology, reporting to Chief Executive, Will Lee, with responsibility for Renishaw’s research centres and intellectual property. This role, while not full time, will allow the Company to continue to be able to draw on the benefits of Geoff’s broad product and market expertise developed over 25 years with Renishaw.

Geoff joined Renishaw in 1994 and became the Director and General Manager of the CMM Products Division in 1999. He joined the Board in 2002. His current responsibilities are for Group Engineering, Group intellectual property and R&D. His previous responsibilities have included the additive manufacturing product line.

Sir David McMurtry, Renishaw plc Group Executive Chairman, commented:

“We fully respect and support Geoff’s decision which he has made for family reasons. On behalf of the Board I would like to thank Geoff for the invaluable contribution that he has already made to the developments that have helped Renishaw grow into the global technology leader that it is today. I look forward to continuing to work with Geoff in his new role.”

Will Lee, Chief Executive, commented:

“I have worked with Geoff for many years, during which time he has been very supportive of me in my various roles in the business. While I am sorry that he is leaving the Board, I am very pleased that we will still benefit from his expertise and knowledge of the research community.”

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ConvaTec Group PLC Jesper Ovesen to retire https://www.directorstalkinterviews.com/convatec-group-plc-jesper-ovesen-to-retire/412786020 Tue, 25 Jun 2019 06:14:32 +0000 https://www.directorstalkinterviews.com/?p=786020 Jesper Ovesen has advised the Board of ConvaTec Group Plc (LON: CTEC) that he wishes to retire as a Non-Executive Director of the Company on 28th June 2019. Margaret Ewing, Senior Independent Director, will succeed Jesper as Chair of the Audit and Risk Committee and Regina Benjamin will also become a member of the Committee. ...

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Jesper Ovesen has advised the Board of ConvaTec Group Plc (LON: CTEC) that he wishes to retire as a Non-Executive Director of the Company on 28th June 2019.

Margaret Ewing, Senior Independent Director, will succeed Jesper as Chair of the Audit and Risk Committee and Regina Benjamin will also become a member of the Committee. Regina will also be appointed as a member of the Remuneration Committee. These appointments will take effect from 28th June.

Margaret joined the Board of ConvaTec in August 2017. She has strong executive and non-executive experience with large listed businesses and is currently a Non-Executive Director and Chair of the Audit and Risk Committee of ITV plc and a Non-Executive Director and member of the Audit and Compliance Committee of International Airlines Group plc. She was previously CFO of BAA plc and Trinity Mirror plc and Executive Board member of Deloitte LLP.

Rick Anderson, ConvaTec Group Plc Executive Chairman, commented,

“On behalf of the Board I would like to thank Jesper for his valuable contribution to ConvaTec since he became a Director in 2016.

We are very pleased that Margaret has agreed to become the Chair of the Audit and Risk Committee, where her knowledge and experience will be most valuable to ConvaTec.”

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Live Company Group AGM and Accounts posted https://www.directorstalkinterviews.com/live-company-group-agm-and-accounts-posted/412786018 Tue, 25 Jun 2019 06:10:40 +0000 https://www.directorstalkinterviews.com/?p=786018 Live Company Group (LON: LVCG) announced today that the notice of the Company’s Annual General Meeting has today been posted to all shareholders. A copy of the Group’s 2018 Annual Report and Accounts, for those shareholders who have elected to receive the Annual Report in physical copy, will be issued shortly. The AGM will be ...

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Live Company Group (LON: LVCG) announced today that the notice of the Company’s Annual General Meeting has today been posted to all shareholders.

A copy of the Group’s 2018 Annual Report and Accounts, for those shareholders who have elected to receive the Annual Report in physical copy, will be issued shortly.

The AGM will be held at the offices of Shard Capital Partners LLP, Level 23, 20 Fenchurch Street, London EC3M 3BY at 9.00 a.m. on Friday 19 July 2019. All attendees are encouraged to bring personal identification to enable access to Shard Capital Partners LLP offices.

Copies of the notice of Annual General Meeting are available on the Company’s website: www.livecompanygroup.com.

Live Company Group plc is a live events and entertainment Company, founded by David Ciclitira in December 2017. The Company was admitted to trading on AIM in December 2017, following the reverse acquisition of Brick Live Group and Parallel Live Group by Parallel Media Group plc.

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Universe Group plc Trading in line with expectations https://www.directorstalkinterviews.com/universe-group-plc-trading-in-line-with-expectations/412786016 Tue, 25 Jun 2019 06:06:25 +0000 https://www.directorstalkinterviews.com/?p=786016 Universe Group plc (LON: UNG), a leading developer and supplier of point of sale, payment and loyalty systems, announced that it will be holding its Annual General Meeting later today and the Company’s Chief Executive Officer, Jeremy Lewis, will make the following statement on current trading: “Trading in the first half of 2019 has been ...

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Universe Group plc (LON: UNG), a leading developer and supplier of point of sale, payment and loyalty systems, announced that it will be holding its Annual General Meeting later today and the Company’s Chief Executive Officer, Jeremy Lewis, will make the following statement on current trading:

“Trading in the first half of 2019 has been in line with expectations.

“The Group is currently integrating the recent acquisition of Celtech, and as in previous years the trading performance for the full year will be weighted towards the second half.

“I look forward to providing further updates in due course.”

A brief presentation containing no inside information will be provided to shareholders. This presentation will be uploaded to the Universe Group plc website at www.universe-group.com/investor-relations.

This article Universe Group plc Trading in line with expectations was written by DirectorsTalk Interviews.


