Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201209260700041225N

Commenting on the first half and outlook, Michael Spencer, Group Chief Executive Officer of ICAP, said: "The macroeconomic environment remains difficult and it's too early to judge if recent actions by the Federal Reserve and the European Central Bank will result in a sustained improvement in market confidence. In any event, we will continue to take the necessary action to constrain our cost base as well as position ICAP optimally for upcoming financial regulatory reform." "We have a strong balance sheet and continue to convert profit very efficiently into cash. Our diversified business, together with multiple initiatives in our electronic and post trade businesses, will ensure that we benefit from regulatory and market changes and build on our position as the industry leader."

CONT In September, EBS, ICAP's leading electronic foreign exchange platform, announced system and policy changes following extensive consultation with its customers to improve the performance of the platform. EBS's performance has been impacted by a decrease in volumes across the FX market and by two of its main currencies, the Swiss Franc and Japanese Yen, being subject to intervention, which has resulted in significantly decreased volatility. Overall volumes on BrokerTec, ICAP's leading fixed income platform, have also been affected by low rates and a flat yield curve. BrokerTec has, however, seen an improvement in its market share following the recent significant upgrade to the platform. ICAP's electronic platform for euro interest rate swaps, i-Swap, saw a substantial increase in activity towards the end of the first half and continues to maintain its market leading position. Overall demand for ICAP's post trade, risk mitigation and information products and services remained solid. Traiana, in particular, saw very strong double-digit revenue growth.

ICAP plc Trading Statement London, 26 September 2012 - ICAP plc (IAP.L), the world's leading interdealer broker and provider of post trade risk and information services, announces its trading update ahead of the close period for the half year ending 30 September 2012. Activity in the global capital markets remained subdued due to the Eurozone crisis and the well-recorded difficulties faced by the global economy. Performance across ICAP's voice and electronic businesses has remained more muted than anticipated at the time of the AGM in July 2012. There has been, however, some improvement in trading volumes in September. As a result, Group revenue in the six months ending 30 September 2012 is expected to be around 14% lower than the previous year. The Group continues to make good progress with its structural review of recurring costs, and is on schedule to deliver at least £50 million per annum of run-rate savings by the end of the current financial year. Notwithstanding the more recent pick up in volumes, activity levels remain difficult to predict and it is not yet clear whether signs of improved confidence are sustainable. Due to the successful cost reduction programme, the Group anticipates that if volumes in the second half remain at current depressed levels, then pre-tax profits1 for the year to 31 March 2013 will be within the current analyst range of £307 million to £346 million. ICAP's voice division was reorganised in August to create a single, global voice broking division which was renamed Global Broking. This will enable the Group to execute a more globalised strategy for broking services. Global Broking activity has been slow, in part due to the London Olympics and the ensuing extended holiday season.

http://www.investegate.co.uk/Article.aspx?id=201209260700131713N

Filtrona PLC Sell 25-Sep-12 £30,146.24 Matthew Gregory 5,744 @ 524.83p

Beazley Sell 24-Sep-12 £413,050.00 Jonathan Gray 250,000 @ 165.22p

Kingfisher's Chief Executive Officer, Ian Cheshire, has exercised options over 164,144 shares and subsequently sold 143,040 of them less than a fortnight after the B&Q owner admitted that miserable weather in the UK and northern Europe had a serious impact on footfall in the first half of its financial year. Cheshire sold the shares for 269.62p each, pocketing a total of £385,664, leaving him with 1.15m shares in the company. The firm put the impact on profits of the soggy weather at more than £30m, as it reported a 15.5% decline in adjusted pre-tax profit to £371m in the 26 weeks to July 28th from £439m the year before. That was some way below the £395m broker Charles Stanley had been expecting and a bit shy of the £280m Credit Suisse had forecast. Reported profit before tax was down 16.9% to £364m from £438m.

Peter Grant, Chief Executive Officer of SkyePharma, commented: "We are extremely pleased to announce the launch of flutiform in another key market, offering asthma sufferers in the UK an effective, fast-acting and easy to use product. Already available in Germany and now the UK, we expect further launches in Europe later this year by our partner Mundipharma."

flutiform® Launched in the UK LONDON, UK, 25 September, 2012 - SkyePharma PLC (LSE: SKP) today announces the launch of flutiform® in the UK by Napp Pharmaceuticals Limited, an affiliate of the Group's development, marketing and distribution partner, Mundipharma International Corporation Limited ("Mundipharma"). flutiform® was approved for the treatment of asthma maintenance therapy in the UK by its regulatory authority, Medicines and Healthcare product Regulatory Agency (MHRA), as announced on 23 August 2012. Following the launch of flutiform® in the UK, a milestone of €4.0 million is due to the Group. Half of this amount will be allocated as a prepayment of the Paul Capital Note. As announced on 3 July 2012, the European Commission ("EC") adopted a decision in favour of granting marketing authorisations for flutiform®. This decision is binding on the 21 member states in the decentralised procedure ("DCP"). To date, flutiform® has been commercially launched in the UK and Germany. Marketing authorisations of flutiform® have also been granted in Austria, Cyprus, the Netherlands, Norway, the Slovak Republic and Sweden. Mundipharma aims to launch flutiform® in each of these countries through its network of independent associated companies as soon as possible.

http://www.investegate.co.uk/Article.aspx?id=201209251431501215N

Buzle - absolutely - well played.

