Edison Investment Research

KEFI Minerals (KEFI); ANS receives $11.4m commitments to fund the Tulu Kapi Gold Project

The remaining ANS commitment of $38m will be awarded when KEFI concludes its funding round

KEFI Minerals received commitments for $11.4m to fund the Tulu Kapi Gold Project. ANS, an investment vehicle for local financial institutions, will release the funds in the current quarter, upon satisfaction of certain conditions.

Avanti Communications (AVN); signs a three-year bandwidth contract with Turksat

Under the contract, Turksat will provide 1.8 ghz of capacity on Hylas 2 for the next three years

Avanti Communications has signed a long term bandwidth contract with Turksat. Under the contract Turksat will provide 1.8 ghz of capacity on Hylas 2, a geostationary satellite in the K_a band, for the next three years, with an option to extend for a further one year. The contract will begin on 1 June 2019 with revenues spread evenly across the life of the contract.

Vietnam Enterprise Investments (VEIL); NAV/sh fell 7.1% in USD terms in FY18

Vietnam Enterprise Investments’ NAV per share fell 1.3% to £5.15.

Driven by volatile markets in 2018, Vietnam Enterprise Investments posted negative returns last year, but still outperformed the benchmark index in USD terms. NAV per share fell 7.1% to $6.56, for the year ended 31 December 2018, which outperformed the benchmark VN Index by 2.4% on total return terms.

Aberdeen Asian (AAIF); announces FY18 annual report, revealing an EPS down from 9.58p for FY17 to 9.

ividends announced during the year amounted to 9.15p per share

Aberdeen Asian announced its FY18 annual report today, revealing NAV total returns for the year ended 31 December 2018 were -5.5%, ahead of an 8.3% decline in the MSCI All Country Asia Pacific ex-Japan Index. Also, ordinary share price total returns were down 6.2% to 195.8p for the same period.

Treatt (TET); reports revenue up c. 7% for half year ended 31 March 2019

PBT and exceptional items should be in line with its expectations for FY ending 30 September 2019

Treatt posted its trading update for the half year ended 31 March 2019. The citrus sector experienced price weakness in some key raw materials, which is expected to continue in H2 2019. The fruit and vegetables, tea and sugar reduction categories represented 69% of the year-on-year growth for the period, while the order book is up compared with the previous year.

Entertainment One (ETO); reports strong group underlying EBITDA

Entertainment One provides trading update for the year ended 31 March 2019

Entertainment One’s (eOne) year-end trading update indicates financial performance in line with expectations, with EBITDA growth of around 10%.

ReNeuron Group (RENE); positive efficacy seen and sustained in Phase 2 clinical trial

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ReNeuron Group has announced its progress with the ongoing Phase 1/2 clinical trial in the US of its hRPC cell therapy candidate in the blindness-causing disease, retinitis pigmentosa (RP). Positive efficacy has been seen and sustained in the first patient cohort in the Phase 2 part of the study.

Verbier appraisal points to lower than expected resources

UK independent Jersey Oil and Gas (JOG) has announced that the Verbier appraisal well, 20/05b-14, has not encountered the targeted Upper Jurassic sands as expected, resulting in a likely downward revision of resources to the low end of pre-drill estimates. The objective of the Equinor operated appraisal well was to refine the estimated resource volume range of 25 – 130mmboe, with a mid case of 69mmboe. Verbier sits 8km to the north west of the Buchan field (now decommissioned), and was discovered on pre-broadband 3D seismic.

No magic at Presto as well comes up dry

The exploration well Presto in the Norwegian North Sea has encountered good reservoir quality rocks, but, according to the Norwegian Petroleum Directorate, hydrocarbons were not present. UK independent Cairn Energy holds a 30% stake in the Equinor operated PL885 licence. The well was targeting 160mmboe gross mean resources in the Lower Cretaceous Agat sandstones with a secondary objective in shallower stacked channelised turbidite fan complexes in the Upper Cretaceous

Superdry (SDRY); board and brokers resign following Julian Dunkerton’s return as CEO

There is an ongoing debate over whether the problems relate to legacy issues versus strategic initiatives implemented during Eaun Sutherland’s tenure as CEO

The resignation of the entire Board of Superdry and its two brokers following co-founder Julian Dunkerton’s narrow victory yesterday to return as CEO, monumental as it may be, is really only the tip of the iceberg where necessary change is concerned. From here, the hard work to turn around the fortunes of this once darling retailer that has seen its sales, profits and share price plummet over the past year begins.