Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The big end of day trade is dated on 14th so more likely it’s a delayed sell….
Looks like AIM may have been hacked, if so all trades that were affected will be cancelled
https://www.msn.com/en-gb/money/other/london-stock-exchange-sees-first-trading-halt-in-4-years-blue-chips-spared/ar-AA1iwksS
Capital metals just did a raise at an eye watering 50% discount -
https://www.lse.co.uk/rns/CMET/placing-to-raise-163500000-v7gjul8hosxomvt.html
Attention will now shift to Newmont’s ability to integrate its costly and hefty target, extract savings and dispose of non-core assets to generate a promised $500 million in annual synergies. The Denver-based miner will aim to increase cash flows by $2 billion in the two years after the deal closes through portfolio optimization.
Newcrest’s Telfer and Havieron mines in Western Australia are likely to be among assets to be earmarked for sales, because the former is too mature and the latter too small for the enlarged Newmont, according to Daniel Morgan, an analyst with Sydney-based investment bank Barrenjoey.
“There’s a long list of gold companies that would look at all assets that become available,” Morgan said. London-based Greatland Gold Plc, already a partner in Havieron, was a logical buyer, he said.
https://finance.yahoo.com/news/newmont-inks-20-billion-newcrest-225440948.html
Bank of America identifies the next bubble and says investors should sell stocks rather than buy them after the last rate hike
https://on.mktw.net/3nkqGQe
Would it not be prudent to look at the whole market and the macros- a recession is incoming in US which will cause banks to reduce lending facility’s- we are just at the crust of another banking crisis - if GGP still fully funded- why is Shaun doing a corporate tour around Europe?
They did it….. Credit Suisse will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.…….more pain to come
https://www.cnbc.com/2023/03/16/credit-suisse-to-borrow-up-to-about-54-billion-from-swiss-national-bank.html
Credit Suisse will be borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility.…….more pain to come
https://www.cnbc.com/2023/03/16/credit-suisse-to-borrow-up-to-about-54-billion-from-swiss-national-bank.html
HSBC just bought SVB UK bank- just been announced on Sky News
https://news.sky.com/story/hsbc-on-brink-of-rescue-of-silicon-valley-bank-uk-12832684
Rishi Sunak is reinstating the ban on fracking that Liz Truss controversially lifted.
https://news.sky.com/story/rishi-sunak-reinstates-fracking-ban-in-another-government-u-turn-12730666
He’s not dine yet- still more to come seemingly- if the boe does nt have a special meeting this week and raise rates then market will be in a free fall and who knows when it will stop- this mini budget is the Black Death for the £ and hedge fund managers are loving it
Despite the scale of the financial restructuring, the company made clear that it was not an operational restructuring, and there would therefore be no impact on Vue’s landlords, suppliers or employees. During the pandemic, Vue laid off thousands of its UK employees on a temporary basis under the government’s furlough scheme, while Richards also took a firm hand with landlords in an effort to cut rents during the cinema closures.
It is understood that the position of Richards, 63, a Toronto-born former lawyer, is secure, although the status of his stake in the business is not clear.
The scale of the restructuring is a surprise given that just over a year ago the Vue boss dismissed the idea that the business might require more equity to shore up its balance sheet and was in sufficiently robust shape to kickstart a £60 million refurbishment programme.
“We came into this epidemic off the back of a record-breaking year,” he said in May last year.
“It’s the company I started, so we’ve always operated on a very conservative basis.
“When we entered the crisis we were in as strong a position as any company could have been in. That really saw us through.”
Enjoy reading
The Canadian investors behind Vue International will see their investments wiped out as the cinema chain undergoes a £1 billion financial restructuring.
Omers and Alberta Investment Management Corporation will cede control of the company to its lenders under a debt-for-equity swap that will convert £465 million of debt into equity.
The planned financial restructuring would give the company an additional £75 million of liquidity to recapitalise it and allow it to return to the growth trail.
Vue said last night that it had entered into an agreement with a group of lenders representing about 60 per cent of the group’s main debt of £775 million. The process is expected to complete late this year.
Analysts expect its new owners to waste little time in offloading the equity in a sale or initial public offering once they have completed the restructuring and returned it to a firm footing.
Tim Richards, its founder and chief executive, said: “The market continues to recover post-pandemic and I am pleased with the constructive conversations that we are having with investors and shareholders to put in place the right capital structure for the longevity and success of the business.”
He said he was pleased to have signed an agreement with the majority of its lenders and its shareholders on a proposed recapitalisation that would deliver a substantial deleveraging, and provide it with “a robust capital structure to thrive in the post-pandemic market”.
Vue’s Canadian investors took control of the chain in 2013 in a deal worth an estimated £1 billion and backed its boss in a series of acquisitions.
In 2019, which was a record year for Vue with more than 100 million admissions and earnings of £150 million, the company instigated a sale process that appeared likely to trigger significant returns for its shareholders, only for the Covid-19 pandemic to bring it to a shuddering halt.
Like the wider industry, Vue was hit by 18 months of closure or restrictions but Richards maintained his positive view of the sector, declaring last year that it was heading for a “new golden age” thanks to a strong slate of releases as a result of films being put on hold during the pandemic.
As he predicted, Vue has bounced back strongly, as blockbusters including Top Gun: Maverick, the superhero movie Thor: Love and Thunder, and Minions: The Rise of Gru, an animation, have got the box office tills ringing.
Vue is the UK’s third biggest cinema chain behind Odeon and Cineworld, with 228 sites in nine countries, including 91 in Britain. It has more than 8,000 employees.