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Anglo American PLC De Beers rough diamond sales cycle 5, 2019 https://www.directorstalkinterviews.com/anglo-american-plc-de-beers-rough-diamond-sales-cycle-5-2019/412786014 Tue, 25 Jun 2019 06:04:28 +0000 https://www.directorstalkinterviews.com/?p=786014 Anglo American plc (LON:AAL) today announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for De Beers’ fifth sales cycle of 2019, amounting to $390 million. Bruce Cleaver, CEO, De Beers Group, said: “While overall retail sentiment for diamond jewellery in the US remains solid, a more challenging environment in China ...

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Anglo American plc (LON:AAL) today announced the value of rough diamond sales (Global Sightholder Sales and Auction Sales) for De Beers’ fifth sales cycle of 2019, amounting to $390 million.

Bruce Cleaver, CEO, De Beers Group, said: “While overall retail sentiment for diamond jewellery in the US remains solid, a more challenging environment in China and higher than normal polished diamond inventories in the midstream resulted in a cautious approach from rough diamond buyers during the fifth cycle of 2019.”

 Cycle 5 2019(1)(provisional)Cycle 4 2019(2)(actual)Cycle 5 2018 (actual)
Sales value(3)$390m$416m$581m

(1)     Cycle 5 2019 provisional sales value represents sales as at 24 June 2019.

(2)     Cycle 4 2019 actual sales value is restated following the earlier publication of a provisional figure for the fourth sales cycle of 2019.

(3)     Sales values are quoted on a consolidated accounting basis. Auction Sales included in a given cycle are the sum of all sales between the end of the preceding cycle and the end of the noted cycle.

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Nanoco Group Share price fall does not reflect IP value https://www.directorstalkinterviews.com/nanoco-group-share-price-fall-does-not-reflect-ip-value/412786012 Mon, 24 Jun 2019 14:54:32 +0000 https://www.directorstalkinterviews.com/?p=786012 Nanoco Group Plc (LON: NANO) announcement that its project with the major US customer will not continue when the current contract expires in December 2019 is clearly a severe setback and Edison have therefore cut it’s FY20 estimates substantially. We note though that the customer’s decision relates to a change in strategy rather than issues ...

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Nanoco Group Plc (LON: NANO) announcement that its project with the major US customer will not continue when the current contract expires in December 2019 is clearly a severe setback and Edison have therefore cut it’s FY20 estimates substantially. We note though that the customer’s decision relates to a change in strategy rather than issues with the performance of Nanoco’s materials or services. The company has a strong IP base and state-of-theart manufacturing facility with an estimated 12 months of cash to explore new commercial options including with its US customer. Following Friday’s share price drop, the £20m market capitalisation appears to assign little value to these assets.

Major customer changes path

The decision not to extend the current contract means that Nanoco’s major US client will not progress to volume production in the foreseeable future. The company has stated that the decision is wholly unconnected to the performance of the materials or Nanoco’s service delivery. Industry newsflow suggests the client may have opted for an alternative architecture for the component potentially deploying quantum dots. Nanoco is exploring alternative use cases for the technology with a number of customers and supply chain partners, including the major US customer, and continues to work with other customers on deployment of quantum dots in other applications including display and medical imaging.

Estimate changes

Edison’s FY19 revenue forecast is not affected by this development. They have cut it’s FY20 revenues to £4.0m (from £13m), which are backed by contracts, primarily from the major US partner. With a fixed cost base of just under £10m, management expects cash balances to be c £6m at end December 2019. On this basis, they estimate that current cash balances will last until summer next year, giving the company a year to explore commercial and strategic options.

Valuation: Share price fall does not reflect IP value

The development is clearly a major blow to Nanoco Group’s prospects. However, Edison have previously highlighted that development activity in quantum dots appears to be accelerating across a number of applications and this view has not changed. The company is the largest IP holder in this field with c 750 patents and now has a new, nearly fully commissioned manufacturing facility able to output significant volumes of nanomaterials. The recent 74% share price drop values the business at a mere £24m market capitalisation, which Edison believe takes scant recognition of the company’s IP and asset base.

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KEFI Minerals plc Tulu Kapi Project Update https://www.directorstalkinterviews.com/kefi-minerals-plc-tulu-kapi-project-update/412785901 Mon, 24 Jun 2019 10:04:57 +0000 https://www.directorstalkinterviews.com/?p=785901 KEFI and TKGM Chairman, Mr Harry Anagnostaras-Adams, commented: “After consultations with the community, the authorities and our Ethiopian partners, we have informed the authorities of our plan to proceed with the first stages of Project development when the community and local administration are ready. This weekend’s events took place a considerable distance from the Tulu ...

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KEFI and TKGM Chairman, Mr Harry Anagnostaras-Adams, commented: “After consultations with the community, the authorities and our Ethiopian partners, we have informed the authorities of our plan to proceed with the first stages of Project development when the community and local administration are ready. This weekend’s events took place a considerable distance from the Tulu Kapi site and we expect no impact on operations or the development timetable of the Tulu Kapi Project.  Nonetheless, KEFI has immediately elevated security procedures and will continue to ensure all stakeholders proceed with the utmost vigilance with respect to safety and operations, as has always been the case.”

KEFI Minerals plc (LON:KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, noted recent media commentary relating to a localised foiled coup attempt in one of Ethiopia’s nine regions.  The incident was in Bahir Dar, the capital of the Amhara Region, approximately 500 kilometres from the Company’s flagship Tulu Kapi Gold Project (the “Project”).  As a precautionary measure the Company has imposed a heightened duty of care on its activities and has elevated security procedures.  Otherwise this incident has no impact on KEFI’s current or planned activities and there were no such attempts in the remaining provinces, including Oromia, where the Project is located.

