Great Co.
No Seller.
Big Dividend.
Have a look!
BPT Half Yearly Report
We picked up a smallish parcel of BPT yesterday at $0.735. I was a bit nervous this morning when it went straight down to $0.71 before they announced their half year report. I think it's not a bad result. To summarize:
BEACH PETROLEUM MORE THAN DOUBLES FIRST HALF PROFIT CONFIRMING UNDERLYING EARNINGS STRENGTH --
- Beach's net profit after tax jumped 117% to a record $127.5 million from $58.8 million in the previous corresponding opening half.
- By excluding the gains from commodity hedging and write-off adjustments from the latest first half profit, the strength of Beach's normalised profit is further highlighted – up 142% to $52 million compared with the previous corresponding period.
- The profit hike was achieved with further strong growth in total revenue, up 41% from $340 million to a record $480 million, while higher oil and gas sales of 5.5 million barrels of oil equivalent (mmboe) and surging oil and gas production of 5.0 mmboe were also first half records for Beach.
- The Company's shareholders registered on 31 March 2009 will be paid a steady interim dividend of 0.75 cents per share by late April 2009.
BPT is sitting at 0.765 at the time I write this.
Half Year Results
All goods.. Including RUL, REX, BPT, AWE, IBA, IDL.
TGR is now on preopen...
Technically, RUL looks very strong at this moment.
Tassal Group (TGR), I am not sure what is happening there. The last 10 transactions today only trades either 1 or 2 shares in quantity, and pulling the share price down misserably:
| Tassal Group Limited (TGR) | |||||
|---|---|---|---|---|---|
| Date | Time | Price ($) | Quantity | Value ($) | Conditions |
| 24-02-2009 | 12:10 PM | $1.885 | 2 | $3.770 | |
| 24-02-2009 | 12:08 PM | $1.870 | 1 | $1.870 | |
| 24-02-2009 | 12:03 PM | $1.970 | 1 | $1.970 | |
| 24-02-2009 | 12:03 PM | $1.975 | 2 | $3.950 | |
| 24-02-2009 | 12:00 PM | $1.980 | 2 | $3.960 | |
| 24-02-2009 | 11:57 AM | $1.980 | 2 | $3.960 | |
| 24-02-2009 | 11:55 AM | $1.980 | 2 | $3.960 | |
| 24-02-2009 | 11:39 AM | $1.980 | 1 | $1.980 | |
| 24-02-2009 | 11:39 AM | $1.985 | 1 | $1.985 | |
| 24-02-2009 | 11:38 AM | $1.990 | 1 | $1.990 | |
And it's a good result - with a 4 cents dividend.
Crikey, they're manipulating the price before my eyes, and I can not do anything..:(
Anyway, I hope it will be a good day today afterall
IDL- What's the Catch?
A while ago, I would falling over myself to get in.
Consider this statistics:
IDL is trading at 1.5 Price Earning (P/E) Ratio
15% Dividend.
Sure it is creeping forward, but I just can't understand the masive sellers under 10 cents.
Update on Half Year Results to 31 December 2008
- First half Adjusted net profit after tax* $24.65 million – up 106% on prior comparative period.
- Impairment on Customer Contract, $17.18 million, recognised in first half reflecting previously announced termination of Handlebar Hill contract.
- Reported Net Profit $3.7 million (2007: $9.5 million), inclusive of non-cash amortisation and impairment charges.
- Confirms Adjusted NPAT* guidance range for FY2009 of $42 - $47 million.
In the course of finalising the audit review of half-year results to 31 December 2008, Industrea Limited has become aware that the half-year result is likely to be materially different from the prior comparative period.
Full disclosure and commentary on the half-year result will be released in due course however, in accordance with the continuous disclosure requirements of Listing Rule 3.1, the company is providing this market update.
Industrea is expecting to report an adjusted net profit after tax* for the half of $24.65 million, up 106% on the prior comparative period. The increase in adjusted net profit after tax* reflects improved financial results across Industrea’s businesses and the inclusion of trading results from the Huddy’s Mining Services business for the full period (2 months trading in the prior comparative period).
Reported net profit after tax for the period, of $3.7 million, is inclusive of a non-cash impairment charge on customer contract intangible assets, of $17.18 million. The impairment has arisen from the termination of the Handlebar Hill Open Cut contract, advised to the market on 14 January 2009 and, in consultation with the company’s auditors, is expected to be recognised in the first half results.
The first half result is in line with directors expectations and the company reaffirms its full year guidance for FY2009 of adjusted net profit after tax* in a range of $42 - $47 million.
* Net profit after tax prior to non-cash accounting adjustments to recognise the amortisation and impairment of customer contract intangible assets and the equity component of convertible bonds.
What Next??
Some more news on OZ asset sale:
The battle for control of the struggling OZ Minerals is about to heat up.
Chinese group, Minmetals has made an agreed $2.6 billion offer at 82.5 cents a share, but investors are not taking it seriously, keeping the OZ share price well under the offer price. OZ shares traded at 66.5 cents late this morning.
Tomorrow, Oz Minerals will try and up the price by revealing several deals designed to get the Minmetals offer higher.
