Morning Mumble: Should we set up a due diligence Firm of Randgold? + Plus Other News..

Good Morning,

What does it say for the risks of management when companies are prepared to consider joint ventures on assets that are uneconomic? Of course regular readers will remember the EMC: Volte Face Randgold Resources from September... after: EMC: Randgold preferred Fed Arb play. 

To quote:

Whether its Elephant country or not (FT), prudence dictates purchasing a decent asset with a better outlook than Obuasi. Good money after...As a reminder, PWC's Mining Taxes and Royalties (PDF)s  and an article (Ghana Chamber of Mines) that AngloGold Ashanti's might want one to quickly forget.  

Disappointing waste of time on RRS and perhaps losing ones mind! When investors thousands of miles away from the mine can assess the benefits or lack of in investing in Ghana, concerns should prudently be raised. More later...

It would appear Randgold needed to spend significant time and perhaps money conducting due diligence to form the same opinion as EMC. Today, they give an update on the Obuasi Gold Mine. Over to Randgold (Bold Italics and Underline are additions):

Jersey, Channel Islands, 21 December 2015

On 16 September 2015, Randgold Resources Limited (Randgold) and AngloGold Ashanti Limited (AngloGold Ashanti) announced their intention to form a joint venture to redevelop AngloGold Ashanti's Obuasi mine in Ghana, subject among other things to the completion of satisfactory due diligence by Randgold and the agreement of a revised development plan.  After undertaking a due diligence exercise into the mine and the redevelopment opportunity the mine affords, and following the work undertaken on the revised development plan, Randgold has determined that the development plan will not satisfy Randgold's internal investment requirements.  Accordingly, Randgold has decided to terminate the investment agreement entered into with AngloGold Ashanti, with immediate effect.

Chief Executive Mark Bristow said Randgold remained committed to creating real value for all its stakeholders by continuing to invest substantially in its exploration programmes with their proven record of success as well as by investigating potential growth opportunities presented by the market.

What due diligence was needed to formulate the same view as here?? Randgold can now throw in the towel and purchase Amara Mining’s (AMA), Yaoure Project, whom recently gave an update on grade and resource.  

In other news, the AIM loses a director whom had sat on a few boards…one such company, BacanoraMinerals Ltd. Perhaps entities were finding their proverbial taps cut off…same for AfriAgPLC, InspiritEnergy (INSP), EvocutisPlc and RareEarth Minerals. Apologies if they weren't all covered…

We have not ignored the marco news, or iron ore moves, China’s woes with imports/exports, BHP Billiton issues and other areas, merely time rationed. Its interesting to note there are subsidies for purchasing cars if you “live in a rural area.” As migrant work forces are considered as living in Rural Areas, the mainstream media may need to wake up and consider the significance of such a stimulus…bringing forward more purchases by near 3 years!

Atb Fraser

Morning Mumble: The Federal Reserve - Shooting Fish + Steel - the bottom is near! Bitcoins to Randgold with Glencore's mass garden leave project.

Good Morning,

For those having been up most of the night playing the "shooting fish in a barrel game" thanks to the Fed (without complacency). It was an opportunity to take the market reaction to Yellen's inferences on a "potential" December rate rise and short base metals. 

Iron Ore was more resilient, finding some form of support circa $47.5-48/t - we note the hefty discounts now being offered for sub 62% FE grades. One has a suspicion there's an "at any price seller in the market", perhaps requiring cashflow.

The U.S. Department of Commerce "cottoning on" (the phrase will be more poignant later in the year) to the subsidies Chinese are companies are getting. Not only were Angang Group Hong Kong Co. and Baoshan Iron & Steel Co. identified but, perhaps somewhat tongue in cheek a Baosteel Group Corp. spokesman said "the company’s operations are based on market forces." We'll cover it with, "of course they are governor!"

The Chinese labour intensity in metals processing has significant implications for central and regional governments. Especially some regions that have an over reliance upon the mills, processors and smelters (or associated services) + coal fired power stations to maintain some the status quo of employment. As such, there's been a repricing or energy discounts (development grants) and where possible a reduction in local business taxes to maintain the levels of employment

Only yesterday there was a discussion and opportunity to be educated on the benefits of bit coin, after some significant price movements. Before we get a telling off, we haven't become "all things knowing about the BitCoin" but today, it was rude not to attempt to short it only to realise the market was well ahead! 

