Member Info for jange

Third quarter trading update: Management highlighted "continued high levels of activity across our business." It also announced two new central London development starts. The share price drifted marginally lower in opening stockmarket trading. The property company reported improved occupancy, with voids (empty units) in the like-for-like portfolio down from 2.0% at 30 September 2013 to 1.8% at 31 December 2013 - Retail property voids provided the momentum, falling from 3.0% to 2.5%, while like-for-like voids at its London Portfolio business hindered, rising from 0.9% to 1.1%. Management noted that "In retail, there is continued demand for good locations as evidenced by the increased occupancy levels in our properties and, in particular, there is strong demand in food and beverage. In central London, we have seen occupier demand increase further. This, combined with a constrained supply of high quality, technically resilient space, means our significant committed programme of speculative developments is well placed." A planning application for a solution to the solar glare issue of its high profile City of London Walkie-Talkie building is due to be submitted next month, whilst the third interim dividend was increased to 7.6 pence per share, up from 7.4 pence last year

IPF's shares now trade on just 11 times Numis' 2014 earnings estimate, compared to nearer 13-14 times for UK-focused door-step lenders Provident Financial (PFG) and S&U (SUS). Yet, prior to the Christmas de-rating, its shares were rated in-line with those of such peers. Sure, there are plenty of risks. Indeed, in the worst case - if IPF loses its appeal and the new rate-capping approach is implemented - then Numis believes the "current Polish business becomes uneconomic". But there are good reasons to believe that Polish regulatory worries will eventually prove overdone. Add that to a solid growth profile and a near-term share price bounce to something close to the levels seen just before news of the Polish fine looks entirely possible...but as always DYOR.

After International Personal Finance (IPF) was fined by Polish regulators just before Christmas, and given the wider threat of a possible rate cap being applied in the door-step lender's core Polish market, investors could be forgiven for wanting to steer clear of its shares. After all, IPF earns roughly half its profits in Poland. News of the fine, however, sent the shares tumbling by a quarter and, despite some recovery since, they're still rated at a significant discount to those of other UK-listed door-step lenders. Yet the fine itself, as broker Shore Capital points out, "is not material to the investment case", while Polish rate cap fears could yet prove overdone. That suggests the share could bounce, and chief executive Gerard Ryan has spent £450,000 on shares since the de-rating and is already in the money. Admittedly, the £2.4m fine levied by Poland's Office of Consumer Protection and Competition is hardly good news. Yet it's not clear that the fine will stand. Specifically, the regulator believes that the way IPF calculates its APR rate amounts to a "collective infringement of consumer interests" because the fees associated with the company's optional services like home collection aren't included. However, and as broker Numis Securities points out, "the EU convention to calculate APR is to only include the compulsory fees". Indeed, IPF insists that its has received legal advice conforming that it has been correctly calculating APR rates and is, therefore, determined to appeal.

True, earnings are currently suppressed by high overhead costs. But sales are climbing - they doubled at the half-year stage from weak comparables. And the company's enterprise value is equivalent to just one times forecast sales and, adjusting for 22p cash per share, the shares trade at just five times forecast March 2015 underlying EPS. Clearly there is plenty of scope for Enteq's share price to re-rate if it can make good on lofty EPS growth forecasts and acquisitions, which could turn the overlooked cash pile into tangible earnings potential and create significant upside..but as always DYOR......

As a result, Enteq's shares are looking cheap just as demand for US oil services returns. The number of land-based drill rigs in North America - a key indicator of demand for oil equipment and services - appears to have stabilised this year; in early October 2013, there were 2,117 rigs in operation, 92 lower than a year earlier but much higher than the 1,944 rigs operating in May 2013 (when there were 260 fewer rigs operating than the year before). Against this challenging backdrop, Enteq recorded 9 per cent pro-forma underlying revenue growth in the six months to 30 September, indicating the company is successfully winning market share. Moreover, organic growth in the MWD market should soon be compounded by Enteq's looming expansion into the equipment rental market, its broadening international focus, expanded capacity through capital expenditure, product innovation, a new sales team and recently built demonstration centres across North America. A step-change in scale from an acquisition - financed by Enteq's $21.3m (£12.9m) stockpile of cash and $15m unused debt facility - could also significantly increase margins going forward.

