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Friday, March 4, 2011

Topped up on Weatherly International

With Weatherley (WTI) dropping today to 12.25p to buy, I have taken the opportunity to buy more. After buying Xcite around £3 a couple of days ago, I have taken a little off the table (plenty left there).

WTI is a favourite because :
  • Copper production is already happening at the company's Matchless and Otjihase mines
  • Forward sales already contracted to with Louis Dreyfus Commodities commencing in May 2011 at a fixed price of US$9,750/tonne. (total forward sales of 1,925 tonnes), 20% of anticipated production from May 2011 for 17 months.
  • China Africa Resources flotation expected in April/May 2011 (WTI shareholders will receive shares in the new company)
  • Blackrock now hold 16% of the company
at

4 comments:

  1. AnonymousMarch 4, 2011 at 3:46 PM

    Blackrock not Gartmore.

    ReplyDelete
  2. Contrarian Investor UKMarch 4, 2011 at 3:56 PM

    Whoops, Friday afternoon effect. Thanks, post changed to Blackrock.

    ReplyDelete
  3. johnMarch 4, 2011 at 4:58 PM

    There's been a debate all day on the ii board whether Blackrock do in fact own 16%. Many are claiming it is only 9%. OK, this is no big problem whether it's 9 or 16%, but on a quiet day like today the debate has been quite heated. I'm not sure what the outcome was, I'll have to check later when things have calmed down a bit.

    ReplyDelete
  4. Contrarian Investor UKMarch 4, 2011 at 6:10 PM

    See page 3 of the latest Investor presentation indicating Blackrock have 16.7%.

    THe link to the presentation is

    http://www.rns-pdf.londonstockexchange.com/rns/1215C_-2011-3-1.pdf

    ReplyDelete