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Dorfman in £28 million move: The Founder of Travelex has sold his mansion in northwest London for £28 million, writes Oliver Shah.

Chief executive Holliday set to stand down at National Grid: National grid’s long-serving Chief executive, Steve Holliday, is set to step down from the FTSE 100 power company

Card Factory Chiefs reap reward for playing their cards right: The Chief executive and finance director of Card Factory collected early Father’s Day gifts as they shared nearly £50 million from the sale of shares in the greetings card retailer.

Walsh’s win-win from BA taking over Aer Lingus: The Boss of the group that owns British Airways stands to make a personal profit from its €1.4 billion planned takeover of Aer Lingus through his shares in the Irish carrier, according to offer documents published.

Oil prices ended higher last week, boosted by a weak US Dollar and after the Energy Information Administration reported that crude oil inventories in the US fell for a seventh consecutive week, declining 2.7 million barrels in the week ended 12 June. Additionally, data from the American Petroleum Institute also showed a drop in US oil stockpiles. Meanwhile, Saudi Arabia’s Oil Minister Ali al-reiterated his stance that the nation would boost oil production if demand for the commodity increased. Brent crude oil prices fell 1.3% to $63.02/barrel.

Whilst he readily acknowledged his job is to deliver the company's business plan and can not influence the share price personally but will let his actions over the coming months hopefully translate into a higher valuation for the company. He stated the company has 3m tonnes of Copper based on current Resource Estimate which should have a valuation of 2.5 American cents per pound which based on my basic mathematic calculation suggests the company's NAV right now is circa £46/47m and yet the stock market valuation is circa £6m Even if we were to discount the above NAV by 50%; there is ample upside from current levels. The key driver will be the Resource upgrade in late Aug/early Sept. to see this share reach 3/4p levels conservatively even after profit taking and a conventional retrace after the news IMHO.

Investment Case for Kalimantan Gold Corporation Limited 1.Strong and experienced management team with proven track record in Indonesia and Asia Pacific 2.Stable political and economic backdrop in Indonesia 3.Favourable logistics and proximity to key markets in SE Asia including China 4.Stable and supportive shareholder base 5.KLG fundraise at a very deep discount for comparable assets by conventional market metrics 6.Commodity Market is at or close to a cyclical low point 7.Company is undervalued based on potential of Copper and Gold assets 8.Prospects of doubling current Resource by Dec 2015/Jan 2016 9.High Grade near surface Copper potential at BKM deposit likely to be significant based on 4 hole drill results released in mid May 2015 10.Strip ratio at 0.8-1% for Copper deposits is likely to be highly attractive when assets reach production 11.All in cash costs at $4000 per tonne for Copper with a realistic sale price of $6000 per tonne provide solid economics & imply a 20k tonne production pa will yield superior returns 12.Prospects of a copper supply deficit in late 2017 augers well for production currently scheduled for June 2018 13.Beutong project is huge and could be worth in excess of $250m to a suitor in the medium term 14.The jewel in the crown is the KSK Copper project which has scope to on its own to make KLG a mid-tier Copper producer with minimum of 20k tonne copper production pa equating to a minimum of $40m EBITDA indicating a conservative Market Cap. Of $200m-240M range based on PE of 5/6. The BOD are focusing on KSK Copper project as their priority to deliver substantial shareholder value. 15.The expected returns for new/current shareholders prior to full production ( Which will require additional equity funding in 12-18 months time) could be 5-10 times current share price assuming planned feasibility study highlights the key metrics expected for commercial production

Was essentially a longer version of the TV interview with the key difference of having the opportunity to ask Tony questions and chat to him afterwards for up to 1.5 hours. I was lucky enough to talk to him for 20 minutes and here is my take on near term newsflow to help the share price move up gradually to a sensible level: Catalysts for shareholder value creation-Near term (next 3-6 months) 1. An 80 hole programme to drill an additional 6,500m at the KSK project with the aim of a significant two-stage resource expansion. 2. Essay results in the next few months at 3-4 weekly intervals 3. Initial Resource upgrade : Anticipating an uplift of 30-50% in Resource and Upgrade expected end of Aug/early September 4. Metallurgical test work to determine leaching and/or flotation-On going updates from late July till end of the year 5. 2nd Resource Upgrade-Anticipated to double the Resource Size and results expected by late Dec 2015/mid Jan 2016 6. Drilling BKS, BKW & BKZ zones in second half of 2015 and ongoing essay results

Safestore profit stacks up due to turnaround: Safestore, the London-listed self storage provider, revealed that its profits had stacked up in the first half of the year, thanks to an operational turnaround

Home lending reaches £16 billion: Housing market activity is showing signs of picking up, with mortgage lending increasing by 2% month-on-month in May, banks and building societies have reported

