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Most likely frustrating some holders prior to results next week. With the resurgence of the oil price, priority is being focussed on replenishing oil reserves i.e ncreased exploration, drilling and completion.
Is the Tanzania Govt taking the ****. Extract from RNS and not liking this part at all: Tanzania tax: Capital Drilling (T) Ltd is party to a payroll tax claim made by the Tanzanian Revenue Authority (TRA) for the tax years 2009-2015. During the financial year ended 31 December 2016, the company received an immediate demand notice from the (TRA) for Tanzanian Shillings of 18,598,361,197 (US$ 8,374,660), inclusive of penalties and interest. Management objected to the assessment raised by the TRA and requested the calculations of the notice. In order to object, according to Tanzanian Tax Law Sections 51(1) and (5) of the TAA 2015, a taxpayer is required to pay the tax amount not in dispute or one third of the assessed tax whichever is greater. It is prudent to note that the Finance Act in 2016 added a further subsection (9) in Section 51 regarding tax objections and assessments. The said amendment provides: "Where the taxpayer fails to pay the amount stated under subsection (5) within the time provided therein, the assessed tax decision shall be confirmed as final tax assessment in terms of section 15(1)(a) of the Tax Revenue Appeals Act." In accordance with the above-mentioned legislation, management reached an agreement with the TRA to pay Tanzanian Shillings of 1,500,000,000 (US$0.7 million) in lieu of the one third of the assessed value. This amount was fully provided for in the 2016 Annual Financial Statements. In June 2017 the TRA provided their workings to Capital Drilling (T) Ltd. Capital Drilling (T) Ltd identified differences with the TRA on both the specific merits and methodology used to determine the value. Capital Drilling (T) Ltd has maintained an engaging relationship with the TRA to find closure and resolution to this matter. In order to continue the discussions and negotiations with the TRA, Capital Drilling (T) Ltd has, at the request of the TRA, provided an additional amount of Tanzanian Shillings of 1,500,000,000 (US$0.7 million) as at 31 December 2017. This is in line with the aforementioned Tanzanian Tax Law. Refer to Note 14. The TRA also raised a Withholding Tax liability of TZS 2,244,907,829 (US$1,024,268) inclusive of interest and penalties. This pertains to the misinterpretation of the facts by the TRA for assets that were purchased by Capital Drilling (T) Ltd and not leased. The TRA interpreted these assets as a rental agreement for these assets rather than permanent acquisition of these assets, which results in no Withholding Tax liability. Management lodged an objection on 14 November 2016 and paid an upfront payment of TZS 170,000,000 (US$77,564) in order to have the objection validated and acknowledged, as is required per subsection (9) in Section 51 of the Income Tax Act of Tanzania. Based on above, management assessed no further liability with regards to this assessment. As at 31 December 2017, this objection is still pending with the TRA and no resolution has been reached as yet.
EBITDA up 86% and fantastic cash generation. Shame about some of the exploration issues in Tanzania which has been well reported and the exploration is a small percentage of the income anyways. Their income is supported by production activities which is unffected. 20% increase in final dividend; I reckon they are playing safe and the balance sheet looks very good. Company meeting with institutions next week and with limited shares in public hands, the share price rise could be delayed until next week. Nice presentation on their website: http://www.capdrill.com/media/investors/Presentations/CAPD-2017-FY-Results_Final-201803161.pdf
http://www.trailermag.com.au/news/article/haar-australia-provides-aviation-fuel-system-for-new-zealand Pump and metering equipment supplier, Haar Australia, has attained Trade Measurement Unit approval from New Zealand�s Measurement Standards Laboratory for its PreciFUEL aviation fuel metering systems. This approval allows PreciFUEL to be used for custody transfer of all aviation fuels in New Zealand. In 2016, PreciPURE and PreciTURBO metering systems received New Zealand weight and measures approvals. PreciFUEL is a complete fuel metering and operational control system for aviation fuelling vehicles, which is based on the Alfons Haar PreciCONTROL metering technology. PreciCONTROL fuelling technology was introduced to the Australian fuel industry through the Australian arm of the German fuelling equipment company, Haar Australia, in 2012, revolutionising the fuel metering industry in Australia with the introduction of gravity metering, and the industry-first single pump single meter system for a dual petrol and diesel delivery system. �Over the last six years, our PreciCONTROL metering systems have become an industry standard in Australia, and it was a natural progression for us to make the range available in New Zealand,� said Haar Australia Managing Director, Ivan Lawrie. �The New Zealand market is very similar to where we saw most of our success in Australia, in the rural sector and smaller fuel distributors with a mixed industrial, agricultural and commercial customer base. �We had a tremendous amount of industry support there for the introduction of new technology, and once we found the right partner we quickly sought approvals and established ourselves. �We met with Lowes Industries in Christchurch and quickly found that they had similar values to us in providing sales, installation and technical support and would make a great partner to take our metering systems to market in New Zealand. �We were also lucky enough to work with Touchstar who were rolling out their on-board computing system to a common customer�s fleet, and with our FTL communications systems implemented a comprehensive load and order plan system through the Alfons Haar driver interface. This takes the scheduling information and presents it on our screen at the vehicle, which removes a huge amount of work from the driver, guiding them through the delivery. We will be implementing the same technology through our PreciFUEL aviation fuelling system,� he said.
