Member Info for mulledwine

Oriel Securities downgrades British Sky Broadcasting from reduce to sell, target price 590p.

Rent has been paid by Neckermann up to the end of July 2012. SEGRO holds bank guarantees which should cover rent and other amounts due in respect of the site over the remainder of 2012, in the event of future non-payment by Neckermann. SEGRO is seeking to identify both alternative customers and alternative uses for the Frankfurt site in the event that Neckermann exits the facility. However, given the bespoke nature of much of the facility, there is a significant risk that, from the beginning of 2013, SEGRO will be unable, at least in the short term, to replace the rent currently being generated from Neckermann. At 31 December 2011, the Frankfurt site was valued at £86 million. In light of recent events, including the assumption that Neckermann will vacate the site, SEGRO's independent valuers, CBRE, indicate that this will fall to approximately £43 million as at 30 June 2012. Neckermann also leases from SEGRO a logistics facility at Alzenau, approximately 35 kms east of Frankfurt. This 25,000 sq m building has, in turn, been sub-let by Neckermann to a third party until the end of 2012 to support a logistics activity unrelated to Neckermann's business. In 2011, rental income received in respect of this building totalled approximately £0.8 million. SEGRO holds a bank guarantee covering 3 months rent in the event of non-payment by Neckermann and in due course expects to be able to re-lease this space in the event that the Neckermann lease is terminated. SEGRO will update the market further when appropriate.

Further statement re: Neckermann In a press release published today, Neckermann.de GmbH ('Neckermann'), the Frankfurt based mail-order company, announced that it will today file for insolvency proceedings. This follows an announcement on 27 April 2012 in which Neckermann advised that, in order to remain viable, it needed to restructure its operations around its e-commerce offering. SEGRO owns a 309,000 sq m facility in Frankfurt, of which 291,000 sq m is currently occupied by Neckermann. This principally houses the company's head office staff, together with its catalogue and clothing operations. In 2011, rental income received from Neckermann in respect of the site totalled approximately £12 million. Since April 2012, SEGRO has been in extensive discussions with Neckermann and its owner, Sun Capital Partners, Inc., regarding the Frankfurt lease and future plans for the site. SEGRO has been both proactive and constructive in exploring ways to restructure Neckermann's lease (which expires in October 2017) in order to help address the company's financial situation and accommodate its recent plans to reduce its Frankfurt operations. Neckermann's decision to file for insolvency proceedings means that SEGRO must now however await further developments in order to clarify Neckermann's future requirements.

http://www.investegate.co.uk/Article.aspx?id=201207181600429861H

Mitie Group Buy 18-Jul-12 £26,727.00 Crawford S Gillies 10,000 @ 267.27p

Creon Resources Buy 11-Jul-12 £35,000.00 Jeswant Natarajan 7,000,000 @ 0.50p

Ebiquity, the media and marketing performance measurement business, has pleased its investors by returning to the black. Pre-tax profit for the year ended April 30th came in at £2.64m (2011: £1.78m loss) on revenues of £52.92m that were up 20% on the previous year's £44.17m, boosted by acquisitions in the Analytics business. Platform revenue fell by 5.0%, largely due to the disposal of Newslive, but retention of clients has again been strong and as a result the renewal rate for advertising monitoring has been maintained at 92% in the year. With the Analytics division growing at 9.0%, offset by a marginal decline in the Platform division, total organic revenue grew by 1.0%. The underlying operating profit margin improved from 12% to 16%, primarily because of the impact of the Xtreme acquisition synergies over a full year this time round.

