Member Info for mulledwine

Net Debt Position The Group's net debt position at 31 July 2012 was $90.4m (30 April 2012: $113.2m) demonstrating further good operational cash generation during the period. Proposed cash return of value to shareholders Consistent with the Board's policy of delivering value to shareholders, Micro Focus proposes to return a further 50 pence per share to shareholders, equivalent to approximately $130m in cash and subject to their approval, by way of a B and C share scheme. The return of value will be accompanied by a proportional share consolidation to maintain broad comparability of the share price and return per share of the ordinary shares before and after the return of value. A Circular will be sent to shareholders shortly outlining the terms of the return of value and we anticipate that if shareholder approval is obtained, then the return of value will be completed in early November. The return of value will be funded from the Group's existing debt facilities.

Micro Focus International plc Interim Management Statement for the period from 30 April 2012 and proposed cash return to shareholders of 50 pence per share Micro Focus International plc, ("Micro Focus" or "the Group", LSE: MCRO.L) the Enterprise Application Modernisation and Testing software company, provides its Interim Management Statement for the period from 30 April 2012 to the date of this statement and announces a proposed return of value to shareholders of 50 pence per share. Trading update Adjusted EBITDA in the period to 31 July 2012 was in line with management expectations and with the same period last year on a constant currency basis. Revenue in the comparative period benefited from a large one-off licence transaction in the test business. If this were excluded, constant currency revenue has followed the pattern expected with underlying growth in licence fees and decline in maintenance and consulting. Management's guidance for the full year remains unchanged from that given in the preliminary results for the year ended 30 April 2012 issued on 21 June 2012. At that time Micro Focus provided guidance that overall revenues in the current year ending 30 April 2013 would be in the range of +1% to -3% on those reported in the year ended 30 April 2012 on a constant currency basis. Reported revenues in the current year will be impacted by exchange rates, primarily due to weakness in the Euro:$ exchange rate. If the exchange rates experienced in the year to date were to continue for the remainder of the year then on a constant currency basis, the comparative reported revenues for the year ended 30 April 2012 would reduce from $434.8m to $422.2m. Underlying Adjusted EBITDA is anticipated to be in the previously announced guidance range of 37% to 42%.

http://www.investegate.co.uk/Article.aspx?id=201208160700051225K

Outlook Over the last two years we have made excellent progress in maximising the growth opportunity in the ceramics segment, largely through the flawless execution of the capacity expansion programme in Huntingdon. This has resulted in a record revenue and profit performance for the first half of 2012. We continue to develop products for existing markets and we are committed to expanding our technology into new markets, and as a consequence we are well positioned for further growth in both the short and long term.

Chairman, Phil Lawler commented: "Over the last two years we have made excellent progress in maximising the growth opportunity in the ceramics segment, largely through the flawless execution of the capacity expansion programme in Huntingdon. This has resulted in a record revenue and profit performance for the first half of 2012. We continue to develop products for existing markets and we are committed to expanding our technology into new markets, and as a consequence we are well positioned for further growth in the both the short and long term."

Key points o Continued strong financial performance; revenue up 20% and adjusted profit before tax up 57% over H1 2011. o Growth driven by Platform 3 ("P3") products for industrial applications. o Gross margin increased 2% to 46% due to manufacturing efficiencies and product mix. o The Huntingdon capacity expansion programme for P3 production has been completed ahead of schedule and under budget. Scope for further expansion as required. o New product launched to counter the continued decline in sales of Platform 1 ("P1") products into the graphic arts market. o Increased investment in research and development with headcount up 27% from December 2011. On track for key Platform 4 ("P4") product architecture decisions in 2013.

http://www.investegate.co.uk/Article.aspx?id=201208160700051228K

Triad Group Plc Annual General Meeting and Interim Management Statement Triad Group Plc presents its interim management statement, as required by the UK Listing Authority Disclosure and Transparency Rules, which covers the period from 1 April 2012 to 16 August 2012. This coincides with its Annual General Meeting which is taking place at 11.00am today. At the meeting Triad's Chairman, John Rigg, will make the following statement. "As reported in my annual report statement dated 31 May 2012, the Group has entered the current financial year on a more stable financial base. The Group's current year performance to date has been in line with management's internal forecasts. Efforts continue to develop the service offering of the Group in the face of competitive market conditions and an uncertain economic climate. The Company continues to trade comfortably within the facilities available to it."

http://www.investegate.co.uk/Article.aspx?id=201208160700051196K

Due to working days and seasonality, the second half of our financial year is usually stronger than the first half. This year this effect will be further amplified by the build-up in volume production at CIT in the second half. The group's financial position has been strengthened significantly by the recent equity placing where funds of £13.3 million (pre-expenses) were raised in order to reduce group indebtedness to a more suitable level for an expanding technology company and to enable the group to resource its longer term growth strategy for CIT and Carclo Diagnostic Solutions.

