Member Info for MaryBr190

Seems to be consolidating ahead of another move North.

Someone give Sky a call as I am sure they have all the latest leaked information about the bid and timing.

It does not matter where you travel to, it is where you board and where you get off that matters.

On board at 6p 16p or 26p if it goes through many destinations on the way there will be exits too.

Adding here and wating until 2026.

Will trim when appropriate but adding not selling as the price drops.

GLA

Https://uk.investing.com/news/stock-market-news/easyjet-set-to-join-ftse-100-in-next-reshuffle-3345962

Telling you there are sign that a bid is already being condered, the way and they are all upping their holdings. Too many directors jumping in - will be a bit like DVO and come out of nowhere.

Looking for around 180/200 take out here by the Summer.

GLA

Thanks Chelm

Agree. They hoisted a "For Sale" sign last year so been on my radar despite trimming.

With a sub zero average cost I have been adding in the low 140s already. Time for a rally up for WG. board to prove their worth.

My other raves atm are TRN GNC& SPT such is the pullback from the recent highs and the director buying particularly in GNC. I see another chunky 50k bought this morning.

Https://www.tradingview.com/symbols/LSE-HBR/

What was the spike?

Out for breakfast and missed the 4 minutes excitement

Adding again for the next shot up - like an atm

Trimmed, nice move. GL all.

Could be but there seems to be other baggage - heding back to 250p

Perhaps 1st Seagull saw an opportunity and took it. Trimmed their bets and will await the outcome. NOw in a position to average up depending on the news.

The good old add and trim.

That said, if they saw an opportunity before everyone else, have they now seen a reason to exit?

Are they just as much in the dark as everyone else and protection their investment?

All answered in due course no doubt by the JD bid.

C&C Group plc

Launch of €15 Million Share Buyback Programme

Dublin, London 21 February 2024: C&C Group plc ('C&C' or the 'Group'), owners of the Tennent's, Magners and Bulmers Ireland brands, and Matthew Clark and Bibendum Wine, announces that it will commence a share buyback programme on 1 March 2024 to repurchase ordinary shares of the Group (the "Shares") up to a maximum aggregate consideration of €15 million (the "Programme").

The Programme forms part of the Group's plan to return up to €150 million to shareholders over the next three fiscal years as announced in October 2023 through a combination of dividends and share buybacks and follows the reinstatement of dividend payments last year. The Programme is underpinned by the Board's confidence in the medium-term outlook for the business and its strong cash generation capabilities. The Board also believes that the Programme represents the most effective use of capital in the current environment.

First Gold Pour at Mara Rosa

Hochschild Mining PLC (HOC.LN) (OTCMKTS: $HCHDF) ("Hochschild" or "the Company") is pleased to announce that the first gold pour has been achieved at the Mara Rosa Mine in Brazil. The first pour took place yesterday on 20 February.

Mara Rosa is Hochschild's first Brazilian operation and is located in the state of Goias. The project remains on schedule with commercial production expected towards the end of the second quarter of 2024. Mara Rosa is expected to produce between 83,000 to 93,000 ounces of gold in 2024 at an all-in sustaining cost of between $1,090 and $1,120 per ounce.

As announced at the 2023 Capital Markets Day, Brazil represents a key growth opportunity for Hochschild as the Company continues to execute its strategy of increasing production while reducing costs. Mara Rosa will provide near-term production at a significantly lower cost, with strong potential to find additional resources through the Company's brownfield exploration programme.

Eduardo Landin, Chief Executive Officer said:

"We are all very proud of the team for delivering Brazil's newest gold mine. Mara Rosa will be a low-cost operation that will create significant value for all our stakeholders. It plays an important part in our stated strategy of increasing production and reducing costs in the coming years. The first pour is testament to the hard work done by all our employees, contractors and local communities who have enabled us to construct this exciting operation on schedule and on budget. With this milestone behind us, we are now focusing on completing the ramp up of the processing plant to achieve commercial production. In addition, our brownfield team is continuing its programme to further grow the resource base at a number of targets in the region."

Https://afloat.ie/resources/irish-ports/shipyards/item/62213-uk-shadow-minister-on-visit-to-harland-wolff-belfast-pledges-if-in-government-direct-defence-investment-first-for-british-jobs

Suggest you read my last 3 posts. Jog on.

You sell if you like 🔔.

