Currys shares fall as Elliott Advisors cans takeover bid

UK Investor Magazine
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Currys shares fall as Elliott Advisors cans takeover bid

Currys shares were lower on Monday after Elliott Advisors said they were withdrawing there interest in the electronics retailer.

Currys shares traded down by 7% on Monday.

In a statement released on Monday, Elliott said that “following multiple attempts to engage with Currys’ Board, all of which were rejected, it is not in an informed position to make an improved offer for Currys on the basis of the public information available to it. Elliott therefore confirms it does not intend to make an offer for Currys.”

Although Elliott Advisors has publicly said they are no longer pursuing Currys, there is still the chance the company will be taken over by another party. Currys shares are still substantially higher than where they were before Elliot’s interest was first reported suggesting some are still hopeful a deal will be done.

“The decision by Elliott Advisors to withdraw bid interest in Currys doesn’t mean the target is no longer in play. Chinese group JD has already expressed interest and Elliott’s recent approach may have put the electricals retailer on the radar of others,” said AJ Bell investment director Russ Mould.

“There is logic in wanting to own Currys. It is the last major UK-wide seller of electricals still with a physical store presence. There are still plenty of people who like to go into a shop to get advice or technical assistance, compare products in person, and be able to collect items without having to risk a courier losing or damaging their goods during transit.”

The interest in Currys comes after the company took major steps to streamline its business and boost profitability.

“The business has been through a significant restructuring programme and is starting to see some rays of light in terms of the recovery story,” Russ Mould said.

“Elliott says Currys’ management refused to engage which at that point would normally see a bidder go hostile in their attempt to succeed with a takeover. Instead, it has just walked away which suggests that its original approach was highly opportunistic in the hope Currys could be bought on the cheap. Elliott’s statement implied it wanted more information on the group before considering a higher price but it couldn’t get the necessary details.

“Investors like Elliott typically want to pay as low a price as possible with the intention of potentially breaking up the group or driving big changes to realise hidden value in the business.

MTI Wireless Edge share price recovers

Andrew Hore
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MTI Wireless Edge share price recovers

Israel-based MTI Wireless Edge (LON: MWE) shares have been hit by the conflict in Israel and Gaza, but they rebounded on the back of reassuring full year figures. The share price is 15% ahead at 42p, which is the highest it has been since last October.

A sharp decline in the Israeli shekel against the US dollar meant that the AIM-quoted company revenues were slightly lower at $45.6m, although they were 2% ahead on a constant currency basis. Pre-tax profit increased from $4.59m to $4.65m. There was a reduction in potential contingent consideration for the remaining shares in PSK, partly offset by a goodwill write down.

PSK had trouble with two projects and lost money in the period. There has been higher demand for its services from the Israel government and the outlook is more positive. This meant that the distribution and professional services division generated a lower profit, but the other operations performed steadily.

The antennas division continued to improve its profit contribution even though demand for 5G antennas is relatively disappointing. There is underlying demand, but the timing is uncertain. Increased sales of military antennas internationally helped to improve the margins.

The Mottech water management division made a slightly higher profit on lower revenues. As well as irrigation services, Mottech has started to provide water fountain monitoring services. Conserving water remains important and the long-term outlook is positive for Mottech.

The balance sheet remains strong with cash maintained at $8.1m. The final dividend has been raised by 3% to 3.1 cents/share and the share buyback programme increased from £200,000 to £700,000 – lasting until March 2025. They should help to underpin the share price.

All three divisions are expected to make higher operating profit contributions in 2024, but a net interest charge is also expected. Pre-tax profit is forecast to be $4.9m. That equates to a prospective multiple of 12, while the forecast yield is around 6%. There will continue to be uncertainty, but the multiple is not demanding considering the prospects for antennas and other parts of the business.

Life’s Assurance: Unveiling the Critical Importance of the Right Life Insurance Policy

UK Investor Magazine
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Life’s Assurance: Unveiling the Critical Importance of the Right Life Insurance Policy

In a world filled with uncertainty and constant change, having a reliable life insurance policy can provide you and your loved ones with a sense of security and peace of mind. From unexpected accidents to debilitating illnesses, the unforeseen challenges of life can strike at any moment, leaving behind a trail of financial burdens and emotional turmoil. But with the right life insurance policy in place, you can rest assured knowing that your family will be taken care of financially in the event of your untimely passing.

