Member Info for SGD27

"Fold" as in "tenfold reduction" for example.

So, yes, let's hope it gets changed in next years FR :-)

The identical wording has appeared in the "Risks & Uncertainties" section of the Final Results for the last several years, so I don't think it should be interpreted too literally.

A pity there's nothing in the RNS about why the new appointment was necessary, or what it's costing.

Hi Agricore, thanks for sharing this, I'm always very interested in other peoples detailed calculations. But did you mean "Aura" (recent IPO) rather than "Artius" (Artios is not listed)?

I agree with your general conclusion of course.

IC did a similar updated calculation in November, which doesn't seem to have been posted here yet:

https://www.investorschronicle.co.uk/ideas/2021/11/08/bargain-shares-on-the-m-a-beat/

(Also, MMM's involvement may have been delayed due to their Lehigh acquisition.)

Hi Dubs & Andy : Yes, you may well be right, as I said it was just the reference to "the President of the CRMC" rather than "a President" that threw me slightly.

I'm now thinking Martin Marietta may well be the "second major building materials producer", as that would describe them well.

I know I'm a bit over-analytical, but here's a puzzle. Two quotes from the RNS:

"The CRMC is an internationally recognised company and has a substantial ready-mix concrete business."

"I met with the President of the CRMC last week..."

So we're looking for an internationally recognised CRMC which has a President, and I'm struggling with that. I can only reconcile the two by either using a rather weak definition of "internationally recognised" (Eagle & Martin Marietta), or the President only actually being the boss of a US subsidiary company (Cemex).

Any thoughts?

@IntrepidInvestor : SP is now 119/121, so nearly time for your next top up ;-)

I'm truly amazed by this price. It's the sort of thing you'd expect if something 'untoward' was happening with the company, but I'm not aware of anything, is anyone else?

FYI here are the Final Results dates for the past few years:

Fri 11/12/20
Wed 19/02/20 (postponed via RNS on Tue 10/12//19)
Tue 11/12/18
Wed 13/12/17
Wed 14/12/16
Mon 14/12/15
Thu 11/12/14
Thu 12/12/13
Wed 12/12/12
Thu 15/12/11
Tue 07/12/10

So as Dubliner says, 2021 is expected within the next week or so.

The purchaser "Eco Material Technologies Inc" appears to have zero web presence (someone correct me if I've missed it somehow) so I suspect it's a new thing that the two private equity companies (One Equity Partners & Quadrant Management Inc) have set up just for this purpose. That means they won't have a deep understanding of what they're buying, particularly an undeveloped component such as Kirkland, hence the earn-out.

https://en.wikipedia.org/wiki/Earnout

A pity we don't know what the earn-out terms are, as it would obviously help in valuing CS.

What we do know now is that our CRMC wasn't the buyer, though they may have been in the bidding. So the "Plan B" scenario in my earlier post is a possibility.

At least the fly-ash landscape in West USA is now clarified, though "The transaction is subject to customary conditions precedent and completion adjustments, and is expected to complete in FY2022, allowing for the regulatory approval process." Boral's FY ends on 30 June - I hope we're not held up till then! Probably not, as if it's a new company buying then there's unlikely to be issues with monopoly rules etc.

https://boral.com/sites/corporate/files/media/field_document/20211206-ASX-release-Boral-agrees-to-sell-North-American-FlyAsh-business.pdf

https://www.yellowcakeplc.com/wp-content/uploads/2021/11/Yellow_Cake_Investor_Presentation_November_2021_Final.pdf

NAV/share on 23 Nov was 371p, based on U at $47.25/lb.

I still think it's quite likely that our deal will have to wait until the Boral North America Fly Ash divestment gets sorted out. Their negotiations have been at "advanced stages" for a few weeks now, so it will hopefully be resolved soon.

It's possible that one of our candidate CRMCs will buy it, e.g. Holcim has been mentioned:

https://www.bnnbloomberg.ca/holcim-waste-management-are-among-suitors-for-boral-unit-1.1634648

(Heidelberg Cement is also mentioned, but it would probably be linked with the Lehigh assets that have since been sold to Martin Marietta Materials.)

Various hypothetical scenarios come to mind:

Perhaps a CRMC is bidding for it, but has us down as "Plan B"?

Supposing a CRMC does buy it, then that might put the others in an interesting situation. They may have been happy buying fly-ash/pozzolan from Boral, but feel rather less comfortable now having to buy it from a direct competitor! So much better for them to have their own private supply...

Holcim Capital Markets Day today, launching their “Strategy 2025 – Accelerating Green Growth”.

https://www.holcim.com/sites/holcim/files/atoms/files/18112021_press_holcim_strategy_2025_en.pdf

"The company will further fuel its growth with bolt-on acquisitions in mature markets in the aggregates and ready-mix concrete businesses."

Anyone still here? HM finally got EIA approval!
https://www.sandstormgold.com/news/news-releases/sandstorm-gold-royalties-announces-hod-maden-project-eia-approval

Replying to rodster (yesterday 21:38) :

I sold a few million on Tue & Wed - so none of these biggies was me.

Still holding plenty, but dropped out of the 1% club :-(

@Daddykool : I don't think you've read it properly. This new version of PozGlass ("100G") doesn't use natural pozzolan at all.

Good Evening All,

When I noticed this on Tuesday afternoon, I decided to reduce my holding slightly (but not by 49m, I didn't have quite that many!), to reflect what I saw as a slightly worsened risk/reward. I wonder if others noticed it and did likewise?

The big unknown is whether their proprietary processes can be scaled up economically.

https://progressiveplanet.ca/2021/11/09/progressive-planet-unveils-100-recycled-post-consumer-glass-pozzolan-created-to-sequester-and-radically-reduce-carbon-emissions-in-concrete/

Of all our candidate CRMCs, it seems that Martin Marietta may be the one to gain most from the Biden infrastructure bill :

https://www.morningstar.com/articles/1066553/12-trillion-infrastructure-deal-funds-roads-bridges

Let's hope this helps loosen the purse strings for their bolt-on acquisition programme.