Labour backs early general election in December
Last week, Members of Parliament rejected Prime Minister Boris Johnson’s timetable for debating his Brexit deal.
ID Finance crowdfunding surges past £2m target as investors eye Latam region
ID Finance, the fintech company operating in Europe and Latin America, has surged past its £2m crowdfunding target on Crowdcube and is now overfunding with £2.3m raised from over 700 investors. The Barcelona-based lending-tech scaleup is the second-fastest growing fintech in Europe, according to Financial Times, has enjoyed strong investor demand as it looks to disrupt the LatAm market. The company will continue to take commitments from investors at crowdcube.com/idfinance
ID Finance is a data science, credit scoring and digital finance company that is pioneering fintech innovation in emerging markets with a range of convenient, competitive and transparent loan products available over the internet. The company is now operating in Spain, Brazil and Mexico. Anyone with a smartphone can apply online for a loan via its Moneyman and Plazo brands, regardless of their credit history. The process is fast, transparent and hassle-free.
The company has a well-established global team and over 3 million users, with over 40,000 new users joining each week. It is on track to double revenues this year to €90m – up from €13m in 2017 – and is targeting €267m+ of revenue by 2021, with the goal of becoming the number one digital lending platform in the markets of presence.
“More than 700 investors from over 60 countries have decided to invest in ID Finance during the first week of our equity crowdfunding campaign. We’re delighted to welcome these investors on board as we continue on our mission to address the underbanked,” comments Boris Batin, CEO and co-founder at ID Finance. “We have industry-leading technology, a financially prudent business model and a well established international team ready to scale in some of the most exciting markets for fintech.
ID Finance operations in Spain are profitable after three years and it is aiming for break-even in the short term. The company was recently selected by Euronext, owner of the Paris Stock Exchange, for its pre-IPO program. The TechShare program is designed for technology companies and helps to prepare them for potential entry into the stock exchange.
Luke Lang, co-founder and CMO, Crowdcube said: “We’re not at all surprised by the high level of investor interest. ID Finance has a proven track record and operates in the dynamic Spanish and Latin American markets for fintech – a sector that is attracting huge interest with investors coming to Crowdcube.”
Don’t miss out – invest in ID Finance via Crowdcube today: crowdcube.com/idfinance
The company has a well-established global team and over 3 million users, with over 40,000 new users joining each week. It is on track to double revenues this year to €90m – up from €13m in 2017 – and is targeting €267m+ of revenue by 2021, with the goal of becoming the number one digital lending platform in the markets of presence.
“More than 700 investors from over 60 countries have decided to invest in ID Finance during the first week of our equity crowdfunding campaign. We’re delighted to welcome these investors on board as we continue on our mission to address the underbanked,” comments Boris Batin, CEO and co-founder at ID Finance. “We have industry-leading technology, a financially prudent business model and a well established international team ready to scale in some of the most exciting markets for fintech.
ID Finance operations in Spain are profitable after three years and it is aiming for break-even in the short term. The company was recently selected by Euronext, owner of the Paris Stock Exchange, for its pre-IPO program. The TechShare program is designed for technology companies and helps to prepare them for potential entry into the stock exchange.
Luke Lang, co-founder and CMO, Crowdcube said: “We’re not at all surprised by the high level of investor interest. ID Finance has a proven track record and operates in the dynamic Spanish and Latin American markets for fintech – a sector that is attracting huge interest with investors coming to Crowdcube.”