In this article, we will delve into the critical importance of finding the right life insurance policy that suits your needs and circumstances. We will explore the various types of life insurance coverage available, the factors to consider when choosing a policy, and the benefits of having this vital financial protection in place.

Types of Life Insurance Coverage

Life insurance is broadly categorized into two main types: term and whole life insurance. Term life insurance is designed to provide financial protection for a specific period, such as 10, 20, or 30 years. It’s often chosen for its affordability and straightforward coverage, offering a death benefit to the beneficiaries if the policyholder passes away during the term.

On the other hand, whole life insurance, also known as permanent life insurance, offers lifelong coverage and an additional investment component, known as cash value, which grows over time. This type can be more expensive but provides the dual benefits of a death benefit and a potential source of savings or borrowing in the future. Depending on personal needs, financial goals, and other factors, one may suit an individual better. Check out Reassured for more info.

Factors to Consider When Choosing a Policy

When selecting the right life insurance policy, there are several crucial factors to consider. The first is your financial situation and obligations. How much coverage do you need? Are you the sole breadwinner in your family? Do you have any outstanding debts, such as a mortgage or student loans? These questions will help determine the appropriate amount of coverage that will provide sufficient financial protection for your loved ones.

Another factor to consider is your age and health. Generally, the younger and healthier you are when you purchase a policy, the lower your premiums will be. Life insurance companies assess risk based on age, medical history, and lifestyle habits. Therefore, acting sooner rather than later is essential when securing life insurance coverage.

Benefits of Life Insurance

Aside from providing financial security for your loved ones, there are other benefits to having a life insurance policy in place. The death benefit the beneficiaries receive is generally tax-free, providing significant financial relief during an emotionally challenging time. Additionally, some policies offer the option to add riders, which are additional benefits that can be included in the coverage. These can include critical illness coverage, disability protection, and even long-term care benefits.

Moreover, life insurance can also serve as a tool for estate planning. It allows you to designate specific beneficiaries and distribute your assets according to your wishes after you’re gone. This can be especially beneficial for individuals in complex financial situations or who want to leave a legacy for their loved ones.

Risks of Not Having Life Insurance

The risks of not having a life insurance policy extend far beyond the immediate financial strain your loved ones may experience in the event of your untimely demise. Without the safety net of life insurance, your family could face difficult decisions, potentially resulting in the sale of assets, changes in living conditions, or the accumulation of debt to cover funeral expenses and ongoing living costs.

In particular, for families with dependents, the absence of a life insurance policy can jeopardize the future education and well-being of the children, underscoring the vital role that such coverage plays in a comprehensive financial plan. It’s essential to recognize that life insurance is not merely an individual benefit but a foundational aspect of familial financial stability and peace of mind.

How to Get Started

Taking the first step towards securing a life insurance policy can seem daunting, but it’s a crucial part of financial planning for anyone looking to ensure their family’s future security. Start by assessing your financial needs and goals, and consider consulting with a financial advisor or insurance agent who can provide personalized advice based on your specific situation.

Researching different life insurance companies and their offerings is also essential. Look for companies with strong financial health ratings and customer service reviews. Many insurers offer online quotes, allowing you to compare policies and premiums conveniently. Remember, the cheapest option isn’t always the best—focus on balancing adequate coverage and affordable premiums.

Finally, be honest and thorough when completing your application. Accurate information about your health and lifestyle is crucial for the insurance company to assess your application fairly and provide the right policy. Once you’re insured, regularly review your policy to ensure it continues to meet your needs, especially after significant life events like marriage, the birth of a child, or purchasing a home.

