Edison Investment Research

WANdisco

Significant Financial Services Contract Win

Record $4.3 million contract secured through IBM OEM partnership. The Company continues to demonstrate that WANdisco Fusion is the only solution that can enable organisations to seamlessly move large volumes of live data with consistent and continuous availability whilst meeting regulatory requirements.

Bezant Resources

Acquisition of resource licenses in Colombia

Bezant now holds a 100% interest in two resource licenses which cover a total area of approximately 2,659ha.

Caledonia Mining Corporation

Quarterly dividend: CMCL declares a dividend of US$0.06875 per share.

Caledonia maintains its quarterly dividend at 6.875 cents per share, reflecting a continuing strong balance sheet and cash position despite the ongoing investment in the Central Shaft project at the Blanket Mine.

Primary Health Properties

Refinancing: PHP renews and extends a facility with Aviva and enters a new facility with Lloyds.

PHP extends the average weighted maturity of its debt facilities to 6.3 years (31 December 2016: 5.1 years) and the average cost of debt on its facilities drawn has been reduced to 4.09% (31 December 2016: 4.65%).

WYG

Turkey Cash Receipts Meet Expectations

WYG confirms that cash receipts to the Turkish subsidiary have met expectations, having received €13.3m of the c. €14.0m due.

Canaries in the monetary coal mine?

High profile difficulties in a hot corporate debt market are intriguing

Steinhoff and HNA Group are from different regions and sectors. Yet they are making the headlines for the wrong reasons as the market raises questions over their debt sustainability. What these firms do have in common is that have pursued a policy of debt-financed acquisitions during this cycle. Now, LIBOR rates are pushing markedly higher. These signals of tightening credit bear watching in our view, even if they are presently not a cause for immediate alarm. It is however our important to be alert to early signs of a turn in credit availability. This is likely to first occur at the margin of the credit risk spectrum, as in 2007/8.

Market volatility unsustainably low as bonds and equities diverge

Bonds and equities appear to be simultaneously pricing two scenarios – so why is volatility so low?

There is now a growing disconnect between low global government bond yields which appear to indicate that the global recovery of 2017 may prove transient and high equity market valuations which discount an extended period of strong profits growth. In addition, starting from Q1 17 there has been an astonishing and sustained decline in equity market volatility. While there is nothing which suggests a market regime change is imminent, we continue to believe that re-normalisation of monetary policy is likely to result in the re-normalisation of volatility, bond yields and equity valuations over the 2018-19 period. This is not in our view a good time to be seeking to maintain returns by increasing portfolio risk.

Kosmos exploration hiccups

Kosmos this week announced that its most recent exploration well offshore Mauritania, Lamantin-1, was water bearing.

The well is the second disappointment in a four well exploration campaign offshore Mauritania and Senegal designed to test the outboard basin floor fan fairway. Since its Tortue-1 discovery in 2015, the company had enjoyed a 100% success rate in the region, with 25 Tcf discovered across five wells.

Broadcast TV - Sword of Damocles pt. IV

Cable TV looks finished while OTA has another chance

Qualcomm & Microsoft – Dream with caveats.

Some space left for this proposition