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Started: Contango, 17 Jun 2024 13:50
Last post: Contango, 17 Jun 2024 13:50
Great to see the port extremely busy into half year. I’ve been watch over past 5m and I’m expecting we have shipped decent volumes.
Started: Onwardsandup, 13 Jun 2024 18:46
Last post: Onwardsandup, 13 Jun 2024 18:46
No response from the clown after his stupid post. Presumably he's scurried back up is hole....
Started: FlyingHigher, 3 Jun 2024 11:49
Last post: mcco, 7 Jun 2024 09:50
As I read the RNS it was an employee of a sub contractor and not a Kenmare employee and over whom Kenmare would have had no overall control
As is obvious, any death or injury is sad but they have to be put into context within the mining industry
As far as I can see, Kenmare has enjoyed a very successful history regarding injuries and has a truly benevolent attitude to all its employees, their families and the local communities
Saga, you beat me to it. What a stupid post from that clown the other day. We are all critical of certain aspects of KMR but one thing we can't be critical of is the employment they have brought, the support to the Community and the growth to the local economy. Tragic and sad accidents happen in every walk of life, even higher risk in a heavy industry. Presumably noone forced him in invest here and has now sold his holding
Sorry, hit the wrong button!
Why is it that individuals who have no knowledge of the circumstances think they are in a position to comment? To suggest that Kenmare is some colonial oppressor is absurd. To wish that some powerful authority should take the company to the cleaners, is equally absurd. Before you issue such ill-considered comment, avail yourself of the details.
High Flyer, I hope you have looked at your conscience and reached the appropriate decision. Unfortunate as this accident is, accidents happen, it is the nature of mining. However, there are far more early deaths in Moz arising from living standards than arise through industrial accidents. I feel sure that Kenmare took on board past experiences.
It is tragic that this has happened. Even though the person involved was a contractor I sincerely hope that Kenmare as a company look after the family.
Last post: Richorpoor, 21 May 2024 18:50
Yes same 23.24 a share paid into my Lloyds account share dealing today
Finally arrived, 23.24p per share after the wht, now need to revisit how to claim the tax back.
Still waiting on mine from Barclays, they are always late so not holding my breath.
Just received mine. Can go out and buy a nice scotch now.
Think it works out around £0.23 per share (ish)
Boy
Started: SAGACITYRULES, 1 May 2024 10:17
Last post: Contango, 11 May 2024 10:55
If that was ever the case the company is for sale.
Supported by across shareholder public comments
If you want one;
I have never seen 'a director appointed specifically to engineer the restoration of the sp to a level reflective of the company's net worth' have you, and certainly not at KMR?
Rich22 - Quite, I stand corrected. But do you have a comment?
He/she
Do I recall the appointment of a director specifically to engineer the restoration of the sp to a level reflective of the company's net worth? If I am correct, how do you think he is doing currently?
Last post: richtwotwo, 25 Apr 2024 07:40
Yes but do they not have an effect on it when the counterparty has to meet their obligations
"They are not real shares on the leverage market"
I meant translate :) : The cowboy market economy need I say anything more.
Rich
If you tap on the purple writing it will open a info in English if you talking about tep1 post
Please translate into english!
Last post: raxfactor, 11 Apr 2024 12:12
hi sag, you are right, from my previous comments on here you know i don't rate the management however i cut them a bit of slack here, i have a feeling they doing their best to get their house in order by sorting out issues that should of been sorted as a matter of routine.
as you state ithe company is doing just fine in spite of their **** ups year on year, it was a suprise to me that they commented on stronger prices probably to detract from what was in truth a disappointing update.
Rax - Your reviews have given both the glass half full and half empty. Nothing wrong with that, you have simply reiterated the comments of KMR management. We have to hope that after MC the emphasis will change. Reports could be written in terms of look at us, we achieved this and that even though it was the rainy season, as it is every year, and lightning does strike twice. But through it all, the company performed well in spite of incompetent management and remains on track to meet 2024/25 guidance. - Just an observation/suggestion! They are so negative. If they have negotiated the most difficult quarter of the year and come through, then blow the trumpet!
It should be noted while I didn't expect the market to be overjoyed with the update it is ex dividend date today.
A bit of a mixed bag, all products down compared to Q423 with many significantly.Last year it was the lightening strike this year it's the rainy season interrupts the power supply, then we have an engine down in RUPS, significant maintenance being done, Zircon circuit problems, Rutile effected by MSP issues.
So they have their problems however production for Q1 was inline with their expectations.
Onto the positives guidance for the year maintained weighed to H2 which is good after this set back, better grades expected and prices look stronger going forward, with that outlook I am happy to sell less product at a lower price now with better production later selling for a higher price.
