Member Info for mulledwine

Kryso's Managing Director, Craig Brown, commented: "Having secured the debt financing for the Project last quarter, we are now able to enter into the key construction contracts, such as this underground mine construction contract, to take the Company forward to gold production. The mine construction is the longest duration item of capital expenditure, and we expect to be able to announce the other key construction contracts relating to power lines, processing facilities and the tailings dam shortly". Related Party Transaction 15th MCC is an associate of CNMIM, and as a result, pursuant to AIM Rule 13, the entry into the Construction Agreement by CNMIM as agent of the Company is deemed to be a related party transaction. The Independent Directors of the Company namely Craig Brown, Abuali Ismatov and Leonard Li consider, having consulted with Kryso’s Nominated Adviser, Investec Bank Plc, that the terms of the transaction are fair and reasonable insofar as the shareholders of Kryso are concerned. Furthermore the entire Board concluded that the award of the contract to 15th MCC was in the best interests of the Company prior to

Terms of the Agreement The total bid price for the development was RMB256 million (US$40 million), inclusive of a contingency of RMB28 million (US$4 million) that shall only be paid where 15th MCC has demonstrated an additional entitlement as prescribed under the terms of the contract. The Company expect to publish a revised feasibility study updating both capital and operating expenditure requirements in the near future. Works are due to commence in September 2012 and completion is scheduled for March 2014, with production to commence immediately thereafter. Pursuant to the terms of an agency agreement entered into on 24 May 2012 between the Company and China Nonferrous Metals Int’l Mining Co., Ltd. (“CNMIM”), the Company’s largest shareholder with approximately 25.5% of the issued share capital, CNMIM was appointed as the Company’s agent for the purposes of entering into certain agreements in connection with the development of the Project. Accordingly, following approval by the Company, CNMIM has entered into an agreement as agent for the Company and Limited Liability Company Pakrut (the Company’s indirect wholly-owned subsidiary) appointing 15th MCC to carry out the construction of the underground mine development for Pakrut.

MINE CONSTRUCTION AGREEMENT AWARDED Mine Construction Agreement Kryso Resources Plc (AIM: KYS), the mineral exploration and development company developing the Pakrut Gold Project (the "Project") in Tajikistan, is pleased to announce that it has awarded China No.15 Metallurgical Construction Group Co., Ltd (“15th MCC”) a RMB256 million (US$40 million) contract for construction of the underground mine (the "Construction Agreement"). Established in 1953, 15th MCC has over 20,000 employees and has built a significant number of medium and large sized mining projects. They have also built power stations, cement production lines and highways. 15th MCC were awarded the contract following a competitive tender process undertaken by Kryso with multiple proposals. Factors taken into account in awarding the contract to 15th MCC included their significant experience in similar projects and the speed with which they anticipate completing the construction work. The works to be undertaken by 15th MCC pursuant to the Construction Agreement will comprise construction of the main ramp, mining area ramp, east air shaft, west air shaft, level and sublevel development works, chambers, ore pass, exploration works, mining and cutting works, installation of equipment for the mine, construction of a flood discharge tunnel for the tailings dam and ancillary works.

http://www.investegate.co.uk/Article.aspx?id=20120824112000Z0901

The division completed the acquisition of Autologic Holdings plc on 9 August 2012 which adds many opportunities within the automotive market place. Following recent announcements regarding ROC banding, the Biomass Division has received many new enquiries and contractual negotiations have been accelerated. Major contracts are now expected to commence in the last quarter and the Group is well positioned to deliver volume growth in 2012/13. In the Air division, passenger numbers with easyJet and Aer Lingus continue to grow. London Southend Airport serviced around 250,000 passengers in the quarter to the end of July 2012. The airport has obtained planning consent to expand significantly the size of the passenger terminal and the airport was recently allocated London Metropolitan area designation by IATA. Air is a key deliverable within the 2015 plan and the Board are very pleased with progress to date within this area. The Estates division is working on both further developments of its sites and profitable disposals. Given market conditions, progress on this has been slower than anticipated as the Group is focused on maximising value from the portfolio. The Infrastructure and Civil Engineering division continues to add valuable engineering development of the Group's sites whilst focussing on profitable external work. The Board continue to be firmly focused on driving the continued progress of the group and the delivery of value to shareholders.

Pre-Close Trading Statement 24 August 2012 Stobart Group ('Stobart' or 'the Group'), is issuing its pre-close trading statement prior to the announcement of interim results for the six months to 31 August 2012, expected on 25 October 2012. The Group continues to pursue its stated strategic direction and remains confident that it will achieve its strategic plan and deliver significant shareholder value as planned. The current recessionary climate has an ongoing impact slowing growth in the transport sector. The Group has positioned itself to be successful in difficult times with a clear five divisional strategy. This means that whilst short term performance in transport is lower than market expectations, long term expectations across the business remain robust. The majority of the transport business has progressed well. The restructuring of the chilled business alongside bad summer weather was reflected in retail sales. This has resulted in some losses for the chilled fleet but the current restructuring will result in a more robust and streamlined business for the future.

http://www.investegate.co.uk/Article.aspx?id=201208240700127104K

the news is obviously not new but I would have though we would see a little more action - perhaps nearer the time.