Operationally, following the recent receipt of the last outstanding Federal policy approval required to trigger development of the Project, as announced on 6 June, 2019, the KEFI-Ethiopian joint venture Project company Tulu Kapi Gold Mines Share Company (“TKGM”), has informed the authorities of the plan to proceed with the first stages of development upon the completion of agreed preparations with the local community and Government administration.

The overall Project timetable remains unchanged from the most recent guidance.  We have re-sequenced site activities to provide more time for community consultations and other local preparations for the first resettlement phase of only sixty households, and the Ethiopian roads and power authorities are continuing their work in the district to deliver electricity and improve the roads to Tulu Kapi and its surrounding community.

This article KEFI Minerals plc Tulu Kapi Project Update was written by DirectorsTalk Interviews.


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Civitas Social Housing PLC Annual Results https://www.directorstalkinterviews.com/civitas-social-housing-plc-annual-results/412785883 Mon, 24 Jun 2019 06:24:28 +0000 https://www.directorstalkinterviews.com/?p=785883 Civitas Social Housing PLC (LON:CSH), a leading supported living and social housing REIT, today presented its full year results for the year ended 31 March 2019. The full Annual Report and Financial Statements can be accessed via the Company’s website at www.civitassocialhousing.com or by contacting the Company Secretary by telephone on 01392 477500. Performance Highlights Property Valuation ...

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Civitas Social Housing PLC (LON:CSH), a leading supported living and social housing REIT, today presented its full year results for the year ended 31 March 2019.

The full Annual Report and Financial Statements can be accessed via the Company’s website at www.civitassocialhousing.com or by contacting the Company Secretary by telephone on 01392 477500.

Performance Highlights

Property Valuation and PerformanceMarch 2019March 2018Change
Investment property (£m)826.9516.6Up 60%
IFRS NAV per share (diluted) (p)107.08105.54Up 1.5%
Financial PerformanceMarch 2019March 2018Change
Rent roll annualised (£m)45.728.4Up 61%
Net rental income (£m)35.718.6Up 92%
EPRA earning per share (p)3.811.8Up 112%
EPRA earning per share (diluted) (p)3.631.44Up 152%
Dividend per share (p)5.03.0Up 67%
FinancingMarch 2019March 2018Change
Loan to value ratio22%12%
Weighted average cost of debt2.57%2.60%

·      Increased investment property portfolio

·      Portfolio value up 60% to £826.9 million (IFRS)

·      Valuation net initial yield of 5.27% compared to an average net initial yield on purchase of 5.67% (5.90% before costs)

·      IFRS NAV per share (diluted) up 1.5% to 107.08 pence

·      WAULT of 24.4 years

·      All equity proceeds and £208m of borrowings successfully deployed

·      Diversified portfolio of 591 properties providing homes to over 4,000 people

·      177 properties acquired during the year

·      Providing accommodation to tenants with learning disabilities, autism, mental health disorders and also for women’s refuge with an average age of 32 years

·      Properties located across half the Local Authorities in England and Wales and leased to 15 Housing Associations, with support provided by 133 Care Providers

·      Rent roll and earnings up significantly

·      Annualised rent roll up 61% to £45.7 million

·      EPRA earnings (diluted) up 157% to £22.6 million

·      EPRA earnings per share (diluted) up 152% to 3.63 pence

·      Growth combined with attractive shareholder returns

·      Final dividend proposed of 1.325p per Ordinary Share – an increase of 6% over the equivalent quarter and ahead of the inflationary increase originally envisaged

·      Total declared dividends of 5.075 pence per Ordinary Share

·      Target dividend of 5.3 pence for the financial year ended 31 March 2020

·      The total NAV return from IPO to 31 March 2019 is 7.23% p.a. (on an IFRS basis)

·      Conservative funding structure and significant interest cover

·      LTV of 22% of gross assets

·      In discussions regarding new debt funding

·      Making a positive social contribution

·      Civitas’ portfolio has produced £114 million of social value – including £59 million each year of direct savings to the taxpayer 

·      Cost advantage enjoyed by Local Authorities and the improved well-being of tenants and their families, compared to institutional care

·      Working with third party consultants to provide independent verification

·      Investment Adviser team strengthened with senior industry experts

·      Including two former specialist care industry CEOs

Evolving the Business Model and Sector

·      Growing demand from tenants, backed by local and central government

·      In August 2018 the Government affirmed clear long-term support to retain the existing system of funding for supported housing from Housing Benefit, part of the Welfare Budget

·      Over 20 years of unbroken commitment across various political administrations

·      Decisive move away from institutionalisation and towards community living, which is vastly preferred by tenants and their families

·      Support from local authority commissioners for each Civitas property acquired

·      Leading various initiatives designed to help the sector mature and professionalise

·      Supporting Housing Association Boards in appointing experienced, skilled individuals

·      Private seminars for Housing Association partners to help enhance best practice and professional standards

·      Greater interaction with care providers

·      Regular, positive and productive discussions with the Regulator of Social Housing (RSH)

·      RSH recognises that this is an evolving sector

·      RSH is supportive of our initiatives to help the sector grow and mature

·      Lease adaptations proposed for Housing Associations

·      That both preserve value and introduce mitigation via “force majeure” clauses and cap and collar arrangements

·      Lease length and other general lease terms remain constant

Michael Wrobel, Chairman, said:

“The Company has made considerable progress through the year. We have deployed all the equity proceeds and £204.8 million of borrowings. At the end of the year, the Company’s property portfolio was valued at £820.1 million. This is generating annualised rental income of £45.7 million together with measurable positive social impact.