Started: Contango, 8 Apr 2024 14:02
Last post: Teluride, 9 Apr 2024 15:04
It does feel like that sometimes rax, however I personally feel more confident investing in businesses who's management under-promise and over-deliver rather than the opposite. One of my gripes generally is how much SP's move these days on relatively minor snippets of news or seemingly unfounded coverage. Granted it doesn't do much for short term gains, but it does appear to suppress volatility, and I currently believe there's good value in KMR over the long term.
Having said that, I sincerely hope the Nataka re-location cost estimate is worst case now! In the context of your post, they might even bring it in under budget!!
One of my gripes with the management is that they are quick off the mark to dampen any enthusiasm about the state of prices for products by stating we feel inflation will impact, demand is slowing or we will have some production off line due to ...... always a caveat to hold back the sp, rarely if ever do they comment on prices or demand which are showing signs of improvement until it has happened, even then the caveat will be we don't think these prices will be sustained, talk above conservative with their commentary they never like to let the cat get out of the bag.
It’s more about the saying it in Q4 and pricing rising again so maybe come out with Rns, but your points are all correct… a statement is always meaningful
Chairman already said no one can predict which way prices will go but what they did say prices did not go has low last year as they expected and now demand is at the top end of the range from there customers.
Also with base closing a mine at the end of the year they expect higher demand for there products
Although they have not said they expect prices will go higher
But what they saying if demand outstretched production then higher prices normally follow
That's the way the market works
I'm confident things are looking good.
But i agree there is no guarantee
Asian metals show prices strengthening.
The board were very quick to say the were softening last year, so I would like to see them coming out and stating that prices have started to recover.
Plenty of stock to sell through so if prices are strengthening it should be announced.
Started: Richorpoor, 5 Apr 2024 13:12
Last post: richtwotwo, 9 Apr 2024 10:45
It seems far more likely, I suspect not many use them as a share service, you don't normally see them as a major shareholder in plcs.
I must admit I am old school and stick to share dealing only. Anything else is high risk imho. Are you suggesting they are buying purely to offer spreadbetting options for their clients? They do offer nominee services as well. How would you distinguish the difference for their reasons in holding?
Ig stopped offering the options on KMR as the banks etc that make the market wanted too high a premium for the options
(I spoke to them)
Correction: when you say: only allowing to sell Kenmare shares and Not allowed to buy them you are referring to spreadbetting/options not actual share trading
I thought IG had nominee account for shares also? Or do they use another broker for this ssrvice?
They may have had to buy to settle their clients option trades if the clients cashed out on the recent increase or for tax reasons . IG is not really an active investor is it?
We go ex div on Thursday so expect a fall in the sp then
Started: sam4224, 30 Mar 2024 09:06
Last post: Scarfell, 3 Apr 2024 14:50
Yes they do. The nightmare of trying to get back withholding tax. Has anyone ever managed it? Platform providers such as AJ Bell and H/L don't seem to want to help either. Strikes me as being a scam that foreign tax authorities are quite happy to participate in, though there is an ongoing European Union initiative to make it easier.
Thinking of investing here but are dividends taxed at 25 percent for uk holders ? Many thanks Anne
Started: shepdave, 21 Mar 2024 21:46
Last post: Contango, 2 Apr 2024 23:48
Robb should regret not bidding more. It was a massive missed opportunity but it still looks cheap at 200-300% of our market capitalisation versus construction costs.
Another complementary article from IC.
The low valuation the market has stuck on Kenmare Resources (KMR) goes beyond simple ratios or putting cash profits next to its minute enterprise value. Often when a company’s assets far outweigh the market capitalisation there is a huge debt load or crash in underlying markets. But not with Kenmare. The titanium oxide miner values its dredging, mining and processing kit in Mozambique at over $900mn (£709mn), compared with a market value of just £269mn. Put this against the 2023 cash profits of $220mn, strong balance sheet and increased dividend, and the share price looks even stranger.
Granted, Kenmare has seen the average selling price of its ilmenite and other products drop 10 per cent on average in 2023, and this pushed Ebitda down a quarter compared with 2022. But the real valuation drop is probably due to the necessity of once again moving a whole processing plant to the next deposit. A detailed study on this is expected in the coming months, but the company has said the cost of shifting wet concentrator plant (WCP) A is $341mn, to be spent by 2027.
This is up from the $270mn estimate from a year ago, and Kenmare has already taken on a new $200mn loan to cover initial spending this year.
