2922 days ago
In today's bearcast I look at Andalas Energy (ADL), Herencia (HER), Outsourcery (OUT), kenmare Resources (KMR), Acquatic Food (AFG) & Asian Citrus (ACH).
3286 days ago
The Mrs is finally back from India tonight but her delay is clearly a breach of my human rights. Will any political party remedy this? The podcast refers back to yesterday's bonus China fraud Bearcast on Gate & Naibu (see HERE) before moving into the farce of today's two China Norfolks in the news, JQW and Sorbic. Then there are the lessons we learn from Arria, the Kenmare tale, Optare, Mosman and Ubisense which seems like a POS.
3313 days ago
Happy Easter to you all. All except Rob Terry that is. In this podcast I end up discussing evidence I have of bribes at Quindell and what I shall be doing with it. I start with a demolition of both Mosman Oil & Gas and also the troughers at Kenmare Resources.
3356 days ago
Just to get in ahead of the Bulletin Board Morons, I am set to flee the country to avoid the Old Bill now that Worthington has called them in. No, only kidding - my trip to Greece was planned a while ago as you can see on TomWinnifrith.com. In this podcast I look at Northern Petroleum, Hargreaves Services, equity valuations and then in some detail Kenmare. There is also a taster on the FRAUD Worthington - just a little warning for what I plan for tomorrow for Doug Ware.
3427 days ago
I am back in Clerkenwell at Real Man Pizza if any Quindell morons or Daniel Stewart employees want to come and "deal with me". On the Bearcast today, Sefton Resources, dead cat bounces, Kenmare Resources, insider dealing, Mwana Africa and of course the fraud Quenron.
3556 days ago
The grotesquely overpaid and underperforming pigs (see HERE and also HERE in a piece containing explicit sado masochistic sexual imagery and also Michael Carvill) that sit on the Kenmare Resources (KMR) board managed to persuade their shareholders that it was right to reject the bid advance from Iluka. That allowed more time for boardroom troughing but boy shareholders must be regretting it as the Irish titanium miner finally fessed up to its debt pickle today.
3622 days ago
As a long term bear of Kenmare (KMR) I cannot say that a woeful AGM statement today comes as any great surprise. What is marginally more surprising is how its shareholders just lap it all up and come back for more. They are financial sado-masochists. At the AGM today the stock holders will have salivated as they begged Managing Director Michael Carvill “beat me, whip me, thrash me with some broken bit of machinery from Moma, piss all over me and then take my cash for your mega bonus.” Mike then got out his dire AGM statement and the punishment began.
3622 days ago
Bulletin Board Morons always tell me that I cannot be right in saying “sell” because a raft of directors have just bought shares. Au contraire – some patterns of boardroom buying are clear sell signals in themselves.
Let’s take Kenmare (KMR). About two months ago after serving up a dog’s dinner set of annual results five directors bought shares. The purchases ranged from 25,000 shares to 209,000 at between 13.2p and 14.89p. In total 509,000 shares were bought.
There is enough liquidity in Kenmare that they could all have bought on the same day and issued one RNS to that effect (each RNS costs £75 to issue). But they did not. The purchases were deliberately spread out so that four distinct RNS releases were issued on four separate days. It was just a PR campaign.
In truth the scale of the purchases (call it £70,000) paled into insignificance with boardroom pay of just over £2 million last year. When a company goes to such lengths to stress how directors were buying you know it is a sell signal, PR puffery and little else. If Kenmare’s directors really believed the stock was cheap they would have bet the ranch on it. They did not.
And as it happens
3692 days ago
Commissioned Researcher Edison has today issued a note on behalf of its client Kenmare Resources (KMR) claiming that “execution and finance risk addressed”. With the utmost respect to the analyst in question, convicted felon champagne Charlie Gibson, that is total bollocks. Sell.
Charlie writes:
3698 days ago
The peasants at Kenmare Resources (KMR) are revolting. Quick! Toss them a few pieces of bread from over the castle walls. That will keep them quiet. And allow the board to keep their noses in the trough for a bit longer. Yes these grotesquely overpaid failures have bought a few shares in this hapless enterprise.
The world’s number one mining analyst Roger Bade of Whitman Howard commented today:
“The Bulletin Boards have been pleading for Director share purchases for ages and now they have got their wish.”
Really? Check out the RNS.
3747 days ago
Like myself, the world’s number one mining analyst Roger Bade of Whitman Howard has been a scathing critic of Ireland based Kenmare Resources (KMR) but is the guru now calling the bottom for the shares? It seems as if he might be heading that way.