AIM movers: Zenova fire extinguishers approved for marine use and LoopUp wants to leave AIM

Andrew Hore
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AIM movers: Zenova fire extinguishers approved for marine use and LoopUp wants to leave AIM

Zenova (LON: ZED) says the Zenova FX fire extinguishers have been approved for use by the marine industry. This market is growing at 8%/year. There were also positive testing results from a demonstration in Mallorca. The share price jumped

Graphene technology developer Versarien (LON: VRS) has raised some much-needed cash by selling assets in South Korea for £604,000 to MCK Tech, which has also licenced five patents. The licence deal could generate 4.5% of sales of products using the patents. If, after two years, revenues are below £250,000, then MCK Tech will pay £40,000 and the licence will be terminated. Other businesses remain for sale. The share price recovered 23.4% to 0.11725p.

GCM Resources (LON: GCM) was the highest riser earlier this morning and, at 8.5p, the share price was the highest it had been for three years, but it fell back by the middle of the day and was 17.7% higher at 8p. GCM Resources signed a contract with PowerChina International for mine infrastructure development works at the Phulbari coal and power project in Bangladesh. This involves $1bn of investment over four years. It also involves mining of mineral co-products in the overburden, which will be removed to expose the coal. A separate agreement for coal extraction is anticipated. The Bangladesh government has to approve the works and finance needs to be secured. There are power companies interested in buying the coal.

Aptamer (LON: APTA) is progressing its development partnership with Unilever to identify Optimers that can be used to develop consumer goods. Optimers have been developed and supplied to Unilever. They worked well and have been refined, which has led to patent applications. The share price increased 13.8% to 0.825p.

FALLERS

Cloud telephony provider LoopUp Group (LON: LOOP) did relatively well during Covid lockdowns, but it has found trading difficult since then. Management says it wants to leave AIM because it is difficult to raise cash. LoopUp needs to rise £9m, which management feels it cannot raise on AIM, but it four investors are willing to subscribe £6.2m if LoopUp goes private. In August 2016, the original placing price was 100p when £8.5m. Including that cash, LoopUp has raised more than £70m since joining AIM. The share price has fallen by two-thirds to 0.675p, which values LoopUp at £1.4m.

Global Petroleum (LON: GBP) executive chairman Daniel Page has unexpectedly resigned, having only joined the board in November 2023. Just afterwards he bought 14.3 million shares at 0.07p each. At the beginning of February, it was announced that his core annual remuneration was going to be £32,000 with a £250/hour consulting fee up to a maximum of £100,000/year. He was also due to be issued shares “in recognition of the below market rate remuneration”.  The share price dived 31.8% to 0.075p.

Great Western Mining (LON: GWMO) raised £700,500 at 0.0435p each to finance work on the West Huntoon copper porphyry to identify drill targets, plus additional work on this prospect and others. The share price dipped 24% to 0.0475p.

Geospatial technology developer 1Spatial (LON: SPA) expects full year revenues to be in line with expectations, but pre-tax profit will be £1m and not £1.8m as previously expected. Higher interest rates restructuring costs hit profit and net cash is lower than anticipated at £1.1m. The share price declined 12.9% to 54p.

GCM Resources shares surge after funding agreement inked with PowerChina International

UK Investor Magazine
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GCM Resources shares surge after funding agreement inked with PowerChina International

GCM Resources shares were sharply higher on Monday morning after the company announced a funding agreement with PowerChina International.

GCM Resources has signed a $1 billion contract with PowerChina International for mine development works at the Phulbari Coal and Power Project in Bangladesh.

The contract covers design, construction and commissioning of mine infrastructure, overburden removal, dewatering, and mining of valuable industrial mineral co-products expected to generate early cashflow.

GCM Resources shares were 42% higher at the time of writing.

The four-year mine construction contract is a step towards eventual coal extraction to fuel power plants, with first coal exposure expected in two years. GCM and PowerChina plan additional contracts for coal mining operations to supply at least 6,600MW of power generation over 30 years.

The contract’s notice to proceed awaits government approvals and financial closure, with PowerChina committed to assisting project financing per a previous agreement. GCM has received expressions of interest to purchase Phulbari coal from independent power producers SS Power and Barisal Electric Power Company, representing 27% of Bangladesh’s current coal power market.

Bangladesh presently has 6,035MW of installed coal-fired capacity requiring around 16 million tonnes of coal annually, equivalent to Phulbari’s planned production. However, the government aims to increase coal power to 11,830MW, necessitating 36 million tonnes of coal per year.