American oil output has increased a staggering 25 per cent since 2008 and the International Energy Agency estimates it will increase by over a third by 2020 to 11.6m barrels a day as new and existing technologies continue to unlock supplies of hydrocarbons. UK investors can gain direct exposure to this long-term trend by buying shares in Aim-traded Enteq Upstream (NTQ), a small, North American focused oil services provider. Enteq's chief executive Martin Perry has form. He floated down-hole drilling technology company Sondex in London in 2003 and sold it to GE for nearly $600m four years later, delighting shareholders with a 4.5-fold share price rise from IPO to sale. Mr Perry and his team plan to pursue the same 'buy and build' strategy they used at Sondex. Enteq will acquire and scale up a portfolio of complementary next-generation technologies to create strategic value. Enteq's first three acquisitions have been in the 'Measurement While Drilling' (MWD) equipment space - a fast-growing sub-segment of the $14bn a year direction drilling market that is benefiting from rising demand for longer horizontal wells producing shale oil and gas. Admittedly, things have not gone altogether smoothly since Enteq listed in 2011 as natural gas prices plunged to a decade low shortly afterwards. Consequently, a few institutional investors who plumped for shares in Enteq's initial £15m fundraising at 100p, and the subsequent capital raise of £42m at 100p in 2012, have been selling, and Enteq's share price now sits well below the IPO price

The continued tough trading conditions last year held Premier Farnell's shares back - a 14 per cent rise in 2013 marginally underperformed the FTSE All-Share. And that means there is still upside potential if a recovery gathers pace. The shares trade on a forward earnings multiple of 13 times, which is a marked discount to peers Electrocomponents (ECM) and Brammer (BRAM) on 15 times and 18 times, respectively, and also a big discount to its historical high of 19 times. The icing on the cake is that there is a near 5 per cent prospective dividend yield on offer...As always DYOR and good luck.

While the fortunes of its end markets remain the primary driver of Premier Farnell's performance, it has also done much to help itself. Historically an old school catalogue distributor, Premier Farnell has moved with the times establishing a multi-channel sales presence that spans catalogues, field sales and online. The company says its customers are increasingly choosing the e-commerce route with over 56 per cent of its business conducted online. Having the right products in stock and being able to offer the latest products are also key to keeping customers happy. Efforts here do appear to be paying off, with the active customer base up 2.7 per cent on-year in the first half, which Premier Farnell says means that it's growing market share. The Asia Pacific customer base, which the company believes offers its best source of future growth, was up 8.9 per cent. Premier's net-debt-to-cash-profit raio of 2.2 times looks comfortable and strong cash generation has helped cut net debt by a quarter since its 2009 peak - operating cash flow conversion was 125 per cent in the last financial year.

Premier Farnell (PFL) supplies a vast range of electronic components to a vast range of customers, as and when they require them, which means there is no comfort from a forward order book to provide revenue visibility. That makes it a pretty pure play on the economic cycle. And the good news is it could be on the brink of a cyclical upswing, which has yet to be properly reflected in the share price. The data that should feed into demand for electronic components - namely manufacturing PMI and Semiconductor Industry Association (SIA) - are pointing in the right direction. Recent figures from the SIA flagged up the ninth straight month of increasing global semiconductor sales, while the JPMorgan Global PMI data showed manufacturing ticking up for the 14th consecutive month in December, and at the quickest pace since February 2011. Analysts at UBS note that Premier Farnell does tend to follow the data, albeit with a lag. And, indeed, the distributor's first-half results in September were still blighted by a cloudy outlook for end markets. Stripping out the company's recently launched Rasberry Pi product (a credit card-sized single-board computer) to get an underlying picture, group sales per day were down 1.4 per cent year on year in the first half. The company said that while PMI and SIA data have been encouraging, its customers were still cautious and end markets remained mixed. There was particular weakness in the UK market, where Premier Farnell reported subdued sales to certain large customers exposed to public sector spending cuts, and also in the US, where the company was hit by cuts to US Federal Government spending and general caution among its customer base. These soft spots offset an improved performance in Europe ex-UK and strong growth in emerging markets. But there are signs that this late-cycle play is moving into calmer waters and that the improving economic and industry data is feeding into trading on the ground. The company's trading update in November flagged up "improving group sales trends", with underlying group sales up 2.1 per cent year on year in the third quarter. That is a clear improvement from the 1.4 per decline in the first half. Encouragingly, the UK returned to on-year sales per day growth, while the trend in the US was broadly flat, despite the impact of the US Federal Government shutdown.