Pokerchips - seems to have all been a nothing burger and 10 years to make it up with cost savings. Thanks for your input as always.

BTW - quick fact - Onerous contacts were mentioned in the 2022 accounts 57 times (word search) - specifically to the NA contracts, also linked to Covid / driver shortages. The German contract Rhine-Rhur Contract (RRX) 2/3 also had a provision.

https://www.mobicogroup.com/media/skgbe4ro/national-express-annual-report-and-accounts-2022.pdf

In essence it seems that once again PR have made a hems of a routine announcement.

Mx

----------------------

A few extracts

re GERMANY

Overview

German Rail delivered a good result in 2022. Revenue growth of 48.7% to €315.0m reflects the successful mobilisation and delivery of the short-term Emergency Award of the RRX Lot 1 in February 2022 and the impact of energy and inflation pass-through mechanisms in our contracts, which offset higher costs, albeit the RRX Lot2/3 contract continued to utilise onerous provisions Underlying Operating Profit reached €20.7m, reflecting operational synergies and economies of scale, with the German rail operation now reaching a critical mass that will support our future growth ambitions in the region. After separately disclosed items, the statutory operatingprofit was €8.4m (2021: statutory operating loss of €28.0m). Separately disclosed items include a further €10.9m increase to the onerous contract provision on the original RRX contract in relation to traction energy costs that were not covered by the contracts compensation mechanism.

re MOBICO Accounting Policy on Onerous contracts

An onerous contract is a contract under which the unavoidable costs (i.e. the costs that the Group cannot avoid because it has the contract) of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it. The cost of fulfilling a contract comprises the costs that relate directly to the contract (i.e. both incremental costs and an allocation of costs directly related to contract activities). Where the Group assesses that a contract is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognises any impairment loss on assets dedicated to that contract.

Note 26 to the accounts shows the provisions for onerous contacts are NOT new and only a proportion of other provisions.

FWIW with my FCA hat on, it seems that Deloitte partners have insisted on the provision being made in accordance with IA Standards. Obviously Mobico would have preferred not to fold and provide, however the onerous contract liabilities had to be disclosed.

--------------

IAS 37 Objective

The objective of IAS 37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The key principle established by the Standard is that a provision should be recognised only when there is a liability i.e. a present obligation resulting from past events.

--------------

A contract can be onerous from its outset, or it can become onerous when circumstances change and expected costs increase or expected economic benefits decrease. This assessment is based on the contract as a whole, rather than on an item-by-item or performance obligation-by-performance obligation basis. If a contract is determined to be onerous, then a company applying IAS 37 needs to recognize a provision in its financial statements for the expected loss on the contract. Before establishing the provision, the company tests all assets directly related to the contract for impairment.

--------------

In the interest of prudence, the provison has been made and we move on. To have reached the inclusion would suggest that Deloittes are content with the revision and Mobico had no choice but to include it.

Sometimes management do not get their way to sweep matters under the radar. Obviously they would have preferred not to bring this up so tight to the accounts deadline. This seems to have been the case here.

A £40-£70 million provision released over 10 years is unwelcome of course but now it is recognised and dealt with. The presentation today was the shock news and it soon became apparent it was overblown as a concern.

EBIT still in the range perhaps suggest savings or improvements elsewhere to offset the additional provision. Prhaps clearing the decks to butter up holders in advnace of a takeover by Cosmen at a low ball valuation. Nothing surprises me nowadays.

Seems overdone today. GL to all going forward as we await the results and NA sale updates.

Better times ahead, perhaps starting as soon at tomorrow.

Mx

Thanks for the link SYN00.

I liked this bit.

What can we expect instead?

Instead of a blanket redress scheme for all DiC cases, I expect we will see FCA and FOS eventually publish new guidance on how to assess DiC complaints. Some redress may well be required, but it should be limited to a minority of agreements, and possibly only a small minority, where DiC was used and there is actual evidence of unfair pricing.

-----------------------

# Will trim on the way up of course but gently as it is easy to see £4 tomorrow and £5 soon again.

Was nice, for those who did, to get in around 280 and achieve the dividend equivalent already. of 70p. 1t is easy to see that the dividend will return when the dust settles as oer the report it seems to be a non event in reality.

I wonder if Martin will bang on again about it tonight / this week in his show for his followers.

Seems a LT at these levels.