Member Info for Mulder

Utilities (apart from this) having a slightly better day so far. Bond yields falling back and Powell to speak later.

As stated before several times yes notgreedy the intangibles/goodwill figures are high here as a % of total assets but they are also high at other pharmas. For example GSK had net assets at year end of only �3.5Bn and that is not including �23Bn in intangibles and goodwill! Not many know that GSK has a book value of only 70p and is trading at almost 20x this figure. That is far, far worse than Shire which has an absolute book value of 2900p.

Everyone bangs on about their cruise business and yes they are looking to grow this with new cruise liners coming onstream soon but being objective profits from this are relatively small as a percentage - 10% max of overall group profits. We could also mention they have some savings products - Saga Money - which should do better with the higher interest rates but again small proportion only of the overall business. Still think it is highly dubious and irrational how the market works in terms of the 'pricing' of a share. 100x earnings is not high enough for some companies but 8x is deemed too high here. WPP down 15% today but now trading below 10x earnings - a huge global company �20Bn market cap. Shire �30Bn market cap another trading at just 9x earnings. BS.

No chance of the usual statement 'lower profits due to milder than average winter temperatures' this year then!

Zwane, Brown, Bongo booted out as Ramaphosa shakes up cabinet President Cyril Ramaphosa has shown ministers allegedly implicated in state capture the door in his first cabinet reshuffle since coming in to power. Ministers who are thought to be allies of former President Jacob Zuma and the controversial Gupta family have been removed from Cabinet. These ministers include Mosebenzi Zwane, Faith Muthambi, Bongani Bongo, Des van Rooyen, Lynne Brown and Joe Maswanganyi. https://www.sowetanlive.co.za/news/south-africa/2018-02-26-zwane-brown-bongo-booted-out-as-ramaphosa-shakes-up-cabinet/

Yes just the uncrossing trade. FTSE350 down 0.7% on the day - why is Saga underperforming and by a long stretch, down 2.7% - again? 3 months in total lockdown - Dec/Jan/Feb. Not even a technical bounce. FCA market abuse and intelligence teams informed but seemingly do not give a damn. What will March hold in store?

>3x usual volume and two trades stand out: - 10:43 6.87p 1,500,000 �103,050 13:43 7.00p 1,000,000 �70,000 Both look to be buys.

Down another 3% and on low volume. Being held down for sure. Even AA finished 8% up today.

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Up 1% today to 15,540 ZAR/oz

Not sure if you finally got your callback. Some PI's have done including myself and the upshot was the dividend seems safe and may even be increased in line with the progressive policy. So that alone is yielding close to 8% at this ridiculous SP. The 40% SP drop was not explained other than the same 'competitive environment' and basically the message was 'the market does what it pleases'. Obviously no comment when asked about M&A. As for Holdings RNS the threshold is allegedly 3% and any changes below this mark do not warrant an RNS. If anything this shows the big holders have remained firm here and not been selling. From the Saga website: - Investor relations EMAIL investor.relations@saga.co.uk 020 7654 2729 Mark Watkins Director of Investor Relations

So he could be holding over 32% now. In some companies crossing a 30% threshold triggers a takeover.

Beast from the East = higher revenues and profits for Centrica

10:43 6.87p 1,500,000 �103,050 Buy

Yes it did - he has several different trusts.management funds so complicated.

You're predicting a gold boom then? Weak USD has not helped here but with the Fed hiking rates USD will surely strengthen a lot soon. Also have a small position in HGM but believe PAF is very undervalued and should arguably be trading in the 30-40p range come next year.

Who knows but a near 50% drop in 4 weeks is totally unwarranted IMO and insane. Yes it may seem far fetched on first glance but a successful suspension of Evander and a start up of Elikhulu come the summer means we are looking at a P/E of just TWO at the current share price. [Evander cost the company �10M in profit in just H1] Hell Elikhulu alone is projected to contribute 1.3p-1.4p in EPS Company could be producing half the current market cap in profit in a years time. Crazy.

I understand you're an experienced trader and chartist - this hit 6.3p in 2015 before a massive bounce. How likely is it that 6.3p will be hit again or do we bounce from 6.7p this time?

As the figures showed the bulk of the operations are highly profitable. Evander was the main issue as loss making. Suspending operations there is imperative and should be seen as a positive not negative - no reason for the share price to HALVE in one month. Management is proactive. How many companies can you buy with projected profits of �50M+ [come Elikhulu] and trading at just 2x future earnings?

At the current exchange rate and gold price the rand gold price = R546,048/kg In H1 PAF's all in sustaining cost (AISC) was R545,908/kg So just about still in profit despite the weak dollar and strong rand. Tailings [ETRP, BTRP] + Baberton AISC in H1 was only R373,184/kg [c.100K oz p.a. production] Consort mine + Evander AISC much higher at R683,873/kg [c. 60-70K oz p.a. production] This clearly shows that Evander and the consort mine are loss making and reducing group profits. Add 50K from Elikhulu at AISC as low as R210,000/kg and you have c.150K production at an AISC of just R314,695/kg This company should be making �60M profit (before tax) in the 2018-19 financial year with Elikhulu and minus the loss making Evander/Consort. EPS 3.8p P/E 1.9 (!)