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STOCKS NEWS UK SMALL-Rank rises on legal tax win
Mon, 10th Nov 2008 11:45
STOCKS NEWS Reuters Results diary
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11:26GMT 10Nov2008-Rank rises on legal tax win
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Shares in Rank Group Plc. rise 3 percent to 65.25 pence as the bingo, casino, and online gaming firm receives 59.1 million pounds from the UK government in returned taxes.
'I would have though it would have gone up a bit more than it has done today but we're in very difficult markets so I can understand what's happened,' says one analyst who estimates that the legal win is worth six or seven pence per share.
To see Rank's statement please click on
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
11:03GMT 10Nov2008-Carr's Milling higher after profits double
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Shares in Carr's Milling Industries Plc. advance 4.6 percent to 507.5 pence after it reports more than doubled full year profits and says it is well placed for the current financial year. Pretax profits for 2007/08 increased by 113 percent to 12.9 million pounds, although 4.1 million of this was due to inventory and foreign exchange gains.
Investec Securities said while the group benefited from this windfall, there was equally a fair degree of solid underlying improvement from volumes and margin gains. Excluding the windfall element, the broker expects further progress and is forecasting pretax profits of 9.9 million pounds for 2008/09. It reiterated its 'buy' recommendation and 550 pence price target for the stock.
For more click on; company statement
malcolm.locke@thomsonreuters.com; +44 207 542 0964
10:57GMT 10Nov2008-Powerleague up, Altium says 'buy' and target price 60p
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Shares in Powerleague, the five-a-side football centre operator, climb 15.3 percent after Altium Securities repeats its core 12-month 'buy' rating and 60 pence target price.
Altium says shares in Powerleague, which reported in line full-year results at the beginning of October, have fallen over 70 percent in the last 12-months, meaning they are the hardest hit in the leisure sector.
The broker says the fall leaves peer Goals Soccer Centre, which it rates as 'sell', trading at a 76 percent premium.
Altium says in paying down debt and ensuring 10 new centres are opened in 2008 the management are making the right decisions to maximise long-term shareholder value.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:07GMT 10Nov2008-Rentokil up, press reports FD to step down
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Shares in Rentokil Initial rise 2.1 percent after weekend reports in the Financial Times that finance director Andrew Mcfarlane is to step down early next year, news which Seymour Pierce says is of little surprise.
In a note, Kevin Lapwood, an analyst at Seymour Pierce, says: 'Mcfarlane was the only remaining member of the senior management team that sanctioned the acquisitions of Target Express and Pink Hygiene, both of which are now causing acute problems for the new management team.'
Following Friday's third-quarter figures, Seymour Pierce reduces its full year 2009 pretax numbers for Rentokil down to 105 million pounds, with an adjusted EPS of 4.8 pence, while it cuts its stance to 'sell' from 'hold' with a target price of 40 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:00GMT 10Nov2008-Aurelian Oil & Gas up on Poznan farm-out deal
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Shares in AIM-listed Aurelian Oil & Gas Plc jump 16.3 percent to 25 pence after it agrees to farm-out a 40 percent interest in the Poznan concessions in Poland to Canamens Energy Ltd in a deal which should secure sufficient funding to take the project to the next stage of its development.
Research firm Fox-Davies Capital says the deal effectively de-risks the Poznan asset almost entirely, and reduces the overall cash call to production to $6 million from $60 million previously. 'The transaction provides an implied floor valuation for the shares of about 36 pence, a 70 percent upside on the current price,' the broker says. It maintains a 'buy' recommendation for the stock.
For more click on; company statement
malcolm.locke@thomsonreuters.com; +44 207 542 0964
09:58GMT 10Nov2008-Rambler Metals rises drilling update
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Shares in Rambler Metals rise 2.7 percent after impressing investors with its latest set of drilling results, which lead Seymour Pierce to repeat its 'buy' recommendation.
In a note, Asa Bridal, an analyst at Seymour Pierce, says: 'Rambler has released more excellent drilling results from its ongoing programme at the Ming mine in Newfoundland, Canada.'
Bridal adds the latest assays for the 1806 Zone continue to display strong gold signature of the mineralisation and have helped to quantify the dimensions of the zone.
Futhermore, Bridal says: 'Development work on the 1807 zone is also reported to be progressing and with strong assays continuing to flow from the project we look forward to the new resource estimate expected in first-quarter 2009.'
Reuters Messaging rm://david.brett.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Europe Real-time Equity News
UK
UK smallcaps
Stocks on the move
11:26GMT 10Nov2008-Rank rises on legal tax win
----------------------------------------------
Shares in Rank Group Plc. rise 3 percent to 65.25 pence as the bingo, casino, and online gaming firm receives 59.1 million pounds from the UK government in returned taxes.
