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[POL] Polo's 90 per cent owned Sierra Leone gold exploration and development company, has released a progress update for its gold project and further drilling results. Progress Update · Completion of 2013 drilling programme, comprising of 52 holes and a total of 20,132 metres ("m") of resource and exploratory diamond-core drilling at the end of March 2013. The programme focussed on strike extensions of the Komahun deposit to the northwest and southeast as well as extending, to approximately 450 m below surface, the mineralisation within Blocks 2 and 3 and the Fault Offset zone · Commencement of a reverse circulation (RC) percussion drilling programme over the Southern Structure with the objective of extending known mineralisation along strike and down-dip · Induced Polarisation survey completed and the modelling of results is now at an advanced stage; these results are being used to inform the positioning of the RC drilling on the Southern Structure · Mineral Resource Estimate ("MRE") incorporating all results to end March 2013 scheduled to be published in June 2013 · Preliminary Economic Assessment ("PEA") scheduled to be completed end June 2013 based on MRE results · Ongoing soil geochemical surveys being carried out over additional exploration targets on the 100 km2 Mining Licence Highlights from First 19 Holes of 2013 Drilling · Hole NWKD351 returned 12.58 g/t Au over 3 m (1.71 m true width) from 459 m and a further 5.55 g/t Au over 4.35 m (2.48 m true width) from 479.30 m that indicates a potential extension to the strike of Zone 1 Block 1 by approximately 50 m at depths of 400-500 m below surface · 90.90 g/t over 0.65 m (0.34 m true width) from 415.40 m in NWKD358 over Block 2 hanging wall mineralisation. NWKD358 also intersected 4.09 g/t over 5.33 m (2.82 m true width) from 575 m, including 10.26 g/t over 1.27 m ( 0.67 m true width) from 578 m over the main Block 2 Zone 2 mineralisation, indicating potential continuity of this Zone to approximately 500 m below surface · Two 4.77 g/t Au intersections from NWKD353 from 171.50 m and 294.80 m over 1.5 m (0.75 m true width) and 2.33 m (1.16 m true width), respectively, further indicating the potential existence of multiple mineralised zones in Block 3. · 23.00 g/t Au over 0.7 m (0.29 m true width) in NWKD357 from 363.18 m that highlights the potential for down-dip continuity of Block 3 mineralisation to approximately 350 m below surface. Executive Co-Chairman and Managing Director of Polo, Neil Herbert commented: "We are very pleased with these results which, together with the balance of assay results from the 52 holes drilled under this programme, will be included in the updated Mineral Resource Estimate scheduled for publication in June. Of particular significance are the results from the strike extensions in Block 3 and the Fault Offset." Note: For the figure and table referenced in this release, see the following link: http://www.rns-pdf.londonstockexchange.com/rns/0922D_-2013-4-24.pdf

[NETD] Financial Highlights Final Results for the year ended 31 December 2012 · Revenue up by 12% to US$13.8M (FY 2011: US$12.3M) · Deferred Revenue up by 36% to US$6.1M (FY 2011: US$4.5M) · Invoiced Sales growth of 15% to US$15.3M (FY 2011: US$13.3M) · Adjusted profit before tax of US$0.4M (FY 2011: US$1.3M) following substantial investment into global sales expansion and research and development · Strong cash balance of US$6.8M (31 December 2011: US$6.9M) · Final Dividend maintained at 0.5p Operations Highlights · Headcount increased by 25 (24%) to 130 with Sales headcount increasing by 15 (38%) to 55 · 71 new clients signed including Fresenius Medical Care, Eisai Pharmaceutical, Thames Water, Finnair, Mitsubishi and Geely Automotive · New offices and legal entities established in Germany and Australia · Key new alliances, including an independent software vendor ("ISV") partnership with IBM and a global reseller agreement with Qumas · New product launches for NetDimensions Talent Suite, an integrated Talent Management System (TMS), and NetDimensions Talent Slate, an innovative tablet application for mobile workforces Post Period-end Operations Highlights · Successful US$3.5M acquisition of eHealthcareIT on 1 March 2013 · Appointment of Matthew Chaloner as CFO of NetDimensions on 2 January 2013 Roger Durn, Chairman of NetDimensions, commented: "The Board will substantially increase investment in 2013 as part of its long-term growth strategy to increase market share in the global Talent Management System ("TMS") market. We will pursue growth by simultaneously focusing on our core strengths in compliance for highly regulated industries and in the global healthcare industry following our successful acquisition of eHealthcareIT. "The Board's strategic aim is to be the No. 1 player in the heavily compliant and highly regulated industries sector of the global TMS market. We have already gained traction as a leading specialised TMS provider focusing on clients who operate in these "highly complicated environments with high consequences" and will continue to invest money, time and effort to reach our goals. Our expectation is that since global regulatory requirements are both unavoidable and on the increase, we will enjoy not only higher revenue growth but also improved sales margins over time. We therefore look forward to 2013 with confidence."