Even at that higher cost, broker Peel Hunt says this is an opportunity for investors, not a cliff from which the share price will dive further. “We do not believe the shares price in the sustained ilmenite pricing, nor the unlocking of a decades-long future via the WCP A investment programme that is just getting under way,” said the Peel Hunt analysts. Meanwhile, Kenmare managing director Michael Carvill is stepping down after almost 40 years in the job. His successor will have plenty to do but will be taking on a company in fine fettle. Buy.
Tax, I agree and have previously said the same. It’s one heck of an investment at todays price if you invest now get dividends and it sells in 2-3 years
Thought today's presentation was excellent plain spoken and covered all the bases, some good questions at the end.
As far as the sale of company goes I think Michael hit the nail on the head when he said no one has been banging on their door regarding a sale however if he was running the rule over the company he would wait until the wcp move had been completed before making a move, I get the impression that is the way that it will play out.
What about his shares in the company, surely they are an incentive.........................
Started: Richorpoor, 19 Mar 2024 12:38
Last post: tep1, 20 Mar 2024 19:48
@richorpoor, missed that thanks.
The company has already stated last year when they did the buyback that there would not be any more buy backs in the next 2 years until after the mine move to it's new area
So don't need to expect any but saying that it would be a ideal time to buy at this price
Listened to the webcast.. analysts wanted to ask about WCB timing, and Moz govt taxing the unregulated mines which would be positive. The page on supply/demand balance for ilmenite looked very supportive of much higher prices soon. Q&A raised the 'up for sale' question with one analyst describing KMR as incredibly cheap. MC played a straight bat back saying we won't sell now with prices so low but with rising prices, low supply coming on and recovering demand already KMR should have a better year. Still don't know anything about the Congolone opportunity. One thing that does look interesting is there's at least £150m of working capital on the balance sheet that could be turned into cash in 2024.
This is an astonishing bargain.
Buy and hold for £5
I feel I need to qualify my calc @sakura since it is slightly more than my expected figure I provided as I had excluded the buy backs from the previous shares in issue for the first dividend distribution. but $50M for dividends for 2023 was previously stated. Pound is forecasted to get stronger over the next quarter so at the end of day what arrives in your account will probably remain the same. then there is the 25% WHT to erode the income further. I think share price will remain the same territory until the move is complete but I do hope I am wrong. No mention of any further buybacks either.
Started: TheBoy828, 15 Mar 2024 08:23
Last post: mcco, 20 Mar 2024 08:24
Happily I was wrong, but also happily I didn’t sell before the results this morning. I feel that there should be a good improvement in the SP, partly on account of the good dividend yield and the confirmation of guidance for 2024
I agree that the timing of the announcement of Carvill’s retirement shortly before the publication of the annual results is an indication that the results will not be good. Having said that, I think that the current share price has taken this into account
Hopefully I’m wrong but tomorrow will prove interesting!
Ordinarily my inclination would be to think that the announcement now , would be to not associate him with a bad set of results , or to blame him for them . I say this because if they were a good set of results , they would announce his departure alongside them
On the other hand , at 65 he is due to retire , and the fact that he is staying on might be to remain at the company long enough to arrange a smooth transition and sale ..
Of course all of this is speculation ..the only thing to do will be to await the results ..
At some point though , this share will start to rise ahead of the dividend announcement next week .
For what it's worth , I think this is the bargain buy of the decade , unless bad news awaits ..let's see
Liam
This is what concerns me, the timing.
" Not sure its a good thing announce right before results are due next week... "
Boy
gla
Not sure its a good thing announce right before results are due next week...
Started: sakura, 13 Mar 2024 10:12
Last post: sakura, 13 Mar 2024 10:12
Seems to have been completed. Not sure if this is positive or negative though.
Any thoughts as the sp hovers around 3.00.
Started: Onwardsandup, 5 Mar 2024 19:34
Last post: mcco, 11 Mar 2024 11:33
Results due next week. Chill out until then
Who put 20p in your slot?
I’m asking for an opinion from a knowledgeable poster. I may or may not take it on board but I didn’t sell when buck did so I’m hardly a die hard follower.
Surely we are not heading back to the bad old days of abuse and libellous slurs for posting an opinion.
Have a drink 🥃 and chill
Heading back to the bad old days when no-one else on here could have an opinion unless you were either Cont or Greeno's ankles dangling out of BF's backside. For newer posters. 10 plus years ago if you ever dared to (rightly) criticise the BOD, BF would slaughter you. His support seems to have evaporated somewhat....
Started: richtwotwo, 29 Feb 2024 12:50
Last post: richtwotwo, 5 Mar 2024 11:54
You make so many assumptions without actually answering the question. Why?
Fair enough and reasonable.
Any view on the Buy Out potential?
