Member Info for mulledwine

Shane Rehill, the Executive Chairman of TVC Holdings invested 300k in the AIM-listed investment company, the company announced on Monday. Rehill purchased 450,000 shares at a price of €0.83 each (around 67.16p) on Friday of last week, spending a total of £302,220. The transaction took his total stake in the company's total issued share capital to 27.09m shares, equal to a 26.8% interest.

GECR Sanderson Group Solid Results Lead to Increased Target Price Sanderson Group, the software and IT services business, has announced full-year results which are slightly better than expectations. We have taken this opportunity to update our forecasts and to include numbers for FY2014. Given the healthy balance sheet and improved market position of the group, together with a good order book, our stance firmly remains as "buy", but with an improved target price of 56p.

Direct Line has announced another 236 jobs cuts as the newly-floated insurance giant moves towards slicing costs by 100 million pounds by the end of 2014. The fresh round of streamlining comes on top of previously-announced plans to shed 970 jobs across the group’s UK operations, which employed about 15,000 prior to the cost-saving drive. However, spokeswoman Jennifer Thomas said this latest phase would have a “very minimal impact” in Glasgow, where Direct Line has nearly 1,000 people working mainly in call centre activities. [The Scotsman]

Valuation: Good value for a very well-managed business Cineworld shares are up 20% since the start of 2012, but have marked time over the last three months and the 2012e EV/EBITDA of 6.8x looks good value.

http://www.edisoninvestmentresearch.co.uk/researchreports/CineworldQV301112.pdf

Thats a great show of confidence by the Directors

Four directors of Breedon Aggregates, the AIM-listed building materials group, topped up their stakes on Thursday, a few days after the company said that full-year results would be in line with market expectations. Collectively, the directors invested a total of half a million pounds in the business after it reported on Monday that sales revenue in the second half of the year (ending December 31st) has been "slightly stronger" than the first half. While the outlook for 2013 "remains uncertain" and the UK building market remains tough - the Construction Products Association is forecasting no return to growth before 2014 - Breedon said that it remains confident that it will make further progress next year.

Our almost unchanged full-year EPS forecast (8.6p from 8.7p) assumes that the reduction now in our revenue projection (constant currency -4% against +2%) can be made good by enhanced margin gain and associates’ contribution as well as by a lower tax rate. Macro indicators are supportive, with IATA expecting continued air passenger growth, while guidance from hotel majors suggests it is business as usual.

http://www.edisoninvestmentresearch.co.uk/researchreports/Hogg301112flash.pdf

Valuation: Pure broking justifies a premium A drifting share price reflects the immediate trading performance. However, PLCs that can maintain a clean balance sheet at the bottom of the cycle are equipped to await the upward swing. ACM has the lowest sector rating, based on next year’s targets and as a pure broking business can justify a higher rating.

http://www.edisoninvestmentresearch.co.uk/researchreports/ACM301112.pdf

Thistle - good morning - a little more on the broker note Jefferies has reiterated its 'buy' rating and 4,000p target price for mining giant Rio Tinto following yesterday's investor seminar in which the company announced aggressive open and capex cuts. "For Rio Tinto, the combination of higher volumes, higher realised prices, and lower unit costs should lead to significant earnings growth. Our impression is that many investors are highly sceptical about the earnings growth story for Rio, and if growth is delivered in line with our expectations, Rio Tinto shares should perform well. This is one reason why Rio continues to be one of our top picks in the sector."

UBS has lowered its rating for B&Q and Screwfix owner Kingfisher from 'buy' to 'neutral' and reduced its target price from 300p to 290p, citing near-term risks. The broker said: "In most markets DIY demand remains depressed by a mix of low consumer confidence and weak housing markets, affecting big ticket and trade sales in particular. "While the UK may show some stability next year if mortgage lending improves, there are no signs yet that Continental Europe will follow suit."