Pension services provider Just Group returns to profit

Andrew Hore
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Pension services provider Just Group returns to profit

Pension products and services provider Just Group (LON: JUST) swung from loss to profit last year and the total dividend has been raised by one-fifth to 2.08p/share. The share price increased 12.3% to 100.15p, which is the highest it has been for nearly three years.

In 20023, insurance revenues improved 17% to £1.56bn, while an underlying loss of £167m was turned into a pre-tax profit of £520m. This was boosted by longevity assumption changes and improvement in underlying profitability.  

Management believes that Just Group can continue to grow operating profit by 15%/year. This year’s underlying operating profit will be at least double the £211m generated in 2021.

Net tangible assets are 224p/share, up from 190p/share. Return on equity was 13.5% and the raised target is more than 12%/year. The shares go ex-dividend on 11 April.

Just Group recently signed a pension buy in deal with Hargreaves Services (LON: HSP).

Aquis weekly movers: Cadence Minerals investment Amapa reduces capital cost

Andrew Hore
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Aquis weekly movers: Cadence Minerals investment Amapa reduces capital cost

Cadence Minerals (LON: KDNC) says the capital expenditure requirements for Amapa iron project have been reduced. Project financing talks continue with parties interested in taking a stake in the project. Cadence Minerals has invested $12.1m in Amapa and owns 32.6% of the project. The stake in Hastings Technology Metals has been sold. Cadence Minerals expects to leave the Aquis Stock Exchange on 5 April. The share price jumped 22.2% to 5.5p.

Kasei Holdings has changed its name to Kasei Digital Assets (LON: KASH). Non-executive director Bryan Coyne bought 75,000 shares at 9.75p each. The share price improved 7.89% to 10.25p. This is the highest the share price has been since June 2023.

Marula Mining (LON: MARU) has added to its team in Kenya. Gilbert Kibet is project geologist and Joy Chebet will be graduate geologist. Exploration work will commence on the Larisoro manganese mine in northern Kenya. The share price is 5.88% higher at 13.5p.

FALLERS

Chris Akers has increased his shareholding in Asimilar (LON: ASLR) from 10.3% to 12.1%. Asimilar has decided to leave the Aquis Stock Exchange and the share price slumped by three-fifths to 0.3p.

Food company Essentially Group (LON: ESSN) is acquiring Best of Latin Foodstuff Trading for £1.95m. The company sources food from growers in Latin America and supplies hotels and restaurants in the UAE, where Essentially Group already supplies juices and other drinks. The deal will triple the revenues of Essentially Group. The former owner Catalina Onate will become an executive director of Essentially Group. The share price slipped 14.3% to 45p. The March 2023 placing price was 50p.

Investment Evolution (LON: IEC) is expanding into Spain and it will grant subsidiary MRAL Spain non-exclusive recurring rights to the Mr Amazing Loans brand. Spanish company Investment Evolution Credit, not part of the group, will provide lending technology for a 49% stake in MRAL Spain. The Investment Evolution share price fell 5.88% to 80p. The share price has quadrupled this year.

Coinsilium Group Ltd (LON: COIN) has raised £472,500 at 2.5p/share with executive directors subscribing £40,000. The share price dipped 4.84% to 2.95p. There have also been creditor payments of £83,900 in shares. Each new share comes with a warrant exercisable at 3.75p/share. The cash will be invested in Web3 and AI technology and provide working capital.  

AIM weekly movers: Active Energy agreement for failed US plant

Andrew Hore
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AIM weekly movers: Active Energy agreement for failed US plant

Active Energy Group (LON: AEG) has agreed a settlement with Player Design Inc, which was constructing a CoalSwitch plant in Maine, and it has received a cash payment of $1.65m. Player Design will retain IP rights that were developed while the plant was being developed – but not Active Energy Group IP. All legal claims have ended. John Celaschi has sold his 6.24% stake. The share price has jumped 115% to 0.7p.