'I would have though it would have gone up a bit more than it has done today but we're in very difficult markets so I can understand what's happened,' says one analyst who estimates that the legal win is worth six or seven pence per share.
To see Rank's statement please click on
Reuters messaging rm://ben.deighton.reuters.com@reuters.net
11:03GMT 10Nov2008-Carr's Milling higher after profits double
-------------------------------------------------------------
Shares in Carr's Milling Industries Plc. advance 4.6 percent to 507.5 pence after it reports more than doubled full year profits and says it is well placed for the current financial year. Pretax profits for 2007/08 increased by 113 percent to 12.9 million pounds, although 4.1 million of this was due to inventory and foreign exchange gains.
Investec Securities said while the group benefited from this windfall, there was equally a fair degree of solid underlying improvement from volumes and margin gains. Excluding the windfall element, the broker expects further progress and is forecasting pretax profits of 9.9 million pounds for 2008/09. It reiterated its 'buy' recommendation and 550 pence price target for the stock.
For more click on; company statement
malcolm.locke@thomsonreuters.com; +44 207 542 0964
10:57GMT 10Nov2008-Powerleague up, Altium says 'buy' and target price 60p
-------------------------------------------------------------------------
Shares in Powerleague, the five-a-side football centre operator, climb 15.3 percent after Altium Securities repeats its core 12-month 'buy' rating and 60 pence target price.
Altium says shares in Powerleague, which reported in line full-year results at the beginning of October, have fallen over 70 percent in the last 12-months, meaning they are the hardest hit in the leisure sector.
The broker says the fall leaves peer Goals Soccer Centre, which it rates as 'sell', trading at a 76 percent premium.
Altium says in paying down debt and ensuring 10 new centres are opened in 2008 the management are making the right decisions to maximise long-term shareholder value.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:07GMT 10Nov2008-Rentokil up, press reports FD to step down
-------------------------------------------------------------
Shares in Rentokil Initial rise 2.1 percent after weekend reports in the Financial Times that finance director Andrew Mcfarlane is to step down early next year, news which Seymour Pierce says is of little surprise.
In a note, Kevin Lapwood, an analyst at Seymour Pierce, says: 'Mcfarlane was the only remaining member of the senior management team that sanctioned the acquisitions of Target Express and Pink Hygiene, both of which are now causing acute problems for the new management team.'
Following Friday's third-quarter figures, Seymour Pierce reduces its full year 2009 pretax numbers for Rentokil down to 105 million pounds, with an adjusted EPS of 4.8 pence, while it cuts its stance to 'sell' from 'hold' with a target price of 40 pence.
Reuters Messaging rm://david.brett.reuters.com@reuters.net
10:00GMT 10Nov2008-Aurelian Oil & Gas up on Poznan farm-out deal
----------------------------------------------------------------
Shares in AIM-listed Aurelian Oil & Gas Plc jump 16.3 percent to 25 pence after it agrees to farm-out a 40 percent interest in the Poznan concessions in Poland to Canamens Energy Ltd in a deal which should secure sufficient funding to take the project to the next stage of its development.
Research firm Fox-Davies Capital says the deal effectively de-risks the Poznan asset almost entirely, and reduces the overall cash call to production to $6 million from $60 million previously. 'The transaction provides an implied floor valuation for the shares of about 36 pence, a 70 percent upside on the current price,' the broker says. It maintains a 'buy' recommendation for the stock.
For more click on; company statement
malcolm.locke@thomsonreuters.com; +44 207 542 0964
09:58GMT 10Nov2008-Rambler Metals rises drilling update
-------------------------------------------------------
Shares in Rambler Metals rise 2.7 percent after impressing investors with its latest set of drilling results, which lead Seymour Pierce to repeat its 'buy' recommendation.
In a note, Asa Bridal, an analyst at Seymour Pierce, says: 'Rambler has released more excellent drilling results from its ongoing programme at the Ming mine in Newfoundland, Canada.'
Bridal adds the latest assays for the 1806 Zone continue to display strong gold signature of the mineralisation and have helped to quantify the dimensions of the zone.
Futhermore, Bridal says: 'Development work on the 1807 zone is also reported to be progressing and with strong assays continuing to flow from the project we look forward to the new resource estimate expected in first-quarter 2009.'
Reuters Messaging rm://david.brett.reuters.com@reuters.net
COPYRIGHT
Copyright Thomson Reuters 2008. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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