It appears someone has recognised a slight liquidity/ramp potential. The FT explains it so much better than here, Bitcoin surges as Chinese flock to Russian fraudster’s site. (Izzy, Dan and Robin on the title). It won't do the bull case much good when the manipulation appears to be almost pyramid like...only time will tell. 

We had Randgold (RRS) reporting today with differing views on this this morning. Previously EMC has had a target of 4250, albeit the volte face being because of Ghana, where RRS still believe in exploring a JV. Why oh Why!? Returns were on the low side, with net cash, some production issues and the like...the market sold off on the news not helped by the dollar strength and fall of gold. 

Glencore could be the largest single funded garden leave project in Zambia.See: Glencore Can't Fire Workers at Zambian Unit, President Says. The company should be acknowledged for their hard work, but the space they operate should wisely taper back expectations, one near £2.80. 

Atb Fraser

Morning Mumble: Randgold disappointing Volte Face (with apologies)

Good Morning,

The news of Randgold (RRS) and AngloGold Ashanti's (JSE: ANG) joint venture agreement for the Obuasi gold isn't great. The asset has a long-standing saga where many have failed before RRS. With the Ghanaian taxation issues, so far this morning have only been considered by one analyst. The expansion and redevelopment of Obuasi is not fully decided yet, but in the interim there will no doubt be some bullishness around the potential. 

The Ghanaian tax authorities (GTA) operate a ring-fence policy, whereby profits cannot be offset by other operational areas. The GTA will have to reconsider the corporate income tax rates of 35% and an additional tax of 10% on mining companies, as a result of declining expenditure and the commodities rout. Having considered Randgold's positives, yesterday’s purchases were cut at a pathetic profit, with significant time wasted and being left with cash!  

There are much better assets out there at depressed prices that $1B invested in would produce better returns. Many times has Amara met the criteria for Bristow's commentary with the benefit of an operational blank sheet and sizeable savings to be had if the CAPEX was committed sooner rather than later! 

The hope of yesterday's news by the market, has eroded any benefit even for the longer-term. Although the joint venture is at an explorative stage, why will Obuasi at an operational level be any different for Randgold? In the current climate it's simply a care and maintenance parasite on any company’s balance sheet. 

Whether its Elephant country or not (FT), prudence dictates purchasing a decent asset with a better outlook than Obuasi. Good money after...As a reminder, PWC's Mining Taxes and Royalties and an article that AngloGold Ashanti's might want one to quickly forget.  

Disappointing waste of time on RRS and perhaps losing ones mind! When investors thousands of miles away from the mine can assess the benefits or lack of in investing in Ghana, concerns should prudently be raised. More later...

Atb Fraser

PM Bolt-On: Glencore, FED with fears of Déjà vu, owning American stocks? Lithium (who's taking it?) FMC/SQM/Tanqi, + Gold (not quite a bug) on Randgold.

Good Evening,

Initially it was going to be Glencore’s results on the share placing, but every-man and his dog has covered it and there appears to be a consensus that the debt matters resolved. With the employment and cost issues cropping up on GLEN's care and maintenance proposals, the costs savings might just need a little Tipp-Ex. 

Tomorrow’s news on the Fed could or could not be the impetus and momentum needed commodities. Any deferral in rate rise, will only lead to speculation of when it will raise rates, including the associated risks (Déjà vu). Here the view is, the FED should bite the bullet, but those whom know about all such things suggest its unlikely. 

The question is likely to be, why own American stocks? Justification that cheap money has been used for buy-backs and/or capital returns isn't a sound investment case in its own right. Return on capital employed/invested and return on shareholder funds, isn't hindsight but prudence. 

News is rife with Lithium. The market appears very slow to give some credit to a changing market. Perhaps with the likes of FMC Lithium (NYSE: FMC) on a PE of near 35 it’s enough for now. 

FMC have wisely sold their Consagro operations (Brazilian generic crop protection distribution and sales subsidiary), to ‘Atanor do Brasil,’ the Brazilian subsidiary of Albaugh. A sensible choice as FMC have/had neither scale nor a leading position to leverage off.

FMC poignantly update the market that as a direct result of “continued market growth is outpacing current industry supply capabilities for most of our product lines.” This has improved market conditions to justify a hefty 15% price increase in lithium (Inc. lithium carbonate, lithium chloride, lithium hydroxide and all other products) except speciality products that are rising $3.50 per kilogram.

