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BNP Paribas, Lloyds TSB Bank, Commonwealth Bank of Australia, DNB Bank ASA, Royal Bank of Scotland, SEB and SR Bank were named as participants in the increased facility. Commenting on the new facilities, Iain Lanaghan, Finance Director, said:"We are very pleased to have concluded this financing exercise, which alongside the earlier increase in our reserve base lending facility, means we have doubled our committed debt facilities in 2012. The strong continuing support from our banks, all of whom participated, is a testament to the business, its prospects and assets. "Alongside our robust production cash flows, our facilities provide us with greater funding capacity to support the development of the group in our core areas, both in terms of organic and acquisition growth," he added. Faroe's producing assets include the Blane, Brage, Njord and Ringhorne East fields. The group, focuses principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway,

AIM-listed independent oil and gas company Faroe Petroleum has signed an increased bank credit facility to provide substantial additional finance to support the company's growth plans. The amount committed under the company's Exploration Financing Facility will be doubled to NOK 1bn (approximately £110m) from the initial NOK 500m commitment, according to a statement issued by Faroe on Friday morning. The extended facility has been put in place to service Faroe's on-going active Norwegian exploration programme alongside an expected exploration tax rebate under the Norwegian taxation system. The maturity date of the facility has been extended by one year to December 31st 2015. Bank participants in increased credit facility

"Every country in the world has a right to self-defense and I'm determined to put Britain's first-class defense industry at the forefront of this market, supporting 300,000 jobs across the country." This was Investec analyst Andrew Gollan's immediate reaction to the news: "A higher specification aircraft (Tranche 3A) and a requirement for 8 Hawk Jet Trainers lifts the value to approximately 2.5bn pounds compared to an opportunity previously mooted to be 2bn pounds. In the price? The stock has had a good run and Saudi and Oman are likely contributory factors. The trading challenges in BAE's core US market remain, however, regardless of "progress" on the 'fiscal cliff' / sequestration. Hence we maintain our neutral stance with an unchanged target price of 325p."

BAE Systems has confirmed it has signed a multi-billion pound deal with the government of Oman to supply of Typhoon and Hawk Advanced Jet Trainer aircraft. The contract, which is worth around £2.5bn, will see the defence firm deliver 12 Typhoon and 8 Hawk aircraft starting in 2017. BAE will be the prime contractor in terms of supplying the aircraft and offering support services. It is a boost to BAE, which has faced problems in Saudi Arabia as it attempts to resolve pricing issues over the further supply of Typhoons. Prime Minister David Cameron revealed the deal last night at a press conference in the Middle East. He hopes to secure sales of more than 100 aircraft to the Gulf region, earning British firms around £6bn in the process. "Boosting exports is vital to economic growth and that's why I'm doing all I can to promote British business in the fastest-growing markets, so they can thrive in the global race," said Cameron, who is in the region visiting British troops.

This acquisition continues WPP's strategy of investing in fast-growing markets and sectors and its commitment to developing strategic networks throughout Latin America. Mexico is WPP's second largest market in the region with revenues, including associates, of approximately $200m and approximately 3,000 people employed.

Wunderman, the wholly-owned subsidiary of advertising and marketing giant WPP has acquired a majority stake in the Mexico-based digital marketing agency CM Interactive S.A. (Crossmedia) . Crossmedia's unaudited revenues for the year ending December 31st 2011 were over $5m with gross assets of over $5m at the same date. It was founded in 2004 and provides consulting, digital marketing and media buying services to clients, who include Banamex, Bimbo, PayPal and Cerveceria Cuauhtemoc. Commitment to Latin America

Transaction in Own Shares Fri, 21st Dec 2012 16:49 RNS Number : 2083U Scottish Investment Trust PLC 21 December 2012 On 21 December 2012 the company purchased in the market for cancellation 15,000 shares of 25p at a price of 491.0p each. Upon cancellation the issued share capital will be 111,200,926 shares of 25p. The above figure (111,200,926) is the total number of voting rights in the company and may be used by shareholders as the denominator for the calculations of their interest in the Company under the FSA's Disclosure and Transparency Rules.