Negative George. This went ex-rights this morning.
Results tomorrow, alongside announcement of special dividend.
Recommended cash acquisition, 200p.
The contract wins in the last few months means that they have the right product, after all the hard work undertaking the R&D. They have a strong management team and the money raised will allow them to put together a well lubricated process to increase revenue and profits. The tide is showing signs of turning and I have bet short of 1% that the tide will turn. Unlike a lot of small cap companies, this one has a strong balance sheet and makes profit.
Although the market for mobile computing hardware remains a highly competitive one, TouchStar have maintained a strong start to 2018 with a number of recent orders for the Bradford-based warehouse and logistics division. Newly acquired clients include; Lear Leading supplier of automotive seating systems and electrical systems Lear has purchased 12 TS7000 vehicle-mounted terminals. The TS7000 provides a high resolution 7” TFT touchscreen with programmable LED backlight, which combines with the unit’s backlit keys to offer outstanding readability in both direct sunlight and all ambient lighting conditions. A full QWERTY keyboard with large keys allows for data entry by gloved fingers. Lear, a Fortune 500 company with 221 facilities across 36 countries, will deploy the TS7000s to ensure it meets its vision of consistently being recognised as the supplier of choice in the automotive seating and electrical industry. Assa Abloy Assa Abloy, the largest global supplier of intelligent lock and security solutions, has purchased several TouchStar handheld devices to assist with data capture. With a compact, well balanced and lightweight design, the handheld computers facilitate superior data capture from scanning to voice to RFID. Available with a range of laser scanners and imagers, TouchStar’s handheld technology is also suitable to match particularly rugged and demanding environments with its robust design. P&B Foods West Yorkshire-based P&B Foods has invested in 12 TS7000 and six TS8000 devices to assist with its food distribution service. The TS8000 is a robust and reliable touchscreen device that provides high-speed data capture features, helping to optimise warehouse operations. The wholesaler, which has its headquarters in Bradford, mainly distributes Indian ingredients, such as spices, nuts, flours, rice, oils, sauces, fruit and pickles, from brands that include Heera, Rishta, Balah and Parivar.
Should see some TR1s in coming days.
99.5% take up on the open offer. Not bad at all.
The company appears to be on a recruitment drive, suggesting business conditions are favourable. The following jobs have been advertised in he last two weeks: Facilities and admin team leader Building manager Property managers (different grades) Receptionist
Find out about open offer either this afternoon or early next week.
Seems to have picked up nicely here. Still think this is undervalued based on EPS and with regulations tightening, these guys should see more business coming their way.
With the open offer deadline looming, I have subscribed for 25,000 shares under the excess scheme. I must confess it is a bold move considering that sells are going through at 58p, well below the bid showing there is little demand for the shares. This is not surprising since this share is not followed by the crowd and the ones interested probably already hold shares, and hence will most likely apply through the open offer. I very doubt all the open shares would be taken and to be honest, I expect the ask to drop below 60p in the coming weeks. I have kept some spare if that were the case. I like the company and reinvigorated product line (which is already showing a lot of promise) but more importantly the management - great to see Ian Martin take another �200k in the open offer. If things go to plan, I will do a Bed & ISA later this year.
More pleasing news: Following a strong end to 2017, TouchStar�s Bradford-based warehouse & logistics division continue their successful run of orders and are proud to announce the acquisition of several new clients. DFDS Freight shipping services provider DFDS has invested in TS8000 devices as well as TS7000 vehicle-mounted terminals. DFDS has been providing shipping and logistics solutions since 1866. The combination of handheld and vehicle-mounted mobile computers will help DFDS to ensure they have reliable devices ready to use even in extreme conditions. ICE Company The Ice Co Storage & Logistics, which offers nationwide temperature controlled services, has also purchased a combination of TS8000 devices and TS7000 vehicle-mounted terminals. Ice Co operates from four sites across the UK including South Kirkby, Preston, Glasgow and Newcastle. Services include cold storage, blast freezing, order picking and a range of logistics services for the wholesale, food service and further manufacturing industries. Tata Steel Tata Steel is another business to have recently invested in the TS7000 vehicle mount terminal. Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. The TS7000 includes a full QWERTY keyboard with large, backlit keys that allow for data entry by gloved fingers. The high resolution 7� TFT touchscreen with programmable LED backlight combines with the unit�s backlit keys to offer outstanding readability in both direct sunlight and all ambient lighting conditions.
ODX has been shortlisted for the life sciences innovation award in Scotland.