Don’t miss out – invest in ID Finance via Crowdcube today: crowdcube.com/idfinance Growth opportunity for Fever-Tree increases amid popularity of Indian gin
Fever-Tree
Fever-Tree (LON:FEVR), a UK based producer of premium soft drinks, achieved an annual growth rate of approximately 39% in 2019. The demand for Fever-Tree products remains high in the United Kingdom. Fever-Tree recently warned that its growth rate might slow down due to bad weather in the United Kingdom. Wet weather starting earlier this summer had a negative affected Fever-Tree’s trade arrangements negatively. Nevertheless, Fever-Tree reported an increase in its revenue from £117.3m to £104.2m in 2019. Fever-Tree’s revenue went up 13% in 2019. The company achieved growth across all of its four regions. Fever-Tree strengthened trade relations with the United States which led to further growth in revenue. The company’s global reputation improved amid increasing popularity of Fever-Tree products in Australia and Canada. Increasing demand for upmarket gin creates further opportunities for Fever-Tree to grow.Gin
Originating in India, gin and tonic continues to be one of the most popular cocktails in the world. The recent growth of Stranger & Sons, an Indian upmarket gin brand, creates further growth opportunities for Fever-Tree. Tonic has the advantage of being a complimentary good. As demand for gin increases, so does the demand for tonic.Increase in Demand
A recent increase in global demand for gin opens up opportunities for those who wish to invest in alcoholic beverages. Due to the increasing popularity of gin, the list of popular brands is getting longer. The United Kingdom is one of the primary suppliers of gin. It is home to popular brands such as Bombay Sapphire, Sikkim, Jodhpur, Opihr and Gin Wala. While gin originated in India, it has taken time for home grown brands to become popular in the global market due to the competitive nature of the sector.Stranger & Sons
A new company is set to change the global role of home-grown gin in India. Stranger & Sons bottles started to appear in bars in and outside of India. Local availability of botanical plants as well as spices creates an advantage for Stranger & Sons. Stranger & Sons reduces transport costs and saves time by using locally grown ingredients. Furthermore, the company created employment opportunities in the region by hiring local employees. Global demand for Stranger & Sons’ products has been increasing. Stranger & Sons’ takes pride in the uniqueness of its upmarket gin as it includes local spices special to India.Growth Rate
According to Drinks Market Analysis, premium bottles produced by Stranger & Sons have an annual growth rate of 20%. Production is likely to grow due to increasing global demand. However, the company faces multiple challenges.Challenges
According to a research conducted by the Asian Development Bank, 21.9% of India’s population lives below the poverty line. The risk of selling an upmarket product in a country with such a high poverty rate is high. Stranger & Sons can overcome this challenge by diversifying its income to reduce dependency on local customers. A way to accomplish this is to become a prominent figure in the global market. The Economist predicts a 5% annual decline in the overall gin sales in India. Stranger & Sons charges approximately $40 for a bottle of its classic gin. Furthermore, some regions in India have high taxes on alcohol. Four states in India are completely dry, limiting the demand for gin in India.Growth Potential
The company has potential for growth despite challenges posed by external factors in India. Global market for gin is competitive. India is the 55th global seller of gin in the world. If Stranger & Sons wants to improve its presence in the market, it will need to increase its global supply of gin. Nevertheless, it is relieving to know that new sources of upmarket gin are appearing in the global market.Post- Brexit Supply
Wine and Spirits Trade Association warns consumers that a no deal Brexit might cause a gin shortage in the United Kingdom. Distillers in the United Kingdom rely on shipments from the European Union. In a time of Brexit uncertainty, it might be advantageous to search for alternative options. Growing production of upmarket gin in India can be the answer to a possible lack of supply amid Brexit.Two Shields raise extra funds through share placing
Two Shields Investments Plc (LON: TSI) have raised £1 million of extra funds through an oversubscribed placing, which will go towards further investments into BrandShield and WeShop.
BrandShield is an anti-counterfeiting, anti-phishing and online brand protection firm, while WeShop is an e-commerce-focused social network platform. Two Shields currently has an 11% shareholding in BrandShield and 6.7% stake in WeShop.
Two Shields have raised £1 million through the issue of 1.00 billion shares at a price of 0.10 pence per share. This saw a 29% discount from the company’s closing price on Monday at 0.14p.
“I would like to welcome our new Investors and thank existing investors for their continued support as Two Shields continues its journey and transition into the next phase of development. I have spent a considerable amount of time with both BrandShield and WeShop and I am very excited about prospects and growth trajectory,” said Chair Andrew Lawley.
Additionally, in the announcement Two Shields said that Kalahari Key Mineral Exploration Pty Ltd has selected five targets in the Molopo Farms Complex project.
It is notable that Two Shield hold an 18% stake in Kalahari Key Mineral Exploration Pty Ltd.
