Member Info for mulledwine

http://www.investegate.co.uk/Article.aspx?id=201207160700076884H

£150K trade on 12 June

Jeff Hewitt, Managing Director of Civica, commented: "Public sector organisations are showing an increasing level of interest in leveraging software that transforms current procurement processes. The pressure to reduce spending and operate more efficiently is at an all-time high - and PROACTIS has proven and capable solutions to help. We view a partnership with PROACTIS as complimentary to our business model of providing end to end solutions that transform the way our clients work". Rod Jones, CEO of PROACTIS, said: "Civica is a leading solution provider in the Local Government sector in the UK. Civica's 20 years of experience coupled with PROACTIS highly integrated, yet also highly modular, family of Source-to-Contract and Supplier Portal solutions provides the Local Government market with the best of both worlds in terms of specialised consulting expertise and proven business software solutions."

Partnership with Civica PROACTIS, a global Spend Control and eProcurement solution provider, has signed an agreement with Civica UK Limited ("Civica") to market and implement PROACTIS Source-to-Contract and Supplier Portal software solutions into the local Government Sector in UK. As an implementation partner and reseller, Civica will provide project management, integration and local domain expertise. PROACTIS helps over 120 public sector clients to streamline their purchase-to-pay processes and obtain best value and control in procurement. PROACTIS offers proven, fully supported and maintained integration with Civica's financial management systems. PROACTIS Source-to-Contract and Supplier Portal solutions are expected to enable Civica's clients to benefit from transparent exchange of data in electronic format with suppliers. Benefits include enabling suppliers to manage data, such as catalogue content; monitor many more suppliers for risk and performance; accurately compare supplier tenders/RFx; supplier-self-service for enquiry, such as invoice payment status; and create an audit trail of activity.

http://www.investegate.co.uk/Article.aspx?id=201207160702317075H

Directors Dealing Equatorial Palm Oil plc (AIM: PAL), the AIM listed and Liberia focussed sustainable palm oil developer, announces that Adelise Services Limited, in which EPO Chairman Michael Frayne has a beneficial interest, purchased a total of 100,000 ordinary shares of 1 pence in the Company ("Ordinary Shares") in the market between 11 and 12 July 2012, at an average price of 12.7 pence per Ordinary Share. Following the purchase of shares, Michael Frayne's beneficial interest in the Company's shares is 100,000 ordinary shares, representing 0.08 per cent. of the issued ordinary share capital and total voting rights of the Company.

http://www.investegate.co.uk/Article.aspx?id=201207160701016636H

Marks & Spencer's first-quarter trading update was below expectations. UK same-store sales fell 2.8 per cent after a near-7 per cent fall in clothing sales. There was no change to full-year guidance but the changes at the top did not stop analysts taking their red pens to forecasts. Current-year consensus fell by 3 per cent last week. It's not clear yet whether Marks & Spencer is stuck in an ongoing rut but its shares have been in a trading range for quite some time. Marc Bolland, chief executive, has faced a tough consumer backdrop but so have peers. Investors have been waiting 10 years for a turnaround. They won’t be prepared to wait much longer. Companies such as M&S live and die on their offerings. M&S has failed to get these right. A new “style director” is to be appointed in the form of Belinda Earl, the ex-head of Debenhams and Jaeger. Nevertheless, while the appointment of Ms Earl looks particularly shrewd, we won’t see any impact until well into next year. The shares are trading on a earnings multiple of 9.3, falling to 8.4 and yielding 5.5 per cent. They are cheap and trade at a discount to the sector – but they are cheap for a reason. For now, a hold rating is appropriate, says The Sunday Telegraph´s Questor team.

Dr Abdul Jaleel Al Khalifa, Chief Executive Officer, commented: "We are pleased with the progress that Cooper Energy, our partner in the Bargou Exploration Permit, has made in securing a rig to drill the Hammamet West-3 well in the Hammamet West Oil Field. Dragon Oil is contributing towards the cost of drilling this exploration well under the farm-in conditions and is sharing our expertise and knowledge of working with complex and challenging reservoirs. We look forward to seeing the results of drilling in 2013."

