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Daisy Group: JP Morgan Cazenove reduces target price from 125p to 115p, neutral rating remains unchanged.

Cranswick: Panmure Gordon reduces target price from 875p to 800p, hold rating kept.

Craneware: Investec raises target price from 410p to 475p and downgrades from buy to hold.

Chime Communications: Peel Hunt raises target price from 265p to 255p, buy recommendation unchanged.

Cathay International Holdings: Peel Hunt reduces target price from 41p to 28p and downgrades to hold.

Bodycote: Jefferies reduces target price from 485p to 450p, buy rating kept. Citigroup raises target price from 310p to 390p, neutral rating remains unchanged.

Aveva: Panmure Gordon reduces target price from 1948p to 1838p, hold recommendation unchanged.

Atkins: Jefferies reduces target price from 850p to 800p, buy recommendation reiterated.

Associated British Foods; Societe Generale upgrades to buy from hold.

http://www.investegate.co.uk/the-vitec-group-plc/rns/interim-management-statement/201211190700073916R/

http://www.investegate.co.uk/wolf-minerals-ltd/rns/revised-credit-approval-received-for-hemerdon/201211190700083925R/

http://www.investegate.co.uk/wandisco-plc-(wand)/rns/acquisition-of-altostor/201211190700073890R/

Conclusion SSM has refined its strategy to commercialise MSO and increased its prospective revenue streams. The new interactive platform has the potential to increase the size and brand loyalty of MSO’s future audience, enhancing potential returns for shareholders, and reducing reliance on the MSO series to generate revenues and broadcasters to create brand awareness. We also feel SSM’s operations continue to be de-risked by its exclusive distribution rights to Gombby, which has reported strong viewing figures in 2012.

Financials SSM’s IPO in February 2012 raised €1.7 million net, which has been used to grow the development team and production infrastructure. As SSM is in the development phase, it made a H1 2012 loss of €234,088 – €134,105 were IPO costs and €113,947 overheads. Additionally, production costs (including payroll, depreciation, and production facilities and services) of €135,132 were capitalised. The group reported cash flow from operations of €438,025; after P&L costs, €188,946 was working capital. Additionally, €150,809 was spent on CapEx, and exchange rate losses removed €72,170. SSM had net cash of €936,238 at 30th June 2012. Given limited financial information, if we assume €100,000 a month is spent in the development phase, and only the cash balance funds operations, we would expect SSM to have sufficient capital to complete development. This assumes development of MSO is completed in February 2013 and no unexpected costs occur; however it also assumes no significant revenues extend the funding horizon.

Strategic Update SSM is developing a fully interactive web platform to complement MSO and maximise its exposure. This includes an interactive collectible card trading game and a social media platform. It is expected that children will watch MSO, learn football skills using descriptive cards, then upload videos of themselves performing these skills via the social media platform. This could generate revenues through sponsorships, merchandising, and additional product offerings, such as interactive decks of cards. The platform is being developed for both Android and iOS smartphones, and, due to cost efficiencies, will not require additional funding to meet costs.

Recent Developments SSM is developing its first children’s animation series, MSO. This will consist of 26 episodes and is due to be completed by February 2013. Management has announced that each episode will now be 7 minutes long, down from the previously expected 22-26 minutes. This will reduce creation costs and release capital for investment in new elements of the business plan, notably an interactive web platform. Additionally, Gombby, which SSM has exclusive distribution rights for, was the fourth most watched animation series in Spain in June 2012. Further, Al Jazeera Children’s Channel, with a potential audience of over 400 million, has signed a deal to broadcast Gombby.

Sports Stars Media (SSM), the children’s animation production group, released results for the seven months to 30th June 2012 on 20th July. The results highlighted that production of Mourinho and the Special Ones (MSO) is on track for completion by February 2013, and Gombby has signed a new broadcast agreement. SSM also released a strategic update, announcing an enhanced business model to exploit MSO and create new potential revenue streams.

gecr research wright's below.............. Evaluation Despite this operating progress, Intandem’s shares have declined significantly since hitting a 2012 high of 7.375p in early March – currently trading at 1.875p. Investment into the business and some delays in the existing slate see reductions to our near-term earnings projections - but even on the revised current year numbers the rating continues to look much too harsh and we continue to rate the shares a long-term buy.

Recently launched UK distribution arm The recently launched UK distribution arm is led by Robert Mitchell, who was fundamental in the setting up of the renowned Buena Vista UK (part of Walt Disney) and has been responsible for numerous UK box office successes including comedies such as ‘When Harry Met Sally’ and ‘Calendar Girls’, and Terry Dove, a former 20th Century Fox executive who has been involved in a series of major film releases including ‘Titanic’, ‘X-Men’ and ‘The Full Monty’.

Intandem Films has announced it has been appointed as worldwide sales company and is to distribute in the UK British comedy film ‘Jadoo’, which is currently in post-production. Burgeoning slate of films This adds to a burgeoning slate of films for the international film company which offers the services of executive production and international sales, for which it earns fees and sales commissions, and which recently expanded into film distribution in the UK, for which it earns fees including a percentage of box office receipts.