Diversity Network Investments has raised its stake in energy efficiency company Sabien Technology (LON: SNT) from 20.1% to 25.2%, following concerted buying over the past week. The share price moved up by two-thirds to 13.75p.

Drug discovery company Immupharma (LON: IMM) confirms it has enough cash for its immediate requirements with additional income coming from commercial deals on the development portfolio. Discussions continue with potential partners. This could involve upfront payments. There are two late-stage autoimmune development programmes, including a treatment for lupus, and two early-stage anti-infective programmes. The share price improved 51.4% to 1.3775p.

Lansdowne Oil & Gas (LON: LOGP) says that registered shareholders on 21 March will be protected beneficiaries of the arbitration process with the Irish government. If there any share issues, reverse takeovers, etc then the current shareholders will still maintain their current interest in the arbitration. The company is considered to be a cash shell so trading will be suspended on 21 March. Management appointed Mantle Law to pursue a claim against the Irish government for its refusal to award a lease undertaking for the Barryroe oil and gas field. Third party finance is being sought. The share price increased 50% to 0.12p.

FALLERS

Beowulf Mining (LON: BEM) has revealed the terms of its cash raising to invest in Kallak iron ore project in northern Sweden and the graphite anode materials plant in Finland. There is a rights issue of SDRs to raise £6.3m, of which £3.8m is underwritten, and a PrimaryBid retail offer at 0.61p/share raising up to £1.6m in the UK fundraising. Last year, the company raised money at 2.06p/share. A capital reorganisation will reduce the par value of the shares from 1p to 0.1p. Beowulf Mining has also agreed to acquire the minority stake in Balkans-based Vardar Minerals for the issue of 52.3 million shares. The share price slumped by one-third to 0.8p.

Helium One Global (LON: HE1) says drill stem test results on the Itumbala West-1 well show a minimum flow rate of 0.5 million cubic feet/day containing 4.7% helium. There will be an extended well test in the third quarter. Resource estimates are being progressed. The share price slipped 32.2% to 1.492p., but it is still 491% higher this year.  

KEFI Gold and Copper (LON: KEFI) announced a fundraising at the beginning of the week. The miner raised £4.5m via a placing at 0.6p/share and further £496,000 through a PrimaryBid offer. This is part of a funding package for the Tulu Kapi gold project. Management says that the NPV8 of KEFI Gold and Copper’s interest in the project, at a gold price of $1,862/ounce, is equivalent to 2.9p/share. The share price fell 28.4% to 0.566p.

Lung cancer diagnostics developer LungLife AI (LON: LLAI) has raised £1.8m at 35p/share. Following positive validation study results the commercialisation process is starting. The cash will fund the evidence generating activities, including an early access programme and clinical utility studies. It will also help to raise clinical awareness and enable LungLife AI to investigate licensing opportunities. There should be enough cash until April 2025. The share price dipped 26.5% to 30.5p.

FTSE 100 in the red after Non-Farm Payrolls beat expectations, DS Smith jumps

UK Investor Magazine
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FTSE 100 in the red after Non-Farm Payrolls beat expectations, DS Smith jumps

The FTSE 100 traded negatively as the week drew to a close on Friday after Non-Farm Payrolls beat expectations, suggesting the Federal Reserve was on track to cut rates in the summer.

London’s leading index closed down 0.42% but was well off the worst levels of the session as traders reacted to a jobs report that supported the measured decreases in borrowing rates and the US ‘soft-landing’.

The headline Non-Farm payrolls jobs added came in at 275,000 vs 200,000 expected – another decent gain in jobs. However, the unemployment rate rose and wages were softer than anticipated suggesting some vulnerabilities to the labor market.

“The February jobs report painted a mixed picture of the US labour market, with headline nonfarm payrolls growth smashing expectations once more, albeit being accompanied by disappointing details on unemployment and earnings, sparking a dovish market reaction, and cementing expectations that the FOMC will begin the easing cycle in June,” said Michael Brown Market Analyst at Pepperstone

DS Smith

DS Smith was the FTSE 100’s top gainer after agreeing on a merger with Mondi to create one of Europe’s leading packaging firms.