APR Energy shares plunge for second day: Temporary power firm APR Energy saw its shares lurch another 18% lower after it issued a major profit warning earlier in the week. APR is also facing delays in signing new contracts. APR is now expected to plunge to a pretax loss of $78 million (£49 million), on revenue of $220 million for the year to December 2015, when only seven months earlier the company was expected to report pretax profits of $113 million, on revenue of $520 million. The company has also suffered from a revolving door in the boardroom. Brian Rich was the latest casualty after he stepped down as Chief operating officer on June 15 after just over a year in the role. Mike Fairey stepped down as Chairman last year. Andrew Martinez, the Chief financial officer, departed last year, to be replaced by Lee Munro. That came just two years after Mr Martinez replaced Rick Greene as CFO, after the company filed a late set of accounts. Questor said APR Energy was “priced to fail” at £10.06 in August 2013. We repeated that advice in “Red Flags make APR a Sell” last year (Sell, 505.5p, August 28, 2014) and again (Sell, 370p, October 28, 2014). There is far too much risk here that the company will end up in the hands of the banks so once again we recommend a sell. APR Energy at £1.94-27p. Questor Says “Sell”.

Typical of the Chief Executive of Poundland to open his maiden full year results by imitating a parson. The Irreverend Jim McCarthy was having a dig at the churchy architecture of JPMorgan’s London office. He could as easily have been baiting bears who are reading the last rites over the growth prospects of the single-price retailer. Poundland hit targets set during last year’s initial public offering, raising underlying profits 10% to £60 million. But the shares slipped because of a disappointing sales update, before finance Director Nick Hateley talked up plans for store openings ahead of crucial Christmas trading. That left the stock 24% below its February peak and no higher than its 300p float price. Mr McCarthy has high hopes for a Spanish expansion and a Tommy Walsh DIY range. British retailers mostly fail overseas, while Ground Force, the gardening TV show featuring the cockney builder, is as passé as the decking he habitually substituted for plants. The stuff in the stores is better value than shares which have a forward earnings multiple of 23 times

Dragon Oil: minority retort: Dragon Oil drills for its oil where most do not, Turkmenistan. For those keen on this central Asian country’s hydrocarbon potential, the company’s shares provide a scarce direct investment opportunity. That perhaps explains why its largest shareholder (54%), the Emirates National Oil Company of Dubai, has repeatedly tried to buy out the minority investors. On Monday, Dragon Oil accepted a cash bid from ENOC at 750p per share, 47% above the undisturbed price. It makes the point that Dragon Oil has been improving production in recent years using enhanced oil recovery, which involves pumping water into the oil reservoirs. Dragon’s output by 2016 should rise by a third from 2014 levels, to more than 100,000 barrels per day, says FirstEnergy. Baillie thinks there may be potential beyond that. It points out that Dragon is installing large pipelines — far larger than current production requires — to transport oil from offshore wells, and that it is also building storage facilities. Yet there may be a more straightforward reason for the big pipes. Driving the oil out of the ground with water suggests that the reservoir pressure has waned; a peak in production should follow. By enhancing output this way, water mixes with the oil in rising proportions over time. That means more fluids need to be moved to onshore processing plants — to separate oil from water — over the coming decade. That would explain the need for the large pipes.

First sign of election bounce in mortgages: Britain’s housing market is stepping up a gear as mortgage lending is showing signs of a post-election recovery, while homeowners around the country believe the value of their properties rose this month.

UK retail sales ex-fuel advanced more than expected in May On an annual basis, retail sales ex-fuel in the UK rose 4.40% in May, higher than market expectations for an advance of 4.30%. In the previous month, retail sales ex-fuel had registered a revised rise of 4.60%.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.09% or $0.06 lower at $64.20 per barrel. Yesterday, the contract climbed 0.61% or $0.39, to settle at $64.26 per barrel, extending its gains from the previous session, with investors digesting the EIA’s report indicating a seventh straight decline in US crude oil stockpiles. The easing surplus also aided in outweighing comments from Saudi Arabia’s Oil Minister Ali al-Naimi who stated that the nation would boost production if demand for the commodity increases.

Canada's environment ministry said it has approved a Royal Dutch Shell-led liquefied natural gas export terminal on British Columbia's coast, contingent on the project meeting 50 environmental, social and operational conditions.

Old Mutual to raise up to $268 million in sale: Old Mutual increased the size of a forthcoming selldown of shares in its U.S. money management, which could net the group $268 million.

Oxford Street property deals set to reach £1 billion by end of this year: The revamp of the eastern end of Oxford Street and the imminent arrival of Crossrail has sparked a flurry of property deals this year, with investors flocking to get a slice of London’s busiest shopping street.

Surging Berkeley Group shares build up Founder Tony Pidgley’s fortune as profits jump by 42%: Shares in housebuilder Berkeley Group jumped more than 10% – adding some £20 million to Founder Tony Pidgley’s fortune