GECR Target price 5.5p Intandem Films Further adds to Film Slate 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. This adds to a burgeoning slate of films for the international film company which offers the services of executive production and international sales. 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'. 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.

Andrew Brown, Director of Intandem Pictures Ltd, said: "We are delighted to be working with Richard Holmes again following on from the creative and financial success of Shooting Fish, which grossed over £4m at the UK box office and was the first feature film to repay its grant from the National Lottery. Jadoo is a highly satisfying, heartfelt and original British comedy for a mass market audience that we feel confident will resonate widely with its culinary delights!" Robert Mitchell, CEO of Intandem Film Distribution, said: "Intandem is delighted to have secured the rights to distribute Jadoo in the UK. We hope the theatrical release will follow the success of other heartwarming comedies in the UK such as Billy Elliot, East is East and Bend It Like Beckham, which were all critically and hugely successful at the box office."

Intandem secures worldwide sales and UK distribution rights for British comedy "Jadoo" from the Producer of Shooting Fish and Waking Ned Devine Intandem Films, the London and Los Angeles based international film group, is pleased to announce that it has been appointed as worldwide sales company and UK distribution company for a highly original comedy entitled Jadoo, which is currently in post production and targeting a release date during the first quarter of 2013. Jadoo, which means 'Magic' in Hindi, is a British made film set in Leicester and is the story of two brothers, both wonderful chefs, who fall out catastrophically which results in the family recipe book being ripped in half - one brother gets the starters and the other gets the main courses. They set up rival restaurants, on opposite sides of the same road, and spend the next twenty years trying to outdo each other. Neither brother will admit it but they both know they are not entirely successful in the 'other half' of the menu. The plot follows the daughter of one of the brothers in her quest to reunite them in time for her pending marriage. The film stars Amara Karen (The Darjeeling Limited, St. Trinian's), Tom Mison (Salmon Fishing In the Yemen, One Day), Harish Patel (Run Fatboy Run, Keith Lemon: The Film), Kulvinder Ghir (Bend it Like Beckham, Van Wilder 2: The Rise of Taj) and celebrity Indian chef Madhur Jaffrey, is directed by Amit Gupta (Resistance). The film is produced by Richard Holmes (Shooting Fish, Waking Ned Devine, Eden Lake, Resistance), Amanda Faber, Isabelle Georgeaux and Nikki Parrot. In addition to selling the film internationally to major distributors, Intandem will also release the film in the UK through the newly created Intandem Film Distributors (IFD). Robert Mitchell, who is the CEO of IFD also set up one of the most successful film distributors in the UK, Buena Vista UK (part of Walt Disney) and is responsible for numerous box office successes in the UK, including comedies such as When Harry Met Sally and Calendar Girls.

24/09 http://www.investegate.co.uk/Article.aspx?id=201209240700109104M

In a research note published this morning analysts at Nomura have sharply downgraded their view of London-listed diversified Indonesian miner Bumi plc to reflect the short-term distressed nature of the company´s finances following its recent corporate governance travails. To use their own words: “In the short term, the market is also likely to focus on credit concerns at 29% associate PT Bumi. Loans from PT Bumi to ReCapital of approximately $340m have yet to be repaid, adding to the group’s balance sheet issues. PT Bumi had circa $4.1bn in gross debt and $230m in gross cash at the end of the first half of 2012. We estimate that PT Bumi needs an average Newcastle thermal coal price of over $ 95/tone (versus spot of approximately $87/tonne) to cover its estimated 2013 interest expense.” As well, points out Nomura: “Concerns have resurfaced around the Bakrie’s (24% shareholder in Bumi plc) $440m Credit Suisse debt facility. PT Bakrie’s entire shareholding in Bumi plc is pledged against the loan. This has led to concern in the market that failure to repay or top up the facility could create additional uncertainty for the group.” Due to all of the above Nomura has seen fit to downgrade shares of Bumi to Reduce (from Neutral), while at the same time lowering their target price to 175p from 750p, as they have changed their valuation methodology to 0.5 times price/net-present-value at spot commodity prices to reflect the distressed nature of PT Bumi.

Valuation: Discount in line with longer-term averages The discount, at 15.6%, is in line with its three- and five-year averages of 15.0% and 15.6% respectively. It currently trades at a small discount to the sector average, despite a very strong long-term performance record. As such, we believe the trust may offer value to investors looking for a diversified global natural resources exposure, with the potential for dividend growth.

http://www.edisoninvestmentresearch.co.uk/researchreports/CYN240912review.pdf

Stilo International Buy 21-Sep-12 £19,000.00 David Ashman 500,000 @ 3.80p