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Problems with waste are one thing (and in the throwaway society of the past 60 years a big thing), but understanding the PHE business model is another.
PHE having customers who will actually cough up the capital to build and operate a PHE plant (only a demonstrator exists at present), with routes to market for the energy products - well those are further questions...
It is because the calorific value of coal is higher than that of wood that I have long felt that Drax should burn coal (or, better, gas) rather than wood pellets, and offset the CO2 via planting new trees which are allowed to grow to maturity rather than be burned.
I thought if Le Pen wins, there may be a nice opportunity.
Strictly FWIW as a thank you here is my best current idea- Vitec (VTC).
Won't clog up the board on VTCoff topic, would just say on their investors site
worth listening to the 2016 Capital Markets Presentation, and the recent FY
Conference Call, if you can't sit through the entire FY CC, the last 5 mins approx,
where strategy and new products are discussed is perhaps the most informative.
On VTC valuation I ignore the exceptional items and focus on FCF, plus future prospects.
Thanks for taking time to reply. My perhaps flippant Stalin reference was inspired by the Spock quote. It was a bit ironic because Stalin was a counter revolutionary and he "represented" the minority (in terms of the populace). But he positioned himself as representing the majority.
Orwell said it best in Animal Farm.
I agree completely that we have to interact and influence.
It's mind boggling how minorities have always had most of the power but do they really seek to offer representation or do they attempt to further there own vested interests? The majority who don't have such power have some kind of representation if we are lucky. Whether that representation is anything more than token most often, is a mute point. I think it's complicated.
Intermittent power here at home and the electrician is just arriving so must dash.
Dave I note this years accounts are next month on the 21, which is a Tuesday, and is a good pointer to what we can expect once they are released . V.E.C in the past,have always released bad news on a Thursday or Friday, obviously this means they have entered into a closed period now,and might explain why we are not getting any replies to our E Mails regarding the joint venture.
,I will now wait to hear if you have been able to talk to some one and for the year end results to be published before trying again to get an answers as to what is happerning with regard to this important joint venture ..
.Vectura Group plc
Notice of Preliminary Results
Chippenham, UK, 15 February 2017: Vectura Group plc (LSE: VEC) ("the Group"), an industry-leading inhaled airways disease focused business, plans to announce its Preliminary Results for the nine month period ended 31 December 2016 on Tuesday 21 March 2017.
James Ward-Lilley, Chief Executive Officer, and Andrew Derodra, Chief Financial Officer, will host a briefing for analysts at 9.30am on the morning of results in the Guildhall Room, 85 Gresham Street, London, EC2R 7HE.
Thanks for the compliment jamesthetrain, I wish I was that person as according to him he has made a small fortune calling these indices correct (I have been a silent follower of him for a while) I just wished I had the conviction to follow some of them. I wouldn't touch them for now and due to his silence I doubt he would either.
"I would have thought you liked his Diageo background?"
I confess that I didn't know he had a Diageo background and (having checked him out on Linked in) it's quite a distinguished one. Respect.
However, a distinguished career at Diageo doesn't necessarily mean that one is any good at M&A, particularly in a far off country of which one knows little (Litherland never worked in Latin America).
Look at the Diageo CEO, Ivan Menezes ... he was responsible for buying the North American portfolio of wines which Diageo bought a few years ago and subsequently sold at a stonking loss. And his Diageo predecessor as CEO, the gritty Lancastrian Walshy, was responsible for buying Ypioca in Brazil, which has also thus far proved a giant lemon.
Brazil is "count your fingers" country, m8! The locals will ream you from ahole to breakfast if you don't have your wits about you.
Not quite sure what your question means Mr P, but Drax doesn't just use wood pellets for biomass.
The calorific value of wood is quite high (14,400 - 17,400 kJ/kg), but coal is higher (15,000 - 27,000 kJ/kg).
Anthracite is considerably higher (32,500 kJ/kg) but this is not normally used in power stations.
...yet it does seem remarkable the way the sp is contained (by means yet unexplained) and it will not be investigated as it won't count as manipulation. Unless there are some very large sp swings on the back of dodgy operations it will all pass under the radar,
It is likely that hedge fund managers are past-masters at getting what they want anyway, given what they do and so we just have to wait until Tosca have 'filled-up' and hope there are some large buyers once the dust has settled.
I suspect there aren't any or they would be taking advantage now and we will just have to wait for the next update.
Paint dries very slowly when you watch it!!
from the circular - "there remains a route to commercialisation and early production revenue without significant further expenditure on the part of the Company."
