Member Info for Mulder

New Mining Charter will give industry confidence� says Mantashe 10 April 2018 - 12:15 There aren�t many people whose mere absence is a reason for considerable cheer, but former mining minister Mosebenzi Zwane is one person of whom this could be said without fear of contradiction. This was never more evident than last week, when the high court confirmed that mining companies that had already done empowerment deals to sell 26% of their shares to black investors would not be compelled to do another deal when those shareholders sell out. In other words, the principle of "once-empowered, always-empowered" will prevail. Zwane would probably have appealed against that court ruling. His successor, Gwede Mantashe, says government has no intention of doing so. After years of Zwane prevaricating, this is in itself a victory for SA�s beleaguered mining houses. Speaking this week, Mantashe said that companies whose empowerment partners had taken a quick profit and sold out should "not be punished". The minister has been in the job only a few weeks, but has already spoken far more sense in that time than Zwane managed in his two years in charge. It�s a good omen for an industry that contributes 8% to SA�s GDP, especially ahead of the release of the revised mining charter, which Mantashe says is about 80% complete. https://www.businesslive.co.za/fm/opinion/editorial/2018-04-12-editorial-gwedes-level-head/

Poor close today with gold miners down across the board. Catalysts 1. BTRP commissioning end of this month. 2. Mining Charter revision next month - hopefully a vast improvement on Zwane's effort with no major surprises and already it looks like the court decision last week means BEE will remain at 26% and was seen as a big positive for the mining industry. Mantashe says the new charter is 80% complete. 3. Elikhulu commissioning August 2018

Nice bowl shape forming on the chart after a 4 month long plateau. Hope to see a return to 180p in the medium term. May take a while but happy to collect the 7% dividend in the meanwhile and always the chance of M&A activity.

Saga sees brighter signs after ugly end to 2017 �Early signs are promising� Saga, provider of insurance and travel products to the over-50s, appears to be turning its fortunes around after a grim end to last year. Shares were hammered in December after the FTSE 250 company warned that the collapse of Monarch Airlines and a �challenging trading environment� left it exposed. It followed up in January with a rejig of senior management in an effort to become �more focused�. On Thursday, CEO Lance Batchelor acknowledged that the past few months have been �challenging�. Pre-tax profits fell by 7.6 per cent in the year ending in January, to �178.7m. However, that was dragged down in part by efforts to refinance, cut costs, and cover hits from derivatives contracts. On its alternative underlying measure, profits rose 1.4 per cent to �190m. Contrary to fears among some investors, it has raised, not cut, its proposed dividend, to 9p per share from 8.5p. Mr Batchelor said: We have delivered a set of full-year results which is in line with the rebased profit expectations set at the end of 2017. We have also continued to develop our strategy for long term growth. We have achieved a modest increase in underlying profits and have remained highly cash generative. We have increased the dividend given our confidence in the stability of our highly cash generating model. In December we outlined our plans to further invest in growing our customer base and, having seen some initial momentum in new business, the early signs are promising. While this investment will contribute to a small decrease in profitability compared to last year, I am confident that we have put in place the right investment to drive the Saga business forward. https://www.ft.com/content/9ba41cd2-3e17-11e8-b9f9-de94fa33a81e

12/4 Saga SAGA Numis Buy Saga SAGA Peel Hunt Buy 124.45 117.00 195.00 195.00 Reiterates

alwayswrong as your name suggests I suspect you are 'wrong' & this will rise all the way to the Ex-dividend date (6p) which is just 3-4 weeks away. P/E is just too low and well below peers.

FT now leading with a 'turnaround' headline for the business with 'promising' signs for the new strategy and attracting new customers. The SP remains a mystery. 8x EPS is ridiculous. 15x EPS = 210p

Cruise passengers up 14% Tour passengers down 3% Group Profit UP 1%, Revenue down 1% Forecast for next year remains the same as previous i.e. 5% drop in EBITDA due to the �10M investment in attracting new customers.

Motor and travel profits up strongly Home down a little Debt down Dividend up Strategy to attract new customers said to have had a 'promising' start No reason why this is trading at just 8x earnings and yielding close to 8% or why the lockdown has persisted for 4 months.

Dividend increased to 9p full year = 7.8% yield

How much are you paying Bloomberg to have access to that info? Any link?

ZAR GOLD PRICE 16,307.04 +222.94+1.39%

The rise does not come in until the end of May and actually if you analyse it British Gas' standard variable tariff is still cheaper than most of the Big 6. The media and politicians love attacking British Gas though. Having said that they should have waited until next month before announcing this and should not have been the first. What was the rush?

According to MorningStar FIL investment services, Invesco and JP Morgan have sold millions since December but no holdings RNS has been issued at all - what serious questions does this raise about the state of the market and the FCA when such information is withheld and suppressed? Standard Life and Setanta have been the big buyers.

1 US Dollar equals 12.06 South African Rand

Normally institutions increasing stakes is a good sign. The lack of Institutional seller RNS' since December means the market is telling us the 40% drop was caused by PI's selling. Seriously?!

The markets have chosen to totally overlook the Syria war situation today but I suspect tomorrow there will be a delayed reaction and it will 'spook' them. Of course the markets are one big con.

Depreciation of local currency usually helps miners e.g. KAZ, PAF. Results this week?

Given how much the SP has dropped (50%) if a placing did happen it could even be done at higher than the current SP. The book price here is around 10p.

Cobus needs to push Sheba back by 6 months or so and focus fully on Elikhulu by which time that should be producing significant profits and cashflow. There is no rush for Sheba or Egoli.