Tesla are shrewdly conducting deals, signing up off-take/supply agreements at a discount to market and capping the price. Examples being Pure Energy Minerals (TSX: PE) (Sept 16 release), whom today did a deal with Tesla.

Same for Bacanora Minerals (BCN) whom near two weeks ago struck a similar deal supply agreement with Tesla. Although small fry, it’s giving an indication Tesla is working very hard to stabilise the price, admittedly not very well if one compares Chinese prices.  

The price rises are unlikely to help Chinese buyers whom have an import duty of 6.5% on top of the price. It’s difficult to find the appeal of Tesla with their failure to convert sales in China, but Marmite has customers, so why not Tesla.

The price increases are marginal for car producers including the likes of Tesla. Without checking, more recent estimates suggested that Tesla required between 11-16 Kilos of lithium per car. Will Tesla become a gimmick in China, especially as average auto sales prices are dropping, margins down, incentives up but demand contracting? Don't Tesla at some point need volume rather than R&D costs eating into the majority of the unit sales price?

Like energy pricing by the ‘non-cartels in the UK,’ with FMC leading the way, you can be assured that Albemarle (NYSE: ALB) whom bought out Rockwood Holdings (U$D5.7 billion), Global X Lithium ETF (admittedly not exclusively a direct exposure to Lithium producers; noted RD), Sociedad Quimica y Minera (SQM (NYSE: SQM) and Talison Lithium. (Formerly TSX: TLH), will be "compelled" to act...

Talison Lithium, a once upon a time target for Rockwood Holdings, is near impossible to gain exposure to having been bought Chengdu Tianqi Industry Group (Tanqi). Note the indicator was there post any fundraiser of a take out for CDN$850M (from memory.) The Chinese press had reported well before the offer that the Chinese Investment Corps (CIC’s) had approved loans to funds the purchase of Talison by Tianqi well before the event. After all, they'd completed the financing for the mine.

Being prudently reminded of the SABMiller (EMC) commentary. To quote yours truly, “The best hope for SAB is a take-out, over to Anheuser-Busch InBev whom today had a good justification to limit any premium if it were "going to make a move at the end of the month." Today’s news on Anheuser-Busch InBev (ABInBev) SABMiller PLC - Responding to press speculation crystallising ‘most’ of the value.

Whilst not being the biggest fan of gold, Randgold (RRS) today presented with an opportunity to place money (with requirements of safety), with gold steady around $1100/oz, RRS is the preferred Fed Arb, with costs and cash built in even for a longer-term trade. RRS's ability to weather the market and price movements is not to be under-estimated. Even with some citing $775/oz. as a possibility, Randgold may find it tough, but others would quicker fall, causing a shortage of supply. Shockingly, this is likely to be a longer-term investment here.

Admittedly, some see gold as a hedge rather than a supply issue and a store of value. Albeit, the dynamics of the market have always mirrored those of supply and demand. It’s the basics of global risks and perception of risk. With deflation in mining equipment, CAPEX expenditure and energy prices all reducing, it will all assist the unit costs on an all in basis. Obviously save for those producing the equipment reliant on a booming markets. 

Sensibly closing positions in advance of the fed movement today, due to the close nature of any such call, we'll revisit Caterpillar (NYSE: CAT) in due course. The strength in the North America market is facing a wave of deflation in mining and shale costs, caterpillar are not immune, although hedged to some degree by their financing arm.

CAT's Parts may benefit as machines that are run for greater hours per day/week and annum, but insufficient without some form of recovery within commodities generally (read as and/or stimulus). Not forgetting inventory of parts carried by the major miners is also being reduced or managed more efficiently (BHP Billiton a prime example). The destocking on top of pricing pressures won't be positive. We shall reserve comment on Caterpillar's finished goods until 22nd October (Date for Diary). Caterpillar's sponsorship of the Energy and Mines summit is noted.

The recommended reading list is growing and appreciated so please be patience. 

Atb Fraser

Morning Mumble: What a week, a quick recap!

Good Morning,

What a week, with most pre-election polls being a joke. Having thought that the UK would have ended up with a Labour SNP coalition, the UK should be pleased. A slim majority means that nothing too drastic is likely to happen (yet) but more so, Labour's financial record isn't put to the test again. Expect European issues to be a proverbial echo of will they won't they. 