“The UK has a chronic shortage of supported housing, with demand expected to increase further due to a range of factors including medical advances at birth and a growing and ageing population. The Government sponsored Personal Social Services Research Unit projects a 55% growth in supported housing needs for working age adults with learning disabilities between 2015 and 2030.”

“This demand-supply imbalance along with continued government commitment to fund supported accommodation provides strong fundamentals for continued investment into the supported housing sector.”

“The Company will continue to build on the successful and disciplined deployment to date and to seek opportunities to further enhance the portfolio within our capital resources. The Investment Adviser has a pipeline of properties under negotiation and in various stages of due diligence. Our confidence is reflected in our intention to target a dividend of 5.3p for the current financial year to March 2020.”

This article Civitas Social Housing PLC Annual Results was written by DirectorsTalk Interviews.


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Victrex plc announces retirement of Executive Director Tim Cooper https://www.directorstalkinterviews.com/victrex-plc-announces-retirement-of-executive-director-tim-cooper/412785880 Mon, 24 Jun 2019 06:19:58 +0000 https://www.directorstalkinterviews.com/?p=785880 Victrex plc (LON:VCT) today announced that Tim Cooper, Executive Director, has notified the Board of his intention to retire from the Company with effect from 20 June 2020 after 10 successful years at Victrex. It has been agreed that he will step down from the Board and his executive role on 30th September 2019. Tim joined ...

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Victrex plc (LON:VCT) today announced that Tim Cooper, Executive Director, has notified the Board of his intention to retire from the Company with effect from 20 June 2020 after 10 successful years at Victrex. It has been agreed that he will step down from the Board and his executive role on 30th September 2019.

Tim joined Victrex in January 2010 as Managing Director of the Industrial division. As Executive Director, he has responsibility for the Industrial division and the Group’s sales and operations functions. 

Victrex has no current plans to directly replace Tim and his functional responsibilities will be assumed by the other Executive Directors.  Martin Court, Executive Director, will now oversee the Group’s market-based activities across its Industrial and Medical divisions as Chief Commercial Officer, effective from 1st October 2019, and there will be no change to the divisional financial reporting structure.  Tim will support an appropriate handover and transition process.

Larry Pentz, Chairman of Victrex, said: “On behalf of the Board, I would like to thank Tim for his service to Victrex and wish him well in his retirement.  Over 10 years he has helped Victrex pioneer new markets and drive forward our commercial activities.  Tim has made an extremely valuable contribution to Victrex, which keeps us well placed for the medium to long term.”

Jakob Sigurdsson, Chief Executive of Victrex, said: “I would like to thank Tim for his support, insight and wise counsel since I joined as Chief Executive in 2017. We wish him well in his retirement, which is well deserved.”

Tim remains a non-executive director of Renold plc.

Notes:

All remuneration arrangements for Tim Cooper are in accordance with Victrex’s Remuneration Policy. For the purposes of incentive awards the Remuneration Committee has determined Tim to be a good leaver. Details of the remuneration arrangements relating to Tim’s retirement will be posted on Victrex’s website in accordance with section 430(2B) of the Companies Act 2006.

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CentralNic Group plc Successful debut bond issue & positive trading update https://www.directorstalkinterviews.com/centralnic-group-plc-successful-debut-bond-issue-positive-trading-update/412785879 Mon, 24 Jun 2019 06:18:58 +0000 https://www.directorstalkinterviews.com/?p=785879 CentralNic Group PLC (LON: CNIC), the internet platform that derives revenue from the worldwide sales of internet domain names, has today announced the successful placement of senior secured debt and strong trading for the first four months of the financial year. Successful placement of debut €50m senior secured bond issue On 23 May 2019, CentralNic ...

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CentralNic Group PLC (LON: CNIC), the internet platform that derives revenue from the worldwide sales of internet domain names, has today announced the successful placement of senior secured debt and strong trading for the first four months of the financial year.

Successful placement of debut €50m senior secured bond issue

On 23 May 2019, CentralNic announced that it had mandated Pareto Securities to arrange a series of fixed income investor meetings to potentially issue a 4-year senior secured non-convertible bond of approximately €50m.

The Company has now successfully completed a new senior secured bond issue of €50m (c.$56.8m USD as of 21 June 2019) which was oversubscribed. The bond which matures in July 2023, has a coupon of three-month EURIBOR* plus 7% p.a. with quarterly interest payments. Pareto Securities acted as Sole Bookrunner for the bond issue. CentralNic was advised by Rothschild & Co in connection with the bond issue..

· *With a floor at zero per cent

The settlement date for the bond issue is expected to be in early July 2019. Following settlement, the Company will use these funds to repay existing interest-bearing liabilities and to fund the acquisition of the Sydney-based business TPP Wholesale, the leading platform for resellers of domain names and hosting in Australasia, for a headline consideration of $24m AUD (c.$16.6m USD as of 21 June 2019). TPP Wholesale’s revenues and EBITDA for the financial year ended 31 December 2018 were $17.0m AUD (c.$12.7m USD) and $3.9m AUD (c.$2.9m USD), respectively, on an unaudited basis.

An application will be made for the bonds to be listed on the Oslo stock exchange.

