Traders Cafe with Zak Mir: AMGO, BEM, RSG, SHG, EISB & PXEN via Vox Markets

Intrigue laden provider of guarantor loans in the UK, Amigo Holdings (AMGO) announced its results for the three-month period ended 30 June 2021.

By Zak Mir

The company said that despite an “extremely challenging” situation facing it, resulting from the significant liability for compensation payments for historical lending, the performance of the business in the first quarter has been better than anticipated.

Amigo generated profits before tax of £15.0 million in the period. The overall net liability position reflects the remaining complaints provision on the balance sheet. Amigo said, “A material uncertainty over the Group’s ability to continue as a going concern remains,” so perhaps the shares are not for everyone.

Mineral exploration and development company, Beowulf (BEM) announced its unaudited financial results for the six months ended 30 June 2021. Key here in terms of the update were that on the back of an upgraded resource at Kallak, Beowulf has invested again and now awaits the results of the Mining Study, which will support discussions with Swedish infrastructure authorities and emerging fossil-free steel producers in Norrbotten, such as H2 Green Steel. In Finland, Fennoscandian’s the grant of €791,000 by Business Finland will be applied to investment programmes there, and in Kosovo Beowulf is looking forward to permits being renewed and the start of an intensive drilling campaign in the autumn.

Resolute Mining (RSG) presented its half year financial results for the half year ended 30 June 2021 (H1 21), starting the RNS with no less than 10 bullet points. The company said that the Syama underground mine achieved record production in the June quarter which was matched by throughput at both the Syama sulphide and oxide processing circuits. This performance was offset by lower mined grades at the Syama sulphide and oxide operations. The team at Mako continue to deliver in line with expectations as they undertake a cut-back of the main pit to extend the mine life.

East Africa-focused gold producer, Shanta Gold (SHG) served up its unaudited interim financial results for the six months ended 30 June 2021. The company noted that Shanta’s exploration success during H1 has generated new high-grade resources at Luika and BC East Area 1. At West Kenya phase 1 drilling now complete and assay results include one of its highest-grade intersections at 4m at 706 g/t. A Resource Update is due in September. Shanta said that although it was disappointed that its H1 gold production and sales were lower than last year, this was offset by strong fundamentals of net cash, low debt and consistent operating cashflow.

Premium beverages group East Imperial (EISB), which its admirers are hoping will be the new Fevertree, announced a series of new supply agreements across Australia and New Zealand. With Woolworths New Zealand, East Imperial will supply its range of premium mixers to Countdown stores across New Zealand. With Foodstuffs, New Zealand’s largest supermarket chain, has also agreed to stock East Imperial’s beverages in all of its New World supermarkets across New Zealand’s South Island, in addition to the outlets already supplied on the North Island.

Prospex Energy (PXEN), which is focused on European gas and power projects and currently, the shenanigans of some of its shareholders, was moving to beef up its board. This is over and above having industry leader Mark Routh as CEO. Alasdair Buchanan has been appointed as an independent Non-Executive Director of the Company with immediate effect. Buchanan is an experienced upstream oil and gas professional with considerable experience at senior executive and board director level with multi-national global service companies.

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The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.

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