"I am also pleased to report on the development of our strategic relationship with Zhongrun, our Chinese investors. Despite difficult market conditions during the quarter, Zhongrun invested a further £6.6 million in the company highlighting their positive view for the future at Vatukoula" Vatakoula Gold Mine's share price was unchanged at 25.75p at 08:29 on Friday morning.

Commenting on the results, David Paxton, Chief Executive Officer of Vatukoula Gold mines, said: "The increase in capital development has impacted on our short-term gold production, but in the longer-term will enable Vatukoula to realise its production targets. These production results should be viewed in the context of our efforts to transform the mine's underground mining prospects and realise our overall operational objective of long-term economic mining." He added that a new mining area had been exposed and the group had also received investment from Chinese investors. "Although gold produced is less than that produced for the same period last year, the development program has exposed new mining areas, including the high-grade Cayzer-Prince ore body below 18 level in the Philip Shaft area. These new higher grade areas will provide the bulk of the gold to be mined at Vatukoula for the foreseeable future," he said.

Revenue fell 27.8 per cent to 11.3m pounds in the three months to November 30th compared to the same period in the previous year at Vatukoula Gold Mines, the AIM-listed company's quarterly results have revealed. The group, which owns the Vatakoula Gold mine in Fiji, posted its quarterly results for the three months ending November 30 on Friday morning. Gold production fell by 32.74% to 10,549 ounces in the quarter compared to the corresponding period in 2011 and by 10.32% compared to the previous quarter ending August 2012. The volume of gold shipped also declined by 28.15% to 10,482 ounces compared to the volume shipped in the same period in 2011. Compared to the previous quarter, the shipped volume represented a 9.61% decline. Earnings Before Interest, Tax, Depreciation and Amortisation fell by 83.78% to £0.38m. Chief Executive points to new mining discoveries and Chinese investment

Financial services firm Randall & Quilter Investment Holdings has completed the acquisition of the entire issued share capital of LINPAC Insurance Company Limited (LICL) from the owner LINPAC Finance Limited. LICL, which is a Guernsey-domiciled captive insurer, has been in run-off since 2006 and wrote business from 1994. The insurer's reserves were worth approximately £171,000 as of June 30th, the date of the latest available management accounts. The consideration, payable by Randall & Quilter in cash from existing resources was £450,000. Commenting on the acquisition, Ken Randall, Chairman and Chief Executive Officer of Randall & Quilter, said: "The purchase of LICL further evidences the increasing level of acquisition activity we are seeing as a group. It also continues to demonstrate our ability to provide attractive exit solutions for captive owners who have put their captives in run-off or are contemplating ceasing writing new business. This will be our fifth captive acquisition in 2012 and our fourth in Guernsey this year." Randall & Quilter focuses on insurance investments, insurance services, underwriting management and captives. The group currently has a team of approximately 400 insurance professionals based in the UK, USA, Bermuda, and Continental Europe.

Commenting on the placing, Rick Smith, Chief Executive Officer of VPhase, said "We are delighted to have had the support of our shareholders in raising funds that will further the continued development of VPhase through the current challenging environment. The company is working with major partners to roll out our products and we look forward to the next phase of VPhase's growth."

Energy efficiency company VPhase has conditionally placed 103,800,000 new ordinary shares of 0.25p each at a price of 0.5p per share to raise gross proceeds of 0.5m pounds. The company has entered into a conditional placing agreement with its corporate broker Panmure Gordon, under which Panmure Gordon will procure up to 103,800,800 placing shares at a price of 0.5p per share as the placing price. The placing price represents a discount of 13% to the official closing market price of 0.575p of an existing ordinary share on December 20. If all the placing shares are issued, they will represent 8.1% of the company's enlarged issued share capital. The placing is conditional upon the passing of certain resolutions by shareholders of the company at a general meeting scheduled for January 14 2013. The company reported that it has seen growth in sales revenues in the period to November 2012 and a four-fold increase in volumes during the same period in each case as compared to 2011. VPhase said that the growth had been driven by a focus on social housing where the directors believe the benefits of the VPhase product are well recognised.

