Actually no Spuddy... Providence re-scheduled the payment of the $20 million Melody debt to May 2016.(See June 15 AGM presentation page 23) So in 9 months they are going to have to raise this amount plus another $10 million going for another year. The value of providence is less than $15 million now. Cant see them raising that amount of money. What about Libyan oil increases? Also what about Japan restarting its nuclear reactors so it will be importing much less oil? TOR is a joke who has lost shareholders $250million so far and it will be $400million when the company goes belly up in the next 6 months.
Looks like the biggest producer outside China North American Tungsten will be closed shortly. Cant do anything but help the price of Tungsten as they produce around 4-5% of world supply. Their production costs were more than twice what Ormonde's will be
Starting to make some moves now to realise its value. Cranswick a pork exporter has reported a surge in exports to China. This market increase can only help Norish in both its blast freezing and now its food commodities trading aswell. They now trade at a 13 p/e for 2014 results with a 2.26% dividend. Excluding any increase in sales or trading profit they will have 283000 less rental and blast freezing costs in their accounts after last years purchases. They wont have any setup costs of the Irish commodities business of 100k and also wont have a loss on disposal of 300k. Interest expense will also drop by around 30k. All of this ads up to an extra 713,000 to the bottom line that was 600k in 2014. This puts them on a P/E for 2015 of only 6.70 excluding any increases in normal sales or profits. Rising to £1 would put it on a P/E of 13.4 which is average for the industry. Should be an interesting set of 1st half results in sept!
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