[STI] The latest commodity price slump strengthens the argument that investors should prioritise balance sheet strength when investing in miners, particularly in the small cap arena. Stratex International (STI) looks a bargain at 4.62p as 82% of its £21.6 million market cap is covered by cash. The market is valuing the company's gold mining assets at £3.9 million if you exclude the cash on its balance sheet. This looks too low for a business which is soon set to earn maiden income from a producing gold mine and has no financial obligations related to mine construction costs. We recognise that an exposure to gold could be seen as a weakness in the current environment. Yet there appears limited downside because of the cash position; and significant upside potential thanks to the near-term cash inflow and track record of exploration success. Aligned interests Stratex is sitting on a large cash pile after selling assets in Turkey. Chief Executive Officer, Bob Foster, says the company won't pay a special dividend or conduct a share buyback and the money instead will be kept for investing in new projects. You could argue the cash pile makes the business a takeover target for resource groups in desperate need of liquid funds. In 2009 Petropavlovsk (POG) used shares to buy Aricom for its cash. Last month, oil and gas group Vanoil Energy made an all-share offer for cash-rich Fluormin (FLOR) which it says offers 'an invaluable source of capital'. Foster reckons Stratex has a 'poison pill' thanks to the presence of large miners on its shareholder register who are bought into the company's exploration ambitions. Anglogold Ashanti (AGD), which has an 11.5% stake, has a joint venture with Stratex on prospects in Ethiopia and Djibouti where exploration news on these assets is scheduled for May and June. Teck Resources owns 7.65% and Antofagasta (ANTO) has 2.2%, the latter working with Stratex on copper/gold exploration in Turkey. As for the cash pile, Stratex wants to back exploration assets that either need money to take a discovery to the resource stage, or to go from resource to economic evaluation. Foster says one avenue under consideration would be to join a consortium to back a larger project, potentially in the $25 million range. This could include a project whose resource has the potential to become significantly bigger through additional drilling. Near-term cashflow Even if Stratex starts to dip into its cash pile, more cash is expected from 2014. This is when the Altintepe gold mine is set to begin production (early in the year) in Turkey. Stratex has no financial commitment to building the mine; it simply sits back and waits for its 45% share of profits. Contract miner Bahar is funding all development costs to earn a 55% interest in Altintepe. It will get 80% of cashflow until capital expenditure is paid off. Foster reckons this will be one year after start-up. Altintepe needs an environmental impact study approved and receipt of a forestry permit before construction can commence. There are positive signs that these could be forthcoming. The mine should run for ten years and is forecast to produce 30,000 ounces of gold per year. A back-of-the-envelope calculation suggests $500 per ounce cost (as per Stratex estimates, based on economics from its recently-sold Inlice project) and $1,200 per ounce selling price, giving Stratex a 45% share every year of $21 million operating profits. The proceeds will pay for PLC overheads and provide cash for exploration including work in Senegal where drill results on the Dalafin project are expected next month, followed in June by an update on investigations in Liberia. Stratex will also get up to a further $20 million payable through a 1% royalty on Oksut, one of the gold projects sold earlier this year.

