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Valuation: Hadoop progress key to upside With a 2013 rating of 9.3x bookings and 22.8x sales, WANdisco clearly has substantial growth prospects priced in. Our reverse DCF suggests five years’ growth at 40% beyond our forecast period, with 30% EBITDA margins. However, if the Hadoop opportunity comes through, this is a business with the potential to scale many times over. Progress on this front is the key catalyst for upside

http://www.edisoninvestmentresearch.co.uk/researchreports/WANDiscooutlook011012.pdf

Electrical components distributor Electrocomponents saw its shares hammered on Friday after a disappointing trading statement, but it is still doing better than its rivals, Questor in The Telegraph notes. The consensus range for full-year pre-tax profit was £110m to £120m ahead of the statement. This has since been trimmed by about 6%.

Elektron Technology Buy 01-Oct-12 £45,000.00 Keith Anthony Daley 250,000 @ 18.00p

PureCircle Ltd. (DI) Buy 28-Sep-12 £100,800.00 Paul E Selway-Swift 48,000 @ 210.00p PureCircle Ltd. (DI) Buy 28-Sep-12 £31,500.00 Olivier Maes 15,000 @ 210.00p

Homeserve Buy 28-Sep-12 £23,152.52 Jonathan King 10,921 @ 212.00p

Mahesh Doshi, Executive Director of Cost Consultancy at Sweett Group, said: "We are very pleased to have been involved in the completion of this high-profile project on behalf of Lewisham Healthcare NHS Trust. During the last 20 years we have carried out capital projects with a value in excess of £150m on behalf of the Trust, including the flagship Riverside Building. This particular project presented a number of challenges, including carrying out extensive construction activities in a live medical environment." Sweett Group is a recognised leader in the UK health sector, with over 20 current individual NHS Trust framework appointments and experience of working with 60% of Trusts in London and the Southeast of England. The Group also provides consultancy services as part of regional frameworks including the NHS Shared Business Services Framework, the NHS Designed for Life 2 and 3 frameworks in Wales and Procure21+.

Sweett Group supports delivery of new fully integrated Urgent Care Centre and Emergency Department for local communities in Lewisham Sweett Group, the international property and infrastructure consultancy, is proud to have been involved in the delivery of the recently refurbished integrated GP supported Urgent Care Centre and Emergency Department at University Hospital Lewisham. The children's and adults' emergency facilities, covering over 5,000m2 of gross floor area, have undergone a £12m refurbishment as part of the NHS ProCure21 framework, which is specifically designed to provide NHS trusts with cost certainty on major capital projects. Sweett Group has been providing employer's agent and cost management services from the preparation of the outline business case through to completion of the project. Originally built during the 1950's, the Lewisham Hospital's Emergency Department was designed to provide facilities for 60,000 patients per year, split across two main locations, either side of an internal road. The new Department, designed to meet the clinical requirements of 120,000 patients per year in one building, includes a dedicated children's emergency department, emergency x-ray facilities and an urgent care centre. The facilities have been built to meet the 'Very Good' criteria for BREEAM standards and bring the latest in emergency clinical care, meeting current healthcare standards, to local communities in Lewisham and surrounding districts.

http://www.investegate.co.uk/Article.aspx?id=201210020700076567N

Ceramic Fuel Cells signs long term Powder Plant Project Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer of generators which use fuel cell technology to convert natural gas into electricity and heat for homes and other buildings, is pleased to announce that it has secured a long term project for its powder plant in the United Kingdom. Ceramic Fuel Cells has signed an agreement with a multinational ceramics and speciality chemicals company for them to utilise the plant to develop high quality ceramic powder products. The powder plant equipment and CFCL operational staff at the plant will be allocated to the project on a full time basis. To cover the operating costs of the plant and related staff, Ceramic Fuel Cells will receive a fee of GBP 450,000 for the 12 month project. The agreement also includes an option for the customer to purchase the plant and licence the related intellectual property for a pre-agreed price. For commercial reasons the identity of the customer and the purchase price are confidential. The plant, in Bromborough, UK, uses Ceramic Fuel Cells' patented equipment to make nano-size ceramic powders which can be used in a range of applications and products.

http://www.investegate.co.uk/Article.aspx?id=201210020700076645N

A subscription for 90,403,000 new Ordinary Shares of UK£0.05 each in the Company ("Shares") at a subscription price of UK£0.06 per Share ("Subscription Price"), which will, in aggregate with Fratelli's existing shareholding, provide Fratelli with 29.9% of the enlarged equity share capital of the Company immediately on completion of the Placement ("Enlarged Share Capital"); and

