Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=20120830070007H6649

Nomura has reiterated its 'buy' rating and 1,300p target price for car insurance group Admiral highlighting the firm's strong first-half results and continued claims 'stability'. "We are encouraged by the underlying results coming ahead of expectations, and although UK policy count is somewhat slower than our estimate, it is to be expected given more competitive market conditions in the UK," Nomura said.

Valuation: Further upside from execution to plan Investors appear to have recognised the turnaround achieved by management, with the share price more than doubling since the nadir of 15.44p in October 2011. The share price is now close to the indicative value of 35p we proposed in March 2012, but is still at a discount to net asset value of 41.3p/share, of which cash is 8.9p (at end-FY11). Noting the recent order-flow, a further rise in share price towards net asset value, which gives a cash-adjusted P/E of 18.0x for FY12e, falling to 11.5x in FY13e, does not seem unreasonable longer-term, assuming of course that management continue to deliver further profits growth in accordance with their strategic target.

http://www.edisoninvestmentresearch.co.uk/researchreports/Vislink300812update.pdf

Borrowings Whilst overall short term borrowings have increased by £1m as a result of the revenue losses, bank loan repayments and property capital expenditure I am pleased to report that the loan facility with the Co-operative Bank in the sum of £9.79m has been renewed for a further 12 months to 31 May 2013 on terms not materially different to those relating to the loan that expired in May 2012 but now with additional security ranking behind the Royal Bank of Scotland (RBS). In addition the loan facility to Knowsley Industrial Property Ltd by RBS of £1,976k has been renewed until 31 December 2013 and that to Newton Estate Ltd of £3,050k, also by RBS, has been extended until 31 March 2013 both on broadly similar terms to the facilities that expired on 16 July 2012. Disposal Strategy We continue to focus on the disposal of your Company’s assets and, providing there is no further deterioration in the commercial property market, we believe that it is practical to achieve a liquidation of the Company by the end of 2013. Tony Ebel Chairman 30 August 2012

Property Portfolio We continue to work the portfolio with a view to liquidating the assets by the end of 2013 whilst seeking to maximise their values. At Newton-le-Willows we are confident that in September 2012 we will secure a valuable consent on 10 acres for a 70,000 sq. ft. (6,500m2) foodstore, petrol filling station and associated car parking. Thereafter we will commence discussions with potential operators. At Vincent Lane, Dorking, Lidl are due to complete the purchase of 1.2 acres and commence development this autumn. Persimmon Homes have submitted an appeal against the Local Authority’s decision to refuse planning for housing and are confident of a successful outcome within 6 months. At Deacon Park, Knowsley terms have been agreed for the sale of the Sugarich unit to the tenant. At Southern Gateway, we have recently completed the letting of a 48,000 sq. ft. (4,400m2) standalone unit to Acumen Distribution on market terms and at Northern Gateway we are currently in detailed negotiations with a potential tenant for this 143,000 sq. ft. (13,200m2) warehouse. Securities Portfolio The principal investments remain SpaceandPeople plc and Memorial Holdings Limited. As mentioned previously the former has produced some very good results and consequently we continue to hold this investment. With regard to the latter, which relates to an investment in a 55 acre cemetery at Kemnal Park, the company held its first interment in May 2012 when it buried some ancient bones that were disturbed by the construction of Crossrail in Southwark. The cemetery opened at the end of August 2012 for graveside burials and the chapel is expected to be completed by the end of the year. The latest independent valuation was below our expectations but it is difficult to validate a premium product where there is very little competition in the market. We however remain confident of both the proposed business plan and the excellence of the cemetery. Our investment in Attila (BR) Limited is looking more positive following the exchange of conditional contracts for the sale of the company’s sole asset being development land in Edinburgh.

Capital Account Following our normal policy no independent valuations have been undertaken at the half year end and, as a consequence, values have been maintained at the independent valuations of 31 December 2011. We have therefore provided against all capital additions to the property portfolio which amounted to £258,000 in the period to 30 June 2012 compared to £147,000 in the period to 30 June 2011. The principal provisions were against costs incurred in connection with our development sites at Newton le Willows and Vincent Lane, Dorking. The investment portfolio showed losses of £181,000 during the half year ended 30 June 2012. The principal write down was £358,000 against our investment in Memorial Holdings Limited following a reduction in the independent valuation of the cemetery at Kemnal Park from £47.5million to £40 million, a figure that we believe to be very conservative, and the dilution of our shareholding from 15% to 10.5% as a result of the refinancing and further fundraising necessary to complete Phase 1 of the development. This write down was augmented by a further provision of £70,000 in respect of our loan to Lancashire Tea Limited and a £50,000 reduction in value of our holding in Wheelsure Holdings plc which is traded on PLUS Markets. Against this I am pleased to report some solid results from SpaceandPeople plc where the book value increased by £247,500 at the period end to 30 June 2012.

