Member Info for mulledwine

http://www.edisoninvestmentresearch.co.uk/researchreports/MNPReview160812.pdf

Valuation: rNPV of £48m with significant uplift potential We maintain our risk-adjusted NPV of £48m, which compares favourably with Phytopharm’s £10.4m enterprise value, based on net cash of £13.3m as of 31 March 2012. Over 50% of our valuation is assigned to Cogane’s potential in Parkinson’s. Ahead of data from the Confident-PD trial, we assign a 25% probability of success – positive results and securing a partner would raise that probability to 50% and therefore our rNPV to £83m. Phytopharm has reiterated prior guidance that existing cash reserves are sufficient to fund operations to the end of 2013

http://www.edisoninvestmentresearch.co.uk/researchreports/Phytopharm160812update.pdf

North Atlantic Smaller Companies Inv Trust Buy 15-Aug-12 £51,000.00 Christopher H B Mills 5,000 @ 1,020.00p

Mr Reynolds seems keen just now

Canaccord Financial Inc. Buy 15-Aug-12 £15,013.85 Paul Reynolds 5,000 @ 300.28p

Victoria Buy 15-Aug-12 £24,900.00 David N C Garman 10,000 @ 249.

Marks & Spencer Group Sell 16-Jun-12 £441,044.91 Kate Bostock 122,717 @ 359.40p Marks & Spencer Group Sell 16-Jun-12 £434,889.59 Kate Bostock 122,160 @ 356.00p

 Separation test work using pilot plant methodology by CPG-Mineral Technologies on the bulk sample composite representing above water portion of the southern half of the “Heldmaier” resource area also produced a magnetite concentrate grading 61.8% Fe with similar low levels of contaminants.  The upgrading of an Andalusite concentrate is currently underway and initial indications from an independent marketing report by an Andalusite expert concur that there is a good probability that a high purity, marketable product could be produced from Guadalupito.  Given the relatively high content of Iron (Fe) and low content of Titanium and other impurities, Guadalupito Magnetite should attract a premium over other Titanomagnetite sands in the market which generally sell at a discount to Pilbara Fines (61.5% Fe) recently ranging from US$125-$US135 per tonne in Chinese ports.  Indicative price range for Andalusite between US$350/t and US$450/t, world’s largest producer Imery’s predicting continued growth in demand and price rises.

MINERALOGY UPDATE FOR THE GUADALUPITO IRON AND MINERAL SANDS DEPOSIT, NORTHERN PERU. Highlights  The Heavy Mineral (HM) Assemblage (>S.G. 2.85) of the above water table portion of both the “Heldmaier” and “Tres Chosas” JORC Inferred Resource Estimates is very consistent and is dominated by “Magnetite” 1 (26%) and Andalusite (25%), with ancillary presence of “Titanium minerals” including Ilmenite, Rutile, Leucoxene and Titanite (4.4%), “Garnets” 2 (1.7%), Apatite (0.6%), and Zircon (0.2%).  The HM Assemblage (>S.G. 2.85) of the below water table portion of the southern half of the “Heldmaier” resource is similar, being dominated by “Magnetite” 1 (21%) and Andalusite (17%), with ancillary presence of “Titanium minerals” including Ilmenite, Rutile, Leucoxene and Titanite (4.0%), “Garnets” 3 (1.2%), Apatite (1.1%) and Zircon (0.3%).  The two JORC Inferred Resource areas cover a strike length of 15 km parallel with the coastline and between 1 and 2 km wide. The above water table portion of both areas totals 84Mt @ 8.0% HM for a total of 6.7Mt of HM (>S.G. 2.96), and the below water table portion of both areas totals 308Mt @ 3.5% HM for a total of 10.8Mt of HM (>S.G. 2.96) (reported 06 August 2012).  Magnetite concentrates obtained from 15 Heavy Mineral composites representing the above water table portion of the “Heldmaier” JORC Inferred Resource Area averaged 62.0% Fe in the range 59.4% to 63.6% which is high compared with other iron sands projects around the world (55% - 58%). The Titanium Dioxide, Silica, Magnesium, Manganese, Alumina and Phosphorus levels are also well below those contaminant levels of comparable projects. Recovery relative to reported average “Magnetite” 1 content from QEMSCAN on equivalent composites was 70%.

http://www.investegate.co.uk/Article.aspx?id=201208160700031401K

David Fowler, Chief Executive Officer commented: “The last year has been challenging as we have laid much of the foundation for the future success of Orosur. We achieved our production target; completed the first phase of the new tailings storage facility; made good progress on closing and rehabilitating the old tailings facility; took Arenal Deeps (the first mechanized underground mine in Uruguay) into production; and continued with our exploration in Uruguay and Chile including the completion of a successful Preliminary Economic Assessment at Pantanillo, while also looking at many potential acquisitions in Latin America. This stretched the resources of the company and our operating and capital costs have been higher than expected. We plan for 2012/13 to be a year of consolidation. We have introduced changes to management and the Board, are controlling our costs, and are refocusing the Company’s management and resources on delivering results from San Gregorio and on extending the mine life, whilst advancing our existing Chilean projects. We are forecasting production for the 2013 fiscal year of 63,000 to 68,000 ounces at an operating cash cost of approximately $ 975 per ounce. As we need to complete our capital expenditure programs in 2012/13, our cash flow generation will not be as strong as previously anticipated. Thereafter we anticipate that we will generate significant operating cash with lower levels of capital for the three years to 31 May 2016. Over the coming weeks we will be reviewing our strategy as to how best to use this cash flow to maximize returns to shareholders, and consider what level of dividends the Company should pay: We plan on announcing the results of this review in the first half of September. The Board and I are confident that we can deliver on our targets for 2012/13, and we look forward to it with enthusiasm.”

