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PRN - PERENTI GLOBAL LIMITED


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Well played. SP drop hasn't been that dramatic. Selling appears to have stopped.

 

Sadly the company confirmed this morning members of their African Mining Services were involved in the attack, with 19 being fatally injured and 20 hospitalised subject to official confirmation

Update on security incident close to Boungou Mine Site in Burkina Faso

Perenti Global Limited (ASX: PRN) (Perenti) provides the following update on the security incident that

occurred close to Canadian-based miner Semafoâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s Boungou mine site in Burkina Faso, which involved

members of our workforce from African Mining Services (AMS).

 

Information received overnight indicates that the attack on the mineâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s personnel convoy has resulted

in 19 members of AMSâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s Burkinabe workforce being fatally injured and 20 being hospitalised. These

numbers are yet to be officially confirmed.

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Our entire organisation is absolutely devastated by this incident and the extensive loss of life and

injuries sustained by innocent people,âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ Perenti Managing Director and Chief Executive Officer, Mark

Norwell, said.

 

âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“Our focus continues to be on supporting and ensuring the safety of our workforce in the region as well

as supporting the families of those whose loved ones have been injured or lost.âââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’‚ÂÂ

AMSâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s mining services at Boungou remain suspended.

 

Planning is currently underway to safely return the AMS workforce located at Boungou to their homes

while the suspension remains.

 

Perenti will continue to assess the effect, if any, of the operational suspension on the Companyâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s FY2020

earnings guidance. The Boungou contractâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s contribution to Perentiâââہ¡Ãƒâ€šÃ‚¬ÃƒÆ’¢Ã¢Ã¢â€š¬Ã…¾Ãƒâ€šÃ‚¢s FY2019 Net Profit After Tax was

not material.

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  • 1 year later...

Today I have added PRN to the portfolio.

The former Ausdrill co is one of those companies that still have not reached its pre covid SP.

Not sure why, they are very busy, no lack of exploration going on (both here and in Africa where they also operate).

PE of 12, as is the forecast PE for next year, so does not seem overprice.

Mick

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  • 6 months later...
  • 7 months later...

Perenti delivers solid results in line with expectations
Key points
▪ Strong revenue of $1.2 billion supporting an underlying EBITDA of $201.8 million, an underlying EBIT(A) of $80.8 million and an underlying NPAT(A) of $34.9 million, all of which reflect growth on 2H22.
▪ Statutory NPAT(A) of $41.5 million, up $86.0 million from a statutory NPAT(A) loss of $44.5 million in the prior corresponding period.
▪ Our committed and determined ~9,000 strong workforce delivered results in line with expectations through proactive navigation of a challenging operating environment in respect of labour, supply chains and general cost pressures.
▪ Available liquidity of $539.7 million and net debt of $522.5 million with leverage of 1.3x.
▪ Updated Capital Management and Dividend Policies with an enhanced focus on liquidity.
▪ Liberated $85.4 million of cash through the divestment of MinAnalytical, noncore property, and noncore corporate equity holdings.
▪ Strong cash conversion of 94%.
▪ Subsequent to the end of the period, idoba announced a Memorandum of Understanding between the Sumitomo Corporation and finalised the acquisition of two additional and complementary businesses.
▪ Work in hand remains strong at $5.7 billion including $1.4 billion of extensions and our $9.5 billion pipeline is geared towards high-margin underground opportunities.
▪ Perenti has confirmed its FY22 EBIT(A) guidance and increased expected revenue range, notwithstanding that labour constraints and supply pressures are expected to persist through FY22.
▪ Perenti will continue to progress several initiatives to achieve target leverage of <1.0x in the medium term and will provide further context during the strategy refresh in 2H22.

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  • 2 months later...

always some silver lining for some  (C79 now $4.15 on IPO):

Perenti Global Ltd is pleased to announce the continuation of its capital management and rationalisation activities with the successful divestment of 100% of its equity holding in Chrysos Corporation Limited as well as its subsidiary, onshore oil and gas equipment supplier, Well Control Solutions.
 
As announced on 4 April 2022, Perenti entered into a Sale Implementation Deed to sell up to 100% of its shares in Chrysos through the Initial Public Offering of the business. The Chrysos IPO process has now concluded with Perenti successfully selling its entire holding of Chrysos shares at a price of $6.50 per share, delivering a cash inflow to the Group of $46.3 million, before fees and costs.

During FY22, Perenti portfolio management and rationalisation activities have generated a total of $134.7 million, excluding transaction costs and have included the divestment of the following non core assets: 

  • MinAnalytical for $43.6 million
  • Non core property assets for $32.1 million
  • Historical corporate positions arising from drill for equity activities for $10.1 million
  • Chrysos equity position for $46.3 million
  • Well Control Solution for $2.6 million 
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