NTERIM RESULTS 2012 CHAIRMAN’S INTERIM STATEMENT AND MANAGEMENT REPORT I am pleased to report on the half year results for the six months ended 30 June 2012 which show an overall loss of £791,000 for both the Revenue and Capital account compared with a loss of £178,000 for the same period in 2011. This loss represents 14p per ordinary share (2011: 0.2p per share) and, as a consequence, the basic net asset value per ordinary share has fallen from 447p as at 31 December 2011 to 432p (cum dividend). Adjusting this figure for the negative balance for non-controlling interests reduces this value to 411.9p (31 December 2011: 427.6p). This reduction is further explained in note 12 to these Interim Results. Revenue Account The revenue loss for the period ended 30 June 2012 was £352,000 against a loss in the corresponding period last year of £482,000. The principal reasons for the improvement in the results were an overall increase of £81,000 in investment income and a reduction in administrative overheads of £66,000 from £482,000 to £416,000. Investment income benefitted from £215,000 interest from our investment in SMU Investments Limited 12% Loan Stock which had been previously provided against as it was considered prudent to do so until such time as the loan stock was redeemed. The loan was repaid in July 2012 together with accumulated interest which represented an annual interest rate of 20.1%. This was partly offset by a decrease in bond interest of £129,000 as a result of sales since that time.

http://www.investegate.co.uk/Article.aspx?id=20120830070000Z1493

Current trading Continued mixed conditions, with pockets of strong growth but overall more challenging, notably in permanent markets Overall trading conditions became more challenging through the second half, particularly in the fourth quarter. The difficult global economic environment continues to have a negative impact on candidate and client confidence in many markets, particularly in permanent recruitment markets. Conditions in Australia are sequentially stable overall, with comparatives becoming tougher. We continue to see growth in Western Australia, although this is offset by tougher conditions elsewhere. In Asia, markets with significant weighting towards banking remain particularly tough. In Continental Europe & RoW, we see continued strong growth in Germany and Canada, and good growth in markets such as Brazil and Russia, but growth is slowing across much of the rest of the division, and net fees are declining in certain countries. In the UK, the market continues to be very difficult. Looking ahead, whilst we continue to see pockets of growth and opportunity in certain markets, overall the environment remains challenging and in some countries very difficult. We will continue to react quickly to changing conditions in each market, investing selectively to capitalise on growth and defending the financial performance where markets are more difficult.

Commenting on these results Alistair Cox, Chief Executive, said: "Delivering profit growth above our net fee growth in the increasingly difficult markets we faced is a good result. We have focussed on getting the balance right between continued investment to grow our business and rapid action to control costs as many of our markets tightened throughout the year. The strong performance of our International business is further clear evidence of the structural growth characteristics of markets such as Germany, Brazil, Canada and Japan. In addition, our performance illustrates the expertise of our teams around the world and their ability to respond to challenges whilst fully capitalising on opportunities in their specific markets. Looking ahead to 2013 we expect the overall economic backdrop to remain difficult and our markets to continue to be multi-speed. Several markets are likely to remain very challenging, but these will sit side-by-side with clear opportunities for growth. Therefore we need to be both adaptable to the world as it changes and selective about areas for investment. Achieving the right balance of building scale for the long term, exploiting stronger market segments and reducing costs and driving productivity to maximise the bottom line in more difficult areas will be key to our success."

Highlights · Strong International net fee growth of 16%(1) driving Group net fee growth of 8%(1) · Good operating profit growth of 9%(1) due to our selective investment approach and focussed cost control · Record performance in Continental Europe & Rest of World, delivering 23%(1) net fee growth - Broad-based growth, with Germany up 30%(1), Brazil up 30%(1), Canada up 25%(1) and France up 17%(1) · Good performance in Asia Pacific, delivering 10%(1) net fee growth with markets increasingly multi-speed - Australia & New Zealand net fees up 10%(1), Asia net fees up 11%(1) with Japan up 16%(1) · The UK market became increasingly challenging as the year progressed, with net fees down 7% - Private sector net fees down 6%. Public sector down 8% but sequentially stable over the year - Cost reductions delivered in the second half to protect the financial performance of the business · Consultant headcount up 1% year-on-year, but down 4% in the second half, reflecting our strategy to capitalise on growth markets whilst maximising Group profit · Excellent cash performance, with 127% conversion of operating profit into operating cash flow(3) · 5% growth in basic earnings per share(2) to 5.47p; full year dividend down 57% to 2.50p, in line with the rebased level announced at the Interim results

