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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Half year trading update on monday next week.
Indeed - encouraging stuff. £110,00 of shares is a reasonably substantial commitment!
Good to see that Simon To’s Company bought a further 130,000 shares at 85p (although this doesn’t show up in the share dealings listing) and 1million shares were bought in an after hours deal on Monday
Encouraging NED appointment (and H1 trading update will be on 29th July):
Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/appointment--stephen-mount--non-executive-director/201906271720337247D/
And some good news:
Https://www.ainonline.com/aviation-news/business-aviation/2019-06-27/gama-aviation-signature-teams-windsor-jet
"Gama Aviation Signature Teams Up with Windsor Jet
by Kerry Lynch
June 27, 2019, 10:55 AM
Aircraft charter and management company Gama Aviation Signature is extending further into the global heavy jet market through a strategic alliance with Windsor Jet Management. Fort Lauderdale, Florida-based Windsor Jet operates a fleet that ranges from midsize to large-cabin business jets, including several Gulfstreams.
The relationship will provide Gama Aviation Signature with “another competitive advantage for rapid growth and expansion,” while enabling Windsor Jet to leverage its sales and operating capabilities, Gama Aviation Signature said.
“Combining Gama’s quality control standards and level of service with Windsor’s heavy-jet fleet will further enhance our success in delivering the bespoke concierge service all of our clients expect and deserve,” said Gama Aviation Signature president and CEO Tom Connelly. “We anticipate the Windsor aircraft to be in high demand generally, as well as materially contributing to Gama Aviation Signature’s expanding international and coast-to-coast charter operations.”
Windsor Jet CEO Ignacio Martinez added that having access to Gama Aviation Signature’s resources, expertise, and infrastructure will benefit its clientele. “This alliance will enable Windsor to deliver a higher level of service and mutually benefit from new synergies,” he said."
Dates: Half Year Trading Update & Interim Results - RNS
27th June 2019
Gama Aviation Plc (AIM: GMAA)
("Gama Aviation", "the Company" or "the Group")
Dates for the Half Year Trading Update and Interim Results
Gama Aviation Plc, the global business aviation services provider, is pleased to announce that it will provide a half year update on trading on 29th July 2019 and will publish its unaudited half year financial statement on 23rd September 2019.
https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GMAA/14127856.html
Tomorrow ?
"Gama Aviation Plc, the global business aviation services company, is pleased to announce that its Annual General Meeting will be held at 2.00 p.m. on 27 June 2019 at the offices of the Company, Business Aviation Centre, Farnborough Airport"
But not today!
No press coverage AFAICS mcco - just seems like some healthy demand and finally a lack of stock.
Moving up again today now.
Was there press coverage over the weekend? A fair number sold too, but SP was unmoved
This is good to see - and a healthy 340,000 shares traded too.
The new broom continues to revamp governance, with today's appointment of PWC as auditors a definite upgrade on Grant Thornton.
Interesting new article about the Bournemouth expansion:
Https://www.flightglobal.com/news/articles/gama-plots-mro-expansion-with-new-flagship-facility-458461/
Extracts:
"Gama plots MRO expansion with new flagship facility
28 May, 2019
Gama Aviation – one of the largest business aviation services providers in the world – has its eyes set on rapid expansion in the maintenance sector, and sees the recent opening of a new flagship facility in Bournemouth, UK as crucial to achieving that ambition.
Formally unveiled on 16 May, the 12,540sq m (135,000sq ft) base at Bournemouth International airport, in southern England, is integrated into Gama's current MRO network, which includes a further 29 facilities worldwide.
"It's another piece of a global network that we are building, such that our clients and third parties have maintenance coverage where and when they require it," says Gama chief marketing officer Duncan Daines.
"Gama puts the total cost of the consolidation and revamp of the Bournemouth site at £1.2 million ($1.5 million), but this outlay is dwarfed by recent awards, from undisclosed customers, of £90 million-worth of long-term support contracts for special-mission aircraft.
The move to the new site has also enabled Gama to enter the airline MRO sector for the first time, with initial deals from British Airways and TUI. "We have a flexible arrangement to provide space in Bournemouth for when these carriers need the extra capacity to maintain or repair their airliners," says McVicar.
Gama is keen to expand that commercial offering and build on its existing business jet and turboprop MRO support operation.
Work in Bournemouth is evenly split between the business aviation and defence/special-mission sectors, with customers including high net-worth individuals, corporations, governments, law enforcement agencies and air ambulance operators."
"Gama offers a broad range of MRO services, including base and line maintenance, aircraft-on-ground support, component overhaul, bespoke design and installation for special-mission and VIP aircraft.
"We are particularly busy at the moment performing ADS-B [automatic dependent surveillance – broadcast] out upgrades, with owners and operators coming to us in increasing numbers as Europe's June 2020 compliance deadline approaches," says McVicar."
Will PwC be asked to investigate Grant Thornton’s audits?
Obviously G T couldn’t continue as auditors but if they simply get replaced....
That would be too easy
Hi mcco, I think you'll find that it's not just the shareholders who the auditors work for - It's more to do with regulations but you're right we should be concerned. It's difficult to see what we can do about it except raise questions at the AGM.
