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I expect the recording and presentations will be shared on the website shortly after it completes.
This will be on 26th April, are there any expectations of how the information from this will be communicated to ourselves.
LSE dividend data is invariably out of date or simply inaccurate Ken. Check the KMR "at a glance" data on HL for latest / historic dividends, updated on a daily basis. Currently showing KMR dividend at 9.4%.
FY2022 dividend was US 54.31c per share, This equates to GBP 43.0p. At today's share price of 475p, this results in a dividend yield of 9.05%. This is a lot higher than the 6.305% being shown on the LSE website. In fact, Kenmare's dividend yield has been understated on the LSE site for more than 12 months. I have reported it several times but LSE's data provider refuses to correct their mistake. Or am I missing something?
What ho, Buck. I hope your memory serves you well. At today's price, the market cap is quoted at £450M. Your suggestion would require a three fold increase in sp. That will do nicely!
I have been invested for 7 years and am up c. 300% including dividends to date.
I’m still very positive the company. I should sell some but am buying more.
Absolutely no need to apologies. I thought it was a fair critic of my question which was deliberately asked to see if others Ahmad strong views. It’s all good for debate.
I’ve bought more, just feels like the company is strong and very well positioned.
Con - If you thought I was being critical, I apologise for that was not my intention. I was simply attempting to understand the logic. I was concerned that I had misunderstood. I fully understand the expression "low ball". As to your comment, it all depends on the view point you take. If I were a fund manager say for Prudential, then I would be looking at anything up to 50 years for the capital to come back. After all, at the Pru they receive new funds to invest on a daily basis. If, on the other hand, I were a "chancer" investing for short term profit, perhaps 10 minutes in KMR may be too long. I was trying to understand where you stood. For myself, I am a long term investor in KMR and being based in UK, have to absorb the withholding tax. I therefore value retained profits and net capital growth over a longer term far more highly than yearly dividends. I appreciate that this will not suit all investors. I think the right suitor will come along and perhaps quite soon now that the wrinkles have been resolved and positive cash balances start to appear.
FY2022 dividend was US 54.31c per share, This equates to GBP 43.0p. At today's share price of 475p, this results in a dividend yield of 9.05%. This is a lot higher than the 6.305% being shown on the LSE website. In fact, Kenmare's dividend yield has been understated on the LSE site for more than 12 months. I have reported it several times but LSE's data provider refuses to correct their mistake. Or am I missing something?
I was told by an old friend don’t sell KMR until it’s worth £12 per share. I’m not sure it will get there as KMR but he was incredibly bright and this asset is worth a lot more than £5 per share and it’s going to attract M&A activity in the next few years for sure
Yes, vague memory of the precise wording
From memory, SGRF and KMR are on record about delivering capital growth for shareholders. So the strategy is not long term dividends alone.
Saga, I agree with your critic of my comments. I’m simply saying M&G and SGRF may look at an offer of €700m-900m and think if they don’t accept it they could be stuck with long term dividends and zero capital growth.
Perhaps a competitor will appear, perhaps a financial buyer may see and opportunity and perhaps it will be another dull 5 years where dividends are the extent of the excitement.
Hannam found SGRF !
Get real
If Berenberg think that Kenmare is worth 820p, why don't they go and find a buyer at this price? Or even 720p !!!
Why not hire a Rotchilds start a sales process and see what happens?
As a long standing shareholder, I agree with Contango. Iluka's original offer that the BOD and M&G declared undervalued the company wss for $700m. Nearly ten years later, and the BOD have still not been able to get the market valuation higher than this. SGRF could make a very profitable exit at 650-700p. I think it would be win-win for both Iluka (or Rio), the shareholders and even MC (happy and profitable retirement). If MC had any decency, he would acknowledge the unacceptable share price at the AGM and state that any bid approach would have to be seriously considered. I hope that someone asks the question that could prompt this response. KMR effectively put up for sale is the only sure way for shareholders, including SGRF, to avoid being losers, e.g. when the mineral sands market eventually heads south.
‘Low ball’ is the share price
Double “low ball” would be a reasonable buy starting offer but still ‘low ball” when compared to earnings, capital invested and mine reserves value.
Con - I am not sure I understand why it would be in the beat interest of the "long running majority shareholders" for there to be an approach. I would have thought that SGRF would want to see many years of good profits rather than a return of their investment. Dividends at the current level with the potential for future increases are quite attractive returns on their investments. A "low ball" offer is unlikely to be attractive now the hard work has been done. Better by far would be for the BoD to signal increases in the level of future dividends, but that is unlikely until Mikey signals his retirement.
Having stuck up for the BoD on numerous occasions I’m starting to feel like the sale of KMR may be in the best interests on the long running majority shareholders.
It would definitely be interesting if Iluka were to return with another low ball offer, having seen SGRF invest and fail to see the market buy into KMR’s balance sheet strength and strategic plan.
Next weeks capital Markets day is going to be key for the BoD in my view.
1qtr 2023 production and a d shipping now available on kenmare resources site
No surprises
Production down 1% on 1stqtr 2022 but lower grades taking a knock on finish products grades are expected to improve for the rest of the year
But shipping/sales increased 17%on 1qtr 2022
And sales remains strong with the price holding steady
The first 3months of the year is normally the slowest related to the seasonal storms slowest this damage caused by lightning but the weather is now improving
A good start to the trading week. Feel like a few MM’s going to ride the SP north for a week or two. Hope they are right.
Where are we ?
Well this month on 13 April is ex dividend date
Between 13 to 20 should expect 1st quarter production and shipping report
Then on the 26 April market capital day then we should have a greater knowledge of where we are
I’m spending time close to head office now so may look for some pocket squares, slick hair and brief cases.