Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
And another top up by Morgan Stanley .
Over 11% now
Why Morgan Stanley keep buying it.?Holding now over 10%
Interesting that Oasis Management Company Ltd. Today reduced from 17.78% to 12.74%
However, Liberum analysts said “it could be argued that a c30% premium is low in this market, we expect it to be successful due to the cash structure, activist shareholder support, helped by recently market turmoil”.
The broker did seem to be confident that the 65p per share offer is not the final chapter in the saga, instead targeting a 75p share price for the stock
Another Article!
Proactive Investors - Wagamama-owner The Restaurant Group PLC (LON:RTN) could be poised to receive another bid after the takeover offer of 65p per share from Apollo Funds, was deemed too low by some analysts and investors.
Shore Capital analyst Greg Johnson pointed out that the value represents an EV-to-EBITDA ratio of 8.6x on current-year estimates, falling to just 7x next year.
"We do not believe it reflects the quality of the estate (especially having recently exited the challenged leisure business), the freehold asset backing (c£160m) and the progress it was making across its strategic objectives on margin accretion (250-350bps) and deleveraging (under 1.5x EBITDA)," Johnson said.
If the company was to hit its targets, it would improve EBITDA to around £130m within three years, up from £83m last year. This would mean the EV would rise to around 100-120p per share, based on an EV-to-EBITDA multiple of 7-8x.
"Importantly, improving profitability would be expected to lead to a significant step-up in cash generative capabilities underpinning rating expansion."
Johnson said that 80p a share would be "a starting point more consistent with the longer-term opportunity".
Https://www.kurdistan24.net/en/story/32535-‘The-ball-is-in-Turkey’s-court’,-says-Iraqi-oil-official-on-resumption-of-Kurdish-oil-export
Https://www.kurdistan24.net/en/story/32239-Oil-companies-split-on-resumption-of-Kurdish-oil-exports
Https://shafaq.com/en/Kurdistan/Kurdish-Representative-Appointed-as-SOMO-s-Deputy-Director
Approval of the Iraqi budget in June put in place a framework for the restart of payments and exports, with production from Kurdistan incorporated in the budget, and this was an important step. Discussions are now ongoing between Iraq and Türkiye regarding the commercial and political arrangements that would enable the resumption of exports
Https://shafaq.com/en/Economy/APIKUR-calls-for-swift-resumption-of-Kurdistan-oil-exports
The Erbil and Baghdad officials “will most likely” reach a deal on the Kurdish region’s salaries and budget share, which has not yet been implemented months after adopting the three-year budget law, the source added.
Per the budget deal, the Kurdish oil will be marketed via the Iraqi oil marketing company known as SOMO.
https://www.kurdistan24.net/en/story/32026-KRG-to-visit-Baghdad-again-for-budget,-salary-talks