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Corac Energy Technologies Update Global Oil & Gas Major Signs Design Study Agreement Corac Group plc ("Corac") the innovative technology-led engineering group, serving the global oil and gas, defence and industrial markets is pleased to announce that its subsidiary company Corac Energy Technologies Ltd. (CET) has concluded a new agreement with a global oil and gas major to conduct a funded design study. This will focus on the use of CET's compact compressor technology on an offshore gas production platform and is the first project undertaken for this new client. The project will build upon CET's existing compressor and power electronics technologies to define a system that meets the specific challenges of offshore platforms, which include weight, size and power availability, and, access for maintenance on unmanned platforms. CET's technology is well suited to address these challenges. This project will define a suitable compressor arrangement and predict the performance gains to support the future build of a generic platform-mounted compressor system.

http://www.investegate.co.uk/Article.aspx?id=201206280700073132G

Commenting on the interim results, Alistair Black, Chief Executive of ATH said: "Against the background of a difficult market with a fall in the international price of coal of 28% since the beginning of the financial year, the Group's average selling price increased by 16% over the same period last year. This was achieved through the successful renegotiation of its legacy contracts and alterations to the mining plan to focus on the extraction of higher quality coal. "However, increased gas oil costs, delays to certain extensions and higher mining ratios increased the overall cost of mining and reduced profit margins. Following the rapid fall in international coal prices, and with commodity markets forecasting that future prices will not stage any meaningful recovery in the medium term, the Group has reviewed all of its existing and future operations with a view to concentrating investment on those sites which will continue to generate cash even in this depressed market. Consequently annual levels of production will be reduced for as long as low coal prices persist. The Group's revised plan affords for the continued investment in the development pipeline in order to be able to take advantage of any future market recovery as and when it occurs."

Interim Results ATH Resources Plc (AIM: ATH), one of the UK's largest coal producers, reports its unaudited Interim Results for the six months ended 1st April 2012. Highlights - Revenue of £44.6 million (2011: £33.9 million), on sales of 796,000 tonnes (2011: 706,000 tonnes) - Operating loss before exceptional items of £3.9 million, after including a provision of £1.1million in respect of the Government's Carbon Reduction Scheme (2011: profit £1.7 million) - Exceptional write off of work in progress of £2.0 million in respect of increased workings at Muir Dean - Average selling price increased to £56 per tonne (2011: £48 per tonne) - Proved and probable reserves of 7 million tonnes (2011: 7.9 million tonnes) - Applications for two new sites totalling 1.7 million tonnes submitted into planning - Net borrowings, (including hire purchase of £11.6 million) at £30.6 million down from £31.5 million as at 2 October 2011 - International coal prices down 28% since the beginning of the financial year - Production costs increased due to increased mining ratios and higher gas oil costs

http://www.investegate.co.uk/Article.aspx?id=201206280700063077G

N+1 Brewin downgrades Yule Catto from add to reduce, target price cut from 255p to 160p.

Numis upgrades Randall & Quilter from add to buy, target price 130p.

Valuation: Track record and opportunity unrewarded Allocate’s 2013 P/E of 9.9x is a 20% discount to most healthcare software peers. We do not believe this is merited considering the company’s track record, market position and scope for growth. The EV/sales ratio of 1x compares to peers at 1.7x (ACS) and 4.3x (EMIS). While this reflects the company’s lower forecast margins than peers, with the roll-out of HealthRoster V10 and acquisitions being integrated, we see plenty of scope for EBIT margins to expand beyond the 17% we have forecast for 2013.

http://www.edisoninvestmentresearch.co.uk/researchreports/Allocate260612update.pdf

Valuation: Existing parks support the valuation The shares trade on an EV of 1.3x our maintained FY13 sales and 9.4x EBITDA. The latter is a growth multiple, but deal flow momentum has been strong. Successful rollouts could support upside to earnings growth, as the profitability of parks typically improves significantly over the first two to four years and we have used conservative assumptions on pricing and penetration. Smart phone advances and moves into other verticals following the deal with MasterCard provide significant upside potential.