Update on Bargou Exploration Permit, Tunisia Dragon Oil plc (Ticker: DGO), an international oil and gas exploration, development and production company, announces that Cooper Energy Limited ("Cooper Energy"), on behalf of the Bargou Joint Venture, has entered into a legally binding Letter of Intent with Grup Servicii Petroliere SA (GSP) with respect to the rig contract for the jack-up rig "GPS Jupiter" to drill the Hammamet West-3 well, offshore Tunisia. Drilling is scheduled to commence between December 2012 and March 2013 depending on when the rig is released from previous commitments. The Bargou Joint Venture comprises Dragon Oil (55%), Cooper Energy (30%) and Jacka Resources (ASX: JKA, 15%). In any development phase, Dragon Oil will assume operatorship. The Bargou Exploration Permit is located in the Gulf of Hammamet in the Mediterranean Sea. The Permit covers an area of 4,616km2 with predominantly offshore exploration prospects and leads in water depths of approximately 50 to 100 metres. Dragon Oil will pay 75% of the cost to drill the Hammamet West-3 well in the Hammamet West Oil Field (the "Field"), according to an agreed well plan scope, up to a cost cap of US$26.6 million (on a 100% basis). If the well cost exceeds US$26.6 million, costs in excess of this amount will be shared among the joint venture partners pro rata to their participating interest. The well plan consists of a pilot hole followed by a horizontal section to intersect the fractures within the Abiod formation thereby increasing the flow potential of the reservoir.

http://www.investegate.co.uk/Article.aspx?id=201207160710067080H

Overview of the Quarter: On 24 April 2012, the Company announced that its J-50 and J-52 wells had been given approval to begin Trial Production. An initial cargo of 6,000 tonnes (~42,000 barrels) was presold at a price of $US400/tonne (~$US58/barrel) and the full amount of $US2.4 million was received before deliveries began. Oil sold during the quarter totaled ~21,500 barrels and details regarding the next round of oil sales will be announced in due course. During the quarter the Company was advised that its application to prolong its exploration licence for a further two years, from December 2012 to December 2014 was approved; the Company is now finalizing the text of an addendum to the Block 31 Contract to reflect this prolongation. The Company has a 6+2+2 year exploration licence and this was the first of the two year extensions available to the Company; it is the Company's intention to use this prolongation to continue exploring on the recently extended southern section of Block 31. In addition to these exploration rights, the Block 31 contract also provides for a 25 year Production Licence for areas deemed to be commercial discoveries. Under this Production Licence, the Company is able to sell a minimum of 80% of the oil produced into the export market. A production facility to process the oil, with the capability to utilize the associated gas produced with the oil will need to be built. This facility must meet the relevant regulatory requirements in order to produce and sell oil under this licence from the already discovered Akkar East field in the northern section of Block 31. Work has now commenced on the planning and approvals required to build this production facility, construction of which is expected to commence in 2013. Funding for the remainder of the 2012 work program is now secured with a fully underwritten rights issue expected to close on 20 July 2012 that will raise $A11.25m (after deducting costs of the issue).

QUARTERLY UPDATE ON ACTIVITIES FOR THE PERIOD TO 30 JUNE 2012 KEY POINTS: · Trial Production from the J-50 and J-52 wells produced ~21,500 barrels during the quarter. All oil presold at $US400/tonne (~$US58/barrel) · Agreement from Ministry of Oil & Gas to extend Exploration Licence to December 2014 · Approval granted to test J-51 well with additional perforations at Mid Triassic (A) Zone horizon and 90 day production testing underway. Flow rates are currently ~600 bopd for co-mingled production from both horizons · Trial Production Licence applications for both J-51 and J-53 wells are progressing · Fully Underwritten Rights Issue to raise $A11.6m (before costs) announced with closure date expected to be 20 July 2012. Raising based on 1 new share for every 4 held, priced at $A0.40 per share

http://www.investegate.co.uk/Article.aspx?id=201207160700046421H

Valuation: rNPV of £48m with significant uplift potential We have revised our risk-adjusted NPV to £48m (previously £53m) due to removal of Myogane. This compares favourably with Phytopharm’s £8.7m enterprise value, based on net cash of £13.3m as of 31 March 2012. Over 50% of our valuation is assigned to Cogane’s potential in Parkinson’s. Ahead of data from the Confident-PD trial, we assign a 25% probability of success – positive results and securing a partner would raise that probability to 50% and therefore our rNPV to £83m.

http://www.edisoninvestmentresearch.co.uk/researchreports/Phytopharm130712Outlook.pdf

apologies this is the rest of the details of the DD "Roberts, who is also currently a non-executive director at Balfour Beatty, handed over £450,000 for the shares, which he purchased 30p each. In its most recent results, released at the end of June, Assura reported total property assets of £549m at March 31st, compared to £519m at the same date the previous year."

Graham Roberts, the chief executive officer of Assura Group, the primary health care operator, has bought up 1.5m shares, his only holding in the firm.

In a preview of Kingfisher's second-quarter update next week, Jefferies has retained its 'buy' recommendation and 360p target price for the do-it-yourself retailer.

Nomura has reiterated its 'buy' rating and 1,035p target price for Experian after first-quarter results from the financial data company came in slightly ahead of forecasts. The broker says that shares are trading at around 18 times current-year earnings. "We believe the premium valuation is justified by superior growth vs. the rest of the sector."