Mobile Streams shares dive as yearly revenues fold
Mobile content distributor Mobile Streams Plc (LON: MOS) saw its share price dive on the release of its trading update, which revealed a disappointing set of results for the full year ended June 30 2019.
The Company posted an Ebitda loss of £1.0 million, which narrowed from £1.2 million for the same period year-on-year. Further, cash and cash equivalents stood at £0.13 million, which was an improvement on the £1.0 million as of June 2018.
However, unaudited revenues fell considerably on-year, from £3.1 million in 2018 to £1.3 million by June 2019.
Kavango Resources rallies on new prospecting licence
Botswana-focused mineral exploration group Kavango Resources PLC saw their share price rally following its announcement that it had acquired a prospecting licence adjacent to its current licence at Ditau PL.
The new PL covers a 916.4km squared area to the south west of the current Ditau licence. The Company added that,
“It includes the extensions of the Ditau geological and geophysical structures that have potential for base metal mineralization.”
Kavango Resources comments
Michael Foster, Chief Executive Officer of Kavango Resources, stated,
“Extending our land position at Ditau following an assessment of the Company’s recent work provides Kavango with an important strategic ground holding in this prospective area.”
“Additionally we believe that this new licence could be instrumental in the farming-out of this project to an industry partner. This is currently Kavango’s preferred option. Our main focus remains the Kalahari Suture Zone (“KSZ”) structure in southwest Botswana where drilling is expected to commence later this quarter”.
Discussing its exploration model, the Company stated,“Kavango’s exploration model is based upon the search for magmatic massive sulphide orebodies buried beneath up to 200m of overburden. The identification of drill targets follows a carefully constructed exploration program specifically developed by the Company for exploration in areas covered by Kalahari and Karoo sediments and sands.”
“The exploration program is initiated by identifying the location of magmatic intrusive rocks from an analysis of the regional magnetic surveys published by the Botswana Government. This is followed by an airborne electro-magnetic survey (AEM) carried out over the magnetic anomalies that have signatures indicating the presence of intrusive rocks at depth. By using the latest generation of low frequency helicopter-borne EM surveying, conductors lying below the Kalahari/Karoo cover can be identified for further investigation. These conductors can be tested on surface by very high sensitivity soil sampling*, which can detect metal ions transported from buried, metal rich massive sulphide deposits associated with the emplacement of magmatic intrusive rocks.”
Investor notes
The Company’s shares have rallied 7.14% or 0.25p in morning trading, to 3.75p a share 15/07/19 13:17 GMT. Elsewhere in the mining and minerals sector, recent updates have come from; Anglo Asian Mining plc (LON: AAZ), Anglo Asian Mining plc (LON: AAZ) Pan African Resources (LON: PAF), Keras Resources PLC (LON: KRS), Jubilee Metals Group PLC (LON: JLP), Ariana Resources plc (LON: AUU), Caledonia Mining Corporation Plc (TSE: CAL) and Regency Mines Plc (LON: RGM).Tertiary Minerals rallies on zinc mineralisation at Nevada Project
Mineral exploration and production Company Tertiary Minerals plc (LON: TYM) has seen its shares rally during morning trading, following its announcement that it had discovered two zones of zinc-silver mineralisation at its recently acquired Paymaster Polymetallic Project in Nevada.
The Company said that the two zones – the Valley Prospect and the East Slope Prospect – would now undergo follow-up exploration and drilling.
Preliminary observation of the Valley Prospect revealed a thick skarn zone potentially 350 metres long and 8 metres thick. A rock sample taken from historic shaft spoil assayed 7.5% zinc, 4.3% lead and 180 g/t of silver.
Observation of the East Slope Prospect showed a 650 metre zinc soil anomaly ( estimated 100-250 ppm zinc), surrounding a previously sampled outcrop of zinc-silver cobalt bearing skarn mineralisation. This included a 175 metre long 250-500 ppm zinc soil anomaly. Past rock sample assays display up to 20.9% zinc, 0.11% cobalt and 198 ppm silver.
Infill soil sampling and trenching has been proposed to better define the drill target.Tertiary Minerals comments
The Company’s Managing Director, Richard Clemmey, attached the following comments to today’s update,“We are pleased to be reporting these two new targets as a result of follow up of our soil sampling results at the Paymaster Project and to be closing in on drill targets at such an early stage in the life of the project. This follows on from our recent acquisition of the Pyramid Gold Project, also in Nevada, where drill targets for gold are already defined.”
“These results demonstrate how value can be added at low cost as we build up a new portfolio of base and precious metal projects in the western USA.”