Trading Update

Trading for the first four months of 2019 has been strong and management therefore expect full year results to be ahead of market consensus. For the four month period ending 30 April 2019 CentralNic had recorded revenues of c.$33.8m USD (c.$9.0m USD for the same period in 2018) and EBITDA of c.$5.4m USD (c.$0.4m for the same period in 2018). Net debt, excluding prepaid charges, stood at c.$7.4m USD as of 30 April 2019. The Company has changed its reporting currency to US dollars for 2019, as announced on 26 September 2018.

Ben Crawford, CentralNic Group CEO commented:

“We are delighted to have completed our debut bond issue, which was oversubscribed and supported by a wide range of debt capital markets investors globally. This establishes CentralNic as an issuer and, in combination with our strong support among equity market investors, offers us considerable financial flexibility, over the medium term, to pursue our strategic growth objectives.

“Meanwhile, the pleasing organic growth of our existing recurring business continues to provide a solid basis to include this increased leverage into our financial structure – allowing us to continue making earnings accretive acquisitions while maintaining prudent debt ratios.”

This article CentralNic Group plc Successful debut bond issue & positive trading update was written by DirectorsTalk Interviews.


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Barclays PLC Publication of DFAST results for Barclays US LLC https://www.directorstalkinterviews.com/barclays-plc-publication-of-dfast-results-for-barclays-us-llc/412785877 Mon, 24 Jun 2019 06:17:49 +0000 https://www.directorstalkinterviews.com/?p=785877 Barclays notes the Board of Governors of the Federal Reserve publication of the 2019 Dodd-Frank Act Stress Test results for Barclays US LLC (Barclays’ US Intermediate Holding Company) on 21 June 2019. Under the FRB’s assessment of the DFAST supervisory severely adverse scenario, Barclays US LLC projected capital ratios remained above regulatory minimum required levels ...

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Barclays notes the Board of Governors of the Federal Reserve publication of the 2019 Dodd-Frank Act Stress Test results for Barclays US LLC (Barclays’ US Intermediate Holding Company) on 21 June 2019.

Under the FRB’s assessment of the DFAST supervisory severely adverse scenario, Barclays US LLC projected capital ratios remained above regulatory minimum required levels across all nine quarters of the stress test.

Barclays US LLC today published its own assessment of the supervisory severely adverse scenario, which can be found on the Barclays website at: https://home.barclays/investor-relations/investor-news/fed-filings/ 

The FRB is expected to publish 2019 Comprehensive Capital Analysis and Review (“CCAR”) results for Barclays US LLC on 27 June 2019, covering both quantitative and qualitative assessments.

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Nektan plc delivering positive underlying results https://www.directorstalkinterviews.com/nektan-plc-delivering-positive-underlying-results/412785875 Mon, 24 Jun 2019 06:15:13 +0000 https://www.directorstalkinterviews.com/?p=785875 Nektan plc (LON: NKTN), the fast growing, award-winning international gaming technology platform and services provider, announced today a pre-close trading update in relation to its financial year ending 30 June 2019. The Board expects the Company to deliver year-on-year, double digit revenue growth and a significantly reduced EBITDA loss in FY19 compared to the previous ...

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Nektan plc (LON: NKTN), the fast growing, award-winning international gaming technology platform and services provider, announced today a pre-close trading update in relation to its financial year ending 30 June 2019.

The Board expects the Company to deliver year-on-year, double digit revenue growth and a significantly reduced EBITDA loss in FY19 compared to the previous year. The Group’s target of achieving EBITDA breakeven in FY19 will not be achieved due to the slower trends experienced in Q3 continuing into Q4 with a number of factors impacting first time deposits and deposits, including the continued effect of increasing UK regulations around player marketing and verification.

Lucy Buckley, Chief Executive Officer of Nektan plc, said:

“In our B2C business, management has taken a number of actions in conjunction with the Company’s partners, that are delivering positive underlying results. We expect this to translate into better performance including increased margins. This, combined with a pipeline of new partners and product launches, underpins the Board’s confidence that Q1 FY20 should see a return to quarter-on-quarter growth that has been delivered by the Company in nine out of the last twelve quarters.

Nektan’s B2B business continues to make exciting progress; our pipeline of opportunities is continuing to develop and has seen engagement with an increasing number of larger market participants globally. We expect a number of these to go live during the remainder of 2019, which has the scope to have a transformational impact on our business.

We continue to focus on moving to profitability and look forward to providing a more detailed update in our Q4 FY19 trading announcement in July 2019.”

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WH Ireland Group Plc Appoint Philip Tansey as Finance Director https://www.directorstalkinterviews.com/wh-ireland-group-plc-appoint-philip-tansey-as-finance-director/412785873 Mon, 24 Jun 2019 06:11:28 +0000 https://www.directorstalkinterviews.com/?p=785873 WH Ireland Group Plc (LON: WHI) have today confirmed that, further to the announcement of 6 February 2019, and following FCA approval, Philip Tansey has now been appointed as Finance Director to the Company. Commenting, WH Ireland Group Plc CEO Philip Wale said, “We are delighted that Philip has agreed to be a director of ...

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WH Ireland Group Plc (LON: WHI) have today confirmed that, further to the announcement of 6 February 2019, and following FCA approval, Philip Tansey has now been appointed as Finance Director to the Company.

Commenting, WH Ireland Group Plc CEO Philip Wale said,

“We are delighted that Philip has agreed to be a director of the Company. Philip brings a wealth of experience that will be valuable to WH Ireland as we continue on the path towards profitability.”

