Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on FERRUM CRESCENT LTD. We currently have 7 research reports from 2 professional analysts.
|30Nov16 07:00||RNS||Result of AGM|
|24Nov16 07:00||RNS||Exercise of Options and Issue of Equity|
|10Nov16 07:00||RNS||Toral Lead-Zinc Exploration Work Commenced|
|31Oct16 07:00||RNS||Quarterly Activities and Cashflow Report|
|28Oct16 07:00||RNS||Notice of AGM|
|21Oct16 11:18||RNS||Holding(s) in Company|
|06Oct16 07:00||RNS||Exercise of Options and Issue of Equity|
Frequency of research reports
Research reports on
FERRUM CRESCENT LTD
FERRUM CRESCENT LTD
Iron ore and more…
02 Dec 16
Following corporate restructuring in 2016, Ferrum Crescent’s new management is focusing on its two main projects, zinc in Spain and the Moonlight magnetite project in Limpopo. At Moonlight, under previous management Ferrum completed a PFS and obtained a 30-year mining right. The current plan is to produce a “reduced cost model”, which will primarily look to lower upfront capex and should improve project economics. This, along with continued engagement with potential South African based strategic partners, should help unlock Moonlight’s value. Management’s greatest impact thus far was its GoldQuest acquisition earlier this year. As a result, Ferrum now owns (100%) of the highly prospective Toral and Lago zinc deposits in Spain. Toral has been partially explored before and comes with 42,000m of deep diamond drilling and c.9Mt resources. Management believes a re-interpretation of the geological model and additional drilling could add significant shallow resources. Drilling is planned at Toral for H1 2017.
10 Nov 16
"Quite astonishingly, markets yesterday chose to give Mr Trump the benefit of the doubt. His acceptance speech, in which a rehearsed, conciliatory and more presidential tone was adopted, marked the turning point for European markets to reverse their opening panic into broad optimism as the US$ clawed back much of the losses taken during the Asian session. Markets warmed to a vision of a dramatically reflated US economy being the means by which the western world might find its way out of the 'lower for longer' scenario that otherwise has become etched deep into the minds of global central bankers. It's an awful lot to take on trust and many sceptics remain like the Wall Street Journal, for example, headlining 'Trump's Upset Will Sink In' but nevertheless, all Principal US indices staged gains of over 1% as an economic advisor to the president-elect surprised many by stating that Fed Chair, Janet Yellen's resignation is not being sought after all effectively putting market expectation of a December rate-hike back on again. Asia followed suit with Japan, yesterday's major casualty, recovering dramatically with the Nikkei ending up 6% while other regional markets put on between 1% and 3%, despite being reminded of Trump's threats to impose tariffs of up to 45% on Chinese imports while also exiting trade pacts like NAFTA. As soon as details of his proposed Cabinet and advisory team are released, markets should start to have a greater understanding of exactly how he proposes to keep his promises and, indeed, whether the Republican victory could even lead to a reversal of the US financial regulations that followed the 2008 crisis. One thing is for sure though, Trump is a great believer in debt. And so he needs to be. In attempting to power annual growth back to 4% or more, some $600bn of infrastructure spending has been suggested, with the ambition to create millions of new jobs, while his tax reforms have been estimated to cost the nation as much as US$4.4tr. Add it all up and some US$6.2tr will be added to US national debt, while the US credit rating could potentially find itself under treat. Exactly where such huge sums will be found is the big question, although some speculate that major US corporations with giant cash piles held offshore, like Microsoft, could be tempted to bring it back through some form of interim tax concession. With the ECB's Coeuré noting that Trump's victory reflects transformation in developed economies, for the time being hope will continue to win over despair. This leaves equities to extend Wednesday's gains today, with the FTSE-100 seen up around 40 points in opening trade as traders give up on some of the safe-haven positioning they took as a hedge against such an outcome. Today, the UK is expected release of figures from the Council pf Mortgage lenders along with earnings or trading updates from the likes of 3i Group (III.L), AstraZeneca (AZN.L), Bovis Homes (BVS.L), Dairy Crest (DCG.L), Gem Diamonds (GEMD.L), Halfords (HFD.L), National Grid (NG..L) and Ophir Energy (OPHR.L)." - Barry Gibb, Research Analyst
23 Sep 16
"The Financial Policy Committee appeared to fire a warning shot across Philip Hammond's bow yesterday. Stating in no uncertain terms that the UK faces a period of uncertainty and adjustment, while noting that households may struggle to service debts if the economy weakens due to a hard landing following Brexit negotiations, the Bank of England effectively told the Chancellor 'we have done our bit, now it's up to you'. Having seen the UK fare surprisingly well on the back of Mark Carney's immediate post-Referendum rate cut and major injection of fiscal stimulus, the baton clearly now has to be picked up on 23rd November as Hammond delivers his first Autumn Statement. And here, the BOE's obvious demand is for some relaxation of the stiff terms of austerity enforced by George Osborne along with additional access to cheap capital in order to power the Country's entrepreneurial society. Having reminded London that the problems of Brexit have not gone away, but have simply been deferred, the FTSE-100 is seen opening somewhat cautionary this morning, losing 10 or so points in early trade. The US markets by comparison extended their celebrations of Wednesday's Fed decision, with all principal equity indices putting in a reasonable performance and the NASDAQ again leading the way as it closed on a second consecutive record high. Asia, on the other hand, ended mixed with only the commodity-heavy ASX reflecting Wall Street's confidence while the Nikkei, re-opening after its Autumn Festival holiday, moved negative on concerns about the strengthening Yen. Macro data due from the UK today includes Hometrack's Cities House Price Index, while the Secretary of State for International Trade, Liam Fox, is due to attend a EU trade meeting in Slovakia. Release of Eurozone PMI figures is also anticipated. No major UK corporates are due to provide earnings today, although a couple of second-liners like Cogenpower (CGP.L), CVS Group (CVSG.L), Haydale Graphene (HAYD.L) and Pathfinder Minerals (PFP.L) are scheduled. Traders will also be keeping an ear open for any further messages from Boris Johnson regarding possible timing of the UK effecting Article 50, along with any media suggestions of breakthrough or otherwise by OPEC and Russia regarding their negotiated production cap." - Barry Gibb, Research Analyst
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.
Conviction List Q4 2016
05 Oct 16
Since its inception in 2010, the Conviction List has outperformed the market in 13 of 18 periods and a reinvested Conviction List would have returned 255% against a Small Companies index that would have returned 130%. Our Conviction List returned 3.7% over the last quarter; this was set against the benchmark UK Small Companies index that returned 11.3% over the same period. Our Q4 portfolio reflects our outlook for a temporary sweet spot for UK growth during the second half of 2016. The downside risk from the uncertainty of the EU Referendum result has been countered by stimulus from the Bank of England, signs of a looser fiscal stance and an 18% YoY reduction in the Sterling Exchange Rate. Compressed corporate fixed income spreads continue to provide a valuation underpin for global equities.
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.