The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Mark Simpson - Excellent Investing - Analyst
: Hi, team. Thanks, Peter, for the presentation. I've got a question for Rick on the finances and then if I may come back to Peter with a couple of
strategy questions. So Rick, in the last conference call, the guidance was that admin expenses would moderate going forward because there were
some exceptional factors such as writing off a drill for equity deal in 2022. However, these results are showing admin expenses are up about 19%.
Can you give some more color on that? And also, we still expect the admin expenses come in below 2022.
Question: Mark Simpson - Excellent Investing - Analyst
: So just to clarify, when you say come off of it, you're expecting H2 levels to be at least H1 levels?
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AUGUST 16, 2023 / 8:00AM, CAPD.L - Half Year 2023 Capital Ltd Earnings Call
Question: Mark Simpson - Excellent Investing - Analyst
: Yeah, I guess the market is a little bit disappointed on the -- that the EPS is down and you've obviously explained that. Are you comfortable with
market patient going forward?
Question: Mark Simpson - Excellent Investing - Analyst
: Yes.
Question: Mark Simpson - Excellent Investing - Analyst
: Yes. So then coming back to Peter with operating questions. The first one is that the risk in operating in Africa seems to have increased recently
for not just Sudan, but we're hearing news from other areas. But I'm aware that we don't hear these in the UK in the news. So what's the company's
view on this? Is the risk increasing here and how is this impacting your decision making?
Question: Mark Simpson - Excellent Investing - Analyst
: Good to hear, thank you. And finally from me. So Rick points out, the company has a sector-leading return on capital, and now it's trading at a
sizable discount to tangible book value. Surely larger peers must be watching Capital carefully. And in the past, you've had large holdings from
founders and other directors that have acted as a sort of big defense, and nothing would happen would Jamie [saying] so really.
But with Jamie being quite a large seller recently, together with other directors, it feels that big defense isn't in place anymore. Are you worried
that you're going to get taken out on the cheap, and what can you do to defend against an opportunistic offer in these times?
Question: Mark Simpson - Excellent Investing - Analyst
: Okay, thank you. That's it for me. (technical difficulty)
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