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Union Jack Oil plc Investor Presentation Thursday 27 June 2019 https://www.directorstalkinterviews.com/union-jack-oil-plc-investor-presentation-thursday-27-june-2019/412785871 Mon, 24 Jun 2019 06:10:28 +0000 https://www.directorstalkinterviews.com/?p=785871 Union Jack Oil plc (LON: UJO), a UK-focused onshore hydrocarbon production, development and exploration company announced today it will be presenting at the upcoming Cassiopeia Investor Symposium from 6.30pm on Thursday 27 June 2019 at The May Fair Hotel, Stratton Street, Mayfair, London, W1J 8LT. Further information and registration can be found at the following ...

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Union Jack Oil plc (LON: UJO), a UK-focused onshore hydrocarbon production, development and exploration company announced today it will be presenting at the upcoming Cassiopeia Investor Symposium from 6.30pm on Thursday 27 June 2019 at The May Fair Hotel, Stratton Street, Mayfair, London, W1J 8LT.

Further information and registration can be found at the following link: https://cassiopeia-ltd.com/symposia/.

A copy of the presentation will be available for download on the day of the conference on the Company`s website http://unionjackoil.com/.

This article Union Jack Oil plc Investor Presentation Thursday 27 June 2019 was written by DirectorsTalk Interviews.


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Meggitt plc awarded multi-million dollar Advanced Cooling System contract https://www.directorstalkinterviews.com/meggitt-plc-awarded-multi-million-dollar-advanced-cooling-system-contract/412785770 Fri, 21 Jun 2019 06:30:36 +0000 https://www.directorstalkinterviews.com/?p=785770 Meggitt PLC (LON: MGGT), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, announced today that it has been awarded a fixed price contract by General Dynamics Land Systems to develop an Advanced Cooling System for the next generation ground combat platforms. The Advanced Cooling System ...

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Meggitt PLC (LON: MGGT), a leading international company specialising in high performance components and sub-systems for the aerospace, defence and energy markets, announced today that it has been awarded a fixed price contract by General Dynamics Land Systems to develop an Advanced Cooling System for the next generation ground combat platforms. The Advanced Cooling System joins other Meggitt products purchased by GDLS and supports a recent award from the US Government to GDLS with future plans to procure over 2,100 of these new cooling systems valued at over $250 million.

The new cooling system builds on Meggitt plc’s pedigree in thermal management, including other electrically driven cooling systems that are being implemented on more electric military aircraft platforms and ground vehicles.

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BBGI SICAV S.A. raise gross proceeds of £75.0 million https://www.directorstalkinterviews.com/bbgi-sicav-s-a-raise-gross-proceeds-of-75-0-million/412785767 Fri, 21 Jun 2019 06:27:48 +0000 https://www.directorstalkinterviews.com/?p=785767 BBGI SICAV S.A. (LON: BBGI) have today confirmed that the Company has raised gross proceeds of £75.0 million through the issue of 49,019,601 Ordinary Shares of no par value each in the Company. The Issue Price per New Ordinary Share was 153.0 pence. The Issue was oversubscribed and therefore a scaling back exercise was undertaken. ...

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BBGI SICAV S.A. (LON: BBGI) have today confirmed that the Company has raised gross proceeds of £75.0 million through the issue of 49,019,601 Ordinary Shares of no par value each in the Company. The Issue Price per New Ordinary Share was 153.0 pence. The Issue was oversubscribed and therefore a scaling back exercise was undertaken.

Application has been made for the New Ordinary Shares to be admitted to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange. It is expected that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 25 June 2019.

Following Admission, the number of ordinary shares that the Company has in issue will be 629,835,721. The total number of voting rights of the Company will be 629,835,721 and this figure may be used by shareholders 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.

The Issue is conditional, among other things, on Admission becoming effective and the Placing Agreement between Jefferies International Limited, Stifel Nicolaus Europe Limited and the Company not being terminated.

Commenting, BBGI SICAV S.A. Co-CEOs Duncan Ball and Frank Schramm said:

“We are delighted with the support shown by both existing and new investors in this fundraise. The fundraising will provide the Company with additional financial flexibility to pursue suitable new primary and secondary investment opportunities as and when they become available.”

This article BBGI SICAV S.A. raise gross proceeds of £75.0 million was written by DirectorsTalk Interviews.


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Rentokil Initial plc – Directorate Change https://www.directorstalkinterviews.com/rentokil-initial-plc-directorate-change/412785766 Fri, 21 Jun 2019 06:26:51 +0000 https://www.directorstalkinterviews.com/?p=785766 Rentokil Initial plc (LON:RTO) today announced that Sir Crispin Davis has decided to step down as a non-executive director of the Company due to other personal commitments, including increased obligations requiring him to be based for periods of time in the US.  He has therefore decided in the interests of Rentokil Initial to step down from ...

This article Rentokil Initial plc – Directorate Change was written by DirectorsTalk Interviews.


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Rentokil Initial plc (LON:RTO) today announced that Sir Crispin Davis has decided to step down as a non-executive director of the Company due to other personal commitments, including increased obligations requiring him to be based for periods of time in the US. 

He has therefore decided in the interests of Rentokil Initial to step down from the board and it has been agreed that he will do so with effect from 30 June 2019.

This article Rentokil Initial plc – Directorate Change was written by DirectorsTalk Interviews.


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Halma plc Acquisition of Ampac Group https://www.directorstalkinterviews.com/halma-plc-acquisition-of-ampac-group/412785763 Fri, 21 Jun 2019 06:25:33 +0000 https://www.directorstalkinterviews.com/?p=785763 Halma plc (LON:HLMA), the leading safety, health and environmental technology group, today announced that it has agreed to acquire the Ampac Group, a leading fire and evacuation systems supplier in the Australian and New Zealand markets (see note 1). Ampac will become part of the Group’s Infrastructure Safety sector. The cash consideration for Ampac of A$135 ...

