Member Info for MY21

Sula Iron and Gold (SULA LN)# The current drilling program on the Ferensola gold project in Sierra Leone is now complete. A total of 14 drill holes comprised of 3,788m, 40% more than planned, have been completed. We believe this extra drilling was accomplished without additional expense above the pre-drilling budget. Drilling extended previously completed holes in Zone 1 (Sanama Hill) and tested two other new targets (TZ2- the Eastern target, and TZ4) based upon surface sampling and geophysics anomalies as well. A hole was also for the first time put into the ‘Kuwait’ artisanal gold area, a new area of bedrock mineralisation identified last year. A first batch of samples was sent off to the assay lab a couple of weeks ago. A second batch of samples will be dispatched from the project camp around 10 May. We look forward to the results of the assays and re-iterate our BUY recommendation and 3.1p price target

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has announced that the first batch of samples to be assayed have been dispatched for analysis at the ALS laboratories in Ireland. Currently two rigs are on site with one focusing on the Sanama Hill area where the JORC Exploration Target was previously defined and the second on the significant IP anomaly known as the Eastern Target. We reiterate our Speculative Buy recommendation and 1.6p target price.

Sula Iron & Gold (SULA LN)# Sula Iron & Gold (SULA LN) has announced that the holdings of Madini Occidental (304.6m shares), a subsidiary of Madini Minerals, have been transferred entirely, including warrants (304.6m warrants) to Galactic Tide. Madini does continue to hold 38.1m shares through a different subsidiary, “Ongeza Mining”. Aside from the initial US$400k cash investment, Madini’s contribution has been technical and capital markets advice which has primarily come from Roger Murphy and Iain Macpherson in their executive roles for SULA. Roger and Iain remain committed to SULA and there is no operational change as a result of the share transfer. With 304.6m shares Galactic Tide, its interest in Sula is now approximately 13.76%. Galactic is a private investment company incorporated in the Seychelles. This means that despite the transfer, SULA, continues to have a strategic partner as a key shareholder. Indeed, Iain Macpherson holds an indirect shareholding in Galactic meaning his combined direct and indirect interest represents 5.8%. Furthermore, Mike Warren, an experienced mining professional and 100% owner of Equity Drilling, the drill contractor on the current programme, has a non-controlling shareholding in Galactic (meaning a personal indirect interest in SULA of 6.9%). We reiterate our Spec Buy recommendation and 1.6p target price

Good morning fellow shareholders: The meeting was well attended and the BOD presented in recent results and outlook for the business; every Executive Director presented which was much appreciated and they answered many questions. The highlights for me are: 1. The company is very ambitious for a controlled growth through organic and an acquistion strategy over the next few years 2. 85000 customers as at March 2017 3. There will be a Broker Note by their House Broker; Numis within the next 7-10 days 4. Company will be publishing new strategic objectives later this year similar to the one they guided the market when they listed on Aim 5. They have a pipeline acquisitions for the year ahead under consideration 6. There will be particular emphasis on increasing Gross and Net Margins again this year after last year's impressive improvement My take is: The company's current valuation is fair after a good run up in the shares based on 2016 results I expect EBITDA somewhere in the range of £4-6m in the year ahead and expect Market Valuation as is without further acquisitions nearer £75-80m in a year's time if my profit assumptions prove to be correct I am taking a 5 year view with this particular company

At 0430GMT today, Brent crude oil one month futures contract is trading 0.36% or $0.16 lower at $44.28 per barrel, ahead of the Energy Information Administration weekly oil inventory data which is likely to show that the crude stockpiles fell for the week ended 27 November 2015. Yesterday, the contract declined 0.38% or $0.17, to settle at $44.44 per barrel, after the American Petroleum Institute reported that the US crude supplies rose by 1.6 million barrels during the last week

At 0430GMT today, Brent crude oil one month futures contract is trading 0.37% or $0.17 higher at $46.29 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 2.88% or $1.29, to settle at $46.12 per barrel, amid possibility of supply disruption in the Middle-East region after Turkey shot down a Russian military jet on the Syrian border. Meanwhile, the American Petroleum Institute reported that the US crude stockpiles advanced by 2.6 million barrels for the week ended 20 November 2015.

Shell under fire over BG Group takeover as oil price slump continues: A leading Royal Dutch Shell shareholder has urged it to consider renegotiating the terms of its £43 billion takeover of BG Group.

At 0430GMT today, Brent crude oil one month futures contract is trading 0.4% or $0.18 higher at $45.01 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 0.38% or $0.17, to settle at $44.83 per barrel, after Saudi Arabia’s press agency reiterated that the nation was ready to co-operate with other oil producing countries to maintain stable oil prices in the market. However, gains were capped amid concerns over persistent glut in global supplies.

& any comments by the company about Q4 trading volumes will be critical on company's near term valuation as markets are forward looking. If you recall they issued an RNS in early October stating they expect EBITDA to be in the £1.6-1.8m range and the bulk of annual revenue is expected in Q4 of their financial year ending 31st Dec 2015. Assuming the restricting is concluded satisfactorily; it is conceivable that: Net debt will be £9-9.5m as at 31st Dec 2015 Net cash after placing commission & professional fees in the range of £3.5-3.6m The key catalyst for a re-rate beyond Dec 2016 will be the outlook statement for 2016; forecast cash flow position in Q1 2017 & the pipeline of bookings in their business for H1 2016 IMHO. Nonetheless; if the EBITDA for this year is at say £1.7m before financing costs of new debt facility; a conservative 3 times EBITDA should be the bottom of the valuation range pending the outlook statement for 2016 IMHO.