XCAP Securities plc ("XCAP" or the "Company") Change of Registered Office XCAP (AIM: XCAP), an independent investment banking group offering full service stockbroking, fund management, corporate advisory and market making services, announces that the registered office address of the Company has changed to the following with immediate effect: XCAP Securities plc 3rd Floor 1 Carey Lane London EC2V 8AE Telephone: +44 (0)203 693 1470 Enquiries: XCAP Securities plc Nitin Parekh (CEO) +44 (0)20 36931472

Another investment will be announced shortly imho........

17 January 2014 Enegi Oil Plc ("Enegi" or "the Company") EL1116 Update Enegi, the independent Oil and Gas Company with a portfolio of projects located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan is pleased to announce that it has extended Period I of Exploration Licence EL1116, western Newfoundland for a period of 12 months. As per the announcement of 23 December 2013 a drilling deposit of $250,000 has been paid by Black Spruce Exploration ("BSE") to the Canada-Newfoundland Offshore Petroleum Board ("C-NLOPB"). This has extended the initial five year licence period (Period I) for EL1116 by a further 12 months. This is in advance of the drilling programme which is planned to take place on the licence this year targeting the St George's Bay prospect. On completion of the well, under the terms of the licence, EL1116 will enter Period II and will then be valid for a further three years following the end of this extended 12 month period. The well on EL1116 will be drilled, by BSE, following the anticipated successful drilling at the Garden Hill Field ("GHF") which is expected to commence in April. The St George's Bay prospect is expected to be drilled from onshore to offshore to delineate the offshore extent of the Garden Hill hydrothermal dolomite trend. As announced on 11 April 2013, Enegi received the results of a Competent Person's Report ("CPR"), which was performed by Deloitte of Calgary and reaffirmed the Company's belief of the potential of the St George's Bay prospect. The material conclusions drawn from the CPR were as follows: · The St. George's Bay prospect offers clear potential which: o possesses a combination trap configuration of both structure and stratigraphic elements within a gentle roll over anticline bounded by two thrust faults; o possesses a mature source rock with migration and reservoir fully confirmed; and o makes it viable for an exploration campaign and appraisal efforts. · The prospect is estimated by Deloitte to contain:

moving along nicely gl all.

The business looks much better balanced than it historically has been, debt is falling and investment is delivering the promised margin and profit growth. Add to that a proven management team with a view to deliver double-digit annual EPS growth over three years, coupled with a rating that doesn't reflect these prospects BUT AS ALWAYS DYOR and good luck......

Debt, though, is still too high, with a net debt-to-cash profits ratio at 2.8. However, the ratio has fallen faster than expected and the group is on track to cut it to below two by 2016, at which point dividend payments can re-start. Net debt should start falling materially in March, too, when capital spending has eased back. Macroeconomic pressure on IGR's retail customers also poses a potential risk. That said, it boasts strong relationships with many clients, some dating back two decades, which is a useful tool in a world where retailers are consolidating their supply bases. And judging by the latest results, trading is heading in the right direction - the underlying pre-tax profit was up 8 per cent in the six months to September. Exceptional costs related to investment in manufacturing will dissipate next year as the benefits from these investments start to be come through. As such, management believes it can achieve double digit underlying annual EPS growth over the next three years. Yet the shares, which have doubled since the summer, still trade on just 7 times Edison's underlying EPS forecast of 9.1p for the current financial year dropping to just 6 times the underlying 10.3p the broker has pencilled in for the year to the end of March 2015. That's too low for a company with such good recovery prospects.

