Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
E.g Dave in London is paid 50% of revenues for oil, gas, coal whatever brokerage.
Dave earns $1m in revenues, if the FX rate was 2:1, Dave would be paid £250k.
If the. FX rate was 1:1, Dave would be paid £500k.
Yes the cost is GBP and the revenue is USD but the FX rate carries through.
That mismatch shouldn't be material. Brokers in USD denominated products e.g oil yes earn revenues in USD but are paid in GBP if London based. However the amount of GBP paid in remuneration is a fraction of their USD income translated at the spot FX rate, thus your revenue and costs effectively match.
They seem to imply their GBP costs don't vary with FX rate for USD earners which is nonsensical.
Before anyone gets too excited about June, has the resettlement been completed? Has the road been built? Is there a mine?
And check the date on this.. you could go back further. https://www.lse.co.uk/rns/KEFI/update-on-tulu-kapi-project-and-site-visit-z5ywt85pbd367c3.html
Has the ans money come in yet?
Seriously though, I wouldn't be worried about the cost of steel and cement. I'd be more worried about the complete lack of a pigging mine depsite spending what now £60m? It's literally insane people still believe this garbage. There is no mine. There is no steel order. There is nothing but smoke and mirrors
To be fair it shouldnt be how a regulated market worked... But it's aim.
Where's the mine? Another raise? What 70m? Spent on ... Cough.. a hole and a bush somewhere. Comical. But always a new sucker it seems.
I go off reported profits not what management care to exclude this year. If you look at their adjusted 2020 reported £96m to £183m, now 2021 £5m to £148m. Call me mystic meg, but if bet the £56m of general management 'significant costs' will be in 2022 as well as 2021 and 2020. Unless they really expect not to ever make anyone redundant, pay off brokers etc etc. It's part and parcel of this buis.
Still down almost 50% in a year. Not ideal....will see what results are.
Margins ? Still declining or now found a base?
Contigent liability note ref cum ex
Liquidnet how is that integration going given they have already issued a warning on it.
Those are the 3 q o/s for me
I also don't think cum ex will be the end of them I do think there's a risk of large cash call for a major settlement though, perhaps even with one of their customers. Not ideal.
I also agree with you about management here.
Just to add there's a reason why any share is the price it is. Not touching adding here until we see some positives in margin showing through.
Cane coad, they have spent £30m defending these claims so far. They tried to claim this back under the warranty and it was dismissed.
Yes, they need to be found guilty, incur the cost first then try to claim..you can't pre-emtively claim for an event that hasn't occured. Event being found guilty. Worth noting that warranties under an SPA are notoriously long-winded to settle. Look how long HP have been going against autonomy former shareholders (2011?). As for the brokers predictions given current price.. how accurate have they been!
Don't have to be a lawyer their claim was struck out.
Tp ICAP would have to admit guilt, settle then go after the CME who bought NEX. The CME being the exchange over which a sig proportion of all trades tp ICAP brokers are transacted.. can see why the market doesn't love the prospect.
https://essexcourt.com/cum-ex-claims-struck-out/
Cum ex has to be part of it.
Also wouldn't keep saying profitable, they were only profitable on an 'adjusted basis' in the last set of results. Loss making reported with the one offs which seemingly happen every year.. cough.. will see what march results bring. The contingent liabilities note ref cum ex will be worth a read either way