Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Hi Theborn,
How does one access the 'Shore broker note' ? Do you have a link ?
Should have been if he wasn't.
Goodbye Ninja Kapur. We will never forget you.
Eventually the masochistic long term holders may or may not learn from their experience. I suspect not.
The rest of us have certainly learned at their expense.
For the punch bags who enjoy pain I’d pencil in the interims for your next fix.
Part of current problems is that outgoing management 'didn't do guidance' - they felt it was beneath them and/or had a fear of commitment/accountability.
Their general line over many quarters has been 'We are pleased to report that things are going swimmingly and we are meeting internal expectations'
You will have to wait for the interims for the 'kitchen sink'
Given H1 production of 1,734 mtV can't see them making the 4,350 mtV mid point of their guidance without a 40% increase in H2 production output.
Good clear report.
Cash costs seem to be on track but afford little margin.
They have dug into the inventory back log which should help with revenue.
The company are still struggling. It will become clearer at the interim's. Mr Coltman has his work cut out.
Gives me some comfort that Friday was what I suspected it was - a MASSIVE COMMUNICATIONS DEBACLE.
The prophet must be stoned!
Definitely a positive step in the right direction. Agree with your comments Theborn.
between them neeraj kapur and mlm have managed to make vanq look like a steaming pile of dog ****.
consequently for now it looks like the market is holding its nose and stepping around it.
unfortunately my shoes are plastered in it.
I'm sure the new CEO would be expected to put his hand in his pocket and buy a wedge at some point.
I'd like to think that there would not be a better entry point than at present.
Thanks MaryBr190 for your link - however for those of us who are not chartered accountants it will need it explained in simple terms.
My main two points on IFRS 9 are
1) VANQ's handling of it's introduction has been atrocious and very damaging to shareholder value therefore the CFO Neeraj Kapur should go (and he is tainted by the shenanigans of recent times generally - but his H2 bombshells are the last straw)
2) As the company has failed to give an guidance on the 'real' impact of various impairments / revised accounting standards but rather chosen to be artfully vague - I was hoping there might be someone on the board who could give an opinion (caveat emptor/DYOR etc). You might be such a person ?
Given that £780m of shareholder value disappeared on MLM’s watch ...
( He took over when Market Cap was £775m. Added £330m through a rights issue. Exited with a market cap of £325m. In fact wiped £130m+ off the Market Cap on his last day at the office )
And given we now have a new CEO and chairman who are alledgedly very experienced heavy hitters …
Do we think the worst is behind us ?
( Frankly I’d like to see a clean sweep and see Neeraj Kapur chopped. At the point at which well into a recovery the company swings into a shock loss that was neither guided nor explained he is either incompetent or untrust worthy as CFO of a listed company).
Whatever IFRS 9 is : it wasn't 'thrown over the wall'. It will have been coming down the track for years.
If it's introduction and management has caused a sudden shock then heads should roll. Specifically that of Neeraj Kapur the CFO.
If as 'house broker' Shore Capital has anything to share on the investment case for VANQ and anyone has a link to it can they please provide a link.
If there is nothing to share then Shore Capital as 'house broker' are a waste of space.
Reviewing Fridays debacle it seems to me that there has been a massive disconnect between market expectations versus what management thought that they had advertised.
Like the market I confess I got it spectacularly wrong.
Whilst I judged VANQ corporate communications to very poor / abysmal ( resorting mostly to vacuous arm waving and the evasion of accountability through obfuscation) I grossly miscalculated just how bad they actually were – to my cost.
If I revisit the Q1 trading statement and compare commentary (see below) with interim numbers then I think management was at the very least disingenuous. With hindsight it is clear there was always an accident waiting to happen and the largest contributory factor was always going to be outgoing managements resolute refusal to ever offer any form of guidance. I believe guidance might have bridged the gap between commentary and numbers.
Frankly I think the MLM VANQ regime is a case study in how NOT to order market communication / investor relations.
On Monday we have a new team which should be a catalyst for change. They have an awful lot of fences to repair / market trust to build. I’d like to see them make a start on this sooner rather than later. It is going to take a bit of time.
Comments from the Q1 trading statement ...
"The Group has made a positive start to the year. During the first quarter of the year, the Group continued to trade in-line with management's expectations.”
“The Group's credit card business started 2023 positively Receivables at the end of the quarter were broadly flat versus 31 December 2022 but increased by approximately 18% year-on-year.”
“The Group's vehicle finance business continued to see strong levels of new business and receivables growth during the first quarter of the year. New business volumes in March represented the highest monthly result ever and, reflecting the repositioning towards lower risk customers in recent years, the arrears rate continued to improve during the period. “
“The Group's personal loans business also had a strong start to the year.”Given the woolly but positive report at the end of Q1 that everything was on track I’m not expecting any shocks.
"The Group has made a positive start to the year. During the first quarter of the year, the Group continued to trade in-line with management's expectations.”
“The Group's credit card business started 2023 positively Receivables at the end of the quarter were broadly flat versus 31 December 2022 but increased by approximately 18% year-on-year.”
“The Group's vehicle finance business continued to see strong levels of new business and receivables growth during the first quarter of the year. New business volumes in March represented the highest monthly result ever and, reflecting the repositioning towards lower risk customers in recent years, the arrears rate continued to improve during the period. “
“The Group's personal loans
As P.T. Barnum said when informed that the human canon ball had quit …
We will never see another of his calibre again!
CEO 2/2/2018 (523p) → 28/7/2022 (132p)
Inherited a £775m market Cap. Added £330m through a rights issue. Exited with a market cap of £325m.
£780m of shareholder value disappeared on his watch ( £130m+ on his last day at the office )
Goodbye Martin Le May. We will never forget you!
There was an epic lack of interest from institutional investors at the results presentation. Quite embarrassing.
New CEO conspicuous by his absence.
Though overall I have the impression that there a good business struggling to emerge.