This article Halma plc Acquisition of Ampac Group was written by DirectorsTalk Interviews.


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Halma plc (LON:HLMA), the leading safety, health and environmental technology group, today announced that it has agreed to acquire the Ampac Group, a leading fire and evacuation systems supplier in the Australian and New Zealand markets (see note 1).

Ampac will become part of the Group’s Infrastructure Safety sector. The cash consideration for Ampac of A$135 million (£74 million2), on a cash and debt free basis, will be funded from Halma’s existing facilities. Completion is subject to certain closing conditions and is expected to occur by no later than mid August 2019. In the twelve months ended June 2018, Ampac’s revenue and EBIT were A$57 million (£31 million) and A$13.7m (£7.5m), respectively. Ampac is headquartered in Perth with offices in Australia, New Zealand and the UK. Ampac’s management team will remain with the business.

Andrew Williams, Group Chief Executive at Halma, commented:

“This is an exciting acquisition that extends our geographic footprint and strengthens the intellectual property of our fire detection businesses. Ampac brings a strong brand, robust technology and well-established routes to market, and has been a partner for our business for several decades. Its highly complementary technologies will strengthen our value proposition, and it is well positioned to benefit from Halma’s Growth Enablers.

“This is a further example of our strategy to acquire regional partners to accelerate growth in our core Fire Detection markets, following our successful acquisition of Limotec in Belgium in 2018, and Advanced Electronics in the UK in 2014. We look forward to Ampac joining Halma and to working with its management team.”

1.    The Ampac group of companies, headquartered in Australia, is a manufacturer of fire detection systems, including fire detection panels, sounders and beacons, and voice evacuation panels. They sell complete fire and evacuation systems under the Ampac brand, principally into Australia, New Zealand and UK.

2.    Australian Dollar (AUD) values are translated at a rate of A$1.83: £1

3.    For more information on Halma’s Growth Enablers visit: https://www.halma.com/how-we-grow#page-intro-2

This article Halma plc Acquisition of Ampac Group was written by DirectorsTalk Interviews.


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Sports Direct International to vote against whole Goals Soccer Centres plc board at AGM https://www.directorstalkinterviews.com/sports-direct-international-to-vote-against-whole-goals-soccer-centres-plc-board-at-agm/412785762 Fri, 21 Jun 2019 06:24:14 +0000 https://www.directorstalkinterviews.com/?p=785762 Sports Direct International (LON: SPD) refers to the announcement issued by Goals Soccer Centres PLC (LON:GOAL) on the 19 June 2019. It is Sports Direct’s understanding that the Company has not appointed independent advisers to assist Goals in examining its historical treatment of VAT as well as its ongoing discussions with HMRC. Sports Direct understands ...

This article Sports Direct International to vote against whole Goals Soccer Centres plc board at AGM was written by DirectorsTalk Interviews.


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Sports Direct International (LON: SPD) refers to the announcement issued by Goals Soccer Centres PLC (LON:GOAL) on the 19 June 2019. It is Sports Direct’s understanding that the Company has not appointed independent advisers to assist Goals in examining its historical treatment of VAT as well as its ongoing discussions with HMRC. Sports Direct understands that these advisers are a division of the Company’s auditors.

Sports Direct’s request for the appointment of Kroll to do an independent and cradle to grave report was not a request for the Board to appoint Kroll, it was a request for the Board to allow the investigation to take place, with all of the costs incurred in connection with the Kroll report being borne by Sports Direct. Sports Direct would also propose to make the Kroll report available to all shareholders who would also have access to Kroll to ask them any questions.

In this regard, Sports Direct would note that one of the significant shareholders of Goals is also a member of the Company’s board and will therefore have access to information relating to the activities of the Company that other shareholders currently do not have access to, including but not restricted to the Company’s ongoing investigations. It is the Company’s position that they are 100% sure that the matters under investigation were carried out by one individual. The Board of Goals taking this position leads Sports Direct to believe it is essential that Kroll’s appointment is made immediately. Sports Direct now calls upon the Board of the Company to agree to Kroll’s appointment. A substantial amount of the information that will be required by Kroll will already be available, and this investigation should start without any further delays.

In light of the perceived lack of transparency by the Goals Soccer Centres Board and the resulting loss of confidence Sports Direct International has in the Board as a whole, Sports Direct will be voting against the reappointment of the whole of the Company’s Board at its AGM on 28 June 2019.

This article Sports Direct International to vote against whole Goals Soccer Centres plc board at AGM was written by DirectorsTalk Interviews.


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Edenville Energy PLC 2018 a significant, but very challenging year https://www.directorstalkinterviews.com/edenville-energy-plc-2018-a-significant-but-very-challenging-year/412785760 Fri, 21 Jun 2019 06:19:29 +0000 https://www.directorstalkinterviews.com/?p=785760 Edenville Energy plc (LON: EDL), the company developing a coal project in southwest Tanzania, has today announced its audited results for the year ended 31 December 2018. 2018 Highlights Commercial mining and wash plant operation commenced full production phase with a variety of sized coal products being produced; Significant plant upgrades undertaken during the year; ...

This article Edenville Energy PLC 2018 a significant, but very challenging year was written by DirectorsTalk Interviews.


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Edenville Energy plc (LON: EDL), the company developing a coal project in southwest Tanzania, has today announced its audited results for the year ended 31 December 2018.

