Member Info for jange

AIM-listed silver-focused mining company Black Mountain Resources has unveiled an operational update highlighting positive developments at its silver projects in Montana and Idaho. The company, which has a 70% interest in three projects in the US, reported that positive exploration and development progress had been made at its New Departure Silver Project in Montana, which it said was on target to achieve first quarter 2013 production. The group reported that initial drill results returned grades of up to 365 grammes per tonne of silver confirming down-dip extension of historic workings and indicating a potential projected strike length of 670m. Black Mountain also reported the strong prospectivity of the Conjecture Silver Project in Idaho.

Cash balances were expected to remain above £6.0m.

Cyber security company Intercede Group said delays in US orders could result in an operating loss for the year. Shares fell 16.78% to 62.00p as the group said uncertainty surrounding the US budget impacted sales to government departments and defence contractors. "While Intercede had previously expected this uncertainty to be resolved in December 2012, President Obama's compromise agreement with Congress on the 'fiscal cliff' has delayed any decision on spending cuts until at least the end of February 2013," the company said in a statement. The fiscal issues have caused the deferral of new orders in the company's next financial period. Intercede, which also supplies to businesses in the UK and Europe, relies heavily on the US market for revenues so it could prove to have a material adverse impact on results. "Given the extent of our planned investment in organic growth, this would result in an operating loss for the year," Intercede stated.

Van Bilderbeek invented the friction grip method of wellhead engineering which has experienced growing demand. He has more than 40 years of experience in engineering and management roles and and has previously held senior positions with Vetco Offshore Industries, Dril-Quip and Ingram Cactus. The businessman went on to form his own oil and gas consultancy in 1982 and in 1986 founded Plexus before merging with Ingram Cactus which was later acquired by Cameron. He subsequently invented, developed and commercialised POS-GRIP technology before Plexus Holdings plc was admitted to AIM in 2005. Plexus has supplied POS-GRIP wellhead systems to more than 300 wells worldwide, operated by companies including BG, BP, ConocoPhillips, Gaz de France, Maersk, Repsol, Shell, and Statoil.

The Chief Executive Officer and founder of oil and gas engineering group Plexus Holdings was awarded Entrepreneur of the Year at the 2013 Grant Thornton Quoted Company Awards, the company announced Friday. Ben Van Bilderbeek picked up the prize this week at the Natural History Museum in London. "I am delighted to accept this award on behalf of my management team and staff who have helped to build Plexus to where it is today," he said. "We all look forward to focusing on delivering the many value creating opportunities that will present themselves in the future." The annual awards recognise the achievements of companies below the FTSE 350. The AIM-listed UK company was commended for its proprietary POS-GRIP technology.

Nautilus Minerals shares plunged over 23 per cent on Friday after the company announced that it plans to cancel its AIM-listing from March 8th. It made the decision on the basis of the lack of liquidity in the company's shares on AIM and the cost of maintaining the listing on the index. "The board considers that the costs incurred to maintain the listing of the company's shares on AIM now exceed current and potential future benfits the company could obtain from the listing," the group said. It will continue to be listed on the Toronto Stock Exchange. Nautilus describes itself as the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits.

"However, with a pipeline of NPD activities, continuing investment in recruiting a high calibre management team and further cost savings through streamlining Elektron faces the future with confidence. "Elektron's products are on relatively short lead times, so the order book provides very limited visibility of future sales." The company also said that it sees the diversity of its product range as a strength, but admitted aresas of the portfolio are of low, no, or negative growth. As such it has focused on developing new products as its product portfolio is mature in its life cycle, naturally leading to a reduction in demand for some products. Elektron is now undertaking a managed cull of underperforming brands and products to "ensure that investment is focussed on areas with the most potential for profits and growth".

Elektron Technology shares declined on Friday after announcing that sales from continuing operations in the year fell following a 'particularly disappointing' December and January. A "modest" upturn was seen in the third quarter compared with the equivalent periods in the previous year, but this was not sustained to the year end. Full year sales from continuing operations were approximately £55m, compared to £63m the previous year. Net borrowings at January 31st are expected to be less than £6.0m (2012: £4.4m), reflecting the investment in restructuring and new product development. In a statement the group said: "It will take some time for the results of the new product development programme to outweigh the effect of the economic cycle on the group's legacy product portfolio. We therefore expect a further reduction in sales from continuing operations in the coming year.

