Member Info for mulledwine

OUTLOOK Macro economic conditions are uncertain and household budgets in the UK and France remain under pressure. Consumer spending is likely to remain constrained into the medium term, however Hammerson has implemented a strategy to focus on the successful sectors of the retail market. Our prime shopping centres, convenient retail parks and premium designer outlets continue to attract consumers and tenants. This allows us to maintain high occupancy and secure new tenants at attractive terms. The benefits of this strategy are apparent in the first half figures and give us confidence in our ability to grow future rental income and dividends.

David Atkins, Chief Executive of Hammerson, said: "We have created a focused retail business by accelerating our plans to sell the London office assets through a single transformational deal. In addition, we have undertaken some excellent leasing transactions and asset management in the first half, and increased our investment in the designer outlet market. Our strong income focus and strategic positioning are delivering good financial performance and dividend growth against a difficult consumer backdrop. We expect to deliver further growth to shareholders by building scale in our chosen retail sectors through extensions, developments and acquisitions."

STRATEGY HIGHLIGHTS · Accelerated transformation to focused retail business following agreed disposal of six assets representing 75% of London office portfolio. Disposal proceeds of £518 million, 5% above book value · Hammerson portfolio now 97% retail (4) · Additional investment of £100 million in the growing premium designer outlet market through our partner Value Retail OPERATING HIGHLIGHTS · Like-for-like net rental income increased by 2.4% · Group retail occupancy of 97.5% (31 March 2012: 97.0%), exceeding our 97% target · Long-term retail leases signed 4.6% above ERV (UK +4.7%, France +4.5%) · Strong financial position with pro forma liquidity of around £1bn, gearing and LTV of 36% and 27% respectively (4) PORTFOLIO HIGHLIGHTS · New anchor at Les Terrasses du Port, Marseille. The scheme has been enlarged to accommodate Printemps, one of France's leading department stores, and is now 72% pre-let. The scheme remains scheduled to open in spring 2014 · Heads of Terms now agreed with John Lewis to anchor first phase of Eastgate Quarters, our major retail development in Leeds · Commenced extension and refurbishment projects at Cramlington, Peterborough, Newcastle · Sale of 54-60 rue du Faubourg Saint-Honoré for €165 million, realising 75% profit on cost

http://www.investegate.co.uk/Article.aspx?id=201207230700062101I

Outlook The volume of data traffic generated by mobile devices continues to increase rapidly: it has grown 33-fold in the past five years, and is projected to grow a further 18-fold in the next five. In particular, changes in content-viewing habits have resulted in a surge in video traffic, which currently represents 50% of mobile data traffic and is expected to rise to 70% by 2016. Wireless infrastructure demand continues to be driven by major US network rollouts including Sprint, AT&T and T-Mobile as well a number of smaller operators. Filtronic is accessing this market through major OEMs such as Ericsson and Alcatel Lucent, as well as by direct sales to operators. The Wireless business currently has a strong order book and more than 75% of first half sales are expected to continue to be based on US demand. European demand is developing and is expected to provide growth opportunities in the following financial year. The Broadband business is developing its market with next generation radio modules ("E-band") and microwave components for aerospace applications. The E-band products enable the delivery of high data rate mobile services in dense urban areas, and sales are expected to grow in line with this developing market. Whilst these revenues are expected to build progressively over the coming 18 months to offset the decline in demand for our traditional radio modules, these new products are not expected to produce overall revenue growth in Broadband until FY2014. The release of new spectrum to enable the continued growth in mobile traffic will require significant network investment by operators, and this is expected to benefit both Filtronic's Wireless and Broadband businesses. Finally, I should like to thank all staff in the business for their contribution over the past year.

Commenting on Outlook, Howard Ford, Chairman, said: "The volume of data traffic generated by mobile devices continues to increase rapidly. In particular, changes in content-viewing habits have resulted in a surge in video traffic, which currently represents 50% of mobile data traffic and is expected to expand to 70% by 2016." "The release of new spectrum to enable this growth in mobile traffic will require significant network investment by operators, and is expected to benefit both Filtronic's Wireless and Broadband businesses." "I would like to wish Hemant well after 28 years service with the business and I am extremely pleased that we have such a highly qualified and experienced Wireless Systems man in Alan on the Board to take up the role of CEO and take the company forward on its next phase of growth"