2018 Highlights

Commercial mining and wash plant operation commenced full production phase with a variety of sized coal products being produced;

Significant plant upgrades undertaken during the year;

In 2018 approximately 75,000 tonnes of Run of Mine (ROM) coal, 15,000 tonnes of washed coal and 32,000 tonnes of fine coal produced; and

Revenue recognised for the first time.

Post Period Highlights

Funding secured to advance coal production;

Coal wash plant upgraded and further optimised, including the installation of a pre-screen to remove hard to process material such as fine coal; and

Completion of road access to the new Northern Mining Area, which has the potential to deliver greater yields than previously mined areas.

Annual Report and Notice of AGM

The Company’s Annual Report for the year ended 31 December 2018 and Notice of Annual General Meeting will be posted to shareholders on Monday 24 June 2019 and will be available on the Company’s website at: https://edenville-energy.com/annual-reports/ on 24 June 2019..

The Company’s Annual General Meeting will be held at the offices of Womble Bond Dickinson (UK) LLP, 4 More London Riverside, London, SE1 2AU at 11.00 a.m. on Tuesday 23 July 2019.

Commenting, Jeffrey Malaihollo, Chairman of Edenville Energy plc, said:

“2018 was a significant, but very challenging year for the Company. We made substantial progress, becoming a revenue producing commercial coal producer for the first time, although it has taken longer than we had hoped to overcome the challenges we faced and reach the positive position we are now in.

“Having gone through the operational and financial challenges in 2018 and early 2019, I believe the Company is now in the best position it’s been for many years. It is now a coal producing company, with a wide range of customers and monthly income. With the expected start of mining of the Northern Area in the coming weeks we remain on track to become cashflow positive within the next 10 months, targeting an initial 6,000 tonnes per month of washed coal production, which we consider to be a breakeven level, increasing to 10,000+ tonnes per month thereafter.”

This article Edenville Energy PLC 2018 a significant, but very challenging year was written by DirectorsTalk Interviews.


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Bushveld Minerals Limited Confirm high-quality asset at Brits Vanadium Mineral Resource https://www.directorstalkinterviews.com/bushveld-minerals-limited-confirm-high-quality-asset-at-brits-vanadium-mineral-resource/412785753 Fri, 21 Jun 2019 06:13:19 +0000 https://www.directorstalkinterviews.com/?p=785753 Bushveld Minerals Limited (LON: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets, has today provided a maiden Mineral Resource estimate for the Brits Vanadium Project. The Brits Project is located on Portion 3 of the farm Uitvalgrond 431 JQ, near the town of Brits in the North West ...

This article Bushveld Minerals Limited Confirm high-quality asset at Brits Vanadium Mineral Resource was written by DirectorsTalk Interviews.


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Bushveld Minerals Limited (LON: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets, has today provided a maiden Mineral Resource estimate for the Brits Vanadium Project. The Brits Project is located on Portion 3 of the farm Uitvalgrond 431 JQ, near the town of Brits in the North West Province of South Africa and is directly along strike from the Bushveld Vametco Alloys Mine (Bushveld-Vametco). The maiden Mineral Resource incorporates data from the 2018 drilling campaign comprising 26 drill holes over a total of 2,967m of diamond drilling.

The Mineral Resource is reported in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and is classified into the Indicated and Inferred Categories in Table 1 below.

Key Highlights

· The aggregate Inferred and Indicated Mineral Resource distributed across the three seams (the Lower, Intermediate, and Upper Seams) is reported as 66.8Mt at an average grade of 1.58 per cent V2O5 in magnetite, at a cut-off grade of 20 per cent magnetite in whole rock for 175,400 tonnes of contained vanadium.

· The Indicated Mineral Resource tonnages account for 67 per cent of the total combined Mineral Resource and stand at 44.9Mt with an average grade of 1.59 per cent V2O5 in magnetite for 115,600 tonnes of contained vanadium across the three seams.

· The Lower Seam represents a major portion of the total combined Mineral Resource tonnages at the cut-off grade of 20 per cent, with55.5 Mt at an average grade of 1.58 per cent V2O5 in magnetite for 137,000 tonnes of contained vanadium. This represents approximately 83 per cent of the total combined tonnage of the maiden Mineral Resource.

· Within the combined Mineral Resource, the Intermediate Seam has the highest grade of the three seams at 1.76 per cent V2O5 in magnetite though the tonnages are low at the current cut-off grade of 20 per cent magnetite in whole rock.

· A geological trend of decreasing grade in vanadium for magnetite-rich layers from west to east in the Bushveld Complex accounts for the lower grades on the Brits Project in comparison to the grades at the operating Vametco Mine.

· The Mineral Resource is reported up to a depth of 150m below surface and based on the drilling on the western and central blocks of the farm Uitvalgrond Portion 3 which extends over a strike length of approximately 1.65km to the most eastern fault where the last line of drilling was completed. As such there is potential to increase the resource on the remaining eastern unexplored portion of the farm on a strike length of 1km.

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:

“We are pleased to be able to report solid results confirming that we have a high-quality asset at the Brits Project, where its average grade of 1.58% V2O5 in magnetite is among the highest in the world.

“This represents an important step in the development of Brits – as we recently detailed our path to producing over 8,400 mtV per annum and Brits provides the optionality for additional ore feed for the Vametco plant and, if required, concentrate feed for the Vanchem plant.”

This article Bushveld Minerals Limited Confirm high-quality asset at Brits Vanadium Mineral Resource was written by DirectorsTalk Interviews.


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