[WSG] Has unveiled a restructuring of its business to focus on the company's growing international opportunities. In recent years, the firm has been growing, particularly in Africa, the Middle East and Asia, and now has offices and agents in 47 countries. It has formed two new divisions: managed services and technology. The managed services arm will focus on long term managed services contracts such as security in airports and ports. The technology division will focus on providing customers with tech led options involving surveillance, detection, tracking and interception technologies; customers will principally be governments and governmental agencies. Westminster is already running a successful managed services contract for an airport in West Africa and has announced that further new carriers will be commencing operations in 2013, and existing operators are expanding their capacity on the route. The firm has also revealed it was in advanced discussions regarding a similar but larger contract in East Africa. As part of the restructuring arrangements announced, the firm is also selling its two UK focused subsidiaries, RMS Integrated Systems, including CTAC, and International Monitoring Services Ltd, to a management buyout. Both firms supply alarm services. Westminster's chief executive Peter Fowler said the restructuring and disposals would streamline operations and lead to cost- savings of around £1.3mln a year. "I have previously made reference to the growing international opportunities that the group is developing, particularly in long term managed services and the provision of high technology solutions for the protection of critical infrastructure, and that Westminster is now at a game changing point in its growth plans," he said. "Africa, the Middle East and Asia are now recognised as high growth markets for our services and the investment we have made in developing our international network in these regions is now paying off, with Westminster now well placed to exploit its market advantage accordingly." Fowler also noted that the management buyout of the UK firms was led by long standing employee of the group, Shires Crichton. "Mr Crichton has already been managing the two businesses and I am confident that he has the drive and vision to take the businesses forward to new prosperity. Both businesses will continue to provide a range of services to Westminster on a contract basis and we look forward to working with them as close business partners," he said

GedW Mon 07:42 STI Directors showing confidence? http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11549609 Report post GedW Today 07:40 STI Payment has been received following the sale of the Inlice Project in Turkey. Highlights · US$4.5 million received following sale of Inlice · Proceeds to be approximately US$3.75 million after tax and interest · Current cash position of approximately £17.5 million to facilitate acquisition of advanced projects CEO Dr Bob Foster commented: "The successful conclusion of the sale of Inlice, and the realisation of the resulting net proceeds, puts Stratex in a commanding position going forward. We will be advancing our existing exploration programmes as well as seeking to acquire more advanced projects that may be at the drill-ready stage or even possess identified resources. Such projects would allow us to add significant value rapidly by further drilling and the completion of appropriate technical studies before seeking a partner to take the project(s) to production or a sale." Sale of Inlice Following the agreement by joint-venture ("JV") partner NTF İnşaat Ticaret Limited Şirketi ("NTF") to sell the Inlice operating licence for US$10 million, the Company confirms receipt of US$4.5 million, representing its 45% shareholding in the JV company N.S. Madencilik Sanayi ve Ticaret AS ("NSM"). The sole asset of NSM is İnlice Madencilik Ticaret ve Sanayi A.S. ("IM"), the owner of the Inlice licence and project. NSM will now be liquidated and the net assets distributed to the JV partners. As this process could take many months to complete, the cash from the sale of the Inlice licence has been paid by NSM to NTF and Stratex as a loan, pending completion of the liquidation. The Company has made provision for its share of the eventual payment of taxes and interest amounting to approximately US$0.8 million. Together with the proceeds of the recently announced sale of 30% of the Öksüt project (US$20 million cash plus a royalty on future production of an additional US$20 million), and the proceeds of US$1.7 million from the sale of 51% of the Muratdere project, the Company now has a cash balance of approximately £17.5 million and believes it is well-placed to advance its existing exploration programmes and is also seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources. The Company also anticipates net cash flow from the Altıntepe project in Turkey during 2014.

