Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201101210700088496Z

International Power and Mitsui to Repay US$395 Million Portfolio Financing (London - 21 January 2011) International Power announces that on 31 January 2011, together with Mitsui & Co., Ltd, it will repay US$395 million (equivalent) of debt secured on the IPM Joint Venture's interests in seven assets that were jointly acquired by the two companies as part of the Edison Mission Energy portfolio acquisition in 2004. International Power's 70% share of the repayment is equivalent to US$275 million (£172 million) and the required injection of capital is estimated to be US$220 million (£138 million), after taking into account the cash balance forecast to be held in the borrowing entity on 31 January 2011. International Power will be repaying the debt in view of its strong corporate liquidity and the comparatively high pricing of the subordinated debt. This repayment was planned as part of the wider re-financing programme associated with the proposed combination with GDF SUEZ Energy International, and it is therefore part of delivering the previously announced financial synergies from the transaction.

http://www.investegate.co.uk/Article.aspx?id=201101210700098654Z

Adonis Pouroulis, Executive Chairman of Petra, commented: "Petra is delighted to have carried out such a successful fundraising and to have received overwhelming support from existing and new shareholders in our heavily oversubscribed issue. The Placing has served to further diversify the Company's high quality shareholder base and reflects the increasing interest from the investor community in the compelling fundamentals of the diamond market. We believe that the Company offers a unique investment vehicle for those wishing to gain exposure to diamonds, combining as we do a broad portfolio of producing diamond mines, all of which are in expansion mode, with a major resource base that underpins our growth strategy for many years to come."

Johan Dippenaar, CEO of Petra, commented: "This acquisition is a landmark development for Petra and a further progression of our strategy to build one of the world's leading independent diamond producers. Finsch is a major diamond producer and this acquisition will serve to immediately more than double our current production, significantly enhance earnings and cashflow and will increase our resource base to over 300 million carats. We believe that Petra offers an exceptional growth profile at a time when there is a very positive outlook for our industry and a strong rough diamond price environment."

Acquisition and Placing Highlights: · Finsch is one of the world's major diamond mines and South Africa's second largest diamond mine by production · The Acquisition is a continuation of Petra's strategy to build a world-class diamond mining group - Finsch will further diversify Petra's portfolio, adding a second major over 1 million carats per annum ("Mctpa") mine, and will become the Group's eighth producing diamond mine · Finsch is expected to produce over 1.5 Mctpa in its first full year of production, more than doubling the Group's current production of ca. 1.3 Mctpa; it is expected that Group production (including Finsch), will increase to ca. 4 Mctpa by the 2014 financial year ("FY") and to over 5 Mctpa by FY 2019 · Finsch brings a major diamond resource of 48.1 million carats ("Mcts") to the Group, including 26.6 Mcts of reserves, and will increase Petra's gross resource base to approximately 309 Mcts, with a gross attributable in-situ value of approximately US$38 billion (based on current diamond prices) · The Acquisition is expected to be immediately accretive to NAV per share (post Placing) and operating cashflow per share · Petra has a proven track record of extracting value from similar acquisitions, with a plan to mirror the successful strategy (including its block caving expertise) applied at Cullinan · Finsch is acquired on a 'going concern' basis (assets and assumed liabilities), including the full employee complement and state-of-the-art mining infrastructure · The Placing Proceeds will primarily be applied to satisfy the acquisition cost of Finsch, with the balance to fund the South African Department of Mineral Resources ("DMR") environmental guarantee and working capital at Finsch, to settle some or all of the Group's outstanding debt owed to Al Rajhi Holdings W. L. L. ("Al Rajhi"), to accelerate capital expenditure and provide working capital across the Group's other core operations and to cover transaction and fundraising costs · The Acquisition and Placing together consolidate Petra's position as London's largest quoted diamond company and provide a strong platform for the Company's intended move to the LSE Main Market

Acquisition of Finsch Diamond Mine & Placing to Raise £205 Million (US$325 Million) Petra Diamonds announces that it, together with its empowerment consortium, has entered into an agreement to acquire the Finsch diamond mine in South Africa ("Finsch") from De Beers Consolidated Mines Limited ("DBCM") (the "Acquisition") for R1.425 billion (approximately US$210 million). In addition, the Company has completed a placing of 136,698,212 new ordinary Petra Diamonds shares of 10 pence each ("Ordinary Shares") in the capital of the Company (the "Placing Shares") at a price of 150 pence per share (the "Placing") with institutional and other investors, raising gross proceeds of £205 million (approximately US$325 million) (the "Placing Proceeds").

http://www.investegate.co.uk/Article.aspx?id=201101210700068526Z

Peter Buchanan, CEO, commented: "We are pleased to announce the discovery of the Don Southwest 'E' Panel, the first exploration well of our 2011 drilling campaign. This result confirms our long-held belief that the Don Area contains upside potential which can be rapidly commercialised through the existing infrastructure. We look forward to working together with our partners in the Don Area to prove-up further volumes in 2011 and beyond." In accordance with the AIM Rules, the information in this announcement has been reviewed and signed off by Phil Crookall, Technical Director, who has over 20 years relevant experience within the sector.

