Member Info for Mulder

05-Apr-18 16:18:45 4.00 100,000 Buy*

EPS for H1 alone was about 0.5p If full year EPS even matches this giving 1p we have a P/E of sub-4 If EPS halves in H2 to 0.25p giving FY EPS of 0.75p we still have Laura Ashley trading on a P/E of just 5

South African Miners Win Court Fight on Black Ownership Rule Court backs �once empowered, always empowered� principle Ruling is positive for companies including Sibanye, Implats South African mining companies won court backing on a crucial black-ownership principle that�s likely to have implications for ongoing negotiations with President Cyril Ramaphosa�s government. Producers don�t need to top up black-shareholding levels in perpetuity if they previously met the minimum 26 percent requirement, the High Court in Pretoria said on Wednesday. The judgment boosts certainty for investors in the world�s top platinum producer and gives mining companies extra muscle in talks with Mineral Resources Minister Gwede Mantashe on changes to the Mining Charter, a set of rules aimed at distributing the wealth of the industry more widely. �This is a very significant judgment for the mining industry, it clearly gives the chamber a great advantage in the negotiations for a new charter,� https://www.bloomberg.com/news/articles/2018-04-04/south-africa-court-backs-mining-industry-on-black-ownership-rule

From the courts yesterday.

Today yet again underperforming badly.

So the current market cap is �27M yet the Singapore property alone is worth �33M GBP

Hi xxx, I can confirm that Laura Ashley wholly owns its Singapore building. The last published value in 2017 is SGD 61 million. Regards K C Ng CEO Laura Ashley Limited

of SP lockdown.

We may see some buyers come in for the final dividend in May which at the current SP yields ~ 5.5%

35Bn GBP May open around 3800p Tuesday

Shire is facing pressure from shareholders to find a deep-pocketed suitor as a Japanese rival weighs a potential �35bn bid for the vulnerable drug maker. Investors said the Shire board should seek alternative buyers after Takeda revealed last week it was considering an approach for the FTSE 100 rare disease specialist. One said the Tokyo-based raider was not a �credible buyer�.�We need to see more detail; so far we have not even had a clear bid,� said Marcus Morris-Eyton, European portfolio manager at Allianz Global Investors, a top 20 investor in Shire. He added that Shire was �significantly undervalued� by the market.

First gold from the R1.7bn Elikhulu surface project, which will boost production by a quarter on its 2017 numbers, or some 50,000 ounces/year extra gold, would be in August. The commissioning of Elikhulu is a crucial development for Pan African considering it will have an AISC of production of below $650/oz � some R245,000/kg at the current rand/dollar exchange rate of R11.84. The rand gold price has eased slightly to R502,314/kg after it fell to below R500,000/kg earlier this week. The Evander Tailings Retreatment Plant and Elikulu projects will to produce more than 70,000 oz a year. �These developments � provide Pan African with far greater certainty of high quality gold ounce production,� said Cobus Loots, CEO of Pan African on March 2. http://www.miningmx.com/news/gold/32313-gloom-may-lifting-pan-african-looks-year-end/

SHARES in Pan African Resources ticked up slightly today in Johannesburg trade following a positive trading update which the company will hope signals the end of a chastening 2018 so far in which its value more than halved. The company said it would mine 23% more gold from the Fairview section at its Barberton Mines in the second half of its financial year whilst there were no nasty surprises as it set about commissioning Elikhulu, a gold re-treatment operation that will heavily reduce costs. The restructuring of its Evander Gold Mines would also be complete end-June. �By prioritising lower cost, higher margin ounces, management anticipates improved margins and cash flow despite reduced production,� Pan African said in an announcement. Shares in the firm were about 1.7% higher after falling 53% since the beginning of the year to a five year low of R1,10/share. Shares in the firm were last at R1.14/share. �Pan African provided an update on operational performance and progress with growth projects,� said BMO Capital Markets in a note today. �The company has underperformed as multiple issues have affected production while a weak rand gold price forced a review of higher cost operations,� it said. �However, with a Section 189 process initiated at Evander and the Elikulu project expected to achieve a first gold pour in August, the group appears to be positioning for delivery of improved cash flow going forward. Studies on additional growth projects appear poised to demonstrate longer term upside,� it added. SHARES in Pan African Resources ticked up slightly today in Johannesburg trade following a positive trading update which the company will hope signals the end of a chastening 2018 so far in which its value more than halved. The company said it would mine 23% more gold from the Fairview section at its Barberton Mines in the second half of its financial year whilst there were no nasty surprises as it set about commissioning Elikhulu, a gold re-treatment operation that will heavily reduce costs. The restructuring of its Evander Gold Mines would also be complete end-June. �By prioritising lower cost, higher margin ounces, management anticipates improved margins and cash flow despite reduced production,� Pan African said in an announcement. Shares in the firm were about 1.7% higher after falling 53% since the beginning of the year to a five year low of R1,10/share. Shares in the firm were last at R1.14/share. �Pan African provided an update on operational performance and progress with growth projects,� said BMO Capital Markets in a note today. �The company has underperformed as multiple issues have affected production while a weak rand gold price forced a review of higher cost operations,� it said. �However, with a Section 189 process initiated at Evander and the Elikulu project expected to achieve a first gold pour in Augu

They have certainly been buying in bulk. Q1 not far off - could be related. Where are the M&A rumours? Surely worth 90p+ ************************************************************************************************************************** Sterling invests in good businesses that are undervalued due to stress factors that can be fixed. Key Steps: Understand stress factors: Management, Financial, and/or Structure; Determine that value can be released by eliminating stress factors; Work with independent sector experts to underpin investment thesis; Formulate entry/exit strategy; Meet executive management; Meet chairman and board members; Develop Industrial and Activist strategy where appropriate; Accumulate stake above disclosure threshold; Meet other shareholders; Aim to be a key shareholder.

Trading back at 1 year lows again despite activists buying and holding high stakes here now.

Time will tell - who knows what his thoughts and feelings are towards Spire? He may even be more highly in favour of M&A and could see it as a good move to start his tenure. With the SP languishing at all time lows they may get away with a (lower) 300p bid this time. HCA could also be a player.

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New Mediclinic CEO To Take Up New Position June As Non-Execs Step Down Thu, 29th Mar 2018 10:29 LONDON (Alliance News) - Mediclinic International PLC said Thursday its chief executive designate, Ronnie van der Merwe, will begin his new role as CEO in June, whilst it also announced the departure of two non-executive directors. Mediclinic, which is a constituent of London's FTSE 100 index as well as Johannesburg's Top 40, said van der Merwe will take up his role as CEO & chief clinical officer at the start of June. Van der Merwe has been with Mediclinic since 1999, and has been a member of its executive committee since 2008. His appointment was announced in late November.

All to do with MM's/market makers and left over shares.

Gas and electricity supplier SSE upped its guidance for adjusted earnings per share on Thursday. The company now expects to report adjusted EPS of just above 120p a share, up from a previous range of between 116p and 120p. This is the second successive increase in EPS guidance as management also upgraded EPS in the third quarter trading statement from around 116p a share.