[STI] Payment has been received following the sale of the Inlice Project in Turkey. Highlights · US$4.5 million received following sale of Inlice · Proceeds to be approximately US$3.75 million after tax and interest · Current cash position of approximately £17.5 million to facilitate acquisition of advanced projects CEO Dr Bob Foster commented: "The successful conclusion of the sale of Inlice, and the realisation of the resulting net proceeds, puts Stratex in a commanding position going forward. We will be advancing our existing exploration programmes as well as seeking to acquire more advanced projects that may be at the drill-ready stage or even possess identified resources. Such projects would allow us to add significant value rapidly by further drilling and the completion of appropriate technical studies before seeking a partner to take the project(s) to production or a sale." Sale of Inlice Following the agreement by joint-venture ("JV") partner NTF İnşaat Ticaret Limited Şirketi ("NTF") to sell the Inlice operating licence for US$10 million, the Company confirms receipt of US$4.5 million, representing its 45% shareholding in the JV company N.S. Madencilik Sanayi ve Ticaret AS ("NSM"). The sole asset of NSM is İnlice Madencilik Ticaret ve Sanayi A.S. ("IM"), the owner of the Inlice licence and project. NSM will now be liquidated and the net assets distributed to the JV partners. As this process could take many months to complete, the cash from the sale of the Inlice licence has been paid by NSM to NTF and Stratex as a loan, pending completion of the liquidation. The Company has made provision for its share of the eventual payment of taxes and interest amounting to approximately US$0.8 million. Together with the proceeds of the recently announced sale of 30% of the Öksüt project (US$20 million cash plus a royalty on future production of an additional US$20 million), and the proceeds of US$1.7 million from the sale of 51% of the Muratdere project, the Company now has a cash balance of approximately £17.5 million and believes it is well-placed to advance its existing exploration programmes and is also seeking to acquire advanced projects that are at the drill-ready stage or even have identified resources. The Company also anticipates net cash flow from the Altıntepe project in Turkey during 2014.

[QPP] Entry to North American Insurance Market · Acquisition of Iter8 Inc. marks Quindell'sentry into North American Insurance market · Specialist in providing SaaS based solutions to the direct insurance and broker channels · Acquisition accretive and consideration gives an implied value of 17.5p per share · Technology market leadership proven in Europe and replicable in North American market [QPP] announce its entry into the North American Insurance market through the acquisition of Iter8 Inc. ("iter8"), a leading Software as a Service ("SaaS")based provider to the North American insurance broker and agent market. The terms of the acquisition were satisfied by the immediate payment of £2.5 million in cash, a further payment of cash of £2.5 million in April 2014 and the issue over a three year period of 90,285,713 Quindell shares in three equal annual instalments commencing April 2014. Once issued over the three year period, this will increase the total number of shares in issue by circa 2.3% to 4,091,161,623. Based on the agreed valuation of £20.8 million the transaction gives an implied value of 17.5p per [QPP] share. In return, the vendors of iter8 have warranted a business plan which sees iter8 delivering run rate profit after tax of circa £3 million by the end of 2013. The acquisition is expected to be profitable and cash generative in 2013 and to be significantly earnings enhancing in 2014 once investments in the North American market start to accelerate market share of new business technology wins versus the Group's competitors. Iter8 has a significant positionin the North American market, and is particularly dominant in Canada as a result of its specialism in providing SaaS based solutions to the direct insurance and broker channels, which accounts for more than 70% of the Canadian insurance distribution market along with insurance agents.With over 40 major implementations for clients ranging from large multinational carriers including Aviva, Allstate, Allianz, Chubb, RSA, Wawanesa Insurance and Zurich to smaller niche players, Iter8's product lines include personal auto and property and commercial business owners, general liability, commercial packages, farm and specialty lines. Post the acquisition of Iter8, the Board is confident that Quindell will be able to replicate its UK growth rate ininsurance technology sales in North America. As an illustration of this, since the publication of the November 2012 Celent report that