Annual Report 2014

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Latitude Consolidated Limited

ACQUISITION OF YATANGO

On 24 March 2015, Latitude Consolidated Limited announced that it signed an agreement to acquire Yatango Pty Ltd, an international consumer services technology company.

Yatango is a customer focused, cloud based software, services and analytics platform that puts the consumer in control of their everyday spending and consumption needs across a range of everyday lifestyle services. Yatango has developed an integrated platform that harnesses the power of loyalty rewards, community, big data and machine learning.

Yatango has to date launched two product groups:

-          Yatango Mobile is a mobile network provider that puts members in control by allowing them to build their own mobile plan and pay for what they need on a no contract basis; and

-          Yatango Shopping is an e-commerce marketplace that partners with a wide range of sellers to deliver customers better pricing and choice on a wide range of lifestyle products, engineered as a social shopping experience.

 

Click Here for the full ASX announcement.

 

Entitlements Issue

Concurrent with the acquisition of Yatango, LCD also announced a non-renounceable entitlements isue to raise funds to pay for costs associated with due diligence and the acquisition of Yatango, for the continued advancement of the Company’s Kalengwa Project and for working capital. The entitlement issue will offer each eligible shareholder the right to subscribe for one (1) new share in the capital of the Company for every two (2) shares held by that shareholder on the record date, 30 March 2015 issuing approximately 70,425,025 shares at an issue price of $0.012 per share to raise up to $845,100 before expenses.

Further details of the timetable for the entitlement issue will be provided in a letter to shareholders and in the entitlement issue offer document to be lodged with the ASX, availabe by clicking here.

 

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The Company is focused on exploring and developing high grade copper deposits in Zambia to generate value for shareholders.

Latitude is actively exploring its Kalengwa South Project and plans to grow its portfolio of quality exploration projects to become a major copper explorer and developer in Zambia.

Map of Kalengwa South Project Showing Prospect Areas and Historic Exploration Results

 

The Company also holds the Lyndon Base Metals project located in Western Australia.

Proactive Investors

A week in silver: Industrial demand key to recovery

Silver has been the poor relation to its more expensive cousin gold in recent years, but that may be about to change.

In the last five years, silver has performed significantly worse than gold steadily falling from its peak of US$46 in 2011 to US$15.8 per ounce currently.

Over the same period gold has dropped US$595 to US$1,190, while platinum has fallen US$731 to US$1,132.

It is fair to call it a pounding but analysts at Swiss bank UBS see recovery potential in the metal.

“Right now, silver is just following the gold price action. It doesn’t have its own driver” Joni Teves, associate director and precious metals analyst at UBS said.

“But in the medium to long term we expect silver to start outperforming gold.”

Philip Newman of Metals Focus agrees. He said the gold to silver price ratio is roughly 75:1, the highest it has been in years.

The average was 55:1 during 2014 but it has risen sharply recently as the price of silver has fallen, in part due to a lack of industrial demand for the metal continuing to take effect.

However if the ratio were to fall to 60:1 he said, this would represent a relative win for silver.

UBS still forecasts silver will follow the gold price in 2015, with a small recovery over the next quarter and consistent growth to the end of the year but it is after that where the scope lies for silver to reassert itself over gold.

Teves said: “If the global economy proceeds to recover and then picks up momentum, we would expect to see improvement in industrial demand for silver getting investors interested again.”

Silver is mainly used industrially in electrical contacts and conductors and silver compounds have been used for photographic film as well as in medical equipment.

On the other hand gold is less reliant on industrial demand, which makes up only 10% of overall demand according to Metals Focus, and is mainly used by investors as a way of diversifying risk.

Newman reckons that improvement in industrial demand for silver is key to driving the price higher, as it make up around 50% of the overall demand for the metal.

This will also address the issue of getting investors interested in the metal, which Teves said has been a major issue for the metal since the violent price drop in 2011.

The price of silver had been increasing until April 2011 when, in the space of ten days, it dropped to US$34 from US$46.

Teves believes getting people to want to invest in silver is the key to its turnaround.

“If silver gets its own story again it could get investors back in the game.”