A rather muted SP response to the news - does the market feel AGTA has given too much % away?

one for the diary The Group expects to release its Preliminary Results on 30 October 2012, along with a further trading update at that time.

Agriterra CEO Andrew Groves said, "With a gross unrisked best estimate prospective resource of 2.7 billion barrels reported by Africa Oil for South Omo, the value of our stake in the block continues to appreciate. These results combined with successful drilling in the same petroleum system confirm the high prospectivity of the concession and we are extremely excited about the prospect of the first well being drilled by the end of the year. This is an exciting time for the Company with the agricultural and ranching businesses going from strength to strength. I believe the potential for great value uplift is possible and I look forward to updating shareholders on developments in the near future."

yes indeed - eyes peeled. Could be very good

Sir Howard Davies was under pressure to step down as a director of the Prudential last night after being named chairman of Britain’s biggest insurance funds consolidator, Phoenix Group. Leading shareholders in both insurers expressed concerns about potential conflicts of interest for Sir Howard, the former chairman of the City regulator, the Financial Services Authority. “It’s like the chairman of Marks & Spencer joining the board at Booker [the cash and carry chain],” said one top Prudential investor. “I find it extraordinary that the new chairman of the Prudential [Paul Manduca] has signed off on that appointment. It is bizarre,” he said. Several of Phoenix’s most senior shareholders said that they raised concerns about potential conflicts when they were told in advance, writes The Times.

Questor, the share tips column in The Telegraph, cast its eye over centuries-old High Street retailer WH Smith which saw shares rise to a six-year high yesterday after revealing that full-year results would be at the top end of expectations. The firm attributed its strong performance to margin gains in Travel and the improving sales trend of books on the High Street. The group also announced a share buy-back programme worth £50m. "As for future growth, Questor thinks the market is under-playing the potential of the group's Travel business. This offers the real prospect of expansion into new territories where there is a high footfall, which is perfect for WH Smith's relatively low-ticket items," the paper said.

The Tempus column in The Times took a look at controls and valves maker IMI on Friday morning, focusing on the group's margin target of 20 per cent in its three key divisions. 'Such forecast are all well and good until you fail to meet them', the paper said. Shares in IMI dropped on Thursday after the firm announced that its Severe Service division saw margins fall from 16% to 14% after it took on lower-margin business in China and India in the hope of gaining more profitable work in due course. Meanwhile, there was disruption from the relocation of its manufacturing facilities. Tempus also highlighted the group's guidance for organic revenue growth to slow down in the second half. "The shares change hands on ten times this year’s earnings, but the continuing economic uncertainty suggests little reason to chase," the column's Martin Waller said.

Broadcasting Outlook We remain cautious on the economic outlook given continuing macro-economic uncertainty and the effect on the TV advertising market. We expect our national advertising revenues to perform broadly in line with the ITV Network for the year as a whole. STV national airtime revenue was down 1% in July and we expect August to be down 6% with September expected to be down 2%. The regional airtime market remains challenging, reflecting the wider Scottish economy, and we expect Q3 to be down 12% with regional revenues expected to be up 4% across the whole year.

Richard Findlay, Chairman, said: "I am pleased to be announcing another period of significant progress for STV. Securing the new Channel 3 arrangements, whereby STV is now an affiliate of the Network, is a key strategic development. These arrangements provide stability for our business, our consumers and our advertisers and represent commercially sustainable networking arrangements between the Channel 3 licence holders." Rob Woodward, Chief Executive Officer, said: "We are continuing to deliver growth in the non-broadcast areas of our business with a 13% increase in revenues in these activities. The strong financial performance delivered in the period demonstrates the underlying strength of our business and we are successfully extending our reach and engaging with new consumers across an increased range of platforms. Today's announcement of another new BBC series commission for STV Productions demonstrates the growth momentum in that business."

Highlights · Production and digital revenues grow by 13% · EBITDA pre-exceptionals up 15% at £9.3m · Operating profit pre-exceptionals up 16% at £8.1m · Pre-tax profit pre-exceptionals up 8% at £7.0m · Net debt down 3% to £55.9m Strategic Developments · Good progress towards achievement of 2015 strategic aims and KPIs on track with 2 ahead and 2 below target · New Channel 3 Network affiliate arrangements approved by Regulator and now in operation · Digital business growth continues with 13% increase in revenue and increased traffic through: - further enhancements to digital and consumer propositions - implementation of new ad serving technology improving commercial proposition · STV Productions achieving growth: - new commission announced for BBC Two, 20 episodes of daytime, celebrity cooking show - new drama commission for ITV announced earlier this month and increased focus on drama development through strategic partnership with Sally Head Productions · Innovative bids made in partnership with leading Scottish universities to secure local television licences for Glasgow and Edinburgh

http://www.investegate.co.uk/Article.aspx?id=201208230700086048K

Nomura has downgraded its rating for drinks giant SABMiller from 'neutral' to 'reduce' with the shares now trading at a nine per cent premium to the 'beer average'. "The H1 reporting from Heineken yesterday supports our cautious view, with higher input costs, exacerbated by FX movements, especially in C& E Europe and Africa. In addition, price/mix appears to have been weak in C & E Europe, exacerbated by growth in discount channels," the broker said.