Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Nature clinches £16m Slop and Scrub deal
Nature Group has announced the acquisition of Dutch offshore waste collection group International Slop Disposal and its subsidiary Ecoscrub in a deal worth £16m.
The AIM-quoted provider of waste water treatments for the oil, marine and process industries intends to raise £11m via a 50p a share placing with its broker WH Ireland. The new shares are being issued at a 14.5% discount to the mid-market price at the close on Friday.
The deal with International Slop Disposal (ISD) includes a payment of £8 million in cash and the issue of 16 million new shares, for a company that is the largest waste collection group in the ARA (Amsterdam, Rotterdam and Antwerp) region. For the year to December 2009 ISD handled 171,448 metric tonnes of waste fluids, generating sales of €9.82 million (£8.25m).
Nature Group chairman Richard Eldridge enthused that the agreement means that the Jersey-headquartered outfit now has the opportunity to 'establish itself as a leading independent provider of maritime and offshore waste services to the shipping industry' adding that 'an exciting future’ for the company lies ahead.
Following the announcement, WH Ireland is forecasting pre-tax profits of £1.9 million (2009: £1.6million) on top line growth up £1.3 million to £7.3million for the year to December 2010, with shares currently trading just over thirteen times earnings and offering a yield of 1.2%. The following year, profits are set to more than triple to £6.1million on turnover of £21.2million, with the dividend set to rise to 1.6p (2009: 0.7p), a yield of 2.8% on the current price.
Shares have slipped two pence this morning to 56.5p, valuing the company at £22.8 million. Last recommended by Growth Company Investor at 50p this September, we think that with growing environmental awareness in the sector and some new opportunities created through the acquisition, shares continue to represent good value. Hold on for now.
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