"This has inevitably caused a delay. We anticipate that the necessary approvals will be obtained by March 2013. It is hoped that construction can commence immediately upon those approvals being granted, with practical completion being achieved by March 2015." He added: "In addition, as announced in May 2012, the company made a further investment by way of a joint venture which has secured reservations for the development of two lots of land in Old Klang Road, Kuala Lumpur. The board anticipates that the development costs will be funded from the off-plan sale of the units with revenues beginning to flow from the second half of 2013. Completion is expected to occur by May 2014."

Zhang Li, Chairman of Top Creation Investments Limited, said that there had been a delay in the company receiving approval from the relevant authorities for its Malacca investment following architects re-submitting plans. He said: "The company's investment in Malacca continues to make progress, which we believe will give us the opportunity to ultimately deliver significant shareholder value. However, as a result of feedback from potential buyers interested in buying off-plan during the pre-sale process, the architects revised the plans, which then needed to be re-submitted to the authorities for approval.

Top Creation Investments Limited has posted a consolidated net loss of 0.19m pounds for the six month period ending September 30th in its unaudited interim results published on Friday morning. The total comprehensive loss for the period was £190,968, compared to a loss of £408,316 in the period from February 15 to September 30th 2011. The company, which focuses on investments in the real estate sector with a primary focus on Malaysia, has invested approximately £2.8m (RM14m) in the purchase of a freehold real estate in Malacca, Malaysia. When the proposed development is completed, the property will comprise a shopping mall and services home suites. The company stated that the development is still in progress and no revenue had been recognised to date. As announced in May, the company has made a second investment by way of a joint venture which has secured reservations for the development of two lots of land in Kuala Lumpur. The board anticipates that the joint venture will be funded from the off-plan sale of units to be built.

The company's net loan-to-value following the debt repayment will be approximately 31%, based on the latest property valuation as at September 30th.

The repayment will cut back the company's securitised loan from £134.5m to £114.5m and reduce the annual loan interest cost from £7.7m to £6.5m. It will leave the company with total cash of about £29.8m, of which approximately £9.2m remains outside the security pool. "The repayment of the debt is a continuation of the company's strategy to reduce the overall quantum of borrowings which has reduced from £173.5m during 2012," Schroder said in a statement. "The company continues to pursue refinancing options well in advance of the loan maturing in July 2014."

Schroder Real Estate Investment Trust has served notice to repay 20m pounds of its debt following the disposal of Minerva House in London. The company, which announced it had completed the disposal of the house for £30m on Monday, will make the loan repayment on January 15th. The firm must break a pro-rata proportion of its interest rate swaps, crystallising an estimated break cost of £2.9m as a condition of the repayment. It is also required to reduce the total negative mark-to-market value of the company's interest rate swaps to -£16.3m, adopting the value as at December 20th this year.

The company stated that the granting of the patent represented a "significant step forward" in securing the intellectual property in the major markets where Ilika intends to commercialise its proprietary technology. Further grants of the patent family in other jurisdictions around the world are expected in 2013, the company statement added. The patent further underpins product development work, which is being supported by the Carbon Trust through a £150,000 equity investment Ilika announced in September 2012. Commenting on the patent grant, Graeme Purdy, Chief Executive Officer of Ilika, said: "The grant of this patent by the USPTO confirms the novelty and inventiveness of Ilika's intellectual property in this area. The Ilika team is very focussed on ensuring the successful commercialisation of this technology with our key partners".