David Fowler, Chief Executive Officer commented: “Good progress has been made on Mahoma and Pantanillo during the quarter. At Mahoma drilling has confirmed the potential to delineate a high grade ore source that could extend the mine life at San Gregorio. A further 4,500 meters of drilling is planned for calendar 2012 to define a NI 43-101 resource. At Pantanillo drilling confirmed the potential for additional oxide resources and our preliminary economic assessment demonstrated the potential for Pantanillo to develop into a production asset.”

South America focused Orosur Mining (OMI) disappointed the markets with its final results for the year to May, the gold exploration firm's shares slipping 4.625p to 39.5p as it released the details of what was a 'challenging' year. Revenues climbed by 18.9% to 93.68 million dollars on the back of relatively unchanged gold production of 55,500 tonnes and a 22.9% increase in average price per ounce of gold of 1,656 dollars. Operating cash costs however surged by 40% to 1,016 dollars per ounce, which along other development costs saw net income collapse by 92% to 1.2 million dollars. The board explained that the current year will be a period of consolidation, with the introduction of new senior management, a control on costs and a focus on extending the mine life of the San Gregorio mine in Uruguay

WH Ireland Securities downgrades Vindon Healthcare from buy to market perform, target price unchanged at 14p.

Peel Hunt upgrades Quintain Estates from hold to buy, target price raised from 45p to 65p.

OUTLOOK The motor division has had an excellent first half, despite the challenging conditions in the motor retail market and we have continued to outperform the new car market. We also benefited from a significant increase in used car volumes and improved our share of the used car market, as well as increasing used car margins. The new and used car retail markets are likely to continue to be affected whilst economic conditions remain uncertain. However, we have been operating in these conditions since 2008 and the group's strong performance in the past three years demonstrates the strength of the business and its ability to make progress in difficult times. The broad base of our franchise representation and the aftersales bias to the motor division, together with the restructuring of our portfolio during the last three years, have provided a structural resilience which allows us to adapt to market challenges. This leaves us very well positioned for future growth. The recent acquisitions of Lomond Audi and Fleet Financial provide an excellent opportunity to improve the return generated by these businesses in the medium term and make a significant contribution to the profitability of the motor division. Whilst the parts division has suffered from a marginal reduction in turnover, it continues to produce good results and makes a significant contribution to group earnings. Whilst markets remain competitive, it is encouraging to see that the first half development activities are starting to bear fruit, with sales performance ahead of prior year in both June and July. The group balance sheet has been further strengthened by positive cashflow in the period and we have substantial headroom in our bank facilities. Net debt continues to be closely controlled and is at a lower level than both budget and the start of the year. These factors provide financial security for the group, as well as allowing funding for further strategic acquisitions in both the motor and parts divisions, which will help to provide additional future growth. I would like to conclude by thanking all our people at Lookers for their hard work and dedication in what continues to be a challenging year and without whom we would not have been able to deliver such a result.

Commenting on the results, Lookers Chief Executive, Peter Jones, said: "We are pleased to deliver another strong trading performance with the results for the first six months of 2012, which represents a record performance for the group. Our motor division produced an excellent result, notwithstanding the relatively weak new car market, and the parts division delivered a resilient performance in challenging market conditions. Operational cashflow for the period was particularly positive, resulting in a strengthened balance sheet. This gives us confidence that we can continue to grow the business, deliver satisfactory results for the full year, increase our dividend payments and be in a strong position to pursue strategic growth opportunities as and when they arise."

Operational · Record performance from the motor division · Resilient performance from our market leading independent aftermarket parts division · New retail car sales continued to increase market share · Strong growth in used car volumes and margins · Revenue maintained in aftersales · Acquisition of Lomond Audi and Fleet Financial

Highlights Financial · Revenue increased to £1.03 billion (2011: £1.0 billion) - up 3.1% · *Adjusted profit before tax increased to £24.1 million (2011: £22.6 million) - up 6.6% · Profit before tax increased to £23.3 million (2011: £21.3 million) - up 9.4% · Basic earnings per share increased to 4.55p (2011: 4.04p) - up 12.6% · Strong cashflow from operations of £32.6 million (2011: £41.9 million) · Net debt reduced by £12.7 million to £26.8 million (2011: reduction of £25.6 million to £31.0 million) · Gearing reduced to 13% (2011: 16%) - down 3% · Proposed increase in annual dividend of 8%