Member Info for mulledwine

OUTLOOK AND STRATEGY The Company is focused on operational predictability and reliability with a concentrated effort in increasing cash flows, containing costs and expanding margins to maximize shareholder value. The Company continues on a steady path of organic growth through expanding current, near term and in development production plans, developing new projects and advancing its exploration properties. The Company sometimes complements its growth strategy by adding properties and projects with high development potential and economic upside through strategic acquisitions. Production in 2012 is expected to be in the range of 1.2 to 1.3 million GEO. This will represent an increase from 2011 production of approximately 13%, most of which will come from Mercedes as production ramps up having completed commissioning. C1 Santa Luz and Ernesto/Pau-a-Pique are also expected to start production by the end of 2012. Production in 2013 is expected to be in the range of 1.5 to 1.7 million GEO, most of which will come from a full year of production from C1 Santa Luz and Ernesto/Pau-a-Pique, the start up of Pilar, the processing of tailings at Minera Florida and the expansion of Gualcamayo. By 2014, production is targeted to be at a sustainable level of approximately 1.75 million GEO. This includes production from the existing mines and development projects for which construction decisions have been made. Current exploration and early development projects will potentially add to this production level and will be included once construction decisions have been made. These projects include Jeronimo, Agua Rica and Suyai. Adding to the pipeline of exploration and development projects, the Company has announced the proposed acquisition of Extorre Gold Mines Limited ("Extorre"), owner of the Cerro Moro project located in the Deseado Department, Santa Cruz Province, Argentina. The acquisition of Extorre is expected to close in August 2012. In the second quarter of 2012, the Company also acquired the Picacho property, located 65 kilometres northeast of the Company's Mercedes Mine in Sonora, Mexico, and additional mining rights near the Chapada Mine in Brazil.

HIGHLIGHTS FOR THE SECOND QUARTER 2012 /T/ -- Production of 288,700 gold equivalent ounces (GEO)(1) -- Gold production of 242,692 ounces -- Silver production of 2.3 million ounces -- Cash costs of $244 per GEO(2)(3) -- Significant financial results -- Revenue of $536 million -- Adjusted earnings(2) of $135 million, $0.18 per share -- Cash flow generated from operations(5) of $241 million, $0.32 per share -- Generated cash margin(4) of $1,361 per ounce -- Cash and cash equivalents were $699 million -- Declared a quarterly dividend of $0.065 per share, representing an 18% increase over the second quarter dividend rate

http://www.investegate.co.uk/Article.aspx?id=20120809070046M0215

Pinkers - must agree with you re this opportunity - Im not in a position to buy any more just now but if she is still at this level in 10 days then its done deal for me.

BoA Merrill Lynch upgrades Melrose from neutral to buy, target price cut from 440p to 270p.

Expected a better reaction to the news today. Perhaps it is as Edison suggest - over caution by the market. The potential is there though

Patron Sport Holdings, the owner of Powerleague, has made the decision to terminate its interest in Goals Soccer Centres (GOAL), having confirmed in July that it would consider making a bid for the 5-a-side football centre business. The development means that all doors are open now for Ontario Teachers' Pension Plan controlled Goliath to complete a 144p price takeover of the company, an offer that has already been recommended by Goals' management. Goals shares slipped by 5.5p to 143.5p with disappointed investors initially hoping that a bidding war for the company was on the way.

http://www.investegate.co.uk/Article.aspx?id=201208081222105870J

Online consumer electronics retailer eXpansys (XPS) reported a 27% jump in pre-tax profits to 4.3 million pounds for the year to April on the back of a 33% climb in sales to 108.5 million pounds. The group, now operating in 51 countries, was able to achieve strong top and bottom line growth thanks to a 'clear strategic focus' as well as improved execution across all of its business units. The firms success delivered organic like-for-like growth of 81% for its own-branded site eXpansys.com as a result of a stronger focus on efficient traffic generation and improved conversation rates. The group also confirmed that with a strong cash position of 5.5 million pounds it is now looking to make further acquisitions and seek opportunities in the emerging markets of Asia. eXpansys shares closed 0.05p lower at 1.275p.