The Molopo project is a nickel-copper-platinum group metals exploration project in Botswana.
“Kalahari Key are rapidly advancing in Botswana to a position where they can drill the high priority targets. The initial programme will cover five very strong conductor targets and will optimise the chance of making a discovery,” said Chief Executive Paul Johnson.
Kalahari Key will implement gravity surveys over the five drill targets, to eliminate any chance that the targets are graphite rather than sulphide bodies, as the former would be of interest.
The decision to invest in Kalahari Key Mineral Exploration Pty Ltd shows diversification from Two Shields and a willingness to invest capital into a relatively young firm.
Shares of Two Shields have dropped 10.34% during Tuesday Trading, and are currently valued at 0.13p per share.
In the finance sector there have been updates. Hastings (LON: HSTG) have seen revenue falls despite increase in GWP, Integrafin (LON: IHP) have seen their annual funds rise and Georgia Capital (LON: CGEO) have seen their shares drop.
Pfizer smash market and analyst estimates
Pfizer (NYSE: PFE) have seen their third quarter profits beat market expectations and exceed many analyst reports in an impressive trading update.
The Pharmaceutical titan showed higher sales of breast cancer drug Ibrance and subsequently raised its earning forecast for the financial year.
The new leadership of Albert Bourla as Chief Executive has led to more streamlined operations.
Dr. Albert Bourla, Pfizer’s Chief Executive Officer, stated, “We reported strong third-quarter 2019 financial results, driven by 9% volume-driven operational revenue growth in our Biopharma business, including growth from key brands such as Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta as well as in emerging markets. Upjohn revenues were negatively impacted primarily by the July 2019 loss of exclusivity of Lyrica in the U.S., while Consumer Healthcare revenues declined as a result of the completion of the JV transaction with GSK(1) during the quarter.
Additionally an announcement in July said Pfizer would separate its off-patent branded drugs business and combine it with generic drugmaker Mylan NV (NASDAQ: MYL).
Ibrance sales rose 25% to $1.28 billion in the quarter, ahead of the average estimate of $1.21 billion, according to numbers compiled by brokerage UBS (SWX: UBSG)
The company said it expects to earn between $2.94 per share and $3.00 per share, up from a prior estimate of $2.76 to $2.86. Analysts on average were expecting $2.82 per share, according to Refinitiv IBES.
Net income accountable to Pfizer’s shareholders rose to $7.68 billion, or $1.36 per share, in the quarter, from $4.11 billion, or 69 cents per share, a year earlier.
Frank D’Amelio, Chief Financial Officer and Executive Vice President, Business Operations and Global Supply, stated, “I was pleased with our third-quarter 2019 financial results, which reflect strong momentum in our Biopharma business. We updated our 2019 financial guidance primarily to reflect our financial results through the first nine months of 2019 and our confidence in the business going forward. We raised the midpoint of our 2019 guidance range for revenues by $200 million to a range of $51.2 to $52.2 billion, composed of $400 million of operational revenue improvement, partially offset by a $200 million unfavorable impact from changes in FX rates since mid-July 2019.
The trading report updated by Pfizer shows strong momentum to grow and increase profits in the final quarter of 2019.
This should sustain shareholder’s interest as Pfizer look to increase profits and diversify operations.
Currently, shares of Pfizer are trading at $37.28 per share up 1.39% during Tuesday trading. 29/10/19 12:27BST.
In the pharmaceuticals industry there have been updates. Tissue Regenix (LON: TRX) shares have fallen after warnings of lower revenues, Yourgene Health Plc (LON:YGEN) have hit their ambitious growth target, and Salarius Ltd (NASDAQ: SLRX) have secured a new patent for Microsalt.
Galantas shares sink on Omagh project suspension
Galantas Gold Corp (LON: GAL) have seen their shares sink, this is due to the suspension of operations at their Omagh site.
In a statement this morning, Galantas said operations were suspended due to insufficient supervision arrangements and added that it will seek strategic alternatives due to “economic impingement on the company’s operations.”
As all blasting operations must be supervised by Police Service of Northern Ireland, there was a shortage of resources which halted this operation
Presently police arrangements are not sufficient for the desired level of operations which has caused disruptions to Galantas.