recognised Quindell as a leader among European providers of Insurance Claims Systems, Quindell has brought on board more major new clients in the last four months than any claims vendor has in the last two years. This extensive growth is due to changes in requirements to support telematics, social media and regulatory compliance changes in the UK. At its release, the report stated that Quindell and Guidewire had brought on board more clients over the last two years than all their competitors, acquiring 23% of new deals, followed by SAP at 15% and Accenture at 5% followed by all other vendors. This illustrates the scale of Quindell's growth in comparison to relevant competitors in both the UK and North American market. Rob Terry, Chairman and Chief Executive of Quindell said: "We are thrilled to be announcing this acquisition and to be welcoming the Iter8 team into the Quindell group. Iter8 has been successfully providing insurance customers in the North American market with SaaS based solutions for more than a decade, and their experience and standing in this market provides us with an excellent platform on which to base the expansion of our insurance technology into North America. "In addition to members of the team having worked together in 1990, the teams have worked closely over the past year to develop a pipeline of opportunities including those relating to the roll out of telematics based insurance models for the Canadian market with existing customers. On the basis of the considerable success being generated, we entered into a joint distribution agreement at the end of 2012. Having been able to work closely with them, we have confirmed that our two technologies are highly compatible and complementary, and we look forward to announcing new deals in this market in due course." Commenting on the acquisition, Tim Scurry, Co Founder and Executive Vice President of Iter8 said:"Iter8 is dominant in the Canadian broker and insurer market, and has significant presence in the USA. Having worked closely with Guidewire on a number of implementations we have been extremely impressed by Quindell's technology capabilities and their knowledge of insurance best practice. With our two technology sets now integrated and first client implementations contracted we are very confident that we can use our knowledge and standing within the North American market to excellent effect to accele

[WSG] This AIM listed supplier of system solutions and products to the security, defence, fire protection and safety markets worldwide, is pleased to announce that it has entered into a £5 million, three year Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), a majority owned subsidiary of Henderson Global Investors' Volantis Capital ("Henderson Volantis"). Commenting on the EFF, Peter Fowler, Chief Executive of Westminster Group, said: "We are delighted to receive further institutional support from Darwin and the fund management team at Henderson Volantis. This new £5 million facility provides Westminster with access to efficient, cost effective financing as required. "One of the key benefits of the Darwin facility is that we remain at all times in complete control over the pricing and timing of any issue of equity. The facility, which can be used entirely at our own discretion, de-risks our future financing requirements. "The Board believes the EFF, in addition to the successful capital raise announced on 26 February 2013, allows the Group to have a flexible ongoing financing facility which can help meet the Group's strategic and growth objectives." Further details of the Equity Finance Facility The EFF agreement with Darwin and Henderson Volantis provides Westminster with a facility of up to £5 million which (subject to certain limited restrictions) can be drawn down at any time over the next three years. The timing and floor subscription price of any draw down is always at the complete control and sole discretion of the Group. There are no penalty fees payable for not using the facility. Westminster is under no obligation to make a draw down and may make drawdowns at its discretion, up to the total value of the EFF, by way of issuing subscription notices to Darwin. Following delivery of a subscription notice, Darwin will subscribe and the Group will allot and issue to Darwin new ordinary shares in Westminster ('Ordinary Shares'). The subscription price for any Ordinary Shares to be subscribed by Darwin will be set with reference to certain average lowest Closing Bid Prices in the period following the issue of the subscription notice. Westminster is able to specify in each subscription notice a minimum price below which Ordinary Shares will not be issued to Darwin. The Group will have the right (with the consent of Darwin) to modify that minimum price at any