Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Good to see Govt. not blocking this. Where there is a will, there is a way!!
At this rate we will be knocking on the FTSE 100 door.
Jack
Government gives green light to £4bn takeover of defence giant Cobham
Defence and aerospace group Cobham has seen its shares surge this year amid the takeover deal
The government has signed off a £4bn takeover of UK defence company Cobham by US private equity firm Advent International.
A merger between the companies was agreed to in July, but the acquisition was delayed on the orders of Business Secretary Andrea Leadsom so that the government could address national security concerns raised by the takeover.
Advent is said to have proposed a number of legal undertakings aimed at mitigating any potential national security worries.
They include the ongoing protection of sensitive government information and requiring prior notice to the Ministry of Defence and Home Office on any future plans to sell the Cobham business.
Mrs Leadsom, who led the government consultation process, said she was confident that the merger would not compromise national security, adding the decision had been "meticulously thought over".
She said: "Having considered the consultation responses and further advice from the defence secretary, I am satisfied that the undertakings mitigate the national security risks identified to an acceptable level and have therefore accepted them and cleared the merger to proceed.
"While trade and investment play an important part in the UK economy, when intervening in mergers on national security grounds, I will not hesitate to use my powers to protect national security, if it is appropriate to do so.
"Separately, the companies have given a legally binding commitment that there will be significant protection of jobs and have also agreed with the takeover panel that Cobham's headquarters will remain in the UK, that the Cobham name will continue to be used and that there will be a guaranteed level of R&D spend. This will secure the future of Cobham and the important role it plays in our world-leading defence sector and economy."
Cobham employs around 10,000 people, including 1,700 in the UK, and is a major player in the field of air-to-air refuelling
MikeGSI
I think QQ have set themselves up to be Customer Focused and driving value for money.
As you say, this plays into the hands of the current political arena. Some good half a million buys on Friday suggest others think likewise
Jack
Jack
I agree. I expect a flurry of buys in anticipation of defence investment announcements in the new political session.
UBS have their head in the sand.
QQ are throwing off good cash flow. £3.1Bn of funded Order Backlog. 96% of FY 20 Revenues are already locked in. Progressive dividend policy.
I think you are right to stay put as I expect the next two years to be very rewarding
Jack
pleasant surprise today .UBS have had QQ. as a sell for months....glad i'm still in
Yep, great results.
Some say the internal goal is to transition into the FTSE 100. Long way to go, but if the desire is there then watch this space
Jack
Defence technology company QinetiQ said interim underlying operating profit rose 16% to £59.7m as it reported a "good performance" across the business.
Revenue was £486.5m, up 10% on an organic basis, driven by new work from a battlefield tactical communications information systems contract, the company said on Thursday.
Stautory pre-tax profits rose to £59.3m from £52.7m a year earlier.
Global Products revenue was up 14% organically, principally driven by sales of target systems, it added.
Underlying earnings per share for the group were 9.2p, up from 8.1p a year earlier, with the increase primarily due to strong trading and top line revenue growth.
Statutory basic earnings per share for the total group were up to 11p from 8.9p with the current period enhanced by a £13.3m gain on disposal of surplus property.
Qinetiq last month said it had bought Manufacturing Techniques (MTEQ) on a cash-free, debt-free basis for $105m. The transaction is subject to US government approval and is expected to close towards the end of the 2020 fiscal year.
Chief executive Steve Wadey said the company was maintaining expectations for full year operating profit with "high single digit revenue growth".
"Our focus for the remainder of the year is to win further campaigns globally, successfully deliver key programmes, and complete the acquisition of MTEQ to transform the scale of our US operations as we build an integrated, global defence and security company."
Good results today.
Great to see QQ bolstering the US operation, the largest defence market in the world, with the acquisition of MTEQ.
With the cash QQ are throwing off from existing operations, it's good to see some of this being put toward a strategic US acquisition with solid growth history & potential.
Punching through SP £3+ is still eluding us, but at least reinvesting the Dividends is good for Long Term Shareholder return.
Jack
2 October 2019. QinetiQ announces that it has entered into an agreement to acquire Manufacturing Techniques Inc. (MTEQ) on a cash-free, debt-free basis for $105 million to be paid in cash on completion and an earn-out of up to $20 million payable in cash and shares dependent on delivering stretching financial targets over three years.
MTEQ is a leading US provider of advanced sensing solutions with a strong reputation for mission-led innovation, rapidly developing and fielding operationally relevant solutions to deliver information advantage to the warfighter. In the 12 months to 31 August 2019, MTEQ generated $167.4 million of revenue, $11.4 million of EBITDA, and $11.0m of EBITA on an unaudited basis.