“The current arrangements are not sufficient to allow for the expansion of mine operations as envisaged by the company’s existing mine plan and until changes are agreed, the present inefficiencies caused by those arrangements form an increasing financial burden, which has proved a significant drain on the financial resources of the company,” Galantas Gold explained.
The company said, as a result, it has started consultations to reduce employee numbers at the Omagh mine and save costs. Galantas, however, plans to continue with some some operations at the gold mine.
The fact that Galantas have not seized all operations at the Omagh mine is a positive, as this does show plans to continue operations in the longer term, giving shareholders hope.
Additionally, the benefit of not seizing operations will come as a relief to employees at the Irish mine, where their jobs are secure for the immediate short term.
Since this announcement, Galantas have looked to seek alternatives such as reviewing operations, finding a joint venture partner and alternative financing structures due to the “economic impingement” on its operations.
In order to implement this changes, strategies will have to be conjured in order to raise new capital and funds.
Shares of Galantas Gold are trading at 2.08p per share, seeing a fall of 42.22%. 29/10/19 12:07BST.
In the mining sector, Centamin (LON: CEY) have experienced a output decline, Serabi Gold Plc (LON: SRB) have shown strong production figures in their third quarter, Antofagasta (LON: ANTO) have faced tough political conditions and Europa Metals (LON: EUZ) have gained a boost in their Spanish operations.
Jo Swinson’s short memory could cost the Lib Dems dearly
If you’ve heard of the ’empty centre’, you’ve most likely heard of the party that calls that landscape home. The Lib Dems (Liberal Democrats): centrist and unfulfilled or just moderately shambolic?
As the son of an ex-Liberal councillor, I can’t avoid any mention of the Lib Dems being followed by a remark about the party not being what they once were in their previous incarnation. And perhaps my mum is right. Once upon a time the party were the voice of rights, freedoms and even positive liberty in British society. Today, they seem to be lacking either an effective voice or much to have a voice about.
One interesting insight by Roi Zur of the British Journal of Political Science, stated that it mattered little at this point whether the Liberal Democrats moved either way on the political spectrum, but rather that voters were looking for valence attributes. These attributes, when boiled down to a reductive summary, were mainly constituted by competence and trustworthiness.
Following this logic, I believe Jo Swinson deserves praise for asserting a strong Remain position as the party line. Not only does it display a degree of certainty from a party often found wanting in regard to ideological loyalty, but it sets them apart from their two largest counterparts. The Lib Dems aren’t just identifiable and accountable to this explicit position, but their efforts in furthering this cause gives them a direction and unity that the Conservatives and Labour can only envy.
My optimism for the moderate centre-ground underdogs ended this week, however, with what I viewed as two ill-conceived moves of political chess.
First – and not in order – yesterday’s proposal to back Boris Johnson’s bid for a general election. Some credit is owed to Jo Swinson, not only for her gusto, but for her efforts to make the Lib Dems once again appear like a party not only willing but ready to attempt a position in government. This surefootedness is not only admirable but contrary to the offerings of other UK-wide parties.
I’m afraid that’s where my praise ends. While wishing the Lib Dems the best in their endeavours, I believe pushing for a general election, or more importantly aligning themselves with the Conservatives once again, was more a move of hubris than prudence. Not only does it encourage connotations of 2010, but the subsequent memories of back-tracking and betrayal where there was once such hope. The clamour surrounding the Nick Clegg-Vince Cable machine and ensuing coalition disaster was with no exaggeration the Lib Dem’s most memorable highlight in the modern epoch. Moves such as yesterday’s offer to back a Conservative prime minister hell-bent on undercutting citizen’s rights and social provisions, screams not only of desperation but of a laughable desire to one-up the party’s past misjudgement.
Secondly, I’d cite the party’s decision to abstain from the vote to express regret for Social Care Act 2012. I’d begin by highlighting that the vote was, as sensationally omitted when announced across news and social media outlets, neither to enforce an end to NHS privatisation, nor to end NHS privatisation in its entirety. It was a vote to express regret that the Queen’s Speech had not repealed the Social Care Act 2012.