The offer allows for a higher price if OZ manages to sell assets before the deal is done. Some assets such as Avebury in Tasmania, a nickel mine and the Martabe gold project in Indonesia, have been on the market. Now some buyers have appeared, but not for all.
They will feature in tomorrow's announcement, according to a source who writes: "Oz Minerals will announce on Friday the sale of two assets which will result in slight increase to current Minmetals takeover offer price: the Martabe gold project in Indonesia will be sold to Owen Hegarty-led consortium (Tiger) for $US 200 million."
The battle for control of the struggling OZ Minerals is about to heat up.
Chinese group, Minmetals has made an agreed $2.6 billion offer at 82.5 cents a share, but investors are not taking it seriously, keeping the OZ share price well under the offer price. OZ shares traded at 66.5 cents late this morning.
Tomorrow, Oz Minerals will try and up the price by revealing several deals designed to get the Minmetals offer higher.
The offer allows for a higher price if OZ manages to sell assets before the deal is done. Some assets such as Avebury in Tasmania, a nickel mine and the Martabe gold project in Indonesia, have been on the market. Now some buyers have appeared, but not for all.
They will feature in tomorrow's announcement, according to a source who writes: "Oz Minerals will announce on Friday the sale of two assets which will result in slight increase to current Minmetals takeover offer price: the Martabe gold project in Indonesia will be sold to Owen Hegarty-led consortium (Tiger) for $US 200 million."
"Evidence of reduced asset values in mining industry is the OZ nickel mine (on care and maintenance) at Avebury in Tasmania. The exclusive preferred bidder is (Hegarty associated) Range River Gold Ltd, as previously advised. The offer price of $US 80 million is a fraction of book value and as a consequence, the operation may be retained by Minmetals rather than sold."
"The Golden Grove mining operation in Western Australia will be sold to a consortium headed by Kerry Harminis, the former executive Chairman of Jubilee Mines Ltd, which was taken over by Xstrata at the top of the mining boom in late 2007. He wants to return to mining and is familiar with the project and has an affinity to the general area."
Thanks to Samizdat1 of Hot Copper
It's Just a Bad Management
I still can not get over it. It only took them less than a year to destroy a company. Yes, I am talking about THEM on the Oz Mineral Board. For goodness sake, its 82.5 whole cents, and they called it as the best outcome, the same people who said that the company worth $4 only a few months earlier.
The Deal is a Joke
Just on the news, another RIO style transaction. Another MGX, and PPX, PEM, MIS, GBG and who's next?.
The deal is a joke..to say the least.
Luckily, I still have some time to sign the IMF lawsuit re: OZL.
OZ Minerals agrees to Chinese takeover
February 16, 2009 - 4:25PM
Debt-laden copper and gold producer OZ Minerals has recommended a $2.6 billion takeover offer from China Minmetals Non-ferrous Metals Company, in what would be the second major investment by a Chinese company in Australia within a week.
The Chinese trading company is offering 82.5 cents for each share in OZ Minerals, which is seeking to refinance $1 billion of debt by February 27, with the proposed acquisition to be completed via a scheme of arrangement.
OZ Minerals said the offer is unanimously recommended by its board in the absence of a superior one.
"The board has determined that Minmetals' cash proposal is in the best interests of OZ Minerals' shareholders and believes this is the best outcome for shareholders compared with any of the other options available to us,'' chairman Barry Cusack said in a statement.
Shares in OZ Minerals - which was formed through the merger of Oxiana and Zinifex last year - last traded at 55 cents before the company entered a voluntary suspension in December.
OZ Minerals has been pursuing asset sales and other cost-reduction measures including, job and production cuts and placing its Avebury nickel mine in Tasmania on care and maintenance.
The company said it would continue to pursue the sale of the Martabe gold and silver project in Indonesia and the Golden Grove polymetallic mine in Western Australia.
OZ Minerals said its outstanding debt facilities would be repaid by Minmetals upon completion of the transaction, which would solve its "present financial issues''.
"Minmetals has confirmed that it intends to continue to operate current OZ Minerals operations, which, in turn, will benefit employees and relevant local communities and also provide certainty to businesses beyond those operated by OZ Minerals,'' managing director Andrew Michelmore said in a statement on Monday.
The transaction is subject to regulatory approvals, completion of due diligence by Minmetals, OZ Minerals banking syndicate agreeing to extend the term of their debt arrangements and shareholder approval.
OZ Minerals said the company would continue to be domiciled in Australia with its staff retained.
"Minmetals will provide a robust platform for OZ Minerals to realise its growth potential when market conditions permit,'' Minmetals chairman Zhou Zhongshu said in a statement.
The proposal follows Rio Tinto's $US19.5 million ($30 million) deal with major shareholder and China's state-backed company Chinalco.
BusinessDay, with AAP
Buy Orders
I have been trying to buy some more shares these days, but most of my buy orders have not been filled yet (except one or two). ASX seems to be picking up, for the short term at least. I put my buy orders on IBA, RUL, IDL, PNA, and BPT last week, with a very conservative bid price. I have been thinking that I might have to amend the bid price higher, but I am not sure
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