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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Did you buy more Digby? The time to buy these shares is often when there are tanks on the lawn but I would avoid for now. Yes the drop is always overdone but the mishandling of the update has holders over a barrel. Best to leave the gunsmoke to settle as I expect quite a lot of volatility. The fact that the SP has gone over the 1200p parapet is hopeful of course but we may have a further wave of selling as the rebound becomes overbought.
Called that wrong, didn't I?! It is trying to stabilise but rebuilding trust in ULE after this series of setbacks will take time. 30% off sp in just a couple of days is some going.
Agreed Fallingknife, I�ll start to take notice if this goes below 10.70, but most likely it will go much below this as usual all stock sell offs are way overdone and the market always overreacts.
Sneaking out an Rns after hours will never mean a fall is overdone. It acted swiftly but is now rudderless. Hammond is unlikely to ramp up spending although the SP has almost halved from its high I can only see more pain here. That said the yield it could be maintained is getting decent so I will track it to see if I can call the bottom. Not yet tempted as I see more falls to come
Tut Tut
just more on the same issue https://www.google.com/search?q=Ultra+Electronics+woes+continue+after+chief+executive+quits&ie=utf-8&oe=utf-8&client=firefox-b
I see that 'Sparton' published it's first quarter results on the 9th Nov http://sparton.com/webfoo/wp-content/uploads/Q1-FY-2018-Earnings-Release-Ex_99_1_FINAL-AS-FILED.pdf .... hard to tell if this acquisition would be a good buy or not!
Telegraph Business Ultra Electronics chief in shock departure amid 'increasingly difficult' UK market 0 Ultra Electronics, a specialist in naval warfare equipment, issued a profit warning Alan Tovey 10 NOVEMBER 2017 � 9:21PM Defence company Ultra Electronics� chief executive has been dramatically ousted in a surprise after-hours move, it has been revealed. The FTSE 250 company said Rakesh Sharma, who has led the company since 2010, was leaving with immediate effect on Friday night. His departure comes after �a period of reflection by the non-executive directors on the future leadership of Ultra�, the company said. Mr Sharma, a 28-year veteran with the company, will be replaced by chairman Douglas Caster, who led the company from 2005 to 2010, until a new chief executive can be found. ADVERTISING His departure comes after Ultra, which is a specialist in naval warfare equipment such as submarine detecting sonar buoys, issued a profit warning. The company said it now expects underlying operating profit of �120m compared with market forecasts of �132m and that organic revenue would decline by about 4pc. Warning about the trading conditions, Ultra � which derives most of its revenue in the US � said that �while the majority of markets have been satisfactory, the UK market has been difficult and has become increasingly so in the second half". �There are mounting pressures in the funding of UK defence programmes and this has resulted in the UK MoD pausing, cancelling or delaying numerous programmes. Within the last few weeks a number of our UK orders budgeted for 2017 have been affected.� The company also said it expected its $234m (�178m) acquisition of a US rival to be delayed. It is understood that this is due to US Department of Justice officials being swamped with work and is unrelated to Mr Sharma�s leadership. The news saw Ultra�s shares fall more than 11pc to �15.27 today. Mr Caster said: �Throughout his service to Ultra, Rakesh has contributed significantly to the group�s development into an international provider of specialist capabilities with positions on a broad number of platforms and programmes. On behalf of the board, I wish Rakesh well.� The executive chairman added: �While market conditions have been more challenging in the last few years, the group has strong market positions, differentiated technologies and talented people. While the UK defence market is difficult, defence spending in the US is increasing. We are focused on identifying the right leader to deliver shareholder value through a renewed focus on organic performance in the next stage of the group�s development.� Mr Sharma said: �It has been a privilege to be chief executive of Ultra and I wish the Group and all its staff well for the future.�
Will probably know on Monday if over done or not ref http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/ULE/13427586.html
Good company but over diversified now losing its identity, how many UK Mod contracts it has coming to end maybe. The market has seen this, lets hope it stabilises
Suspect that this drop is unwarranted. DoJ inspired delay to acquisition is normal practice and does not justify this over-reaction. This will turn out to have been a good buy-in point. dyor (etc.)
so why has the SP dropped I wonder ?
Another nice contract win......
Ultra enhances its electronic war capabilities in $265 million Kratos bid: U.K. Defence firm Ultra Electronics Holdings announced it had agreed to acquire the electronic products division (EPD) of Kratos Defence and Security Solutions for up to $265 million (£174 million).