In response to the party’s decision to abstain, former leader Tim Farron stated, “The amendment talked of stopping privatisation – and if that was all it said, I’d have voted for it… but it also entailed a massive, pointless restructuring of the NHS, which would be extremely daft.”
With this in mind, I think abstaining sent the wrong message if nothing more. Voting in favour of an entirely formative motion would not have forced the party to permanently commit to a policy line, but it would have displayed some regret for past wrongdoings. Like it or not, having a hand in extending the privatisation of the NHS didn’t do any favours for the Lib Dem brand, and showing no remorse allowed the vultures to pounce and knock Jo Swinson’s progress back a couple of steps.
On surface level, a bit of initiative would inform you that most Remain supporters are also likely to support the NHS as a public service, so it would appear little more than poor judgement that the Lib Dems decided not to offer sentimental support for the beliefs of their (now) core demographic. On a more substantive level, supporting the NHS as a public service is entirely within the party’s remit. Despite being a somewhat fluid entity within the centre-ground, the party’s raison d’etre is the preservation of liberty via rights, and I struggle to think of many pillars of decent and civilised society that are more important in modern Britain than our NHS. Protecting it should be a badge of honour for a party which purports to further justice and opportunity. Missing an opportunity to show solidarity behind such an important institution tells me that at best, the party are not yet fully competent, and at worst, if such a disregard was intentional, they should be ashamed.
Elsewhere in political and macro economic news, there have been updates from; new Brexit deal agreed, UK economy looks likely to avoid recession, Hong Kong protester shooting and China’s strategy, the Supreme Court rules against Boris, the collapse of Thomas Cook (LON: TCP), the bid for the London Stock Exchange (LON: LSE), Lloyds Banking Group PLC (LON: LLOY), Barclays (LON: BARC) and Deutsche Bank (ETR: DBK).
Europa Metals gain boost in Spanish operations
Europa Metals (LON: EUZ) have received a new resource boost at its Toral lead and zinc project in Spain.
The London Stock Exchange listed metal miner said that the new resource will estimate a 30% increase in contained tonnes of zinc to roughly 830,000 tonnes.
A 12% boost to contained tonnes of lead to about 570,000 tonnes. In silver, there was an 8% increase in contained ounces to roughly 14 million.
Europa said: “The board views this resource update as being a significant step forwards for the overall project programme from the initial conceptual scoping study based on Europa Metals’ work conducted at Toral in 2017-2018 and the previous inferred-only resource estimate announced on December 10, 2018.
The board also added “The upgraded resource estimate follows the processing of assays from the company’s 2018 and 2019 diamond drilling campaigns into a new resource model. It also reflects the findings from a 2018 surface mapping programme, analysis of faulting structures and increase in bulk density measurements, and incorporated data obtained from the 2018 and 2019 reverse circulation and diamond drilling campaigns, combined with the historic core re-logging.”
Executive Director Laurence Read added: “Today’s resource update containing approximately 2.7 million tonnes of indicated resource at 8.9% zinc equivalent (including lead credits) and a 12% increase in the total resource to 18 million tonnes at 7.4%, using a 4% cut-off, is, in our view, the most significant development for the Toral Project to date.
This new resource could have benefits in supply lines for both zinc and lead production.
Indeed this is an impressive find but how Europa implement this is still yet to be seen, however this could give Europa a strong foothold in the mining market as well as expand Spanish operations.
Read concluded “The results will form a major part of a first mining plan for a pre-feasibility study but will also, importantly, inform our approach to enhancing the current mineable area and selectively assessing new prospective areas for future resource upgrade and expansion.”
Shares of Europa Metals are trading at 0.035p per share, +2.35% during Tuesday trading. 29/10/19 11:52BST.
In the mining sector, Centamin (LON: CEY) have experienced a output decline, Serabi Gold Plc (LON: SRB) have shown strong production figures in their third quarter and Antofagasta (LON: ANTO) have faced tough political conditions.
Goldplat shares jump as profits revealed in third quarter
Goldplat PLC (LON: GDP) have seen their shares soar as a trading update showed strong profit figures in the third quarter period.
