Argonaut | The Natural Choice in Resources

Argonaut is a full service advisory, stockbroking & research and investment house with offices in Perth and Hong Kong. Argonaut is technically driven & focused on natural resource companies & businesses that service the metals, mining, energy and agri-business sectors. Argonaut has an established track record of creating significant wealth for clients.

Morning Notes

U.S. stock indexes fluctuated between slight gains and losses Thursday, as materials, energy and financial shares declined. The moves paused a two-day rally that has lifted the Dow industrials and S&P 500 around 2%, buoyed by gains in the financial sector as investors grew increasingly comfortable with the prospect of the Federal Reserve raising interest rates. Energy shares in the S&P 500 reversed an early climb as crude prices fell back below $50 after topping the milestone amid signs of declining U.S. production and a slightly weaker dollar. Financial stocks in the S&P 500 also declined Thursday, dropping 0.5%. Utilities, telecommunications and consumer-discretionary shares climbed

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Latest Research

A capital raising underway will raise nearly $30m and allow ANG to pay off all senior debt. This significantly reduces the risks around excessive gearing and covenants, and will allow management to focus on operations rather than the balance sheet. This is encouraging, but it does come at a cost. Although our forecasts are little changed, with banks forcing the play the offer is steeply discounted and dilutes earnings per share. It suggests fair value around current levels and our hold call is maintained.

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Latest News

Argonaut as Joint Lead Manager has been successful in a heavily oversubscribed raising of A$74 million for Gold Road Resources Limited (ASX: GOR) (“Gold Road”) to new and existing institutional investors both in Australia and overseas including cornerstone investment by three high quality North American investors and a retail entitlement offer at an issue price of A$0.44 per share, together with Macquarie Capital (Australia) Limited.

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