This morning he has formerly initiated his coverage of the ilmenite producer – hitherto he has merely sniped from the sidelines. The great man writes:
The Mozambiquan ilmenite producer has disappointed in almost its entire 20 year existence, but it comes to a stage when it may not disappoint any more, at least in the short term.
3832 days ago
Kenmare Resources (KMR) keeps on promising both operational improvements and that the price of ilmenite will firm up. History suggests that the former is about as likely as grotesquely overpaid managing director Michael Carvill (what will your “bonus” be this year Mike?) winning Miss World. And on the latter…oh dear: more bad news.
3841 days ago
It was less than two weeks ago that, well after market hours, Kenmare Resources (KMR) issued a profits warning and staged a £66 million rescue bailout at 26.5p. Those who ponied up then must be cursing themselves as the stock is now at 22.5p. As a bear for some time I predict that worse is to follow.
3849 days ago
I have been a bear of Kenmare Resources (KMR) for some time and predicted that a cash call was on the way. That it and a profits alert was served up at 5.21 PM the other day rather makes my point about the management of this business. But the mega teddy on Kenmare is the world’s most cynical mining analyst Roger Bade of Whitman Howard who has let rip today. Bade writes:
3853 days ago
If a company issues an Interim Management Statement when the market is closed you expect it to be bad. It is really poor form to try to sneak out bad news after hours and so today’s 5.21 PM Interim management Statement from Kenmare Resources (KMR) is an absolute shocking disgrace.
3923 days ago
Kenmare Resources (KMR) has served up a trading statement which for one shows more steps forward than back. But it is hardly impressive. At least it has managed to persuade the banks to extend debt repayment terms. But ilmenite prices remain soft. The uber excellent mining analyst Roger Bade of Whitman Howard writes:
3954 days ago
Roger Bade the mining analyst at Whitman Howard has called both metals prices and the mining sector very accurately. That is to say he has been bearish. And in his quarterly review he remains bearish. Those tempted to bottom fish might want to have a quick look at his report out today before getting too enthusiastic.
The report covers the outlook for most metals but also a few company specific comments as well as a note on the worsening political situation in Mozambique – watch out Kenmare Resources (KMR). Roger writes:
4064 days ago
Kenmare Resources (KMR) is a company from Ireland that I have followed for ages. The company has from nothing managed to build a world class ilmenite mine at Mona in Mozambique. This was a penny stock. It is now , at 33p capitalised at £868 million and a member of the FTSE 250 Index. It has just released results for the year to 31st December 2012 which – following trading statements (the nice way of referring to profits warnings) were in line with guidance. But, there is always a but with Kenmare.
4101 days ago
I spent two years working along Sam Bottell as he worked with minesite.com and oilbarrel.com and he is a good, honest and clever chap. Now that he is starting his career freelance writing as well as an organiser of the UKInvestor Show I have no hesitation in helping him along via this blog as a guest contributor. As such I bring to your attention a share tip from TradingResearch Point on Ireland’s Kenmare Resources. I happen to agree with his conclusion.
Fully listed Irish titanium minerals miner Kenmare Resources (KMR) has released a calendar 2012 trading statement which confirms some information (not all of it good) that had seeped into the market via company presentations earlier in January. However it also indicates that many of the problems encountered in 2012 have now been resolved, that no equity needs to be issued and gives real hope that, at last, the company is on a clear recovery and growth path.
In terms of the financials, Kenmare reports that 2012 revenues increased by 40% to $234.5 million as total, with total production from its Moma Titanium producing mine in Mozambique coming in at 772,000 tonnes
4121 days ago
I spent two years working along Sam Bottell as he worked with minesite.com and oilbarrel.com and he is a good, honest and clever chap. Now that he is starting his career freelance writing as well as an organiser of the UKInvestor Show I have no hesitation in helping him along via this blog as a guest contributor. As such I bring to your attention a share tip & perhaps breaking news from him from TradingResearch Point covering a company from the old country ( er…Ireland)
I argued a few days ago that shares in Kenmare Resources (KMR) were good value but I now flag up a minor caveat – there appears to be a risk of an equity placing. A secondary caveat is that Kenmare appears to have issued a minor profits warning without actually publishing an RNS – it merely guided down expectation via an analyst’s presentation. That is not quite cricket but does this alter the investment case materially?
The presentation flags up that there has been a one month delay in the start of commissioning the Moma mine expansion project – that was due to kick off in December. In the greater scheme of things for a mine with a 140 year life I can live with that but it is another nuisance that that has plagued Kenmare over many years.
More critically, there is an update on the company’s outlook for 2013.