DEP's order book has also grown substantially in the period since its acquisition to £2.6m, compared to £1.7m at the previous year's end. As such, the total current, contracted, order book to £8.9m as at December 31st 2012. Janet Thornton, Managing Director of Inspired Energy, said: "We have a strong contracted order book and the board is confident of the group's outlook. We look forward to continued organic growth in the year ahead, alongside the pursuit of further earnings enhancing acquisitions."

Inspired Energy, an energy procurement consultant to UK corporates, failed to impress investors despite saying profit before tax for the year ended December 31st is anticipated to be broadly in line with forecasts. The figure, which excludes deal costs and amortisation of intangible assets associated with the acquisition of Direct Energy Purchasing, is on slightly higher-than-expected revenues. Net debt is expected to be approximately £1.8m, compared to £2.16m at the end of 2011. The group said that trading during the year had remained strong, with the contracted order book of Inspired Energy Solutions rising to £6.3m compared to £4.3m a year earier.

Top Director Sells Carnival (CCL) Director name: Mr Modesto Maidique Amount sold: 3,000 @ 2,456.99p Value: £73,710

ACM Shipping Group (ACMG) Director name: Mr Mark Tracey Amount purchased: 20,425 @ 146.50p Value: £29,923

Fidelity Special Values (FSV) Director name: Mr Benjamin Thomson Amount purchased: 9,000 @ 651.75p Value: £58,658

Brown (N.) Group (BWNG) Director name: Mr Andrew Higginson Amount purchased: 25,500 @ 368.00p Value: £93,840

Mitchells & Butlers (MAB) Director name: Mr Alistair Darby Amount purchased: 31,623 @ 317.73p Value: £100,476

The sale was completed after the close of business on January 31st.

Productivity-enhancing instrumentation company Spectris has completed the sale of its Fusion UV business to Heraeus Holding GmbH for a total cash consideration of 172m dollars, the post-tax proceeds of which will be used to pay down debt. The sale is expected to be somewhat dilutive to earnings per share in 2013 and the impact on earnings per share is expected to be approximately five pence. Fusion UV is a provider of industrial ultraviolet curing systems and technology worldwide. The company's core competency is in the area of microwave powered, electrode-less lamp technology to generate intense UV energy that is used for UV curing.

The statement said: "We expect a further small increase in net corn costs in the final quarter of the financial year and estimate the impact of aflatoxin will be to reduce operating profit by around �7.0m for the full year. We will continue to take action to manage the risks posed by aflatoxin during the first half of next financial year up to the new harvest." "Cautious in tone" Analyst Martin Deboo from Investec said that Tate's third-quarter statement is "cautious in tone" and has a "downgrading influence on numbers". He highlighted the company's "modest progress" this year, saying that Tate had trimmed its earlier guidance from "progress". He said: "We are likely to modestly downgrade our FY13E numbers and consequently place our target price under review, but we expect to maintain our 'hold' recommendation."

In Speciality Ingredients, the division which makes sweeteners such as SPLENDA sucralose and dietary fibre product PROMITOR, Tate said that it has achieved good sales growth with volume growth outperforming the wider market. Full-year operating profit in this division is expected to be flat. The Bulk Ingredients division, which manufactures products such as high-fructose corn syrup and acidulates, has seen "solid" demand in North America for liquid sweeteners. Corn prices Tate revealed that corn supplies in the US and Europe remained tight over the quarter and prices are expected to remain high with some volatility over the coming months until the new harvest. The firm added that corn during the third quarter was affected by aflatoxin, a fungus caused by the unusually hot and dry conditions last summer, but it has taken a number of steps to mitigate the impact.

Sweeteners and food products group Tate & Lyle said that third-quarter profits, while lower than they were last year, were in line with its expectations. However, the company did warn about the elevated levels of volatile corn prices and the impact of the hot summer last year. The company said that adjusted profit before tax was down year-on-year in the three months to December 31st due to the step change in fixed costs associated with its "business transformation initiatives", which include the restart of the McIntosh facility and the development of the Commerical and Food Innovation Centre in Chicago. The press release on Friday said: "The group has made a solid start to the final quarter. Despite facing a number of headwinds and before the impact of exchange rate movements, we expect to make modest progress this financial year."