In my view it is a matter of time, and whilst it may not achieve full value it is highly likely to be sold as the BoD have been unable to realise value of the asset.
Bucklerfern, keen to get your take on KMR.
Been a while since you sold? Are you back in? Risks? Rewards? What is the story? Do you see any play here?
To which the desired response is :
I think I will and I guess others may do the same
ha ha
Have any of you regulars actually been to an AGM to meet the directors, I found it very useful?
Started: Contango, 27 Feb 2024 16:01
Last post: Contango, 27 Feb 2024 18:32
I think I will and I guess others may do the same
Sadly, the BOD is only interested in taking their fees and bonuses. Vote against their remuneration at the AGM. That will wake them up!!
Hannam target price back to 610p. Kenmare is in play imho but timing is hard to call.
Anyone else feel like, as time passes, the BoD must be doing something since the calls for a strategic review.
Leaving it sitting out there with little or no response is poor form and feeds into the narrative.
I know other boards would ensure that some positive news would be found, such as product prices increasing earlier than expected or retaining majority shareholder support etc etc.
But to date the KMR board has ignored it publicly which is poor
Started: Greeno, 26 Feb 2024 09:16
Last post: Greeno, 26 Feb 2024 09:16
Not unexpected and why I left BSE and came back to KMR
Their production will stop end of ~24 as they hopefully move to Madi
They report prices down but we know that
Started: dh64, 15 Feb 2024 14:27
Last post: richtwotwo, 24 Feb 2024 15:54
If one is candid about it, :)
Such a simplistic view is sadly easy to profess.
Was thinking the same…. Definitely not informed.
DYOR
I’d say upside more real than ever as Management unlikely to be able to block any sale via credible offer…..
I think it might have been me who brought up the domicile issue , I can't remember, I know I have thought about it in the past , but not sure if it was me who articulated it , but it's something that should have been done
We all have this blind faith belief , that the directors of a company ( and Kenmare is no exception ) have the best interests of shareholders at heart and centre of everything they do ...get a reality check they don't , as evidenced by the 90% shareholder dilution that took place several years ago , despite the fact that they had approaches from other companies to acquire them , then as well .
Directors act in THEIR best interests because they know that few regulatory safeguards exist to prevent them from doing so ...their time horizon doesn't stretch further than their next annual bonus , so it's NEVER the right time for them to sell and move on ...somebody needs to take that decision out of their hands , but I'm not sure who
Unless there is something catastrophic that I do ing know about ( company has said nothing ) then this share has to be one of the bargains of the decade, and strategic buyers should be sought . That is what should happen, don't be surprised though , if events transpire in some form , shape or other which results in current shareholders wealth being diluted by another 90% unlikely you might think , but Kenmare isn't a share you buy and hold forever, it's one that you trade and hope you get your timings right..
Mr Webb will have to prove his worth sooner or later. The share price performance is bc a disgrace. Either the company makes changes or an offer will now come in
Ilukas transcript today was interesting… the view on demand and pricing was more positive than kenmare has described and they also believe conditions will improve during the year. An analyst asked the ceo essentially would he be interested in kenmare and he got the obvious response that they’re happy with their existing growth projects. It was mentioned however that current prices do not incentivise building and kenmare have $1.4 bn in the ground and more post the move.
Unfortunately Kenmare's guidance for primary zircon 45,000-50,000 tonnes and continues to decline year-on-year due to lower recoveries.
"Primary zircon production was 51,100 tonnes in 2023, a 13% decrease compared to 2022 (58,400 tonnes). This was the product of reduced HMC processed and lower recoveries."
Could this change however when the move is completed to Nataka? But by this time prices may have stabilised or declined from historic highs.
Iluka Resources released its full-year 2023 results with mineral sands revenue of A$1.24 billion and EBITDA of A$582 million, down 19% and 32%, respectively, compared to 2022. Zircon prices remain near historic highs, with the weighted average realised price for premium and standard zircon in 2023 up 6% year-on-year.
Started: SAGACITYRULES, 14 Feb 2024 12:46
Last post: tep1, 15 Feb 2024 12:08
Honestly at that point in time I was just hoping for my money back.
Apologies forgot to include the past tense in my statement. My aged eyes fail me! I am a LTH so I understand the pain experienced previously. I share greeno's view and look forward to the long term future income KMR will generate for us shareholders.
Greeno. Well done. Back to the brain dead days when guys like you and BUCK (aka) W**nker thought you knew everything and thought the rest of us were idiots. Some of us try and help each other. And you ?????
Honestly at point in time i was just hoping for my money back.