Debt arrangements have been renegotiated on better terms and investment in machinery is improving manufacturing efficiency. IGR's gift wrap facility in Europe has a state-of-the-art printing press, while the Chinese cracker-making factory is producing better quality goods more cost-effectively. It's facility in Wales is undergoing renovation, too, and will soon house the latest in high-speed, high-definition printers, set to come on stream this spring. These changes have transformed IGR's manufacturing into a low unit cost, high volume process, which is key to future market, margin and profit growth. Indeed, the benefits from investment in China and Europe last year are already being felt and have significantly boosted margins and profit. This bodes well for the investment in Wales..........

While revellers were busy pulling Christmas crackers a fortnight ago, International Greetings (IGR) was busy counting the pennies. That's because, whether your crakers were bought from M&S, Sainsbury's, Aldi, Asda, or even Costco in Mexico, the chances are they were made by the company - the biggest purveyor of Christmas crackers in the world. But there's more to IGR than just crackers. It also manufactures wrapping paper, gift bags, ribbons, greeting cards, pens and pencils and stationery, supplying more than 100,000 retail outlets across more than 80 countries. The company was in dire straits back in 2007 due to a string of poor management decisions. It suffered three profit downgrades, took on an awful lot of debt and saw its market cap plummet from £240m to £6m in just one year. While the share price has recovered somewhat since the low, the market cap is still small and the wide bid-offer spread is something investors need to be wary of. Since being appointed in 2009, chief executive Paul Fineman has helped to steer the company out of troubled waters. With most of the heavy lifting now complete, the business appears much healthier and poised for a major recovery, which could send its cheap shares soaring. A number of important changes are helping the business. First, focus has been shifted to mass and discount retailers, where "all the action has been", according to Mr Fineman. New sales channels include the Dollar Store chain in the US, shops like Aldi in Europe and Mexico's largest retailer. Global giant Costco is IGR's biggest customer. The company is better balanced, too, having reduced its dependence on the UK over a number of years to its current level of 40 per cent of sales, and sales are now only a little over half Christmas-dependent......

Accsys has spent four years developing its business plan, and is now poised to reap the benefits. Given the huge benefits over conventional hardwood, demand is likely to accelerate, especially now that housing and construction output is firmly on the road to recovery but as aways dyor and good luck......

Establishing a new technology in an established market is always an uphill struggle, but Accoya wood is slowly gaining acceptance and other factors are working in the group's favour, notably much tighter regulations on illegally sourced wood. True, Accsys remains loss-making and doesn't pay a dividend, but the shares are all about its technology's blue sky potential. And now deals are coming through, the cash burn rate is shrinking rapidly from the current €6m-7m a year, with Numis estimating a free cash outflow of just €2.4m next year. Indeed, gross profits in the six months to September jumped 84 per cent to €3.5m with turnover up 74 per cent at €15.8m, and this doesn't include the latest deal with Solvay. What's more, increasing prices and economies of scale benefits have pushed gross operating margins up from 18 per cent to 22 per cent........

The first production plant will have the capacity to produce 63,000 cubic metres of finished Accoya. In return, Accsys will receive a series of licence payments, as well as royalty payments linked to volume output, and licensing income alone will reach €30 per cubic metre per year. This comes on top of an existing agreement, with chemicals group Ineos to run a Tricoya plant with an initial capacity of 30,000 tonnes. And Accsys has also secured 50 distribution or agency agreements, where joiners can brand their products and thereby increase the profit margin. And, while the emphasis will remain on securing licensing agreements, Accsys built its own production plant in Arnhem, which on 60 per cent capacity generated €900,000 cash profits in the first half.......