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Panmure Gordon maintained its "sell" rating for Millennium & Copthorne (MLC) with a target price of 353p. The broker expects the hotel chain to report first-half pre-tax profits of 66 million pounds, with growth in London and Asia compensating for widening loses in the US. Panmure raised doubts over the firm's leased upscale hotel model, claiming that the strategy rarely yields an economic profit. On the broker's forecasts, the shares trade on a full year prospective earnings multiple of 14.7 times and yield just 2.6%, which Panmure feels is too expensive for a company with limited earnings growth prospects. Share in Millennium & Copthorne inched up by 1.2p to 491.6p.

Outlook Investment returns have traditionally been a large part of the return for us and the insurance industry. Now that they are so much reduced, our underwriting skill will be even more essential in the near future. Reinsurance rates are healthy and property rates in some areas are rising. Otherwise in our retail books life remains competitive, but it always has been and we have specialist products and volume which enables us to compete and grow profitably. As usual, we wait to see what Mother Nature throws at us in the second half, but given nothing absolutely extraordinary happens, I believe I will be handing over to Robert next February the chairmanship of a very healthy business.

Robert Hiscox, Chairman, Hiscox Ltd, commented: "This has been a very good first half, not only due to the lack of catastrophes, but also from careful risk selection and growth in the right areas. All our businesses continue to underwrite with great skill and to search for new opportunities in new markets, backed by strong marketing. I am thoroughly enjoying my last year with the hand on the tiller." Commenting on the appointment of the new Chairman, Richard Gillingwater, Senior Independent Director, said: "The Board conducted a thorough search and assessed a number of candidates. We concluded that Robert Childs is the outstanding candidate to succeed Robert Hiscox. Taking and managing risk is the core business of an insurer, and we believe that Robert's expertise in risk management and the continuity he will provide as Chairman of the Board will be of great benefit to our shareholders and policyholders alike. Mindful of the UK Corporate Governance Code, the Board consulted with the company's major shareholders, holding about 30% of the company's shares, who unanimously supported our view."

Highlights · Interim pre-tax profit of £125.8 million (2011: loss £85.6 million), a welcome return to profit after the unprecedented level of catastrophes in 2011. · Gross written premiums increased by 7.0% to £906.4 million (2011: £847.5 million) with targeted growth in areas where rates are rising. · Interim dividend increased by 17.6% to 6.0p (2011: 5.1p). · Group combined ratio 81.7% (2011: 116.9%). · Net asset value per share 339.3p (2011: 296.3p). · Catastrophe reserves holding steady. · Investment return of 3.1% annualised (2011: 2.0% annualised). · Robert Childs to succeed Robert Hiscox as Chairman.

http://www.investegate.co.uk/Article.aspx?id=201207300700077465I

2012 Targets The HY 2012 results position the Group well to achieve its FY 2012 financial targets. For the Group excluding RBP, the target is for like-for-like net revenue growth of +200 basis points ahead of our market growth. We continue to expect the market to grow at 1-2%. We also expect to maintain margins on an adjusted basis* (ex RBP) as we invest behind brand equity building initiatives.

Commenting on these results, Rakesh Kapoor, Chief Executive Officer, said: " Six months into our Purpose driven strategy, Reckitt Benckiser has delivered revenue growth well ahead of our market. On a LFL basis (ex RBP), Net revenue growth of 4% was driven by continued excellent performance from Emerging Market Areas and Hygiene Brands such as Dettol, Lysol and Finish. While the consumer and competitive environment in Europe and North America remains challenging, we are doing the right things for the long term by increasing our Brand Equity Investment. Our H1 margins are in line with expectations with higher input costs and increased investment being partially offset by cost savings programmes. The new organisation structure is fully in place and we are seeing early benefits of increased operational focus: speed, scale and consistency of our execution. RBP continues to make very good progress with the Suboxone sublingual film now at 56% market volume share. These results and our exciting innovations for H2, backed by further increased Brand Equity Investment underpins our confidence in our FY 2012 target of 200bps above our market growth rate of 1-2%."