Ah the good old days when we didnt ever think KMR would pay a dividend
Now hopefully another 60 years of them
"I think the whole process is designed to be as complicated as possible to encourage holders to give up ."
I don't think the intention is to blackpill us shareholders. Tax is complex and has unnecessary bureaucracy. But that aint KMR or your brokers fault nor should the intention be to impact share price. Didn't someone say on the forum about relocating KMR HQ to another tax domicile?
Started: Littlevillage, 15 Feb 2024 08:28
Last post: tep1, 15 Feb 2024 12:04
And I wonder if JO Hambro have a suitor in mind already?! Pretty sure I've seen this playbook before. So they value KMR at £7.25/share. Very interesting
Started: Onwardsandup, 14 Feb 2024 16:15
Last post: Onwardsandup, 14 Feb 2024 16:15
This form would suggest a full exemption....
https://www.revenue.ie/en/companies-and-charities/documents/dwt/dwt-non-res-v2a.pdf
Started: dh64, 9 Feb 2024 18:18
Last post: tep1, 14 Feb 2024 10:24
@candidinvestor: My holdings are within SIPP. Consequently your broker acts as the trustee and they are unable to or won't pursue the rebate from Irish Revenue. I don't quite understand why. This is my broker response to my email about a year ago which I deemed unsatisfactory (see below). IWT can be pursued retrospectively. You need a tax letter from HMRC declaring your tax residency. I assume at this stage once ownership is transferred when I retire I can reclaim at this stage or if indeed the broker is able to change their procedures so they intend to claim on your behalf. I hope it helps.
-------
Unfortunately there is no European wide facility available to HL to reduce the withholding tax burden to clients holding shares in Europe.
Each European country has a different and sometimes complex tax regime/rebate procedures. For this reason we do not offer a service to claim foreign withholding tax (apart from US and Canadian) but do provide supporting documentation for clients who wish to pursue a claim for withholding tax for shares held in non SIPP products.
At present the Irish withholding tax is 25% and can be claimed from the Irish Revenue for dividends paid into HL ISAs/Fund & Share accounts, but this must be done by the beneficial owner of the shares. We will provide our client’s letters supporting their claim and a tax voucher of our pooled nominee holding. I believe you will be able to download the form from the Irish Revenue website (link below):
https://www.revenue.ie/en/companies-and-charities/documents/dwt/iref-withholding-tax-claim-form.pdf
In our experience the Irish Revenue will require a copy of the original tax voucher which can take several months to obtain from the registrar as a fee needs to be sent by Hargreaves Lansdown (this will be covered by us) to cover the administration costs.
With reference to SIPP products, Hargreaves Lansdown acts as the trustee and is viewed as the legal owner of the shares with the client as the beneficial owner.
This therefore means that claims for foreign withholding tax within a SIPP, must be completed by Hargreaves Lansdown.
Hargreaves Lansdown did make an attempt to obtain reduced rates of tax at source for our Irish stock holders. Our application was rejected by the registrars as we were not considered to be a ‘relevant person’ i.e. a resident in Ireland or a qualifying intermediary (QI) or authorised withholding agent (AWA).
At this point in time, we do not offer a complete foreign withholding tax reclaim service at present. This is in accordance with our Terms and Conditions for your account (covered by section A9).
However, the position is under regular review.
We have the right to reclaim the IWT
The issue may be that the Nominee doesn’t or cannot provide the granular detail on an individual basis require to reclaim the IWT.
II do provide individual data on IWT in the ISA but not the SIPP therefore I need to request the detail from the Nominee which I am not hopefully they will easily provide.
I am not an expert on withholding tax , but my investment is held within a Sipp , does this make any difference to my eligibility of a reclaim of WHT ...does anyone know ?
Cantango...I agree with you re the debt position which is why I remain invested . The point I was making was the apparent behaviours of the market in general , not what you and I believe . I do think the market will catch up , and yes the share price will no doubt pick up as the dividend approaches ..frequently a zero sum game though , as the share price often falls by the amount of the dividend
I also agree that the RCF is a back up facility rather than a loan , interest rates are high though , and you only need a double whammy of commodity prices falling ,capex significantly overspending ( already increased from £272 million to £340 million I think , and the picture becomes less favourable. Add into the mix an uncontrollable factor , like lightening , power cuts or political interference and the risks become clear and evident
All companies carry risk though , but the difference regards Kenmare is that they commence this transition period with a cash positive balance sheet , and operations which generate lots of cash too ...and they can vary the dividends up or down
For me though , in the absence of all other things remaining equal , my view remains that Kenmare is significantly under valued , and the illiquidity of the shares compounds the problem
OK, thanks. So well nigh impossible for holders in my position or you with your SIPP.....