Interim Management Statement Trading remains in line with the board's expectations and we are looking forward to another year of progress for the group across all of our business streams. Conductive Inkjet Technology's ("CIT's") fine line touch sensor technology is on track with the programme outlined in the group's preliminary results announcement released on 12 June 2012. We expect the first production shipments to be made from Cambridge in the third quarter 2012 and that will trigger the receipt of a $10.0 million prepayment from our partner, Atmel Corporation, in the fourth quarter 2012. Our Technical Plastics division has enjoyed a strong period in terms of new business awards despite some signs of weakness in short term schedules in a small number of customers. We are now planning to bring forward a substantial capacity increase in our US medical business to absorb this additional business. Our LED Technologies division has a pipeline of new projects in Wipac's supercar lighting business that should deliver good growth over the next two years.

http://www.investegate.co.uk/Article.aspx?id=201208160700041168K

Finance Our financial performance from 1 April 2012 to date continues to be in line with our expectations. Recruitment into CONFIDENT-PD completed in April 2012 and we look forward to the headline data which we expect in February 2013. We will also continue with the development of our remaining R & D programmes as planned. In adherence to our virtual operational structure, we will continue to outsource the majority of our operations to specialist external organisations enabling us to operate with a low headcount and minimal infrastructure. Efficiency and cost control continue to be a key focus. Our lean operational structure continues to provide substantial cost and technical benefits as the nature and range of our activities evolve in tandem with our programmes' progress through the various stages of development. Based on our current expectations Phytopharm is financed to the end of 2013.

Interim Management Statement Phytopharm plc (PYM: London Stock Exchange) ("Phytopharm", the "Group" or the "Company") today issues its Interim Management Statement ("IMS") which relates to the period from 1 April 2012 to 16 August 2012 and contains information up to the date of publication of this IMS. Highlights for the period · Recruitment into CONFIDENT-PD Phase II clinical study of Cogane™ in patients with Parkinson's disease completed in April 2012. Headline results from the study are expected in February 2013. · Cogane™ demonstrated efficacy in the "gold standard" preclinical model of amyotrophic lateral sclerosis (ALS, the most common form of motor neurone disease). Positive data has now been obtained in four models of ALS, providing a strong rationale for Cogane™ as a potential treatment for this devastating condition. · A study of Myogane™ in a preclinical model of glaucoma was inconclusive due to an unexpectedly low control response which prevented evaluation of a neuroprotective effect of Myogane™. · Preparation for a Phase I clinical study to evaluate Cogane™ solid dose formulations for up to 28 days has been initiated.

http://www.investegate.co.uk/Article.aspx?id=201208160700041111K

Valuation: Delivery to plan should drive upside The rating of 13.4x 2013 earnings is undemanding considering the company’s growth and cash generation potential. The average rating of other high technology components suppliers is 13.6x. If progress continues to plan, we would expect the shares to continue to re-rate upwards with 300p looking very achievable within 12 months. We also note an estimated 7.3% 2013 free cash flow yield.

http://www.edisoninvestmentresearch.co.uk/researchreports/Xaar160812update.pdf

Jefferies has maintained its 'buy' rating and 860p target price for pharmaceuticals group Hikma after the firm's first-half results came in above forecasts, driven by a better-than-expected performance from the Injectables division. Hikma reiterated its full-year guidance and said that the Injectables performance will be maintained in the second half. Jefferies said: "We expect the market to focus on 'sustained 2H' injectables performance in 2H rather than lower US generics guidance given we estimate this division is only 4% of adjusted earnings before interest and tax

UBS has cut its target price for mining group Eurasian Natural Resources Corp (ENRC) from 585p to 565p after first-quarter figures came in below expectations. UBS has reduced its 2012 and 2013 EPS estimates by 4% and 7%, respectively, mainly on the back of a higher tax rate (which moderates from 2014 onwards). Nevertheless, the broker has maintained its 'buy' recommendation on the stock, highlighting the board's options to best unlock value, including demurring its international assets.

Valuation: Discount below long-term averages The current discount of c 6% is marginally below the three- and five-year averages of 6.4% and 6.1% respectively. Compared to other global growth investment trusts, this is slightly narrower (sector: c 9%) but MNP pays an above-average yield.