http://www.investegate.co.uk/Article.aspx?id=20120830070000PAF9F

230 - Outstanding - can she keep it though

Cash offer to acquire all remaining shares in Wataniya Telecom at KWD 2.600 each Doha, 30 August 2012: Qatar Telecom (Qtel) Q.S.C. ("Qtel" or "Qtel Group") (Ticker: QTEL.QA) is pleased to announce that the Board of National Mobile Telecommunications Company K.S.C. ("Wataniya Telecom") (Ticker: NMTC) has decided that the offer made by Qtel for the acquisition of all Wataniya Telecom shares not currently owned by Qtel, at KWD 2.600 per share, is appropriate to shareholders interested in accepting the offer and selling their Wataniya Telecom shares. The Board based its decision on the report of the independent Investment Advisor (Protiviti - member of Protiviti Inc., a global consulting firm), which concluded that the offer was fair and appropriate. Wataniya Telecom's management has endorsed the findings of the report. Qtel received approval of the Offer Document from the Kuwait Capital Markets Authority on 15 August 2012. The Offer Document and other related documents are available for review on the websites of Wataniya Telecom at www.wataniya.com and Qtel at www.qtel.qa until the end of the offer period, which will start on 4 September 2012 and conclude on 4 October 2012.

· Contingent Oil & Gas Resources o Gross Contingent Oil Resources ranges from 2.47 MMBbls to 3.85 MMBbls with 2C Oil Resources of 3.13 MMBbls. Gross 2C Oil Resources has increased by approximately 286% in comparison with the previous GCA Gross 2C Oil Resources as of 30th June 2010. o Net Contingent Oil Resources of Jubilant ranges from 0.62 MMBbls to 0.96 MMBbls with Net 2C Oil Resources of 0.78 MMBbls. o Gross Contingent Gas Resources ranges from 15.9 Bscf to 43.5 Bscf with 2C Gas Resources of 27.7 Bscf. Gross 2C Gas Resources has increased by 45% in comparison with the previous GCA Gross 2C Gas Resources as of 30th June 2010. o Net Contingent Gas Resources to Jubilant ranges from 4.0 Bscf to 10.9 Bscf with Net 2C Gas Resources of 6.9 Bscf. Net 2C Gas Resources to Jubilant has increased by 45% in comparison with the previous GCA Gross 2C Gas Resources as of 30th June 2010. · Prospective Oil & Gas Resources Significant exploration upside- Best Estimate Gross Unrisked Prospective Resources: o Namsang Oil Prospects : 2.6 MMBbls with GCoS of 75% o Lower Girujan Oil Prospects: 9.9 MMBbls with GCoS of 50% o Lower Girujan Gas Prospect: 102 Bscf with GCoS of 50% o Tipam Gas Prospect: 296 Bscf with GCoS of 50%.

Reserves and Resources Update for Jubilant's Kharsang Field Jubilant is pleased to announce an upward revision in its Reserves, Contingent Resources and Prospective Resources for the Kharsang Field in Arunachal Pradesh. The Reserves and Resources Estimation for the Kharsang Field, prepared by Gaffney Cline & Associates ("GCA") in August 2012, gives the update as of 31 December 2011. Key Highlights: · Production o Cumulative Oil production as of 31st December 2011: 9.98 MMBbls (9.00 MMBbls as of 30th June 2010) · Reserves o Gross Oil Reserves ranges from 3.65 MMBbls to 6.03 MMBbls with 2P Reserves of 5.31 MMBbls. Gross 2P Oil Reserves has increased by 9.5% in comparison with the previous GCA Gross 2P Oil Reserves as of 30th June 2010 after adjusting for production. o Net Entitlement Oil Reserves of Jubilant ranges from 0.74 MMBbls to 1.23 MMBbls with Net 2P Reserves of 1.08 MMBbls. The 2P Net Entitlement Oil Reserves has increased by 11.9% in comparison with the previous GCA Net Entitlement Oil Reserves as of 30th June 2010 after adjusting for production.

http://www.investegate.co.uk/Article.aspx?id=201208300841510797L

Outlook The global economy and, in turn, the steel industry, remain very volatile and we continue to be cautious on the outlook for the remainder of 2012. Due to our low position on the global cost curve, our steelmaking capacity continues to operate at high utilisation rates and we expect our steel production volumes in Q3 2012 to be broadly in line with Q2 2012. Export prices continue to decline, while we have slightly increased prices for construction steel products in the Russian market in June-September 2012. The volumes of export sales are currently booked for slightly over one month's production and inventories at traders and at our mills and ports remain low. Whilst we expect that 2012 will continue to provide challenging short-term headwinds for our business, we are committed to investing in our future growth through increasing mining volumes, improving product mix and reducing costs. Although the full benefit of these investments is expected to be realised in the medium to long term, we anticipate some positive impact in H2 2012. I continue to believe that we have the right strategy for our business and, allied with our strong and experienced management team, we are well positioned for the future.

http://www.investegate.co.uk/Article.aspx?id=201208300700090506L