Amongst industrialized economies, it’s no secret that the most closely watched economic indicator is the non-farm payroll data, released on the first Friday of each month in the US. Perhaps no metric is more anticipated and more dissected once it is released by the Department of Labor. Friday’s news of 175,000 new jobs came in slightly above the consensus estimate of 165,000 and sent the equity markets and oil higher and the precious metals markets soundly lower. This continues a 32 month run of gains in the job market. The thinking behind the market reaction was that 175,000 new jobs added is good news and a nascent sign that the US economy continues to recover slowly from the self-inflicted wounds during the Great Recession.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

Union First Market Bankshares Corporation (UBSH) (or "Union") and StellarOne Corporation (STEL) (or "StellarOne") today announced the signing of a definitive merger agreement, pursuant to which Union will acquire StellarOne, creating the largest community banking institution in the Commonwealth of Virginia.

 Based on financials reported on March 31, 2013, the combined companies would have total assets of $7.1 billion, deposits of $5.8 billion and loans of $5.2 billion. Union will operate in all major Virginia markets, deepening its presence in its current footprint and expanding in key trade areas and, on a pro forma basis, will have the fifth largest branch network in Virginia. The company will retain the Union name and corporate headquarters will remain in Richmond.

This note is Part II of the presentation I delivered recently in Vancouver at the Cambridge House Resource Conference on May 26th. Part I can be seen here. Please email me at cberry@house-mountain.com for a copy of the original presentation.

….So now that we’ve made a brief, but hopefully compelling, case for energy metals going forward, the next question becomes: Which one or ones to invest in and how? This obviously has much to do with your own personal preference, and in my case there are four metals in particular that I am watching closely. They are scandium, cobalt, tungsten, and uranium.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

In the wake of my father posting his presentation to subscribers yesterday, today’s Note is a loose transcription of my remarks during a presentation I delivered at the Cambridge House World Resource Investment Conference in Vancouver on May 26th. I have broken it into two parts and will be publishing Part II soon. Please email me at cberry@house-mountain.com for a copy of the presentation.

Written by Chris Berry, MBA - [ Discovery Investing Web Site ]

(Note: All dollar amounts in this press release are expressed in U.S. dollars.)

Fairfax Financial Holdings Limited (FFH.TO)(TSX:FFH.U) and American Safety Insurance Holdings, Ltd. (ASI) today announced that Fairfax and American Safety have entered into a merger agreement pursuant to which Fairfax will acquire all of the outstanding shares of American Safety common stock. American Safety stockholders will receive $29.25 per share in cash, representing an aggregate transaction value of approximately $306 million. The price represents a premium of 22.1% to the closing price of American Safety common stock on May 31, 2013, the last trading day prior to this announcement. The transaction is expected to close in the fourth quarter of 2013.

Independent Bank Corp. (INDB), parent of Rockland Trust Company, and Mayflower Bancorp, Inc. (MFLR), parent of Mayflower Bank, have signed a definitive agreement for Independent to acquire Mayflower and Rockland Trust to acquire Mayflower Bank.

Mayflower Bank was founded in 1889 and currently has 8 Plymouth County bank branches, approximately $236 million in deposits, and approximately $141 million in loans.

“We are pleased to welcome Mayflower Bank customers and colleagues to Rockland Trust,” said Christopher Oddleifson, the Chief Executive Officer of Independent.

* Gross Merchandise Volume of $1.6 Billion, Accelerating to 30% Growth in Local Currencies * Total Payments Volume of 532.1 Million, Accelerating to 62% Growth in Local Currencies * Net Revenues Grew to 102.7 Million, a 36% Growth in Local Currencies * Excluding the Non-Recurring Foreign Exchange Loss in Venezuela, Earnings Per Share During Q1'13 Would Have Been $0.53

MercadoLibre, Inc. (MELI) (http://www.mercadolibre.com), Latin America's leading e-commerce technology company, today reported financial results for the first quarter ended March 31, 2013.

Marcos Galperin, President and Chief Executive Officer of MercadoLibre, Inc., commented, "MercadoLibre was off to a good start in 2013. We saw volume accelerate across both our core marketplace and payments businesses, as we are meeting the growing demands of a quickly expanding base of users. Our ongoing initiatives are evidently raising the bar with respect to the ease, comfort and quality of the experience shoppers can expect as they make the transition to online shopping. We intend to keep driving this dynamic forward as the year advances."

Oleg Firer is a Recipient of a 2013 Top Entrepreneurs Award from the South Florida Edition of Business Leader and is Nominated for E&Y’s Florida Entrepreneur of the Year Award

Net Element International (NETE), a technology-driven group specializing in electronic commerce and mobile payment processing is pleased to announce that its CEO , Oleg Firer, has been nominated for the Ernst & Young 2013 Florida Entrepreneur of the Year Award®, this is Mr. Firer’s second nomination. Mr. Firer also received a 2013 Top Entrepreneurs Award from the South Florida Edition of Business Leader magazine.

Growth Across All Business Segments Drives 24% Operating Income Increase and Solid Cash Generation

Electronics For Imaging, Inc. (EFII), a world leader in customer-focused digital printing innovation, today announced its results for the first quarter of 2013.

For the quarter ended March 31, 2013, the Company reported first quarter record revenue of $171.4 million, up 7% compared to first quarter 2012 revenue of $160.1 million. First quarter 2013non-GAAP net income was $15.8 million or $0.33 per diluted share, which included an unfavorable non-operational currency impact of $0.04 per diluted share, compared to non-GAAP net income of $14.2 million or $0.30 per diluted share for the same period in 2012. GAAP net income was $8.4 million or $0.17 per diluted share, compared to $6.2 million or $0.13 per diluted share for the same period in 2012.

