Yovich & Co. Market Update - 8 October 2018
Oct 8, 2018 | Commentary
New Zealand Equities
The S&P/NZX50 Index was down on Friday, to 9,215.
On the upside, the main movers of the day were Comvita (+2.2% to $6.05), Freightways (+1.7% to $7.80), and Auckland Airport (+1.0% to $7.25).
On the downside was Synlait Milk (-5.7% to $10.00), A2milk (-9.9% to $11.26),Genesis Energy (-3.2% to $2.42), and Investore Property (-2.5% to $1.53)
Sheffield Resources Limited
The Australian Government’s Department of the Environment and Energy has granted environmental approval for the Thunderbird Mineral Sands Project (Thunderbird) under the Environmental Protection and Biodiversity Conservation Act 1999 (EPBC Act).
The Federal environmental approval represents the final key permit required to develop Thunderbird, one of the world’s largest mineral sands deposits.
The latest news is that there have been outstanding results from exploration drilling at its Night Train prospect at the Dampier Mineral Sands Project near Derby in northern Western Australia. Night Train is located 20km southeast of the Company’s world-class Thunderbird deposit, which forms part of the Dampier Project.
Here are the highlights:
• Outstanding drill results confirm Night Train as a major new zircon-rich mineral sands discovery
• 27m @ 5.29% HM, including 22.5m @ 6.17%HM – a record high grade intersection at Night Train
• Mineralisation is up to 27m thick, 1.5km wide and continuous over 4.5km strike length
• Situated just 20km from Thunderbird and adjacent to the planned haul road
• Open along strike, down dip and thickening to the south-southwest
• Maiden Mineral Resource estimate scheduled for Q1 2019
Port of Napier
This is the fourth largest container port and there is the prospect of it listing on the NZ Exchange.
Hallenstein Glasson Holdings
Tax paid profit for the August year is $27.36m an increase of 58.4% on last years $17.27m.
Final dividend payable 17 December is 24c compared with 17c last year.
At the current share price of $5.49 gross yield is 11.13%.
Tilt Renewable takeover update
Mercury and Infratil JV take over offer at $2.30 per share of Tilt Renewable is due to close at 11.59pm on October 15th (unless the Offer Period is extended by the JV). As of the 8th October the offer total acceptance is less than 1% of Tilt Renewable’s shares (excluding the exercise of the option over the shares held by TECT Holdings Limited which was entered into prior to the Offer). It appears shareholders overwhelmingly agree with the Independent Directors that the Offer is inadequate and does not represent fair value for your Tilt Renewables shares.
Turners Automotive Group higher quarterly dividend
The first quarterly dividend for the 2019 financial year of 4c per share, fully imputed, with a record date of 23 October 2018 and a payment date of 30 October 2018. There will be two further quarterly dividends of 4c per share in January and April, with a June dividend of 5c payable in July.
The total expected dividend of 17c is an increase of 10% on last year’s dividend.
At the current share price of $2.96 gross yield is 7.97%.
Port of Napier Hallenstein Glasson Holdings Sheffield Resources Limited TRA.NZ SFX.ASX HLG.NZ Turners Automotive Group Tilt Renewable