Highlights: Half Year (HY) - LFL growth +4% (+4% ex-RBP) driven by strong Emerging Market (EM) growth. - Q2 LFL growth +4% (+4% ex RBP). Similar trends to Q1. - Gross margin -60bps to 56.3%: adjusted operating margin +10bps to 24.0%. - Increased brand equity investment (BEI), ex RBP, of £40m* (+60bps) and within this media +40bps. - Adjusted net income +2% (+4% constant): adjusted diluted EPS of 111.1p (+2%). - Net working capital of minus £752m, reflecting a £51m improvement versus year end 2011. - Net debt of £1,846m (31 December 2011: £1,795m), with strong free cash flow generation offset by final 2011 dividend payment and share repurchases. - The Board declares a +2% increase in the interim dividend to 56p per share. * at constant rates

http://www.investegate.co.uk/Article.aspx?id=20120730070000PDE24

Gem Diamonds' CEO, Clifford Elphick commented: "The first half of this year has been marked by strong operating performance by Gem Diamonds in light of a challenging backdrop for the diamond industry. Our flagship mine, Letšeng continued to produce some of the world's finest high quality diamonds, reporting an increase in both carats recovered and recovered grade compared to the same period in 2011 and cash costs were held in line with management estimates. The global macroeconomic climate and in particular the ongoing financial crisis in the Eurozone, continue to weigh on rough and polished diamond prices. This, together with the comparatively lower quality production from Letšeng in the Period when compared to H1 2011, which saw six exceptional diamonds recovered, is reflected in the Company's revenue generated during the Period." "Gem Diamonds has a strong balance sheet and, with US$ 139 million of cash, no debt and strong operating cash flow, is well positioned to weather the current downturn in the market. However, in light of continued economic uncertainty, the Directors have initiated a review of the Company's capital investment plans. The review will focus on potentially extending the period over which capital is expended on its two development projects, Project Kholo at Letšeng and the Ghaghoo mine development, in order to protect the Company's strong balance sheet in the event of further deterioration in market conditions. The review will also aim to ensure that there is sufficient flexibility to allow for these projects to be accelerated should market conditions improve significantly. The Company remains committed to doubling production at Letšeng and to the development of the Ghaghoo mine and expects to provide further information on its development programme in the Half-yearly Report which will be released on 21 August 2012, once the review is complete."

Valuation: Still at a large discount On our increased 2013 estimates, the shares stand on a discount to the Support Services Sector P/E of 64% (47% discount to the FTSE All Share P/E) and offer a rising, above average yield, covered 3.6x. The NAV is 93p.

http://www.edisoninvestmentresearch.co.uk/researchreports/Communisis300712update.pdf

Lots of info on the RNS - been a good movement in SP over last 3 months

Positioning Statement in the Financial Times International Mining & Infrastructure Corporation plc (AIM: IMIC), the Africa-centric company focused on infrastructure solutions for the iron ore sector, notes the positioning statement in today's Financial Times prepared by its strategic partner African Iron Ore Group ("AIOG"). The positioning statement, Iron Ore Infrastructure to Stimulate Africa's Growth, identifies the pivotal role of rail and other mining-related transport infrastructure in the much-needed economic development of many African nations. It also describes in detail the innovative solution developed in partnership by AIOG, IMIC and the Government of Guinea to provide a fully financed, integrated transport solution for the multi-billion dollar Simandou South iron ore project in Guinea. The positioning statement is reproduced in full below:

http://www.investegate.co.uk/Article.aspx?id=201207300700087541I

Valuation: Unchanged at £0.24 un-risked SOTP Our valuation remains at £0.24/share based on the un-risked SOTP, which is driven by the company’s advanced Barruecopardo tungsten project. At US$5.8/mtu of contained tungsten trioxide, the stock trades above the weighted average EV/Resource multiple for the sector of US$3.3/mtu. However, we believe that a premium to peers is justified by the low capital intensity of Barruecopardo, its relatively advanced stage, and Ormonde’s other resource projects. We see the key catalysts/risks in the completion of permitting and any off-take/funding agreements.

http://www.edisoninvestmentresearch.co.uk/researchreports/Ormonde300712update.pdf

Theo Fennell Buy 26-Jul-12 £12,375.00 Rupert N Hambro 150,000 @ 8.25p

Senior Buy 30-Jul-12 £19,616.00 Charles Andrew Berry 10,000 @ 196.16p

OPG Power Ventures Buy 27-Jul-12 £66,000.00 Arvind Gupta 165,000 @ 40.00p