Absolute® Software Corporation (TSX: ABT), the industry standard for persistent endpoint security and management solutions for computers, laptops and ultra-portable devices announced today that its Board of Directors has declared a quarterly dividend of $0.05 per share on its common shares, payable in cash on May 28, 2013 to shareholders of record at the close of business on May 7, 2013.

"The Board's decision to institute another quarterly dividend confirms our commitment to increasing shareholder value and our confidence in the continued growth of our business," said John Livingston, Chairman and CEO of Absolute Software.

Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Equity Value of Transaction is Approximately $1.3 Billion Substantial Value for Shareholders; A Strong Financial Partner to Support NFP's Evolution and Growth

National Financial Partners Corp. (NFP), a leading provider of benefits, insurance and wealth management services, today announced that it has entered into a definitive agreement with Madison Dearborn Partners, LLC, a private equity investment firm, under which a controlled affiliate of Madison Dearborn will acquire NFP.

When it works in your favor, leverage can be your best friend, multiplying returns. When the opposite occurs, it can be ruinous. We were reminded of this when last week we read a report1 distributed by the Congressional Budget Office (CBO) demonstrating what the interest payments on the federal deficit would increase to when Treasury rates rose under several recovery scenarios.

We have lived in a debt-driven economy in the U.S., and to a lesser extent Canada, for the past half century. Credit cards were unheard of two generations ago. Now they are de rigueur. Their existence means that everyone, government included, knows your spending history.

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

BGC Partners, Inc. (NASDAQ: BGCP) ("BGC Partners," "BGC," or "Company"), today announced that it has entered into an agreement pursuant to which it will sell its benchmark, on-the-run, U.S. Treasury fully electronic trading platform to NASDAQ OMX Group, Inc. (NASDAQ: NDAQ) ("NASDAQ OMX"). Total consideration for this transaction is up to $1.234 billion, consisting of $750 million in cash plus an earn-out of up to $484 million of NASDAQ OMX common stock[1] to be paid ratably over 15 years.

Security National Financial Corporation (SNFC) (NASDAQ symbol "SNFCA") announced financial results for the year ended December 31, 2012.

SNFC announced revenues of $234,260,000 for the year ending December 31, 2012. Pre-tax earnings from operations increased from a gain of $1,237,000 in 2011 to a gain of $21,351,000 in 2012. Net after tax earnings for the twelve month period increased 1,187% from $1,299,000 to $16,713,000.

Scott Quist, Chairman of the Board, President and Chief Executive Officer of SNFC, noted: “The 4th quarter marked continued improvement in all of our segments, which is reflected in our nearly 1,200% improvement in year end after tax earnings.

Net 1 UEPS Technologies Inc. (NASDAQ:UEPS)(JSE:NT1) today announced that a full bench of the South African Supreme Court of Appeal ("Appeal Court") unanimously ruled that the tender process followed by the South African Social Security Agency ("SASSA") in awarding a contract to Net1's wholly owned subsidiary Cash Paymaster Services (Proprietary) Limited ("CPS") was valid and legal. Accordingly, the contract between SASSA and CPS to distribute social welfare grants to ten million South Africans every month for a period of five years, remains in full force and effect. The full Appeal Court judgment is available on our website at www.net1.com. The Company may issue further comment on the judgment when it has had sufficient time to study the full document.

Gregory M. Shepard ("Mr. Shepard") today announced a tender offer for 962,636 of the outstanding shares of Class B Common Stock of Donegal Group Inc. ("DGI") at a price of $30 per Class B share (the "Offer").  The Offer represents approximately a 42% premium to the closing price of DGI Class B shares on NASDAQ on March 19, 2013 – the last full trading day prior to the commencement of the Offer.

The Offer is not subject to any financing contingency.  Other conditions apply to the Offer, including the tender of at least 925,000 Class B shares, insurance and bank regulatory approvals, expiration or early termination of the Hart-Scott-Rodino waiting period, and no litigation involving the Offer.

We had anticipated publishing a Note on the astounding developments in Cyprus over the weekend. However, events were happening so fast that we decided to pause and get a better sense of the significance of this momentous event and gauge the repercussions.

We now learn that banks in Cyprus will be closed until Thursday of this week so the Cypriot Parliament can vote on the proposed terms of a bailout of Cypriot banks. Here are the proposed terms of the bailout as of mid-morning Monday March 18:

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

PremierWest Bank and AmericanWest Bank announced today that PremierWest Bancorp ( NASDAQ : PRWT ) and affiliates of AmericanWest Bank have entered into an amendment to the Agreement and Plan of Merger relating to the proposed merger of PremierWest Bancorp with an affiliate of AmericanWest Bank. Under the revised terms, each outstanding share of PremierWest Bancorp common stock will be converted into the right to receive $2.00 in cash, which represents an additional $0.35 per share in cash consideration. 

Yesterday, Passport Potash (PPI: TSXV, PPRTF: OTCQX) delivered a Preliminary Economic Assessment (PEA) on its 100% owned Holbrook Basin Potash Deposit in Arizona. Passport CEO Josh Bleak described the results as “robust.” We provide them below for your review: 

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]

Written by Micheal Berry, MBA - [ Discovery Investing Web Site ]