Valuation: Maiden dividend on the horizon The share price has gained 30% since preliminary results were reported in June, with the company now trading marginally below the UK software sector on a P/E basis. Based on H113 results, we view consensus estimates as conservative, with scope for earnings upgrades to drive further share price performance. The company confirmed it expects to announce a maiden dividend at the end of the year

http://www.edisoninvestmentresearch.co.uk/researchreports/ACS301112QV.pdf

Additionally Paul Conradie, Managing Director of Comztek commented: "This acquisition is a positive move for Comztek's customers, our suppliers and our people. By joining forces with Westcon we will be able to further develop the markets where we have a presence as well as bolster the breadth of our offerings. We are delighted that both organisations have remained focussed and committed throughout this process which will result in the creation of a business that will have a market leading position across many parts of the African continent."

Jens Montanana, Datatec's Chief Executive commented: "This is an exciting opportunity to create a market leadership position across the continent which will extend and augment our existing emerging Africa and South African operations and bring a strong business with an excellent reputation into the Group. Comztek brings a complimentary vendor portfolio that has minimal overlap with Westcon's own vendor portfolio, thereby adding strong new vendor relationships, along with highly skilled and experienced staff that will allow us to widen our offering to our respective customer bases. With revenues across Africa exceeding $300m the combined business will boast the scale and addressable market to attract new vendors wishing to create a regional presence. " "Africa remains a key growth market for us and this deal significantly expands our footprint and offering into many new markets. As the continent continues to develop our solutions and services will play an important part in the rapid adoption of more advanced IT and telecoms infrastructure."

CONT The acquisition will be subject to the approval of the South African and other African Competition authorities and other commercial approvals. The time period for the various Competition Authorities' decisions is uncertain but is expected within 3 months from the date of this announcement. These and other conditions precedent are listed below. A further announcement will be made in due course specifying the completion date which will be the effective date for the acquisition. Following completion and finalisation of the contingent consideration, the Comztek business will be integrated with Westcon South Africa (Pty) Ltd ("WSA") in an internal reorganisation which will involve Datatec's BEE partner, the Mineworkers Investment Corporation ("MIC") and several members of the Comztek management team subscribing for shares in WSA to increase MIC's share of the combined business to 40%, and Comztek management's share to 9.9%, leaving Datatec, through its subsidiary Westcon Emerging Markets Group (Pty) Ltd with a shareholding of 50.1% ("the reorganisation"). The proceeds of the subscriptions for new shares in WSA involved in the reorganisation will be applied to fund WSA's working capital. The effective date for the reorganisation will be upon the fulfilment of the conditions precedent set out below. The acquisition and the reorganisation are steps in a planned overall transaction ("the Transaction").

Acquisition of Comztek - leading Pan African distributor Datatec Limited ("Datatec" or "the Group") (JSE/AIM: DTC), the international Information and Communications Technology (ICT) group, has signed an agreement dated 29 November 2012 ("signature date") to acquire Comztek Holdings (Pty) Ltd ("Comztek"), a major ICT and networking distributor in Africa for a consideration of up to a maximum of R88 million ("the acquisition"). Comztek is a leading systems distributor with coverage in 26 countries in Africa with operations in South Africa, Namibia, Zambia, Kenya and Mauritius. It distributes a range of hardware and software products focused on networking, security and storage, datacentre and software infrastructure and unified communications solutions. Comztek has annual revenues in excess of R1bn (approximately $120m) and more than 200 employees. Based in Johannesburg, its activities are highly complementary to those of Datatec's Westcon business. Comztek has a strong reputation in the African market and brings good channel access as well as a comprehensive ICT solution model. Datatec will acquire 100% of Comztek from its current shareholders who include Mustek Limited (JSE: MST) and various members of the management team ("Management Sellers") through family and employee trusts. The acquisition will be settled by the payment of R40 million in cash funded from new loan finance (R27.4 million to Mustek, R12.6 million to the Management Sellers) and R40 million in Datatec shares (R12 million, to Mustek, R28 million to the Management Sellers). A further R8 million will be paid in cash to the Management Sellers, subject to Comztek meeting certain EBITDA performance conditions for the 6 months ending 31 December 2012. The contingent consideration is therefore highly likely to be finalised before completion of the Transaction.

http://www.investegate.co.uk/datatec-limited-(dtc)/rns/acquisition/201211300700073656S/