There is a plus to this election, Ed Balls is out of politics (for now), whether you agree or not, its certainly my Christmas and I suspect one Sharon Shoesmith will be pleased with. So as a thank you for all Ed did whilst in Government and in opposition, Good Bye! (BBC).

Despite the dollar being in good form, the hedge funds and Chinese are betting on their own recovery, for most it'll be a positive. For Weatherly International (WTI), the price has to travel significantly before they're in the money. WTI's trading update is dire, and if they cannot get costs under control this placing will look expensive with cash costs per tonne of $7,763. For old money that's around $3.50/lb ish.

The bet is whether WTI can ramp up and reduce their costs, with guidance slipping back. The market may have some relief after their shining knight (Orion Mine Finance) didn't have them over a barrel and instead anted up (USD) $5.2 million at 2 pence. Why the cost overrun facility wasn't used is another question, perhaps an indicator of things to come! 

Laden with debt and debt payments due from November, what's the odds more cash is needed. WTI should now praying for a large bull run to near $3.75/lb or their costs reducing 20%, both are a challenge, with constrained production its not looking pretty. CEO out, COO in, over to Orion to dictate the show. 

On the 21st May those Glencore (GLEN) holders can look forward to receiving their Lonmin (LMI) stock (AGM approval). With a slight recovery in the price, as the shorts closed, it’s not looking pretty for LMI. With their discussions to reduce costs, it’s all too little too late. Simply put, LMI's figures don't stack up and after the last debacle where muppets gift-aided $817m (09 November 2012). Time now to pass the cap around again, or conduct some drastic cuts. If the latter doesn’t work, at least they’ve got a few more willing muppets in the form of post-Glencore holders. The time is now for more cash psychologically, a fully under-written gift-aider at 85 pence should entice most.

The cuts are 'perhaps' too little too late, those firms that bought into the rights issue had a choice, good money after bad? Will there be a recovery? No doubt, but simply put, the money may just be safer under the mattress! More so, if these cuts can be imposed/implemented without an impact on production then why wasn't it conducted earlier! LMI is one for the list of management to beware of when investing, if their names pop up elsewhere. LMI should be managed as a social enterprise by the Republic of South Africa. As such, they may be able to entice the IMF to waste some monies as well, perhaps even the Chinese version?

On a brighter note, Sirius Minerals (SXX) informed us the special committee date has been set for the 30th June (Put it in your diary now). Still in sector, Highfield Resources has its cap out for $106M to build move forward their Spanish licenses. Muga being central to the licenses in Spain is key, and initial indications are there's been a positive uptake in raising the cash, albeit that has the caveat of "at what price." One ASX trader suggests its a mere 5% discount to close...

Randgold Resources (RRS), Q1 Results were out, it’s very hard to justify the valuation, save for being protectionary on the basis of if one must invest in gold, then perhaps bigger is better?!?! RRS note the supply of gold is slowing (only marginally currently), which may actually assist the price and save some of the higher cost Co's that are just about surviving. 

RRS is a traders dream currently, although as it continues so do the risks of a break out, but not yet. RRS remain silent on acquisitions. A well-placed geologist bumped into some RRS personnel in another African nation...one wonders what they could have been doing there, perhaps their Satellite Navigation went wonky coming from Mali to Côte d’Ivoire?!

Atb Fraser

Morning Mumble: (Holiday Mode) EMED Plc & CAML, and a QPP Cheeky One!

Good Morning, 

Its pleasing to see a decent amount of news-flow on a Monday.

EMED have an extension to the loan facility. This extension reads as though a strong armed is being applied to force (or appear to) force EMED into accept 'some' terms that are on the table currently from the 'three' (Trafigura, Orion Mine Finance and Hong Kong Xiangguang International). One assumes they'll be able to organise a meeting by 30 April 2015 to avoid incurring extension fees. 

Some egg on the faces of those with very large positions in QPP (Quindell) today, with the gossip proving right. QPP, for those with any interest now, was something to avoid as the risks being significantly unknown. It was surprising to speak to such a well-versed trader today whose position was impacted by the news in Australia of Slater & Gordon overnight. One for the learning curve?! Today it would have been rude not to have a cheeky short "on the news." 

Central Asia Metals (CAML) full-year results beat even the most bullish expectations, dividend up, revenues up and profit beating the whisper by near 30%. Return on shareholder funds even allowing for FX impairments and rebalancing of Kenges Rakishev 16.02% holding, are positive. 