Under the proposed deal, Mondi shareholders would own 54% and DS Smith shareholders 46% of the combined entity, valuing DS Smith at 373p. DS Smith shares were 5.4% higher at 342p at the time of writing.

“The groups say they can see substantial synergies from combining operations, but bizarrely at such a late stage in a deal’s progression, they have not yet quantified these synergies,” said Steve Clayton, head of equity funds, Hargreaves Lansdown.

“That will come later, and in the meantime investors in both companies are left to figure out if they are going to be sufficient to merit DS Smith investors giving up control of the group and Mondi investors roughly halving their exposure to the assets they currently own.”

Informa

Informa has had a strong start to the year, with revenue coming in higher than analyst consensus estimates due to further growth in the India, Middle East, and Africa region.

The group’s events businesses were heavily hit during the pandemic and the subsequent inflationary cycle has done the group no favours. 

That said, the group’s recovery over the past year has been material, and investors should be pleased. The strongest segment was the live events business with revenues in the region of £3bn in 2023 – a major improvement on 2022. Such was the strength in the B2B live events segment last year, the company returned around £700m to shareholders through dividends and share buybacks in 2023.

HSBC’s Global Research team has a 975p price target for Informa, compared to Friday’s price of 808p.

AIM movers: Mattioli Woods accepts bid at seven times flotation price and extra costs for Kinovo

Andrew Hore
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AIM movers: Mattioli Woods accepts bid at seven times flotation price and extra costs for Kinovo

Wealth management company Mattioli Woods (LON: MTW) is recommending an 804p/share bid from a company owned by Pollen Street Capital. That values Mattioli Woods at £432m and shareholders will still receive the interim dividend of 9p/share. The 2023-24 prospective multiple at the bid price is less than 17, falling below 15 the following year. When it joined AIM in November 2005 at 132p/share Mattioli Woods was valued at £22.5m. The share price jumped 31.7% to 790p. The share price reached a high of 892.5p near the end of 2021.

Diversity Network Investments has raised its stake in Sabien Technology (LON: SNT) from 23.3% to 25.2%. The share price moved up 26.1% to 14.5p.

Software company Checkit (LON: CKT) chair Keith Daley has acquired 250,000 shares at 18.35p/share, taking his stake to 19.6%. The share price recovered 8.11% to 20p, although it is still 13% lower this year.

Sutton Harbour Group (LON: SUH) has extended the Beinhaker Design Services loan facility by £450,000, taking it to £2.255m. The lender is controlled by the Beinhaker, who own the majority of the property and fishery services company. The final repayment date is 31 May 2025. The share price is 5.26% higher at 10p.

FALLERS

Kinovo (LON: KINO) estimates that the costs of the guarantees to complete work on projects taken on by ex-subsidiary DCB will be £2.9m higher than previously expected. Cash flow from the continuing operations will help to fund this but Kinovo will move into net debt by the end of March. This will not affect the pre-exceptional pre-tax profit forecast of £5.8m, up from £4.9m. The share price recovered strongly up until the beginning of the year, but it has fallen sharply since then with a further decline of 12.8% to 41p, just above the price it was one year ago.

SRT Marine (LON: SRT) is changing its year end to June 2024 and the current financial period will be for 15 months. Two expected coastguard contracts may not be secured by the end of March and may fall into the next quarter. Higher costs will hold back profit. Cavendish expects the previously forecast 12-month revenues of £70.9m to be reported for the 15-month period. The pre-tax profit forecast has been cut from £7.2m for 12 months to £5.7m for 15 months. The share price slipped 4.27% to 30.25p, which is down 27.1% this year. The December fundraising was at 35p/share.

Professor George Mergos has resigned from the board of Minoan (LON: MIN). He was working on the contract for the proposed development. An external Greek advisory team and additional legal support have been appointed to continue negotiations. The share price is down 3.33% to 0.725p.

Ethernity Networks (LON: ENET) has reappointed chairman Joseph Albagli after the completion of his three-year term. This is an interim appointment until his remuneration is approved by the remuneration committee. Joseph Albagli has been issued 921,152 shares at 2.5p each as part of his fees for the past year. The share price is 2.945 lower at 0.825p.

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