Don Southwest 'E' Panel Discovery Valiant Petroleum plc ("Valiant") is pleased to announce that its Don Southwest 'E' Panel exploration well (211/18a-S7) has reached total depth of 11,540 TVDSS feet (3,517 metres) and has encountered a hydrocarbon bearing Brent sand formation indicating a gross recoverable accumulation of 5-7 million barrels of oil (2-3 million barrels of oil net to Valiant). The well will now be suspended as a future production well which is anticipated to be brought on-stream in the second half of 2011, representing incremental volumes on current 2011 production guidance. Following its success on the 'E' Panel, the field partners have decided to drill a low cost pilot-hole into Area 26 to appraise the commerciality of the 211/18a-26 discovery originally drilled in 2007. Following completion of the Area 26 well, drilling will commence on the Don Southwest Area 6 development which is anticipated to come on-stream during the summer of 2011. Average production rates net to Valiant for 2010 were in excess of 7,400 barrels of oil per day representing the upper end of production guidance and current production rates, oil prices and operating cash flow are running ahead of internal forecasts.

http://www.investegate.co.uk/Article.aspx?id=201101210700088506Z

On 20 January 2011, Niagara Mohawk Power Corporation received the verbal decision from the New York Public Service Commission ("NYPSC") on its request to increase distribution and transmission rates and implement certain other rate mechanisms for its electric business in New York. While we await a written order, the key points from the Commission session appear to be as follows: · Rates are established for a 2011 rate year. The rates would take effect on 1 February 2011 retroactive to 1 January 2011 without any restriction on the Company's right to file a new rate case. · A return on equity of 9.1 percent and a common equity ratio of 48 percent. · If National Grid agrees to not file for a new rate case before January 2012, a 20 basis point premium will be added to the return on equity. · An increase in delivery revenue of $112.7 million of which $50.0 million was approved on a temporary basis pending the outcome of a review of affiliate service company costs. Part of the increase in delivery revenues relates to the one-off recovery of certain stranded costs in 2011. To remove any increase in customer bills in 2011, the revenue increase will be offset by extending the period for recovery of certain deferred costs under the current rate plan. National Grid has been requested to file, in July 2011, a proposal for final recovery of all deferred costs under the existing rate plan, currently estimated at $205 million. · Establishes a revenue decoupling mechanism for all customer classes eligible for the Company's energy efficiency programs, providing the opportunity to recover lost base revenue resulting from customer-driven energy efficiency and other conservation measures that reduce sales volumes. · Rates are based on capex spending of $428.5 million for fiscal year 2011 and $433.3 million for fiscal year 2012. Establishes cost allowance on vegetation management, distribution, inspection & maintenance and various transmission O&M items. · Continues to allow for the full recovery of pension, OPEB and energy supply costs. National Grid will be reviewing the details of this decision and developing a response in due course.

http://www.investegate.co.uk/Article.aspx?id=201101210700098658Z

http://www.investegate.co.uk/Article.aspx?id=201101210700098531Z

Hell of a performance of late !

Mulberry Group PLC ("Mulberry") Trading update Mulberry Group plc, the English luxury fashion brand, announces today that trading has been very strong over the six weeks to 15 January 2011, with own store sales up 66% compared to the same period last year. Like-for-like sales in the Full Price stores for the six weeks were 70% higher than the previous year, while like-for-like Off Price sales were up 34% due to the increased availability of inventory. Margins for the year to date continue to be strong as a result of improved operational gearing from increased volumes and due to a larger proportion of merchandise being sold at full retail price compared to the previous year. Wholesale orders for Spring 2011 are currently 104% ahead of the prior year with three months of the season remaining. As a result of this strong performance, the profit for the year ending 31 March 2011 is expected to exceed market expectations.

http://www.investegate.co.uk/Article.aspx?id=201101210700088476Z

In company news, Associated British Foods (ABF) falls back after saying that it grew revenue by 10% in the first 16 weeks of the financial year, in line with expectations, but that rising commodity prices are hitting margins and the weather-hit sugar crop will trim annual profits. Revenue at constant exchange rates was up 7%. Higher prices boosted profits at the sugar business where revenue rose 7%, but the recent increase in temperatures following the pre-Christmas freeze is damaging the 25% of this year's sugar beet crop still to be processed. Higher commodity costs are forcing the firm to raise prices at all businesses.

Round up 20/01/11 Insurance group RSA Insurance is also lower. It had a tough winter, with losses relating to the weather in November and December GBP142m more than normal. For the year as a whole the weather impact was around GBP255m above normal levels. Despite the effects of hurricanes, earthquakes and the big freeze, the chief executive officer Andy Haste said the group had still posted a "strong result" for 2010, with 11% growth in net written premiums, a combined operating ratio (COR) of between 96.5% and 97% and an operating profit of GBP600m-GBP640m.

Down 25% - market obviously not impressed and rightly so - obviously still problems if only a small profit resulting in a significant increase in revenues. All may not be as it appears.