According to the figures, last week the value of net longs bought stood at 209mln ounces, a far cry from the 313mln ounces year-high and 30 mln ounces less than the previous week, indicating a further slowdown in interest for the metal.

Despite this, Teves still remains positive.

She said: “In a scenario where we have an improving global economy, silver is in a position to perform better than gold” she said.

This week silver traded between US$16.38 and US$15.79, a range of 59 cents.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Gold ends lower in New York

Gold futures finished lower Friday to tally a loss of more than 2% for the week as investors looked ahead to the Federal Reserve's policy meeting next week.

June gold fell 1.6% to settle at US$1,175 an ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

88 Energy highlights enhancements to Alaska drilling plans

88 Energy (ASX:88E, LON:88E) highlighted that its newly accelerated drill plans are enhanced by the use of an existing gravel pad as the drilling location.

Drilling the Icewine 1 well from the existing gravel pad should provide significant benefits for the permitting process, as well as the costs and timing of the drill programme, the company said.

It may also minimise adverse effects on vegetation, habitat, affected wildlife and cultural resources.

The permitting process began during the last quarter, ended March 31, and the exploration group has scheduled the drill programme to begin before the end of the calendar year.

A quarterly report highlighted what the company describes as “the beginning of a fresh chapter” for new and existing shareholders.

In the three month period the company changed its name from Tangiers Petroleum and continued it re-launched business, focusing on shale and conventional prospects in Alaska rather than deep-water offshore Morocco.

During the quarter, which included an equity fund-raising, the company had a A$6.2mln capital inflow and a A$5.15mln cash outflow. It spent A$0.57mln on exploration and evaluation activities, as well as A$0.49mln on administration and other operating costs.

Cash reserves at the end of the quarter amounted to A$6.23mln.

Following the update, broker RFC Ambrian repeated a 'speculative buy' stance on the shares.

Icewine is an attractive high-risk/potentially high-reward project, it reckons, which should give 88E an initial high working interest (87.5%) in a 400 sq km opportunity, it said.

The main target is an untested, unconventional liquids-rich shale play in the prolific shale complex that co-sourced the largest oil field in North America, while the shallower secondary conventional opportunity is a deep-water sand play.

"The company expects to have the acreage award confirmed in the next few months and is continuing to sound out potential farminees. Once the award is confirmed, management hopes to farm out an interest in the project for work programme carry, including the drilling of the first well," said the broker.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Brent steady into the weekend, close to 2015 highs

Changing hands near US$65 on Friday Brent crude was cruising into the weekend close their highest for the calendar so far.

The restart of Saudi Arabia led airstrikes against militia in Yemen reignited geopolitical fears and saw an increase in risk premiums. Whilst Yemen is not itself a huge producer of oil it is strategically positioned amid key international crude shipping routes.

Hedge funds were also reportedly pushing prices higher as they bet big on a possible oil price rally.

Long futures and options accounting for some 265mln barrels of Brent crude have been staked, according to the FT, which said the trades represented three days of global oil demand.

In London trading this afternoon Brent was flat at US$64.80, while West Texas Intermediary futures declined almost 2% at US$56.65.

The strength of the Brent price comes in the face of more increases to America’s brimming crude surplus.

Department of Energy figures for last week showed a 5.3mln rise in the US’s record surplus. Oil market analysts had expected a 2.9mln increase. The crude stockpile now stands at 489mln barrels.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

These are Friday’s most traded stocks on the ASX

Friday’s leading volume stocks on the ASX.

NameCodeLastChangeVolume
Lynas Corporation ASX:LYC $0.047 6.8% 90,715,713
Stonehenge Metals ASX:SHE $0.045 12.5% 48,310,187
Fortescue Metals Group ASX:FMG $2.21 5.7% 46,361,274
Aziana Limited ASX:AZK $0.315 18.9% 36,213,487
Telstra Corporation ASX:TLS $6.32 1%
36,102,357
Monto Minerals ASX:MOO $0.004 33.3% 29,707,193
Peninsula Energy ASX:PEN $0.018 0% 22,008,805
Metgasco Limited ASX:MEL $0.082 46.4% 21,047,033
Tiger Resources ASX:TGS $0.051 4.1% 15,669,533
Dourado Resources ASX:DUO $0.002 0% 15,408,333

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Lakes Oil issues notes after raising $4.12M

Lakes Oil (ASX:LKO) has issued and allotted 411,719 notes that raised $4.12 million for the company.