Improving EPS, bottom line and the Tenge devaluation aiding costs CAML's cause. 60% of the cost base is Kazakhstan Tenge. Expects further bottom line improvements as the full affects of the Tenge devaluation kick in, assuming production levels are maintained. 

With the copper market adopting a more realistic outlook, even with the current prices, its hard not to justify 'turning positive on CAML (again). See  EMC: CAML from January. The EMC is slowly getting over its issue with the director sales by Mr Nick Clarke, Chief Executive Officer, although one will always have an issue with a director without skin in the game? We'll save that for another day, expect a special dividend in due course. 

Arian Silver (AGQ) achieves first concentrate production at San José, with the more recent net smelter royalty purchase AGQ's woes may just about to turn. Today's "not" very interesting news is Bluefield Solar (BSIF) most recent acquisition, those SIPP investors will find it hard not to have some form of lower risk stability, with a yield of just under 6% isn't too be sniffed at (EMC 2014 (BSIF).  AND, GKP (Gulf Keystone) get an extension on their homework!

Anglo American's (AAL's)  inability to sell its assets and now looking to give them away doesn't bode well for Jubilee Platinum's (JLP) Tjate project in the mid-to-long-term. Blackrock realising AAL's woes a little too late, or perhaps "just in time" and selling down.

The news award goes to Randgold Resources (RRS), whom see growth opportunities.

Atb Fraser

Morning Mumble: All that Glitters Au Ag, Amara's placing, Weatherly, GLIF & JD Wetherspoon.

Good Morning, 

A pleasure when the smaller boys make a decent packet out of the market in comparison to the houses of grandeur such as the high fees for M&A or the odd take private element. 

Having traded long on gold on the back of CHF and China, yes China gave gold a leg up plus Asian trading and NY. China's data created yet more demand on gold risk, so this morning its time to take the majority of profits (perhaps earlier buy but yet again solid profits). It’s not so long ago a few savvy investors picked up some significant low cost gold bets (EMC). It would appear the corporate gold traders were caught napping by the move and very few have profited from the appreciation of gold. Kudos to the few, with a not so paltry pay cheque either.

With gold and silver in fashion at the moment, it is wise to buy exposure into those leveraged plays such as the once upon a time short, HOC (Hochschild) who has appreciated near 30% since the change in sentiment and trend for Ag circa $18.30/oz. HOC's now making a profit again! With HOC's Q4 production update being a lot better than most (includingmyself thought). 

The HOC holders can breathe a sigh of relief with HOC completing a decent hedging programme to lock in some transparency over cashflow even if prices appreciate. With HOC signing agreements to hedge the sale of 6,000,000 ounces of silver at $17.75 per ounce for 2015. This is in addition to the previous agreement to hedge 38,000 ounces of gold for 2015 at $1,300 per ounce.

We'll side step Petropavlovsk (POG) purely on the basis of unnecessary appreciation over Christmas and without justification. 

Copper appears to be looking for a floor / support in the price at the moment, although the deals being done and stocks increasing at LME certainly leave a lot for the interpretation. The guessing for copper will continue as two dominant warrant holders sit on their hands (maybe slightly singed). 

With metal warranted against the January 2015 date becoming prompt this week supplies are likely to up-tick contradicting the narrow bands of supply and demand. One certainly to keep your eye on if trading, especially if the physical market becomes tighter (allegedly) again. (Circa 19th April 2015). One suspects that Standard Bank's Aug/Sept notes on copper might need a slight revision. 

The question over the short-term is will the Chinese smelter excess still be managed appropriately (drip feeding back in to the market) with some losses stacking up or is there likely to be a very short-term swell in physical to meet obligations? The market I suspect will wait till factory restarts before taking an opinion. With factory gate prices lower there's pressure on the market to maintain a competitive (read as cheaper) attractiveness.

We see the results of Amara Mining's (AMA) placing which shaves certain assumptions off the target or take out price, down around 10% of previous estimates (Approximate 25.2 - 28 pence now.) The positives are any suitor is wise to acknowledge AMA is now far from vulnerable to speculative approaches being funded to an investment project decision and is supported. If the book-build was so well supported why is there a discount to market of 15% or thereabouts? 

