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York – Major planning application submitted
22 Mar 17
Hudson House, York is a 1960s office building of 103,000 sq ft, situated inside the city walls and a short walk from York Railway Station. It was acquired as part of the Sequel Portfolio in 2013 and since then Palace Capital has been working to enhance the value of the property with two planning approvals for conversion to residential/offices having already been obtained. At the 30 September 2016 the property was valued at £14.9m.
Progress across all fronts
21 Mar 17
The Brighton Pier Group, owner of Brighton Pier and 14 premium bars, has announced encouraging H1 results showing adjusted EBITDA more than trebling to £3.5m (H115:£1.0m) with adjusted PBT increasing to £2.65m (H115:£0.3m). The results benefited from a 6 month contribution from Brighton Pier (acquired in April 2016) which performed well integrating ‘much quicker than expected’. The results highlight further progress in rationalising the bar business with six disposals now completed. The Group continues to trade in line with management expectations. Our PBT estimates are unchanged but we have increased our EPS estimate for FY17 to reflect a reduced tax charge (3% vs previous estimate 19%) due to higher than anticipated tax losses but we expect this to revert to a normal charge in FY18.
21 Mar 17
NAHL has a track record of being highly innovative around changes in regulation and we believe the changing personal injury landscape presents an opportunity to build market share. The recent strategy statement provides forecast benchmarks to base long term investment decisions. Whilst the shares are up 21% over the last month, valuations remain very modest with a FY17 PE of just 6.5x and a dividend yield of 10.4%. We believe the shares are meaningfully oversold and expect a recovery bounce to over 200p short term.
Solid progress across a wide range of fronts
21 Mar 17
Good Energy, the independent supplier and generator of renewable energy, has announced FY16 results showing revenue up 41% to £90.4m with PBT of £1.4m, slightly ahead of our £1.3m expectation. Our headline estimates remain unchanged although EPS for FY17 is marginally lower reflecting an increase in shares in issue. We anticipate further progress as the group leverages the benefits from improved systems and economies of scale as well as from various ongoing efficiency initiatives.
16 Mar 17
Amerisur has announced the acquisition of a package of asset stakes in the Caguan-Putumayo basin from Canadian company Pacific E&P. The assets are 60% in Put-9 (taking Amerisur to 100%), 58% in Macaya, 100% in Terecay and 50.5% in Tacacho (taking Amerisur to 100%). Acquisition price is US$4.85m cash, plus royalties of 2% on the Terecay block and 1.2% on the Put-9 block. The assets are all exploration focused, with Put-9 and Macaya located so as to be able to take advantage of Amerisur’s OBA pipeline if production is established. Terecay and Tachaco may require other transport options. Overall the acquisition adds net 320mmbbl of mean prospective resources across a number of identified leads.
15 Mar 17
Ortac Resources* (OTC LN) 0.04p, mkt cap £3.6m – Sturec mining permit Ortac Resources reports that the District Mining Bureau (DMB) in Banska Bystrica has re-issued the underground mining permit for Ortac’s Sturec Gold Project in Slovakia. The permit was originally issued in 2014 but has since been the subject of legal challenges which concluded on 7 th December 2016 when the company “was notified that the Regional Court in Banska Bystrica (“RC”) had revoked the previously issued underground mining permit.” “The DMB has reviewed the ruling of the RC and amended the original permit to address the insufficient reasoning that the RC felt was lacking in the issuance of the original underground mining permit in 2014.” Commenting on the decision to reinstate the licence, Ortac CEO, Vassilos Carellas, commented “We are naturally pleased that the DMB has re-issued the permit, which has been amended to consider the points raised by the RC. This decision, whilst welcome, does allow for an appeal process to be made by potential complainants, within a period of approximately one month from the issue of this permit, which if triggered, would result in a final judgement on the permit being undertaken by the Slovak Central Mining Bureau (“CMB”).” Conclusion: The reinstatement of the underground mining licence is a step forward for the Sturec gold project, however, it appears that the Slovak legal system could still allow further challenges over the next month. We look forward to the end of April in the hope that no such further actions have emerged.
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