A shortfall of $7.18 million in notes exists which the directors have reserved the right to place at their discretion during the 3 month period following the close of the offer.

Proceeds will be used to explore ATP642P and ATP662P in Queensland’s Cooper/Eromanga Basin; research and plan an exploration program for VIC/P43(V) and VIC/P44(V) the company’s two permits, in the nearshore Gippsland Basin, Victoria; and prepare for drilling in the Otway Basin.

Each note will convert into 5,000 shares and pay half-yearly interest of $0.50 each.

However, if the 30 day average closing share price prior to the Maturity Date is less than $0.002, the number of shares received on conversion for each Note will be increased to a maximum of 6,667 Shares on the basis of an Uplift Factor formula.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Animoca Brands to release two mobile games

Animoca Brands (ASX:AB1) will release two high profile mobile games over the next few weeks with Gung Ho Online Entertainment.

Ragnarok Kingdoms: Horn of Wars, is a massively multiplayer real-time strategy game that will capitalise on the popular Ragnarok Online franchise.

It will be released worldwide on the Amazon Appstore and Google Play except in Japan, China, Taiwan, Thailand, and South Korea.

This was developed by Gung Ho subsidiary Gravity Co. Ltd, the first Korean company directly listed on the NASDAQ. It has released a number of highly popular titles including Ragnarok Online, which was one of its highest grossing apps on the Android platform in 2014.   

Cinderella Farm is a farming sim game targeted at families and young audiences.

It will be released worldwide on Google Play except in Hong Kong, Taiwan, Macau, Japan, and South Korea.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Greenland Minerals and Energy banks research and development tax refund

Greenland Minerals and Energy (ASX:GGG) has received a $568,000 tax refund for the year ended 31st December 2013 under the Federal Government’s Research and Development Tax Incentive Scheme.

The company has been a strong performer iover the past month, with its shares up close to 79%.

The rebate relates to the GGG’s development of the metallurgical flowsheet for processing ore from its Kvanefjeld rare earth-uranium project in southern Greenland.

It is expected to supplement the company’s 31st March 2015 cash position.

Earlier this month, GGG signed a second Memorandum of Understanding with China’s Non-Ferrous Metal Industry’s Foreign Engineering and Construction Co. Ltd. (NFC) for development of the Kvanefjeld Project in Greenland.

The new MoU sets out the undertakings both parties have made to facilitate the formalisation of this strategy.

The joint development strategy will be formalised in a Strategic Co-operation Agreement which the Parties have committed to work towards completing in 2015.

GGG is also drawing closer to completing the Feasibility Study for the project, which has massive resources of over a billion tonnes and a Measured Resource of 143 million tonnes.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Bannerman Resources directors increase shareholdings

Bannerman Resources (ASX:BMN) directors have increased their respective investments in the company through participation in its recent Share Purchase Plan priced at $0.052 per share.

Proceeds from its $2 million capital raising, which included the SPP, will be used to operate the Heap Leach Demonstration Plant at its 80% owned Etango Uranium Project in Namibia.

Indirect interests of non-executive chairman Ronnie Beevor subscribed for 288,461 shares totalling $15,000. This took his total shareholding held directly and indirectly to 1,118,720 shares.

Managing director Len Jubber increased his indirect interest to 2,380,087 shares after acquiring 288,461 shares for $15,000.

Non-executive directors David Tucker and Clive Jones each increased their indirect interests by 288,461 shares.

Tucker now has an indirect stake in 1,504,960 BMN shares while Jones has 15,495,401 shares.

Earlier this week, the company placed $250,000 with an existing institutional shareholder, adding to the $860,000 it placed with Resource Capital Fund VI L.P.

This increased the total raised by Bannerman to $2 million and is a sign of the investment upside seen in Bannerman.

Operation of the Heap Leach Demonstration Plant will demonstrate the design and projected performance reflected in the Definitive Feasibility Study while maintaining and building project knowledge.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.