Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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and BOE said Russia's invasion of Ukraine left the central bank without a full picture of risks and vulnerabilities.
May be shorts.
What's happening... big drop in share price today ?????
You’re right, I failed to spot that the link was to tube drivers. Couldn’t find an edit button after I spotted it. There are always people affected in any strike and strike action is never taken lightly but as the government are determined to reincarnate Maggie Thatcher to try to take down the unions again what choice is there?? The government say they cannot negotiate and it’s down to network rail and the toc’s but those companies said before that the government hadn’t given the Green light to negotiations!!! The government have now told them what they can give and what they want in return which includes making staff work 3 years longer before retiring, job cuts in track maintenance and staff effectively working an extra day for the same money. Be honest and tell me if you would be happy with all of that. If you’re not in a union your argument comes across as one out of jealousy. If you are in a union shame on you for not supporting workers rights. Will you criticise barristers, school teachers and nhs workers if and when they feel compelled to take the same path?? As for the bail out during the lock down the government bailed everyone out with the furlough scheme and payments for the self employed. Customers are coming back and in some cases in higher numbers than before. Try to get your news from unbiased sources and then you may be able to form more enlightened opinions.
Your little “economics lesson” …
The Government insisted Train Operating Companies kept running trains during the pandemic. At the same time the Government imposed draconian lockdowns and advised everyone other than key workers to WFH. Running costs for staff, maintenance, diesel etc are the same with no passengers so that “big hole” you say the government got the railway out of? It was Government that did the digging. The railway is now back in the Governments hands where it pays a fixed fee to FGP but creams the profits. Almost like it was planned from the start ….
jaffajimo:
hmmmm...thanks for reading the article, it was about London Underground/aka Tube drivers' salaries...just to elucidate.
It's clearly an issue when the RMT calls a strike when children are doing their exams....maybe that isn't an issue for you?
Unfortunately, the strike weapon has collapsed after the WFH transition during the COVID-19 pandemic, so the RMT is looking for fresh victims' lives to destroy. Sure stand up for you rights but not at everyone else's cost. How many people who use the London Underground are paid by the hour, not on happy annual salaries? Not an issue for the train staff and London Underground staff, and absolutely not a problem for Mick Lynch.
BTW, they have all been dug out of a big hole following the pandemic lockdowns...because the system needs customers, which they didn't have.. a little economics lesson for you
So you **** rail staff for striking but then you link to train drivers salary’s. That makes no sense. Back to your first point, does nobody have the right to stand up for themselves or are you limiting it to train staff?
https://www.cityam.com/tube-driver-salaries-break-100000-barrier-despite-train/
and this is from December 2018
a big hand , NOT, to the train staff and London Tube staff...well done for striking during exam season; hope they feel some shame
A strike will always have a negative impact on a company and SP
price should hold in these levels until they make a decision to accept what is on offer.
Shouldn't make any difference all revenue and cost risk sits with Department for Transport.
Strike is 3 days this week, will the SP drop tomorrow on strike day
GWR mgmt contract agreed, risk removed, minimum fee income with upside potential guaranteed. Avanti
west coast will be announced shortly further removing risk, increasing guaranteed income/upside.
Points in the FY results that caught my eye - all constituent pension schemes are in surplus (they received a refund/rebate from one of their Scottish schemes) so their may be further realised funds here but irrespective of such, they are now not making additional contributions to these schemes, freeing up cash. The statement that all revenue (loss of) and staff costs are met by govt such that industrial action would not materially affect FGP fiscally shows that such action is not a concern to them. Comments on passenger numbers on trains were at (from memory) around 78% of pre pandemic levels, with leisure travel now higher then pre pandemic and business lower - this i find reassuring in that the previous west coast franchisee holder Virgin maintained that standard class customers were the most profitable - and the newly introduced Premiumclass whereby customers pay £20 odd quid just for a better seat has been a roaring success and frankly a masterclass in charging more for no more. Whilst the Govt is currently benefiting from such, if the francise is 'restored', FGP will be the beneficiary.
That said it won't happen, as this government will run all these franchises out beyond the next election on mgmt contracts in order to control the unions, read break them, akin to Margaret Thatcher's idealogy to break the coal unions strength, and FGP are happy to be one of the mechanisms to break the last strong union, as it will give them long vision on a guarenteed (fee) income stream.
This is also the reason for the takeover offer, and takeover interest in the wider UK transport sector, predominately by infrastructure investors.....they want predictable (govt) assured income/profit in a growing ESG govt mandated arena. Transport companies are the new utilities, and the senior mgmt of FGP are happy with that as such boring risk free staidness protects, and projects well for their renummeration.
This will never double, never pay an 8% yield - but if you want a tuck away and forget, marginally and slowly appreciating SP and constant sustained 5% yield incvestment, that is what FGP is morphing into.
https://www.londonstockexchange.com/news-article/FGP/final-results/15493553
Sorry, left out they key bit its the Great Western contract thats been confirmed
First Group have also just had confirmation from DfT of their new national rail contract which will run until summer 2025 with the potential for an extension.
New rail contract looks like zero risk , What can go wrong ? Company well placed imv.
Agree with last post, the nature of the new National Rail Contracts is the DfT take all the risk on revenue and costs with FGP being paid a fixed fee for implementing DfT objectives. Ticket pricing is set by DfT and all revenue goes directly to them, the train companies simply collect it on their behalf. Ultimately only the DfT can resolve this dispute as they sign off all costs.
bvcxz70; i doubt it for 2 reasons.
1) about 70% of rail franchises, including most of FGP's are currently under govt contracts, whereby the revenue/cost risk is the govt's, so no cost to FGP (they may see a reduction in KPI related performance fees).
2) the offer for FGP has put a value on FGP, in excess of it's current market value, an offer that institutional shareholders have stated undervalues FGP
This will stagnate/drift higher in the next 6 months....
Won’t be long before this is back lower again.
PJT12; irrespective of Schroders, this deal won't happen for 2 reasons.
1) FGP has been bankrolled (as with other uk transport) through covid, and they will be controlling them all back to health to recoup that support/investment/subsidy.
2) Uk govt won't allow sale to a non UK entity in order to demonstrate the 'Brexit benefit'.
That said, FGP is run like an arm of govt, so private equity could really make a fortune from it - someone like 3i, could get the UK company govt tick and it would fly.
Sun Times - The biggest shareholder in bus and trains giant FirstGroup has urged it to reject the recent £1.2 billion takeover approach from a US private equity firm.
Schroders owns a near-18 per cent stake in FirstGroup, which operates Avanti West Coast, Great Western Railway and South Western Railway. In an unusual public statement for a blue-chip fund manager, it criticised the offer from I Squared Capital as being “unattractive” and failing to reflect the scarcity value of one of the few big UK bus and train groups.
Yep Sell enough to take your investment back . But still room in this share to make more,I am a long term investor ,rretired employee with an average of 100 per share . I have just sold enough for a good holiday ( lets hope the airports get there act together ) They should give all the work shy the option " work or go to Rwanda" and let the immigrants have the jobs.
slice