In this unsafe world, Ultra Electronics provides security: It’s been almost four years since Questor last looked at Ultra Electronics, a specialist player providing electronics and software for the defence, aerospace, security, cyber, transport and energy markets. In its annual results on Monday Ultra’s revenue fell by 4.2% and underlying pre-were profits were off by about the same level, but the loss of a contract to supply IT to Oman’s airports masked the true performance. Excluding that deal, performance was broadly flat. Rakesh Sharma, Chief Executive, admitted spending pressure on the U.S. and U.K. governments had “continued to frustrate” growth but the company did see underlying orders rise by more than fifth in 2014 to £760 million, indicating that there is still strong demand for its many services. Ultra, which has been making cost cuts that raised the underlying margin by 20 basis points to 16.5%, downgraded its guidance with the results, predicting 2015 will see the same sort of performance as the previous year, causing the shares to drop 5.2%. Almost four years ago Questor rated Ultra as a buy at £16.76 and believes the reaction to this latest set of results is an opportunity to add to that stake. Shares in the company, which historically trades at a premium to the U.K. aerospace and defence sector, were at almost £19.00 a fortnight ago, so take advantage of those who abandoned Ultra while you can. Ultra Electronics at £17.07p. Questor Says “Buy”.
Ultra Electronics has confirmed that its new Group Finance Director, Mary Waldner, will take up the role on July 1st of this year. The appointment was announced on January 24th.
Ultra Electronics Holdings: JP Morgan downgrades to neutral.
Defence, security, transport and energy company Ultra Electronics on Thursday signed a memorandum of understanding with AREVA to initiate a future partnership in nuclear power generation and the build of new EPR (Eurpean pressurized water) reactors in the UK. The agreement covers potential collaboration on instrumentation and control systems including reactor protection and control and relates to the two EPR reactors planned by EDF Energy at Hinkley Point for which a site licence was granted last month. The firm said the collaboration could also extend to other EPR reactors including those planned at Sizewell. Rakesh Sharma, Chief Executive of Ultra, said: "I am pleased to have signed this agreement which recognises Ultra's position in the supply of safety critical instrumentation & control to the global nuclear industry. Through our continuing strategic relationship we are happy to support AREVA with our proven range of proven specialist technologies."
Defence group Ultra Electronics has announced that its USSI business, based in Indiana, US, has received US Navy contracts for sonobuoys through its joint venture with the Sparton Corporation that supplies all sonobuoys to the US Navy. Under the contract, which is worth over $53m, production is scheduled to take place over a two-year period and is expected to be completed in January 2015. Rakesh Sharma, Chief Executive Officer of Ultra, commented: "We have been able to secure this award because of our focus on constant product innovation coupled with high quality manufacturing and on-time delivery. "We are delighted that that the US Navy continues to recognise the support it receives from USSI and [the joint venture with Sparton] by awarding this contract in an area of preferential funding at a time when the procurement process in the US is under increasing pressure. Awards such as this help maintain the group's order book and show the resilience that Ultra derives by fostering enduring customer relationships." Sonobuoys are buoys which are equipped with an acoustic receiver and a radio transmitter. On detecting underwater sounds they deliver radio signals to the operator, providing information on objects such as submarines.
Deutsche Bank downgrades Ultra Electronics Holdings from hold to sell.
Ultra Electronics Holdings: UBS reduces target price from 1300p to 1200p, sell recommendation maintained.
Ultra Electronics Holdings: Deutsche Bank reduces target price from 1500p to 1400p, hold rating maintained.
Broker comment Investec has a 'hold' on the stock and has put its previous price target of 1535p under 'review'. Analyst Andrew Gollan commented: "The stock sold off heavily following Cobham's downbeat assessment on Monday. The Ultra shine is certainly not as bright as it has been, but in our view it remains a high quality business that will return to growth. This blip could be the opportunity long-term investors have been awaiting. We retain our 'Hold', but place our price target under review." As to to the announcement that Paul Dean, Financial Director, is stepping down to pursue a Financial Director opportunity elsewhere, Gollan commented: "A surprise, but nothing sinister is our take."
In addition, Ultra Electronics revealed that after four years with the company its Finance Director, Paul Dean, has decided to take a role outside of the defence and aerospace sector. He will leave around the end of March 2013. Investors who are considering following his lead and bailing from the company, might want to note that its preliminary announcement for the full year will be on March 4th 2013. On a slightly more positive note, the company did say that growing sales in security and cyber, transport and energy, which collectively now account for about 45% of revenue, are contributing strongly to Ultra's overall performance.