The fact there are two sets of auditors give rise to my Table Tennis analogy.
Truro,
My point is that auditors are employed on behalf of the shareholders to ensure that the financial position as reported by the directors is a fair and accurate account. They are paid to undertake this exercise. How is it that they missed this double counting? The auditors of the parent/associate company may be similarly to blame.
We are at least due an explanation. Were bonuses paid on the misreported figures?
Auditors have professional indemnity insurance
If the question is asked the BoD will point to the recent changes anyway. Regarding the auditors issue this could be a forever "table tennis" situation.
Future trading is all and we still have that plus cash in hand. I think recovery is on the cards.
Will anybody going to the AGM ask what the Company is doing about the catastrophic misreported invoices? Has the Company taken issue with its auditors who had previously stated that the accounts were a true and accurate report of the Company’s financial position?
Extracts FYI from today's Downing Microcap Investment Trust results RNS:
"Simon To of Gama has a big job ahead of him. He promises appropriate governance, controls and integrity - attributes that the board has been desperately lacking given the calamitous last 12 months. We lend him support in the challenges that inevitably lie ahead for Gama, as it begins its recovery."
"Progress against investment case
Post the fundraise last year, the business has hit several stumbling blocks. Capital has not been deployed as expected and the appointment of a strong new FD has uncovered some questionable financial reporting practices. Unfortunately, we underestimated the ability of the board to impose the expected checks and balances on a business of this size and complexity.
Despite the disappointing governance, the business does continue to perform respectably well which demonstrates the viability of the model. In December, the company announced that between £93.5 million and £115.5 million of contracts had been awarded to support special missions' operations.
We have confidence that with the correct governance in place this is a viable business which can be turned around and generate a healthy return for our investors. We are working hard to ensure that an equitable governance structure is put in place that will represent all minority shareholders."
Woefully mis-managed business and in no normal company that cared about shareholder value would any of the directors or advisers still be involved.
Now that Hutchinson have hit their 29% limit - the institutions that foolishly invested in this company will cut their losses and run. There will be no buyers / the share price will fall.
The best to hope for is that Hutchison take the company private - but unlikely as they clearly have control now any way.......
Hutchison have bought a further 1.16m shares, and are up to 29.79% with 18.95m shares:
Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/director-pdmr-shareholding/201905020705018672X/
Now it's up to Hutchison via both the Chairman and FD to ensure that this globally sector leading company fulfils its potential, and that MK is kept under control with no further mishaps.
Who’s selling?
Hutchison Capital have bought again, this time another 1.6m shares to take them up to almost 28%......so another 2% for them to find:
Https://www.investegate.co.uk/gama-aviation-plc--gmaa-/rns/director-pdmr-shareholding/201904301412466020X/
Comments from the CEO about Hutchison's share buying.....
Https://corporatejetinvestor.com/articles/hutchinson-whampoa-increasing-stake-in-gama-aviation-087/
"Hutchinson Whampoa increasing stake in Gama Aviation
By Alasdair Whyte April 26, 2019 15:29
Gama Aviation has agreed to let Hutchison Whampoa China increase its stake in the business aviation company to 30%. Hutchinson, a division of Hong Kong conglomerate CK Hutchison Holdings, took a 24.9% stake in Gama Aviation in 2018.
“The main rationale is that Hutchinson think our stock is pretty cheap at the moment, have faith in the business and want to increase their stake,” says Marwan Khalek, CEO and founder of Gama Aviation.
Shares in Gama Aviation were trading at £208.50 at the end of April 2018. They were at £69.5 on Tuesday April 23 this year rising to £93.50 on Friday April 26 – possibly boosted by the Hutchinson announcement.
“We have made some mistakes – including missing guidance, which is a cardinal sin, and we are paying the price for that – but we are still a profitable, cash generative business with a strong strategy,” says Khalek.
Hutchinson become an anchor investor in Gama in February 2018 when Gama raised £48 million ($67 million) in a share issue. The Hong Kong group bought 21% of the company. At the same time Gama used $19.8 million of the issue’s proceeds to acquire Hutchison’s Hong Kong aviation interests: its 50% stake in a joint venture with the business operator — Gama Aviation Hutchison Holdings — and Hutchinson’s 20% stake in maintenance company China Aircraft Services Limited (“CASL”).
At the start of April, Gama appointed Simon To as non-executive chairman. To is managing director of Hutchison Whampoa (China) Limited and chairman of Hutchison China Meditech a biopharmaceutical company listed on the AIM and Nasdaq with a market capitalisation of around £3 billion.
He, was already a non-executive director of Gama, has also served on the boards of China Southern and Air China. He has been vice chairman of maintenance company GAMECO since 1989 and is chairman of China Aircraft Services Limited, in which Gama Aviation has a 20% shareholding."
HI a1m, I don't think this is hostile. Was there not some caveat in the flurry of RNSs that mentioned this when the announcements were made - some thing about a "side letter" ?
.
A £47,000 buy at 109p just reported - 4p above the current 105p published offer price! Very keen - Hutchison again?
And up she goes again.