Operational Highlights · Strong half on half growth from Wireless as multiple 4G (LTE) products moved into volume production · Broadband sales up 7% in line with June trading update · Continued strategy to expand addressable markets with a wider product range and diversified customer base · Alan Needle, current board member, to replace Hemant Mardia as Chief Executive

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MAY 2012 Filtronic plc, the designer and manufacturer of microwave electronics products for the wireless telecoms infrastructure market, announces its Preliminary results for the year ended 31 May 2012, which mark a return to profitability (before amortisation of intangibles). The Wireless business develops and markets innovative customised filters and combiners, which enable operators to use their existing network infrastructure to overlay 3G and 4G (LTE) services, as well as providing OEM customers with next generation filter solutions for 4G (LTE) basestation units. The Broadband businessdesigns and manufactures customised microwave electronic sub assembly components that are integrated by OEM's into radios for telecom network backhaul links and by a leading radar manufacturer into its aerospace/security products. Financial Highlights · Revenues from continuing operations up 68% to £26.1m (2011: £15.5m) · Operating profit before amortisation and exceptional items of £0.8m (2011: £5.3m loss) · Profit for the period of £0.04m (2011: £6.94m loss) · Basic EPS of 0.04p (2011: 7.48p loss) · Year end cash slightly down at £3.7m (2011: £4.1m) despite funding significant growth

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Gareth Jones, Chief Executive of Gooch & Housego commented: - "These orders represent validation of our diversification strategy that has seen the transformation of Gooch & Housego from an industrial components supplier into a credible partner for tier-one Aerospace & Defence companies at the sub-system level."

Progress Update Gooch & Housego PLC, the specialist manufacturer of optical components and systems, today announces that in the six weeks since the Interim Announcement on 12 June the Company has received orders worth in excess of $6 million from customers operating in the Aerospace & Defence sector. At the time of the Interim Announcement the Company advised that while a number of significant Aerospace & Defence contracts had been subject to delays, it had a strong pipeline of near term opportunities in this sector. Gooch & Housego is now able to advise that orders have been received for all of the contracts that were delayed. In each case, these orders represent the initial releases of customer requirements for the next six to twelve months. Some of these programmes are expected to run for four years or longer. Customer forecasts indicate that requirements will increase during the life of the programmes. In parallel, Gooch & Housego is engaged in the early stages of a number of other potentially significant programmes in this sector.

http://www.investegate.co.uk/Article.aspx?id=201207230700062115I

Commenting, James F. Park, Chief Executive Officer of GeoPark, said: "We are now at the half-way mark of the year and our program is on track to deliver important growth in 2012 in our key performance measurements of oil and gas production, reserves, revenues, operating cash flow and net income. During the first half of the year, we also proved our ability to acquire - and then efficiently take over and manage - new projects in Colombia and Chile. In a relatively short period of time in Colombia, a new region for GeoPark, our team has successfully integrated two new companies and initiated and carried out an exploration drilling program that has resulted in the discovery of new hydrocarbons. We enter the second half of the year with confidence supported by a track record of execution; an expanded asset base (including a new platform for growth in Colombia and a growing platform in Chile); improving capabilities and organization; a healthy financial position resulting from cash reserves and supporting operating cash flows; and a growing portfolio of new project opportunities."

Additional exploration wells were drilled with the potential for oil and gas pay which will be tested in 3Q2012. A complete review of 2Q2012 drilling results is provided below. · Oil and Gas Production Increase: Oil and gas production from GeoPark's properties in Chile, Colombia and Argentina averaged 11,625 barrels of oil equivalent per day (boepd) during 2Q2012 (66% higher than 2Q2011), with approximately 62% representing crude oil and condensate production (compared to 24% in 2Q2011). Current total oil and gas production is approximately 12,099 boepd. · Tierra del Fuego Work Start-Up: The Ministry of Energy in Chile executed a Special Operations Contract for the Exploration and Exploitation of Hydrocarbons (CEOP) for the Campanario block in Tierra del Fuego with GeoPark and ENAP. CEOPs with GeoPark and ENAP for the Flamenco and Isla Norte blocks in Tierra del Fuego had been previously executed in 1Q2012. GeoPark initiated the processing of 289 km2 of 3D seismic that had been registered on the Flamenco block during 1Q2012. Preliminary interpretation of processed data suggests hydrocarbon prospects that could allow drilling to begin in 4Q2012 on Tierra del Fuego.

