Below are the key morning press headlines, featuring the The Times, The Telegraph, The Daily Mail & more - see the full Press section here.
Talks are under way with its bondholders over a further £150 million cash injection to ensure that does not run out of cash over the coming winter. The money would come on top of a proposed £750 million recapitalisation that will hand control of the business to Fosun International, the Chinese conglomerate that has an 18.1% stake. In a statement yesterday, Thomas Cook said that the £150 million would “provide further liquidity headroom through the coming 2019-20 winter cash-low period and ensure the business can continue to invest in its strategy”. Analysts said that recent market fears caused by the collapse of Late Rooms and Super Break, the holiday providers, and a profit warning from On the Beach were likely to have been a factor in the decision to seek an extra cash buffer.
has been punished by investors after admitting failings in its accounting had triggered a one-off charge of £6.4m. M&C Saatchi, which operates an international network of agencies, said that an internal audit of accounting at some of its British subsidiaries had uncovered £4.9m of “specific issues”. The company said it had set aside a further £1.5m to cover any further problems that may be uncovered by outside investigators in a further ongoing review. The accounting failings relate to revenue recognition policies that were flagged up in May by KPMG, M&C Saatchi’s auditor, as “over-aggressive”.
is facing further worries after parts from one of its troubled Trent 1000 engines appeared to drop from a jet taking off in Rome. Shares in Rolls fell more than 3% in early trading on Monday following reports of the incident, which took place as the Norwegian Boeing 787 took off on Saturday. According to local reports and images on social media, 25 cars and a dozen houses in the Rome suburb of Fiumicino were damaged by fragments from the aircraft. High-temperature pieces of the engine, ranging from about two to four inches in length, were reported to have fallen from the 787 as it was climbing through 1,200ft shortly after take-off. Rolls has so far earmarked £1.6bn to sort out problems with the Trent 1000 since issues with it first emerged in 2016.
An American bear raider has dismissed as “preposterous” a claim by about market manipulation of its shares, calling it an act of “pure desperation” to divert attention from the litigation funder’s own actions. Burford, whose shares plunged last week after a highly critical report by Muddy Waters, said yesterday that it had found evidence from an analysis of trading. More than £1 billion was wiped off the value of the stock last week after Muddy Waters accused the company of “egregiously misrepresenting” its return on investments.
revealed a “potentially transformational” oil discovery off the coast of Guyana, causing the value of its partner in the country – – to rocket. The discovery, which could exceed 100m barrels, was made in the Jethro-1 well, more than a half a mile below the sea. It lies in the Orinduik block, in which Tullow owns a 60% stake. Eco owns 15% of the block and its shares soared. “This substantial and high value oil discovery in Guyana is an outcome of the significant technical and commercial focus which has underpinned the reset of our exploration portfolio,” said Paul McDade, Tullow’s chief executive. “It is an excellent start to our drilling campaign in the highly prolific Guyana oil province.” The companies hope that further drilling at nearby sites will uncover similarly bountiful reserves. Analysts at Jeffries said that Tullow had “proved its exploration credentials once again”.
The auditor of has resigned as Britain’s big accounting firms look at their client lists to ensure that they are not likely to cause embarrassment. PWC stepped down this month and agreed not to take part in the recruitment business’s tender to find a new auditor. The Big Four firm indicated that a section of Staffline’s most recent annual report, in which it warned that there was “material uncertainty” about the group’s ability to continue as a going concern, was connected to the resignation. In Staffline’s 2018 annual report, PWC said that lenders had waived breaches of covenants attached to its debt facilities and warned that further breaches were likely for the 12 months from June 30, 2019, because of increased debt and lower profits. It said that the business was reliant on the continuing support of its lenders.
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Eco (Atlantic) Oil & Gas (ECO) has released their results for Q2 2019 which featured a major oil discovery on its Orinduik license in Guyana and solid financials, including over £21 million in cash and cash equivalents.
SP Angel research note on commodities and miners, featuring: Bluejay Mining (JAY LN) 7.3p, Mkt cap £63m – Hudson’s White Mountain Anorthosite mine starts production this week in Greenland Hudson Resources (HUD CN) C$0.38/s, Mkt cap 68m Hummingbird Resources (HUM LN) 22.0p, Mkt Cap £77.8m – Interim results Katoro Gold (KAT LN) – Disposing of its Tanzanian gold projects Prospect Resources (PSC AU) – Power supply agreement for Arcadia
America’s biggest toymaker is to buy London-listed Entertainment One, A US House of Representatives committee has asked e-cigarette manufacturers to hand over details about the health impact of products, heaping renewed scrutiny on the popular devices
More waste could be sent to landfill in the UK after a no-deal Brexit, a major waste company has said. There are worries a no-deal outcome will disrupt the export of millions of tonnes of waste to facilities in the EU, so it will have to go to landfill.
The program was first launched in Mexico City in 2008 - using Symphony's plastic technology, Mexican-based Grupo Bimbo, the largest global baking company, tackles waste management with a clear mission: to make all packaging recyclable, biodegradable or compostable by 2025.
Predator Oil & Gas provide a progress update on its CO2 EOR project in Trinidad. Galileo Resources discuss the final technical report and inferred mineral resource estimate for its Star Zinc Project. Chris Bailey covers Rank Group, Antofagasta & CRH Plc
SP Angel research note on commodities and miners, featuring: Altus Strategies* (ALS LN) 4.8p, Mkt Cap £8.5m – Proposed JV on Lakanfla and Tabakorole in Mali Anglo Asian Mining* (AAZ LN) 149.5p, Mkt Cap £171m – Comment regarding media article Ariana Resources (AAU LN) 2.175p, Mkt Cap £23.0m –Salinbas drilling and licence update Aston Bay Holdings* (BAY CN) $0.065, Mkt cap C$7.6m – Soil sampling underway at Buckingham Gold project in Virginia, USA KEFI Minerals* (KEFI LN) 1.0p, Mkt Cap £7.0m – Appointment of NED Rambler Metals & Mining* (RMM LN) 0.075p, mkt cap £12.3m – Lombard Odier convertible loan closes
Chairman Dr. Clifford Gross believes such growth was attained through the company’s “unique approach of acquiring and commercialising university IP innovations, coupled with providing a range of IP services continues to deliver strong returns on invested capital.”