time during the relevant Pricing Period. The number of Ordinary Shares which may be issued under any individual subscription notice may be up to the lower of 25 per cent of the Group's issued share capital following completion of the relevant subscription, or four times the average daily trading volume of Westminster's Ordinary Shares over the 15 trading days preceding the issue of the relevant subscription notice. This may be reduced in certain circumstances, including where the minimum price is not maintained. The maximum amount of an individual subscription notice may not exceed £500,000 without Darwin's permission. Darwin is entitled to a commission of up to 5 per cent of amounts subscribed but may agree with Westminster in lieu thereof for the subscription price for the Ordinary Shares to be discounted by 5 per cent. There is also an over-allotment facility available to Westminster, under which the Group may authorise Darwin, at Darwin's discretion, to increase the amount of the draw down by up to the aggregate undrawn amount under the EFF. Darwin may direct allotments under the EFF to its parent fund, Henderson Volantis. Darwin and Westminster may mutually agree at the end of the pricing period to a variation of subscription price. This may allow for a larger subscription via any over-allotment facility authorised by the Group. The issuance of a Subscription Notice is conditional upon the satisfaction of certain Subscription Notice Conditions which have been agreed between Darwin and Westminster. Any subscription notice which Westminster may issue will only be valid to the extent that it has the requisite shareholder authority to issue the maximum number of Ordinary Shares that Darwin may be required to subscribe under the relevant subscription notice. Darwin and Westminster may terminate the EFF agreement if certain conditions are not met. In conjunction with the EFF, Westminster has entered into a warrant agreement with Darwin dated 17 April 2013 to subscribe for up to 300,000 Ordinary Shares, such warrants to be exercisable at any time prior to the expiry of 36 months from the date of the warrant agreement. 120,000 of these options, with a grant price of 50p, are exercisable immediately, with the remaining 180,000 being exercisable pro rata to subscription monies received against the £5m facility. They will be priced at a 15% pre

[PINN] CEO sees a transformational acquisition rather than bolt-on deals as the way forward, Chief Executive Officer Alan Bonner said. It is interested in receiving target dossiers from advisors, he added. Merging or purchasing a large data-centre business would be of interest, Bonner noted. The company has built a strong portfolio of IT managed services via a variety of strategic acquisitions, and has completed the first two phases of its strategic growth plan. “It needs to be the right size, transformational and work for both parties,” he commented on potential deals. For the financial year ending 30 September, Pinnacle recorded turnover of GBP 12.7m, a 49% year-on-year increase. The company’s latest financial statement attributed the revenue surge to strong “recurring and contracted revenues”. The statement also highlighted that Pinnacle’s strategy is now in its third phase, with the objective to cross-sell its services to its existing customer base. The first two phases involved listing on AIM and acquiring “the companies, vendor agreements, intellectual property and talent, to build our own Managed Services Platform for growth”, he continued. Bonner declined to specify how deals would be financed at this juncture. Pinnacle’s broker is Zeus Capital, while legal duties are handled by Wright, Johnston & Mackenzie and Charles Russell. Pinnacle banks with The Royal Bank of Scotland and Bank of Scotland. The company welcomes approaches and is not seeking acquisitions under its own steam, Bonner added Pinnacle’s recent M&A track record includes the GBP 1m acquisition of sector player MacLellan IT and the GBP 0.5m purchase of RMS Managed ICT Security, both in 2011. Bonner’s view shows a slight shift in his thoughts from a year ago. In February 2012, he told this news service that Pinnacle was acquisitive amid efforts to extend its services nationwide. He added that privately owned companies would provide the best path towards future expansion, especially targets whose owners wish to become part of a larger group. At the time, the CEO declined to detail the company’s financial position, but noted it had the clout to conclude a large deal based on its significant headroom and lack of debt. He added that Pinnacle would also use shares to finance any deal. Acquisitions above the GBP 1m paid for MacLellan IT would be considered, he added. by Lloyd Vassell

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