Member Info for Couerdelion

Based on those % holdings and the shares in issue, I'm missing around 200,000 shares that Mr Gross appears to have sold.

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Jimjam,

Which of the MKS's do you prefer as a long term play?

...and, the dividend yield goes to 4.4%. I'll take some of that.

Something I picked up in the interim results is the extension of the buyback. The remaining buyback appears to be repurchasing 10% of the shares at current prices.

I did read the RNS and I am still trying to work out what purpose it served - presuming that the relevant material in the (equally ludicrous) Big Beautiful Bill was already in the public domain. If I can summarise the RNS it said, "we've read the text of the Bill but can't figure out what it means".

If you ditch a business because it drafts a poorly considered RNS, that's your call but I see a heavily undervalued pool of assets here and unless the Trump administration is seeking to destroy the sector, I don't see any reason to run for the hills.

Jubilee Metals (JLP:4.05p), an Aim-traded mining company in South Africa and Zambia, has entered into a conditional binding agreement to sell its chrome and platinum group metals (PGM) operations in South Africa for $90mn (£66.6mn).

Jubilee will retain the Tjate PGM project, located on the eastern limb of the Bushveld Complex in South Africa, giving the group exposure to the metals. The project has an estimated resource of 65mn ounces of PGMs over three contiguous farms: Dsjate, Fernkloof and Quartz Hill.

The directors note that the business being sold has matured, with growth opportunities limited and requiring co-investing in mining ventures with significant capital outlay.

Selling the business allows Jubilee to focus its efforts on Zambia, where the directors believe there are material opportunities to deliver growth at the existing sites by expanding the portfolio of copper-producing assets. Strong copper markets also support higher earnings potential and better margins than chrome.

Zambian copper business has potential

Analyst Paul Smith at brokerage Zeus Capital notes that Jubilee’s recent update on Zambia highlighted that the group’s new Roan copper concentrator upgrade facility is up and running, and capable of producing 4,400 tonnes per year of copper units, with most for its Sable refinery.

At full production, Smith believes the Zambian operation could generate annual cash profit of $50mn in 2028. This is based on a cost of $5,000 per tonne of copper, or less than half the spot price.

The disposal is subject to shareholder approval, but this is likely to be forthcoming given that the $90mn cash proceeds (including deferred cash payments over three years) wipe out the last reported net debt of $40mn and provide substantial capital for Jubilee to expand its Zambian operations.

Executing the expansion of production will be critical, but if Jubilee delivers then shares in the £124mn miner are likely to re-rate further to narrow the 31 per cent discount to book value, having bounced 30 per cent since I called the bottom seven weeks ago (‘This mining stock has bottomed out’, IC, 16 April 2025). Buy.

This feels to be dragging on unnecessarily. The Board (non-bidding members) should stop playing games and tell the bidders to make an offer - it's not as if they don't have the information they need.

The strategic partners bit has long been part of the plan to finance the main projection and mentioned in many of the Investor Meets. At the last one they referred to continued work to refine the process to produce battery-grade Lithium Carbonate to share with the strategic investors who would be expected to provide much of the capital investment needed to move to production.

CEOL -> PFS -> ASX would be the main legislative/listing sequencing with the licence being the key gating point to unlock the prospect of attracting the strategic investors.

Yes, you can see it in the "SQZ Short Positions" link.

Markets can be very contradictory at times. S&P500 index is up 2.6% on the year as if there were virtually no tariffs in place and no uncertainty over their where they will finally rest. Geopolitical uncertainty is already maxed up and oil prices haven't even started to reflect the real state of play in Iran.

Why the markets should decide that BUR is a special "at-risk" case is not clear to me so I am happy to top up at these levels.

US markets certainly not happy with the news. I'm going to bet that they've overreacted.

So why are you here if you don't own any GSK?

Full disclosure - I've made 5.3% IRR on this stock over the last year (first purchase was at 1620p). I view it more as a dividend stock so tend to buy when the yield rises above certain thresholds but it also has long term defensive characteristics that the higher dividend payers don't possess.

Well that didn't last long....

A point also made in Simon Thompson's latest article

https://www.investorschronicle.co.uk/content/aa497fc4-104c-4c7f-9ec7-f6598b86bade

It's more introductory reading and those active here for a while will know more in the way of the detail of things going on at CTL. He's also rated it a "Hold" which, based on a cursory study (ie not in the least scientific) I did last week, showed better returns than the "Buys".

No news but the SP seems to be on the move somewhere...

Pedro,

In simple terms, can you explain to me why Tek is trading on a 60%+ discount to it's NAV, most of which is determined by the same market forces that set prices? Why, for example, would TEK have a MCap below that of the value of his holding in SALT; something you have highlighted yourself but you haven't really explained why the market might not recognise the value of SALT within the value of TEK.

I ask this question because I struggle myself to justify the discount without some absurdly high "stealth tax" applied to the value held by TEK that never reaches the investors.

That's a dividend tax so hard to see how it would apply to companies listed in the UK - though subsidiaries of those companies might have problems paying dividends within a group structure.

I can't see it getting enacted though. "Invest in US to avoid tariffs, but we'll tax anything you try to take out". Is it any wonder that investors are looking elsewhere to put their money?

Stas, you forget the "theft" that is happening in plain sight. After posing the question a week or so ago, I've yet to hear of a credible reason why TEK is trading at such a large discount to the value of its holdings.

By all means, be bullish but please someone explain this to me because 60% discount is unexplainable without the existence of a large "black hole" hovering near TEK than sucks away all the value.

I suppose according to string theory we may be living in a multiverse in which we are simultaneously - I may be abusing concepts of time here - occupying opposite sides of the aforementioned black hole. If so, tell me what TEK looks from the other side of the wormhole.