SECOND QUARTER 2012 OPERATIONS UPDATE GeoPark Holdings Limited ("GeoPark" or the "Company") (AIM: GPK), the Latin American oil and gas exploration and production company operating in Chile, Colombia and Argentina, with interests in 19 hydrocarbon blocks and 3.9 million gross acres under license, is pleased to provide its Second Quarter 2012 Operations Update. Highlights Key achievements and developments during 2Q2012 include: · New Oil and Gas Discoveries in Colombia and Chile: From the exploration drilling program on its properties in Colombia (newly-acquired in 2012) and in Chile, GeoPark made the following new discoveries in 2Q2012: 1. Max Oil Field / Block 34, Colombia: Max 1 tested approximately 2,125 barrels of oil per day (bopd) by electrical submersible pump (ESP) from the Guadalupe formation. New appraisal well drilling on Max will begin in 3Q2012. 2. Tua Oil Field / Block 34, Colombia: Tua 1 tested approximately 1,735 bopd by ESP from the Mirador formation. New appraisal well drilling on Tua began in July 2012. 3. Kosten Gas Field / Fell Block, Chile: Kosten 1 was tested and put into production from the Springhill formation by natural flow and is currently producing at approximately 1.5 million standard cubic feet per day (mmscfd) of gas. 4. Kiuaku Gas Field / Fell Block, Chile: Kiuaku 1 was tested and put into production from the Springhill formation by natural flow (in July 2012) and is currently producing at approximately 4.9 mmscfd of gas.

http://www.investegate.co.uk/Article.aspx?id=201207230700072143I

Conclusion Oracle has made significant progress in recent years. The management has highlighted a clear opportunity to capitalise on Pakistan’s expected demand for coal-produced power. Oracle has advanced from the exploration phase to implementation. While this still comes with high inherent risks, we feel these are mitigated by the TFS and mining licence, the confirmation of proven JORC reserves (phase 1), and the establishment of a JDA and MOU with two major companies. This could mean phase 1 mining and cash-flows start as early as 2014.

Oracle Coalfields PLC (Oracle) is an AIM listed coal mining and exploration company with significant coal resources. It intends to use this coal as a sustainable energy resource in Pakistan – agreements are in place for construction of a power plant adjacent to the mine – and within industry. This year alone Oracle has, among over developments, received a full mining licence over its coalfield, and completed a Technical Feasibility Study that confirmed considerable coal reserves. The Opportunity Oracle has an 80% interest in the Block VI licence of the Thar Coalfield, Sindh Province, Pakistan. This is a potential resource of 1,400 million wet tonnes (Mwt) of coal, including a 529Mwt JORC resource, and a 113Mwt JORC proven reserve (following the mining lease issuance) – the latter forming phase 1 of the project. Pakistan has a critical power shortage, with regular power cuts occurring in Karachi. Oracle intends to exploit this opportunity. It signed a Joint Development Agreement (JDA) with Karachi Electric Supply Company that plans to build a mine-mouth power station in Block VI, and established Memorandums of Understanding (MOU) with major Pakistan cement producer, Lucky Cement. Continual Developments Oracle moved from the PLUS stock exchange to the AIM market in 2011, where it raised £3 million in an oversubscribed placing. This has been used to fund further exploration and for working capital. In August 2011 the management team was strengthened by the appointment of Adrian Loader as Chairman, which has enabled previous Chairman, Shahrukh Khan, to focus on his role as CEO. In February 2012 a Technical Feasibility Study (TFS) was announced, which highlighted coal reserves of 113Mwt (phase 1), predicted production rates of 5Mwt p.a., and confirmed the coal’s suitability for power generation. Finally, in April 2012, the Block VI exploration licence was upgraded to a mining licence.

Oracle Coalfields is an AIM-listed mining and exploration company with significant coal resources in Sindh Province, Pakistan. Major Developments - This year Oracle has completed a Technical Feasibility Study, received a full mining lease over its coalfield, and confirmed proven coal reserves of 113Mwt. Potential Purchasers - The company has signed a Joint Development Agreement with Karachi Electric Supply Company and established Memorandums of Understanding with a major Pakistan cement producer for the potential supply of coal. Oracle could see mining commence as early as 2014

Valuation: Not reflecting profitability XP trades on a P/E of 11.2x FY12e and 9.7x FY13e, with a forecast dividend yield of 4.9%. It trades in line with UK distributors and towards the lower end of global power converter companies, a discount not justified by its superior margins or dividend yield support, in our view. While the stock has already gained c 25% since its low in January, we think further upside could be triggered by evidence of a sustained improvement in bookings in H2