In-between AMA's announcement of its intentionto conduct a placing (worth a read) and today the costs of the BFS and completion apparently appreciated 10% or should it be the needs appreciated 10%. It’s acknowledged that with a prevailing wind for gold it was wise to press the button on cash. The disappointment being, if Peel Hunt and GMP Securities Europe had to offer a discount on the price, it does not bode well for other entities looking for cash. So in the absence of Randgold (EMC May 2014) news or Samsung, Q4 2015 looks to be the date in mind, one hopes financing can be encouraged in the current gold climate sooner rather than later. 

Stating the obvious award goes to J D Wetherspoon(JDW) with increased competition from the supermarkets. JDW more recent declines I thought were obvious, with landlords’ holidays often taken post-Christmas? With calls for equality in treatment stating the obvious bad news in the sector etc...if JDW don't like the sector why are they operating in it? Expanding yet claiming discriminatory pressures is never a good thing with increased LFL sales and margins, albeit under pressure from their wage increases are healthy. JDW's update will be taken as well as Majestic Wine's (MJW)! The hangover should have been taken post-Christmas. 

Its the day for the GLIF  (GLI Finance ) dividend announcement (see: EMC GLIF April 2014) and only two days ago Inspired Capital (INSC) (the old Renovo aka Ultimate Finance Group) trading update.

Bowleven (BLVN) informed the market of the two well exploration drilling programme on the Bomono Permit, with fingers cross for the company (no position), they'll need it! WTI (Weatherly International) quarterly operations and production update does not bode well! From EMC, will it stop the rot!, we had our answer sooner than expected! 

Little time to discuss the BLT (BHP Billiton) Operational Review Half Year Ended 31 Dec 2014 shale being an obvious candidate for some tighter cost controls and copper even performing well (grades?), Anglo Pacific's update on the Kestrel royalty, seeming like desperation to maintain the SP. Afren's update hasn't gone down well re: amortisation payment.

Atb Fraser

Morning mumble: Blurry-eyed but limited news...and another IPO'(oh)

Very limited news in the Market, Focus on delivery as Tongon deals with challenges Randgold announces today...which one wonders why they're informing us so late in the date. Perhaps a "if we don't get these permits we won't be able to employ people" type conversation needs to happen with the Government. Nevermind the technical issues and ground lost, targets and warnings that are now coming out. The Gold price may support Randgold here when normally the market would punish it. 

Its with pleasure I welcome ULS Technology plc & First day of dealings. For myself I am assessing the stock as a short, with a market cap or near £26M based on revenues of £16M and a margin of 18%, it doesn't bode well for funding when adding in the additional costs etc...Stock is being sold (18,713,750 shares) (a warning sign for me), and a bit of cash raised (11,536,250 new ordinary shares) raising £4,614,500 before expenses. The company has around £1.85M of debt being repaid and after the costs of the IPO, fund raising and repaying debt, the company will have around £2.2M. This company has been going near 11 years, albeit its form and earnings are only discussed for the past 4 years. All eyes will certainly be on the "progressive" dividend model. 

For those wanting to find out more about the company, a good place to start is here: Econveyancer.com. Perhaps the company would be wise to incorporate an Investor Relations section on their website. This should have been done prior to the first day of dealing. The ulsgroup.co.uk (Investor Relations & PR Email Address) website merely directs interested parties to the econveyancer website. However if you do desire anything there is a Media / Investor Relations enquiry email address.

This company has a lot to do in the Market and the recognised comparison brands are already designing formats for conveyancing comparisons. Yes the model appears to be via the intermediary markets approach, but surely one should recognise the brand? A quick google for interested parties will show, using the phrase “(compare conveyancing prices)”  you’ll note where the company's listed.

The company purport to have 4.5% market share of the market which is allegedly £1.6B. So by operating in this market and being involved in £72M of referrals the company had a revenue of £16.2M of which 18% was EBITDA, or £2.916 and a market cap of 9 times this? One shall await their results, but it appears like an also ran…To me something doesn’t stack up…perhaps I’m not an American that’s able to understand the model? or that I'm clearly missing the purpose, model or business strategy.

What bugs me is the comparison model extends itself to the user comparing the prices to have faith in the process? Yet this is via an intermediary approach? So people, if you want a comparison, you’ll have to take someone else’s word for it, or the limited offerings in place. This will also be conducted by a model you’ve not heard or, its PR and Brand Awareness is lacking. I shall be waiting in the wings! Suffice to say I’m not currently very positive on this company. Until such time as it presents its previous accounts, prospectus and the like…I’m remaining negative without a position (currently).

Atb Fraser