N+1 Brewin maintained its "add" rating for Zotefoams (ZTF) with a target price of 200p. The foam blocks manufacturer reported first half sales growth of 9.9% to 24.8 million pounds, in-line with the broker's forecasts. Brewin noted that this included 80% growth from its High Performance Polymers division, driven by demand from the aerospace sector. The broker also has high hopes for the group's MuCell Extrusion business, which the group has invested heavily in and has formed a collaboration with Dow Performance Packaging. Shares in Zotefoams stayed flat at 175.5p.

Singer Capital downgraded its stance on Spirent Communications (SPT) from "buy" to "fair value", with a reduced target price of 157p, from 175p. The telecommunications tester's poor first half performance and weak outlook led the broker to lower its pre-tax profit forecasts by 6% for each of the next three financial years. Singer added that a number of the firm's clients, such as ZTE and Huawei, have lowered their second half targets. On the broker's revised forecasts, the shares trade on a prospective earnings multiple of 15.7 times for the 2012 financial year. The shares were unchanged at 144p.

Panmure Gordon reiterated its "sell" recommendation for SThree (STHR) with a 212p target price. The broker significantly reduced its full year pre-tax profit forecast for the recruitment agency, from 30.3 million pounds in the year ending November 2013 to 24.9 million pounds, in light of continued deterioration in trading conditions during the second quarter. Additionally, Panmure believes the firm may choose to maintain its dividend for both 2012 and 2013, instead of the previously expected 5.1% increase. The broker also noted that the shares trade on a prospective earnings multiple of over 20 times for 2012. Shares in SThree inched down by 1.5p to 272.25p.

Valuation: Upside over a third Our absolute valuation approaches indicate a value of c 34p, an upside of over a third from the current price. We note that stripping out excess cash reduces the P/E to c 19x. We also note the high operational gearing means that the DCF valuation can move quickly with a 10% increase in 2014 revenues raising it by over 10p.

http://www.edisoninvestmentresearch.co.uk/researchreports/Share080812update.pdf

Valuation: Potential ignored The City is naturally cautious about the likely impact of the current global trading climate on businesses such as Trifast. However, the group appears to be continuing to deliver ahead of expectations and building momentum for the future. A sector rating does not recognise this potential – we expect the shares to respond positively to the interim results announcement later this year

http://www.edisoninvestmentresearch.co.uk/researchreports/Trifastupdate080812.pdf

UBS has downgraded its rating for Serco from 'buy' to 'neutral' following a strong run in the shares of the international outsourcing group. The broker said that it remains upbeat about the UK/Europe and Global Services businesses but uncertainty in the US is likely to remain in the short term.

Credit Suisse has retained its cautious stance on under-fire lender Standard Chartered on the back of its struggles with US regulators in regards to its alleged dealings with the Iranian government. StanChart trades at 1.3 times full-year tangible net asset value for a 14-15% return on tangible equity despite the recent sell-off. "We remain 'neutral' though the shares could drift lower from here until we get more clarity," the broker said. "The shares are back around the levels where they traded in June, but at the time we had not anticipated this additional risk factor and so would not chase the stock."

Mithras Inv Trust Buy 08-Aug-12 £25,250.00 Miriam Greenwood 25,000 @ 101.00p

Paul Hampden Smith, the Finance Director at building merchant Travis Perkins, has sold 51,994 shares at 1,061.00p in the name of his wife, Sarah. The sale, which earned the director a tidy £551,656 and leaves him with a beneficial interest of 264,698 shares, came less than a fortnight after the firm said pre-tax profit rose 25% in the last six months despite construction being hampered by the wettest three months since records began. Reported pre-tax profit after exceptional items rose to £162m for the six months ended June 30th compared to £129.2m the same time a year earlier. Group revenue climbed 2.7% to £2.41bn and was down 0.7% on a like-for-like basis.