Then from the well RNSs:
From Moambe well test update: "To date, the Moambe well has achieved a maximum stabilised flow rate of 7.3 mmscfd through a 48/64 choke with a flowing well head pressure of 664 psig with no signs of depletion during the initial test period. As a result of this success, the well has now moved into the planned extended test period. This is intended to confirm sustainable deliverability to a proposed gas-to-power development scheme. Initial indications are that under such a development scenario the Moambe well would be capable of delivering around 4 to 5 mmscfd."
and then... following the extended test...
"The extended flow testing programme at Moambe and Zingana is now complete. The results to date continue to support plans for an initial supply of around 5 to 6 mmscfd of gas for power generation under a development scheme formulated with Actis and Eneo in Cameroon."
From my own calculations:
Project with 5-6 MMSCFD (See:
) based on a price of 10US$ per mmbtu should yield in the region of 18-20 million dollars per annum.
Now... net off the GandA, royalties and other costs and i think we're back to 13-15 million dollars per annum."
FYI - I have used 10 MMBTU, but the actual figures were 9-16MMBTU stated at the PI meeting. This would sense as its the same price VOG has achieved.
Obviously is may take a while to ramp up to 5-6 MMSCFD, so to be cautious, I have halved it for an initial startup period. So 15 million by 2, and we're at IRO 8 million per annum,...
I will not deny it could take a long time to recover the costs on the drilling as its not as big as we thought. However, I think this proves that you are incorrect in your commercialisation comments. A lot actually depends on thes results of further drilling and doing this with a partner is good strategy.
Hopefully the Chairman has sold off enough for the time being. He held well above what Bristow holds in Randgold for example. He has roughly sold off just over half and is much closer to what exists in other gold miners insider boards on what the leader of the company holds. Other institutions are probably buying with some confidence that CEY goes higher from here. At some point 195-200p is on the cards if gold breaks 1265 and goes for 1300.
the drop from 11.10 to today represents a near 30% straight drop
no real reason for this - i was of the view that this would hover to £14-15
any tanguble reasons for the drop
i think the drops may present further buying opps
RNS today confirms the inevitable issuing of more shares to keep the gravy train going.
The directors of ECR Minerals plc (the Directors) are pleased to announce that the Company has conditionally raised gross proceeds of £553,564 (Gross Proceeds) pursuant to a subscription by the Shenyang Xinliaoan Machinery Co Ltd (Shenyang or the Investor) based in the Peoples Republic of China, for 55,356,391 new ordinary shares of the Company (Subscription Shares) at a price of 1 pence per Subscription Share (Subscription Price) (the Subscription). Conditional on completion of the Subscription, the Investor will also be issued warrants over 83,034,586 new ordinary shares in total (the Investor Warrants). Of the Investor Warrants, 55,356,391 are exercisable at a price of 2 pence per share and 27,678,195 have an exercise price of 5 pence per share. END
Of course, should the warrants ever become redeemable the dilution then goes through the roof. The warrants are the bait to get the initial investment and it is now the aim of the new 'investor' to romance the share price to a level where their warrants can be exercised and dumped into the market to make a profit for them before the share price collapses again. Good luck with that one!
All this for a paltry £553,564 but I guess this will allow the business to carry on skimming of wages for a few more months whilst the new investor plots their exit strategy right from the day of entry. They really are going to need a creative writing expert to produce the RNS reports from now on to pull this fiasco off, maybe one with a background in writing fiction?
You really do have to admire ECR for their bare faced but legal, some might say, abuse (not me) of existing shareholders as they selfishly destroy yet more value in the existing shares.
ECR have just performed a masterclass in dragging out the death of a business for nothing more than to drain the very last drop of wages and emoluments they possible can. ALL IN MY OPINION.
The Management team should ashamed of themselves. Their actions are no doubt legal but the they are, in my opinion, morally reprehensible.
Its a great shame that the DB deal now looks dead. It would have be great for LSE shareholders over the long term. The new combined exchange would have had the strength to compete with the best in the world. Now a USA takeover looks much more likely, particularly in view of the weak pound. Any bid would have to come at quite a premium to todays price to secure support. The fact that the price today has not dived even lower means that many are convinced that it was merge or be taken over. A Brexit tragedy.
Pretax profit came in at £774.8m, from £629.5m. Revenue was £3.1bn, from £2.9bn. The board still continue to refer to the capital return plan, but have increased this years payment by 25p and are calling it an interim dividend. Another step toward a more orthodox payment of dividends.