http://www.edisoninvestmentresearch.co.uk/researchreports/loq260612update.pdf

Outlook Trading for Q1 FY2013 is in line with management's expectations. There are some signs that demand in the Packaging division is improving, although demand in the Industrial Products division remains inconsistent. Management's expectations are that demand will gradually improve over FY2013, driven largely by new business already won and our initiatives to introduce new products and to win customers. FY2013 will be a year where we focus on the conversion of business that is already in the pipeline and on full penetration of accounts where we have already created a platform. Specific objectives are as follows: · Key account conversion - our objective will be to add another 20 potential key accounts over the financial year and to develop our existing key accounts further. · Geographic expansion - the key focus will be on China where we will add sales and customer service resources for bearings, matrix and mandrels. Other exciting developing markets will be targeted and we have some good opportunities in Brazil, Mexico, Poland and India. · New products- these will include a value brand of creasing matrix targeted at smaller end-users in developing markets, an improved pressboard matrix for sophisticated end users, thinner and narrower film packaging products, new mandrels materials tailored to customers hose-making requirements and various new plastic ball bearing solutions for new applications such as automotive interiors and camera lens mechanisms. · Capital investment - to support new product development and to provide for additional production capacity to support growing revenues.

Commenting on these results, Faisal Rahmatallah, Executive Chairman, said: "Good new business generation, excellent cash flow and lower interest costs have left revenues and profits broadly unchanged on the prior record year, despite the recessionary environment and the negative revenue impact felt from the Japanese Tsunami and Thai floods. Meanwhile, we have continued to invest for future growth, particularly in overseas markets. "Our focus on business development and technical innovation should continue to provide good growth for the Group in the medium term. Despite the current economic uncertainties, the Board believes the Group should be able to make good progress over the next year."

Plastics Capital, which owns a portfolio of small companies making niche plastic products has revealed falling profits and revenues and announced the departure of a founder shareholder from the board. The firm has four main subsidiaries: Bell Plastics; BNL; C&T Matrix; and Palagan. In the 12 months to the end of March, revenues fell 4% to £32m while profit before tax dropped 3% on the prior year to £3.765m. Unfortunately for the firm, which employs over 300 people, the stock price had fallen 17% by 10:42, indicating the market was troubled by something more than a relatively mild drop in revenue. Plastics Capital argues it has done well to keep the turnover reduction as low as 4%, with its factory in Thailand hit by floods, and the Japanese tsunami reducing demand in a key market.

Valuation: Earnings enhanced, fair value rises The deal enhances FY13 earnings by 11% with our EPS (adjusted) forecasts raised from 5.5p to 6.1p. Our FY14 EPS forecasts are raised by 14% from 6.5p to 7.4p. On a calendarised basis the shares are on a P/E of 6.8x for 2012, a 42% discount to the FTSE Media sector, rising to 56% for 2013. On a 30% discount to the sector, fair value for 2013 is 51p (previous estimate 46p). If Centaur hits its FY14 EBITDA margin target of 25% (current estimate 20%), fair value would be 60p (previous estimate 53p).

http://www.edisoninvestmentresearch.co.uk/researchreports/Centaur270612update.pdf

Bank of Georgia Holdings Sell 26-Jun-12 £757,500.03 Irakli Gilauri 75,000 @ 1,010.00p Bank of Georgia Holdings Sell 25-Jun-12 £757,500.03 Irakli Gilauri 75,000 @ 1,010.00p

Jefferies International initiates buy on F&C Asset Management, target price 120p

Barclays Capital initiates equal weight on Old Mutual, target price 180p.

Martin Morgan, the Chief Executive of the Daily Mail and General Trust, has doubled his stake in the company with the purchase of 50,000 shares. Morgan, handed over £195,945 for the shares, which he bought at 391.89p a go, taking his stake in the firm to 978,016 shares. The shares were purchased on Tuesday, just a month after the company posted a decline in interim profits.