Bank of England chief economist says UK housing market "broken" Thu, 12th Nov 2015 19:13 LONDON, Nov 12 (Reuters) - Britain's housing market is "broken", the Bank of England's chief economist Andy Haldane said on Thursday, in an unusually forthright criticism of the lack of new homes being built. Haldane said Britain needed to build around 200,000 new homes a year, and that its failure to build much more than half that -- largely due to a lack of new public housing -- had caused prices to rocket. "The UK housing market is broken," he said at a meeting hosted by Britain's Trades Union Congress. "There is a chronic and accumulated imbalance between demand and supply, and it is that which is sending skyward - and has sent skyward - house prices." Asked separately whether the BoE should print money to fund government infrastructure projects, Haldane said there was a good case for more infrastructure investment but that the government could borrow very cheaply from financial markets. (Reporting by David Milliken; editing by Ralph Boulton)

At 0430GMT today, Brent crude oil one month futures contract is trading 0.46% or $0.22 lower at $47.22 per barrel, ahead of the Energy Information Administration weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 0.53% or $0.25, to settle at $47.44 per barrel, amid bargain hunting. The IEA warned that Brent prices could remain around $50.0 per barrel till the end of the decade due to the OPEC’s strategy of maintaining its market share. Meanwhile, the API reported that the US crude stockpiles rose 6.3 million barrels for the week ended 06 November 2015.

Summary Investment Case 1. Opportunistic cash shell targeting Oil & Gas sector at the bottom of the value range ( Given the current valuation for assets V when Oil was $100per barrel) 2. Market focus is a profitable Oil/Gas business with production asset/assets globally 3. Business model will be immediately cash generative subject to landing a target acquisition 4. Tiny shares in circulation at only 27m shares 5. Founder & Directors have over 11% shareholdings 6. Major shareholders account for over 41% of total shares-My estimates; see prospectus for actual %age holdings. 7. Acquisition via RTO sign posts very good potential ( Subject to details of further funding for target company between suspension & re-listing on equity market ) 8. A 500bpd production asset is a possibility as the Prospectus states clearly intention to target £1-5m Oil/Gas businesses

At 0430GMT today, Brent crude oil one month futures contract is trading 0.4% or $0.19 higher at $47.38 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 0.49% or $0.23, to settle at $47.19 per barrel, after disappointing trade balance figures from China raised demand concerns for the commodity.

At 0430GMT today, Brent crude oil one month futures contract is trading 0.8% or $0.38 higher at $47.80 per barrel. On Friday, the contract declined 1.17% or $0.56, to settle at $47.42 per barrel, as a stronger dollar weighed on the commodity. Meanwhile, Baker Hughes reported that the US oil rigs count dropped by 6 to 572 for the week ended 06 October.

Royal Dutch Shell Plc (RDSA.L) Announced, in its strategic update, that a new, simpler upstream organisation that reflects recent changes in the company's portfolio, facilitates our planning for the integration of BG post-completion of the recommended combination and that will facilitate subsequent streamlining of the portfolio. The changes will come into effect on January 1, 2016. It is pulling all levers to manage through the current oil price downturn, underpinning our intention to continue to pay attractive dividends for shareholders. The company is delivering our commitments to reduce costs and spending - $11 billion reduction in 2015 while reorganisation of the company's upstream increases accountability for performance and aligns us to deliver on the strategy. Also, it has been able to further analyse its integration planning work, to de-risk its initial synergy estimates and increase the expected level of identified and reported on pre-tax synergies from $2.5 billion to $3.5 billion in 2018, an increase of 40% compared to earlier guidance. Also, the recommended combination with BG should enhance company's free cash flow, enabling debt reduction, and further improvement in the company's capacity to pay dividends and fund share buybacks.

At 0430GMT today, Brent crude oil one month futures contract is trading marginally or $0.01 higher at $49.57 per barrel. On Friday, the contract advanced 1.56% or $0.76, to settle at $49.56 per barrel, after Baker Hughes reported that the active oil drilling rigs in the US fell by 16 to reach 578 for the week ended 30 October.

Scotland’s commercial property needs ‘rapid recovery’: Scotland’s commercial property market faces a New Year hangover unless a “rapid” recovery in the economy kicks in over the next couple of months, a key report will warn this week.

London’s house prices are the most over-valued in the world: Economists warn that capital is in ‘bubble-risk territory’: House prices in London have become so over-valued that they are completely out of the reach of all capital dwellers living off a local income, top global economists have said. A UBS study revealed that only Hong Kong is worse in terms of affordability for city dwellers trying to buy their own place than London. They say homes in the city cost more than ever before in comparison to wages, with the average price now sitting at an eye-watering £500,000.

Sales of costliest houses dry up as top rate of levy on property soars: Proof that stamp duty hike brings in less for Treasury: The Treasury is earning less from the sale of Britain’s poshest homes after the Chancellor’s shake-up of stamp duty rates last winter, according to analysis for The Mail on Sunday by a leading estate agent.

Wealth of 250 richest people with U.K. property assets soars 40% to £300 billion: The net worth of the world’s 250 richest people with property investments in the U.K. has jumped by 40% to more than £300 billion, the largest annual increase on record. The list, published by property publication Estates Gazette, features 60 billionaires, compared with just 10 in 2009. Amancio Ortega, the Spanish billionaire behind the Zara fashion chain, took the top spot with a fortune of £45.7 billion