Valuation: Remains deeply discounted Our arguments on valuation are well rehearsed. The refinancing announced with the prelims should reassure the market that the debt is not such a burden as to limit operational management. The balance sheet is conservatively stated and does not reflect the full value of the backlist, which generated 64% of book publishing sales in FY11. The dividend was increased at the prelims, indicating that management is confident with trading, giving a covered, and premium, yield.

http://www.edisoninvestmentresearch.co.uk/researchreports/Quarto180712update.pdf

Valuation: £4.20-7.17 (plus blue sky) depending… The increase in grades in both the long and the short term at Bulyanhulu and North Mara should reduce unit costs of production from an estimated US$922/oz in Q212 to c US$671/oz in the longer term (in real terms). On this basis, and assuming a longterm gold price of US$1,350/oz, Edison estimates that the net present value of the future (maximum potential) dividend stream to investors from existing producing assets is US$5.37 (£3.48) per share. This valuation excludes any upside from either the Bulyanhulu plant expansion (which Edison has previously valued at 22.6 US cents per share), Nyanzaga (which Edison has previously valued at 87.4 US cents per share), or any additional blue-sky exploration potential. Including the first two, Edison’s estimated value for ABG, using the flat/nominal methodology, increases to US$6.47, or £4.20, per share (plus blue-sky exploration potential). At the current gold price of c US$1,600/oz, this valuation increases to US$9.03 (£5.86) per share and potentially as high as US$11.05 (£7.17) per share in the event that unit costs increase at the same rate as unit revenues in future (as opposed to ‘in excess of’ as in the case of Edison’s US$6.47/share valuation – see pages 7-9 for explanation).

http://www.edisoninvestmentresearch.co.uk/researchreports/ABG180712update.pdf

finnCap downgrades from buy to hold, target raised from 775p to 820p.

UBS cuts target from 220p to 170p, neutral rating kept.

Natixis upgrades to neutral, target lifted from 200p to 290p.

UBS downgrades from buy to neutral, 310p target unchanged;

Valuation: Rating significantly below proxy comparators We suggest that EPS growth in the region of 15% per year is achievable over the medium term, now that the group has the opportunity to scale its business in overseas markets following the series of acquisitions in FY11 and FY12. Ebiquity is trading significantly below the ratings (see Exhibit 1) accorded to our proxy comparators, whose EPS are growing at a lesser pace

http://www.edisoninvestmentresearch.co.uk/researchreports/EBQ180712update.pdf

Commenting on the results, Anil Chalamalasetty, CEO and MD of Greenko, said: "We are pleased with this year's progress. Despite strong currency headwinds, we grew EBITDA and improved the EBITDA margin from 57% to 74%. We also proved the value of a strategy focused on clean energy in India's fuel and power deficit market and added 1,056MW of assets to the business. More importantly, the endorsement of investments by Standard Chartered, GE and our shareholders totalling £130 million now gives us the firepower to turn our pipeline into great projects that will deliver strong returns to our shareholders for decades to come." A presentation for analysts and investors will be held at 10.00am this morning at Tavistock Communications, 131 Finsbury Pavement, London, EC2A 1NT. Please contact Matt Ridsdale or Mike Bartlett on 020 7920 3150 if you would like to attend.

Operational Highlights · 950MW of wind concessions announced, taking the wind pipeline beyond 1GW · 74MW of hydro concessions added in Karnataka · Approximately 500MW of projects in construction, plus just over 900MW in active development · Formalisation of GE technology partnership Post year end · Addition of five operational hydropower projects, totalling 32MW, in Himachal Pradesh · Operating capacity increased to 260MW, as Greenko's first wind farm began generating power · Anil Chalamalasetty and Mahesh Kolli committed £5 million for new shares at 225 pence per share · Appointment of Keith Henry as a Non-Executive Director

Preliminary Results for the year ended 31 March 2012 Greenko, the Indian developer, owner and operator of clean energy projects, today announces its preliminary results for the year ended 31 March 2012. Financial Year Highlights · Revenue of €36.9 million (2011: €44.4 million) · EBITDA of €27.3 million (2011: €25.2 million) · Profit after tax of €11.5 million (2011: €11.4 million) · Basic EPS 6.95 cents (2011: 7.44 cents) · Cash and deposits of €63.1 million (2011: €37.6 million) · CERs on hand 346,300 (2011: 109,177) · Property, plant, equipment and intangibles of €305.8 million (2011: €215.2 million) · Successful equity placing raised £50 million, with US$120 million committed by GE and Standard Chartered into Greenko subsidiaries