George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
Just because they take it does mean that they need it now. Lots of firms took up our governments loans during covid 'just in case'.
There was an interesting discussion on this on one of the corporate webinars this week. I think it almost entirely rolls back all of the QT that the Fed have done to date!
Hopefully this has now removed some of the uncertainty around the Terminex merger.
The management team at RTO can be relied upon to deliver, they showed this during covid and looked to have done the same with this takeover.
This statement also answers some of the questions over the valuation of the cartel cases (although a bit more granular detail would have been nice).
'The judgments on the British Telecom and Royal Mail cases were handed down on 7 February 2023. The Company's retained competition law case value experts (Fideres Partners LLP) have accordingly updated their valuation of Manolete's 22 cases and the Board is satisfied that, subject to audit, the current carrying value in the balance sheet of £13.2m is materially correct.'
The rns feed here lags on this IT. It is now targeting a 2p per quarter divi with the potential for a final larger balancing divi.
In addition -
'As at 31 January 2022 (and before the most recent Bank of England base rate increase of 0.5%), the Company’s portfolio had a Forward Yield to Maturity of 15.22%, a Mark-to-Market Yield of 15.71% and a Purchase Yield of 10.14%.'
For comparison ,MTM at this time last year was 7.3% with a purchase yield of 7.9%
With at least one more interest rate hike here and probably more on the continent, providing defaults don't run too high, TFIF is looking to be set for a good run.
It is not one of my most exciting holdings but it helps to pay the bills!
Nav is treading water at the moment, we will need to wait until March and April updates for the majority of the valuations to be post September (circa 45% March and >80% by April).
A couple of big delayed trades from Friday going through @ 415p, someone is not going to be happy, that cost them at least £100k.
FinnCap-
'Elixirr continues to gain market share in a very large end market and, reflecting
the continued growth potential, we have upgraded our FY 2024E EPS by +9%. Elixirr has evidenced
it is not seeing the slowdown others in the wider consulting market have described that has
recently impacted its share price materially, providing a significant value opportunity.'
Well they provided a nice set today which should steady nerves.
Probably, the current and forward looking statement is key-
'FY23 revenue expected to be £85-87m, with Q1 currently trading ahead of this and a record revenue month in January 2023. Growth trajectory expected to continue into FY24'
Also 'proposed final dividend for FY22 of 10.8p per share, an increase of 160%' will do no harm.
I got this one wrong! The fall looks to be in response to the Kin & Carta update flagging a slowdown in the sector coupled with McKinsey saying that they are making 2k redundant.
I know someone in another firm in this space and they have been expanding and are still very busy, however a full year update with an outlook statement from Elix is needed.
Another step-
The Times
‘Europe’s market-leading lorry manufacturer must pay Royal Mail and BT about £20 million as part of a landmark cartel damages ruling that could pave the way for further compensation orders.’
‘……the figures are estimated as the tribunal has instructed the parties to attempt to arrive at a compensation deal. If they cannot, the case will return for a further hearing.’
Rab added that the ruling was “likely to embolden other trucks cartel claimants whose claims remain to be heard and fuel the growing momentum of competition damages claims in the UK”.
''we have excluded a one-time gain of $1.9 million in 2021 for the forgiveness of a PPP loan granted at the onset of Covid in 2020. This loan forgiveness was treated in our 2021 audited accounts as profit before tax.''
Having just come out of Immo where a paucity of information was due to a subsequent PE/management buyout I wonder if its the same here? The TU was 1-2weeks later than usual and hilst anx's past TU have not been verbose they had a little more information
Also onboard, there is a lot to be said for companies where the directors are major holders.
I'm in. The H1's looked solid but the price dropped after, director buys since the fall. I like the growth story although organic growth does seem rather dependent up promoting enough Principles up to Partners. My main reservation is that for a business based on its staff the reviews in Glassdoor are not exactly the best for companies in the sector.
I assume that you saw this part as well-
‘ in principle agreement had been reached for a £250k injection of capital into the HBE business by a third party in return for 51% ownership of that business)’
Then further down -
‘It has therefore been decided, in consultation with the investor (a company in which Martin Higginson, and his family have a minority ownership interest), to alter the terms of the above mentioned investment of capital to become a loan'.
So Higginson was part of the group buying out the HBE for 250k, which suddenly, when it suited, was able to achieve sales of 800K in a day (which we were not informed of until yesterday).