On the Valley Prospect, the Company’s statement contineud by saying, “During the recent field reconnaissance, a large and potentially thick zone of skarn mineralisation was located on the edge of a broad valley in the central part of the Project area. This zone has an arcuate form with an outcrop length of approximately 350m and an outcrop width up to 8m thick. A single historic prospector’s mine shaft (estimated minimum 200 ft deep) has been excavated within this skarn exposing gossanous skarn in its walls to the full depth visible from surface. A sample taken from the material excavated assayed 7.5% zinc, 4.3% lead and 180g/t silver.” And on the East Slope Prospect, “The East Slope Prospect is defined by a 650m long soil zinc anomaly. Outcrop in this area is limited but the anomaly does include a small exposure of skarn mineralisation where a previous sample returned a grade of 20.9% zinc, 0.11% cobalt and 198 ppm silver.”Investor notes
Since trading began on Monday, Tertiary Minerals shares are up 6.38% or 0.015p to 0.25p a share 15/07/19 11:39 GMT. Elsewhere in the mining and minerals sector, recent updates have come from; Anglo Asian Mining plc (LON: AAZ) Pan African Resources (LON: PAF), Keras Resources PLC (LON: KRS), Jubilee Metals Group PLC (LON: JLP), Ariana Resources plc (LON: AUU), Caledonia Mining Corporation Plc (TSE: CAL), Regency Mines Plc (LON: RGM) and Acacia Mining PLC (LON: ACA).Anglo Asian Mining shares dip on lower copper production
Gold, copper and silver producer Anglo Asian Mining plc (LON: AAZ) announced on-year growth but saw their share price dip after noting that copper production volumes had dipped between Q1 and Q2 2019.
In its summary, the Company noted that quarterly production dipped between Q1 and Q2, which Anglo Asian attributed to a comparative reduction in copper production by 63 tonnes. This was due to planned mining of lower grade copper ore; the Company expects copper grades to increase for the remainder of the year.
Despite this, the Company booked improved production expressed as gold equivalent ounces (GEOs). Q2 production was up 3% year on year, rising to 19,618 GEOs. H1 production was up even further on-year, growing 7% to 39,905 GEOs.
The Company added that they posted strong results on cash generation, with $4.6 million in Q2 and $9.3 million for H1 2019. Further, net cash increase from $10.8 million on March 31 2019 to $15.4 million June 30 2019. Anglo Asian also announced
“Backlog of concentrate production now sold due to resolution of logistical issues by off-taker – gross concentrate sales of $7.6 million in Q2 2019.”
The Company is a Central Asian producer with a 1,962 square kilometre production portfolio in Azerbaijan, assembled from Soviet geological data.
Anglo Asian Mining comments
Company CEO Reza Vaziri attached the following insights to today’s statement,
“This is another good quarter’s production with a 7 per cent year-on-year increase in the first half compared to 2018. The production in the quarter was slightly less than the previous quarter due to the planned mining of lower grade copper ore, however, we are expecting copper grades to increase for the rest of the year. The logistical issues in selling concentrate reported last quarter were resolved and the Company had gross sales of $7.6 million of concentrate in the quarter. The Company continues to be a strong cash generator and our net cash increased by $4.6 million in the quarter.”
Investor notes
The Company’s shares dipped 1.95% or 2.4p in morning trading on Monday, down to 120.6p a share 15/07/19 11:26 GMT. Elsewhere in the mining and minerals sector, recent updates have come from; Pan African Resources (LON: PAF), Keras Resources PLC (LON: KRS), Jubilee Metals Group PLC (LON: JLP), Ariana Resources plc (LON: AUU), Caledonia Mining Corporation Plc (TSE: CAL), Regency Mines Plc (LON: RGM), Acacia Mining PLC (LON: ACA) and Arc Minerals Ltd (LON: ARCM).
Miton Group sees AUM rise in first half
AIM listed fund management Company Miton Group PLC (LON: MGR) saw its Assets Under Management rise in the first half, and today it published its H1 results for investors and press.
For the half year ending 30 June 2019, the Company announced its AUM had risen 8% since 31 Decemebr 2018, up from £4.376 billion to £4.724 billion.
Further, Miton average AUM had jumped 11.5% on a year-on-year basis, up from £4.126 billion for H1 2018 to £4.601 billion for H1 2019.
The Company also noted that cash balances had increased for the first half on-year, with £21 million as of 30 June 2018, to £23 million at 30 June 2019. There was also a turnaround in cash flows, with H1 2018 demonstrating £616 million in inflows, while H1 2019 illustrated outflows of £82 million.
Miton Group Comments
Chief Executive of the Company, David Barron, had the following notes to add to the results,
“The Group has seen its AuM increase by £348 million in the Period to close at over £4.7 billion. In common with much of the industry, we experienced outflows from our UK equity funds reflecting both the wider concerns about the UK market and the divergence in returns from different parts of the market, post the 2016 Brexit vote. Our funds are actively managed and at times their performance will differ from peers and the wider market.
By offering a wider range of strategies the Group continues to diversify the business and its revenue streams. At the Period end, for the first time, the Group had four investment teams each managing AuM in excess of £600 million. These and our other strategies have further scope for growth having established critical mass and strong performance track records.”