Mike Hodgson the CEO of Serabi stated that: "The results of the Preliminary Economic Assessment in June of this year were a major milestone for Serabi. The PEA demonstrated that with the established infrastructure, year round access and permits, coupled with much improved gold prices and the adoption of selective mining techniques, the high-grade Palito deposit could produce a good cash flow stream to finance further exploration and development which, in time, could increase gold production volumes. In these current markets, equity funding for small companies remains challenging and it is a demonstration of the confidence Fratelli have in the project and the management team that they have agreed to make available the entire amount of the estimated funding required for the Palito redevelopment so the project can move forward in the shortest possible time-frame. We will immediately be implementing the mine re-development, placing orders for key long lead-time items, undertaking plant refurbishment work and finalising arrangements with key contractors. Production at Palito will place Serabi ahead of its peers in the region and enable it to take advantage of other potential development and growth opportunities, especially if the equity markets for exploration companies remain difficult."

Serabi Gold plc Conditional UK£16.2 million share subscrip... Serabi Gold plc (AIM:SRB, TSX:SBI and SBI.WT), the Brazilian focused gold exploration and development company is pleased to announce that it has entered into a conditional subscription agreement ("Subscription Agreement") with Fratelli Investments Limited(1) (2) ("Fratelli"), one of its major shareholders, to subscribe for and underwrite a placement of new shares to raise in aggregate UK£16.2 million to finance the development and start-up of underground mining operations at its Palito gold mine. In addition, Fratelli has provided an interim secured short term loan facility of US$6 million (equivalent to UK£3.7 million) to the Company ("Loan Agreement") to provide additional working capital to the Company and to enable it to commence the initial works at Palito. The Subscription Agreement is conditional, inter alia, on approval of the independent shareholders of the Company on a poll at a general meeting of the waiver of any obligations of Fratelli to make a general offer to shareholders pursuant to Rule 9 of the City Code on Takeovers and Mergers. Drawdown under the Loan Agreement is subject to a number of conditions precedent including the execution of the security agreements.

http://www.investegate.co.uk/Article.aspx?id=20121002070031H5500

Commenting on the FS and MRE, Ian Harebottle, Gemfields' CEO, said: "Today we have achieved a key milestone in the continual development of Gemfields. The study shows that extending the current open pit mine at Kagem to a large-scale underground operation will be economically enhancing to the Company and to our shareholders. The study covers only Kagem's existing principal pit on the Fwaya-Fwaya belt, which is one of several known emerald bearing belts available within the Kagem licence area. The study shows that the existing pit can be further developed as a high grade, low cost mine with robust project economics and a rapid payback period. The Company currently caries no value for the resource but with today's updated estimate will look to correct this in due course. We will now look to accelerate the development and implementation of a large-scale underground project at our flagship operation on the Fwaya-Fwaya belt, while continuing to assess the potential future development of the additional belts available within the greater mining licence area."

Gemfields announces positive JORC Code compliant resource and reserve update and underground mining feasibility study for its Kagem emerald mine in Zambia 2 October 2012 ______________________________________________________________________________ Highlights: Resource Update - JORC Code compliant Indicated Mineral Resources of 2.75 million tonnes or 1.0 billion carats of emerald and beryl at 365 carats/tonne - JORC Code compliant Inferred Mineral Resources of 9,200 tonnes or 223,100 carats of emerald and beryl at 24.5 carats/tonne Underground mining feasibility study - Projected 20 year life-of-mine ("LOM") producing approximately 34 million carats per annum - Gemfields to commence accelerated underground construction and development in the FY 2014 -15 - Projected nominal cash flow (no discount rate applied) over the LOM of approximately USD 855 million - Robust economics - projected post-tax NPV (at a 10% discount rate) of USD 372 million - Capital expenditure of USD 55.1 million over the first five years and a total of USD 113.2 million over a 20 year LOM - Extensive diamond core-drilling and bulk-sampling work continues throughout the Kagem mining licence area on the remaining known, but as yet un-proven, emerald bearing deposits

http://www.investegate.co.uk/Article.aspx?id=20121002070000P8067

Valuation: Still plenty to go for The enlarged group should command a higher rating, with a broader spread of business, bigger library and strong cash generation. Assuming successful completion of the Alliance deal, FY14e EPS will show strong growth (32% higher than FY13 on our estimates) on which basis the FY14e EV/EBITDA of 6.9x looks good value

http://www.edisoninvestmentresearch.co.uk/researchreports/eOneUpdate011012.pdf