Sales were up by almost a third to £4.5 million at its main Goldpat Recovery business after a tough 2018 trading year
In the trading update provided, profits up to 30th September were strong and managed to suffice shareholder appetite.
The AIM listed gold manufacturer said its performance had improved during the period as operations in South Africa was supported by the rise in the price of gold.
Additionally, production levels in Ghana rose due to increases in materials sourced.
For one of its significant operations, Goldplat Recovery business, the firm said sales were up by almost a third to £4.5 million, compared to £3.4 million in the same period last year.
The producer also unveiled plans to increase the life of its near-capacity tailings storage facility by 12 to 18 months at a cost of £250,000.
Alongside this plans were confirmed to start building a new storage facility to be approved, constructed and commissioned during the next year, set to cost between £500,000 to £700,000.
The group said that operations in Ghana had increased to £23,000 profit in the third quarter, while Kilimapesa Gold halved its losses from the previous quarter to £127,000 due to a reduction in costs after it was put on care and maintenance.
Goldplat gave insight for investors into reasons why performance had solidified saying the following:
The following events have contributed to the improved performance during the Quarter –
- The continued production in South Africa was supported by the increase in gold price;
- Increase in production levels in Ghana due to increase in material sourced;
- Reduction in losses at Kilimapesa due to the mine being on care and maintenance, with only artisanal tailings being processed to contribute towards the costs of care and maintenance;
- Cost reductions and improved operational efficiencies throughout the Group over the past year are contributing to profitability, including cost reductions on central group overheads;
- Improvement in certain plant operational efficiencies have not only reduced costs but improved gold recovery;
- Some of the cost savings have been invested into material sourcing initiatives and increasing physical security in South Africa.
i3 Energy shares rocket on ‘groundbreaking’ discovery
i3 Energy Plc (LON: I3E) have seen their shares rocket after a potential groundbreaking discovery made at its Serenity oilfield in the UK central North Sea.
The UK-focused oil and gas firm said the Serenity 13/23c-10 well, located on its completely owned Serenity compound had preliminary well results consistent with i3’s 197 million barrels stock tank original oil-in-place for the Serenity closure in the licence area.
This potential phase one development will target 63 million barrels, through four wells ensuring that i3’s revised expected recoverable reserves stands at 23 million barrels.
Phase two will target 396 million barrels STOIIP via further exploration drilling.
i3 have extended their rig contract with Borgland Dolphin following this discovery.
The two firms have agreed a deferred payment structure, giving right on first refusal on the Borgland Dolphin semi-submersible rig through to the end of January 2020.
Borgland Dolphin have also said they will defer payments into early 2020, giving i3 enough funding for the remainder of its 2019 operations, including the three well drill campaign.
i3 have issued 2.2 million warrants to subscribe for shares priced at 56.85p to GE UK as payment for oilfield services.
i3 Energy Chief Executive Majid Shafiq said: “The discovery of the Serenity oilfield, a potentially very large oil resource, is a transformational event for i3 Energy plc.
He added “We now have proven oil in a second structure on our licenses. It is the culmination of three years of detailed geological and reservoir analysis and validates our regional model for the Liberator and Serenity oilfields and neighboring structures. We will now integrate data from the 13/23c-10 well into our geological modelling as we develop an appraisal and development plan for Serenity, which we believe is connected to the undeveloped Tain oilfield”
Shafiq concluded “This result also adds confidence to our revised mapping of the Liberator field, which utilises the same reprocessed seismic dataset now used to map the Serenity field, and integrates data from the recently drilled 13/23c-9 Liberator well. We now look forward to returning to Liberator where we’ll continue the necessary drilling operations to progress that field towards development.”
Currently, shares of i3 energy are trading at 41.45p per share, seeing a huge rise of 48.04% during Tuesday trading. 29/10/19 11:19BST.
Elsewhere in Oil and Mining sector updates have been provided. Tower Resources have pursued a new joint venture, Baron Oil (LON: BOIL) have seen their share price dip, Nostrum Oil and Gas (LON: NOG) face revenue shrinks and Hunting (LON: HTG) have speculated on lower profits.