The scheduled 'return of capital' remains unchanged, except the payment dates have now returned back to the original dates of payment in July (they were brought forward to beat a change in the tax law initially)
So, the schedule for dividend *payments* (Not ex-div dates) now looks like this:
Mar. 2017 25p ('Interim Dividend' FY 2016)
July 2017 110p ('Final Dividend' FY 2016)
July 2018 110p (Scheduled Final Dividend)
July 2019 110p (Scheduled Final Dividend)
July 2020 110p (Scheduled Final Dividend)
July 2021 110p (Scheduled Final Dividend)
As it stands the nine year plan which completes in July 2021 will have repaid 925pps if all current timetabled payments are completed as scheduled. I would expect to see future payments split into 'interim' and 'final' dividends, which could well bring forward part of the payment currently scheduled for July 2018. PSN have both expanded and 'forward loaded' the 'return of excess capital' ever since the timetable was first introduced in 2012. An audit trail of the scheduled payments, changes made and actual payments can be found on their web site: http://corporate.persimmonhomes.com/investors/shareholder-information/capital-return-plan
Obviously long term holders will hope that there is an interim dividend added to each of the next 4 years remaining in the timetable, but the steady PSN management wont do it unless results warrant it.
At a current price of @2000p PSN yields 6.75%, and considerably more than that when I recommended adding on weakness between @1650p-1800p in November (see post below). That is better than most REITs manage, and they tend to not have the same capacity for growth.
Those with no exposure to the housing sector and hunting for yield could do worse than to consider PSN a buy at the current price of approx @2000p prior to ex-div dates although should consider the comments below.
Forward outlook remains positive, so although the price is bound to take a hit on ex-dividend dates, anyone looking for north of 6% yield should keep a watch on PSN through the Summer and Autumn for a decent entry point, in my opinion, although I remain aware that we are somewhere around the end of the current housing cycle and uncertainties remain around Brexit, not least the fall-off in population growth HMG seem determined to bring about. PSN tend to lag the housing cycle slightly, historically, because of their lack of exposure to the London market, which also has been reflected in their less extreme price movements throughout housing cycles compared to other national builders such as BDEV.
PSN could benefit greatly from the up-coming budget, although rumours have been for months that the government is liable to introduce measures more specifically designed to help small-medium sized builders. Whether or not they can do that to the exclusion of the larger builders, while retaining their stated pledge to add 1,000,000 new homes by May 2020 when they are already well behind the curve, I tend to doubt.
There have also been rumours of using 'modular housing' (pre-fab) methods to speed up the delivery of extra housing with less requirement for skilled labour on-site, and PSN do have a division that can capitalise on that. They have also expanded their capacity to produce their own bricks which has been a drag on the speed of new build housing in the past requiring imports which have soared in price for obvious reasons. Therefore PSN are well positioned to take advantage of measures to speed up new housing delivery that HMG may introduce - and have taken steps to keep costs under control at the same time.
So, I certainly will continue to hold for now and I retain the belief that
Some general thoughts before taking a short break from trading.
On the subject of the high % of people who lose with leveraged trading, in addition to the mentioned issues of over staking/over leveraging I think many who start out are perhaps lured in to the most difficult trades by many of the providers.
Take a look at what the leveraged trading platform providers put most stress on :
They promote their tight spreads on indices, usually choosing DOW & FTSE.
They also promote tight spreads on popular commodity trades , usually gold & oil.
Same goes for some common currency pairs.
Less headlines on their ordinary individual equity spreads.
I truly believe that in addition to other factors,they are good at marketing what are the most difficult of trades for both beginners and also experienced traders.
I think that the failure rate would be far lower if many chose to at least start and until they have built up some experience concentrated on trading individual equities, preferably from the FTSE 100 ( high liqidity, plenty of news flow etc ), a smattering of FTSE 250 OK also.
I do the lot, other than FX where I have only made a grand total of 3 trades.
I think there is a strong argument for choosing maybe 10 large caps, learning as much as you can about them, both fundamental and some TA even if basic and concentrating on those.
A few more or less, depending on time available is fine, up to the individual.
I haven't read the article but it seems as though they are comparing the calorific value of wood against coal.
In which case , you would have to burn three to five times the weight of wood, versus coal to make the same amount of electricity.
We have been in VOG for rather a long time - I came out of a share I gave up on in Dec
and bought a few more VOG in Jan - which has helped reduce overall loss.
There must be a reason for bigger fish than us in the recent rise. Successful drills and cash flow changing Dibamba gas conversion with VOG supply should take Vog to a new level.
If there is a plan which works to drill/ and monetise Matanda ( using Dibamba cash flow?) / sell W MED / ........then it is possible that we finally see some of the potential in the SP.
If Vog SP can progress a bit more I would topslice but I live in hope and have set June 2019 as decision time for my core holding. It is possible that income development speeds up in the next 2 years and that it really does look as if it is going places.
You are right - "Ocks Twickers visit is probably a triumph of hope over experience.
However the hope is higher than usual. Italy showed you can outthink beef.
D'oh - another link to the Times online. I'm sure it's a wonderful article but I don't want to register/subscribe to them and then get a load of unsolicited emails or have popups appear on every web page I go to. Please cut and paste Times articles (same goes for FT) and not just a link which then asks you to register - so annoying.
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