Investor notes
Following the release of today’s results, the Company’s shares dipped 2.34% or 1.1p to 46p a share 12/07/19 13:58 GMT. Liberum Capital analysts reiterated their ‘Buy’ rating on Miton stock, while Peel Hunt reiterated their ‘Add’ stock. Elsewhere in wealth management, there have been updates from; Walker Crips Group plc (LON: WCW), Liontrust Asset Management PLC (LON: LIO), Mattioli Woods (LON:MTW), Intermediate Capital Group plc (LON:ICP) and Babcock International Group PLC (LON:BAB).Aquila European Renewables acquires stake in Norwegian wind power
Renewable energy investment firm Aquila European Renewables Income Fund (LON: AERI) announced today that it had made its third acquisition since its successful IPO on the London Stock Exchange in May 2019.
The Company acquired 25.9% of the share capital in one of Norway’s largest wind farms, Midfjellet Vindkraft AS. The farm was built in three phases; phase one and two comprise 44 N100 and N90 wind turbines that have been operational since 2013 (2.5 megawatts each), both are from Nordex. The third phase comprised 11 Nordex N117 3.6 MW turbines (totalling 40 MW), and commenced operation in August 2018.
Aquila European Renewables comments
Company Chairman Ian Nolan, said,
“The Board is very pleased with the continued capital deployment towards a diversified portfolio of renewable energy assets. Investments in projects backed by PPAs is a key element of the Company`s investment strategy and value proposition. The acquisition is expected to make a strong contribution towards AERIF´s dividend objective.”
“Commenting on today’s announcement, Christine Brockwell, Senior Investment Manager at Aquila Capital, the investment adviser: “With the investment in Midtfjellet, the Company is diversified across three continental European countries, Portugal, Denmark and Norway, with a good blend of revenues from feed-in tariffs and power purchase agreements. In aggregate c. 40% of the proceeds raised from the IPO are invested and we are looking forward to advising the Company on further investments in the near future.”
The Company’s statement then continued with additional information, “A comprehensive hedging strategy for the proceeds from the sale of electricity and green electricity certificates (“Elcerts”) as well as guarantees of origin (“GoOs”) was recently implemented by Aquila Capital. The power purchase agreement (“PPA”) covers 70% of the expected P-50 production for the next ten years. The investment was part of the enhanced pipeline, as disclosed in the prospectus dated 10 May 2019 and the consideration amounts to c. 13.3% of the proceeds raised.”Investor notes
The Aquila European Renewables shares rallied modestly by 0.73% or 0.0075p to 1.04p a share 12/07/19 12:42 GMT. Elsewhere in the renewable energy sector, there have been recent updates from; PowerHouse Energy Group (LON: PHE), SIMEC Atlantis Energy (LON: SAE), The Renewables Infrastructure Group Ltd (LON: TRIG), Tekmar Group Plc (LON: TGP) and Remote Monitored Systems PLC (LON: RMS).John Menzies board reshuffle following profit warning
Aviation services Company John Menzies plc (LON: MNZS) announced a series of board changes following its profit warning last week.
The Company announced that its presiding Chairman of the Board, Dr Dermot F Smurfit, will vacate his position on the Company’s board and be succeeded by Philipp Joening, who is the current non-Executive Director.
Further, the Company said that the new Deputy Chairman will be David Garman, who currently holds the office of Senior Independent Director.
Menzies Board comments
The John Menzies Board commented on the update, with Dr Smurfit beginning,
“I have greatly enjoyed my time with Menzies during which we have delivered on a number of key corporate and financial objectives. I wish the Group and its 36,000 employees the very best for the future as it embarks on the next stage of its journey. I believe that this now requires an industry specialist to bring Menzies to a new level of excellence. I wish my successor, Philipp Joeinig every success in that mission.”
David Garman, followed,
“On behalf of the Board, we would like to recognise and record our sincere appreciation to Dr Smurfit for his significant contribution to our business. He has been an effective and excellent Chairman and we wish him well with his future endeavours.”
Incoming chairman, Philipp Joeinig, added,
“I am very honoured to have been appointed to succeed Dr Smurfit as Chairman of John Menzies plc. I believe the Group has a very exciting future and I look forward to working with the Board and the management team as we look to progressively grow the business and deliver returns to our shareholders.”
The Company’s details then enclosed the following,
“Dr Smurfit joined the Board in July 2016 and oversaw the $202m transformational acquisition of ASIG Ltd, successfully sectioned the defined benefit pension scheme and, most recently, completed the sale of Menzies Distribution, exiting the Group from the print media logistics sector.”
“Following the Distribution sale, the Group’s transformation is now complete and Menzies is a pure play Aviation Services business that is very well placed to prosper in the fast-moving aviation sector.”